Papaya Global Correction FAQ – Payroll Management 2024

Over the last 5 or 6 years …Papaya Global Correction… functions on the provider side and also on the supplier side from a payroll perspective so actually eagerly anticipating this discussion today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll simply offer everyone another number of uh well one of the 30 seconds or so to join we all work back to back these days so we’ll kind of let them do that so it ‘d be quite interesting and I can see it going on already just to hear where everybody is um it’s nice to to type of like see where everybody comes from and I truly do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s raining here it’s very really uninspiring and I wish I was somewhere else at this moment in time alright so let’s get started our program for today is as follows um we are going to be taking a look at the difficulty years of handling Global payroll why companies keep different

Virtual payroll accounts are an option to traditional bank accounts for handling payroll payments. This is particularly useful for worldwide companies with dispersed and remote labor forces, as it simplifies the complicated process of cross-border payments. Instead of maintaining different savings account for payroll in various nations, virtual accounts and digital wallets use a more structured solution. In this webinar, we will check out the benefits of using virtual payroll accounts and discuss why they are becoming a strategic possession for payroll executives. We will likewise provide a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.

making payroll payments properly efficiently safely and on time during this webinar we’ll walk you through the global advantages and disadvantages of a payroll wallet versus a payroll checking account how business precisely anticipate their payroll costs to increase working capital and how enhancing Worldwide payroll payments can turn them from a siled pane into a tactical asset so payroll can be hard in sufficient in one nation but when you’re doing it internationally it’s next level and Beyond it becomes complex for a range of factors most significantly policies compliance data security and banking rules then there are the large numbers they add more complexity the global Workforce is currently three and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and more 1.1 billion people that number is presently 500 million just for for a scale then factor in that there are some 230 million organizations and growing all doing their own thing all over the world in the standard payroll model there’s frequently an overwhelming variety of various systems resulting in time-consuming manual processes and silos the variety of Combinations could be non-existent in big amounts and or extremely extremely fundamental there’s no real consistency structure we’re residing in an age of tech but payroll has actually been slow to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper which just blows my mind whenever I I believe

about it to give you a concept of how far there still is to come according to Deloitte only 11 of companies say they have Workforce data in real time that’s another number that provides me sleep deprived nights and rather frankly the more a company spends on worldwide payroll the less of an image they see a lack of presence likewise reaches payroll payments and inability to accurately track these payments can cause compliance accidents in the last mile of the deal nearly half of worldwide services have actually expressed that they do not have the level of standardization they require in their processes or desire and as a result eighty percent of errors are because of time reporting bad HCM data data entry errors badly communicated hires and terminations in addition to absence management and system setups and then when you round everything off and the information is shipped to the wrong location the typical cost of a global information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash all over the world payroll and payments do not run efficiently if they count on the essential numerous processes systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the challenges business face when they’re paying to workers or otherwise that’s a good question I always toss this back and say what is it what doesn’t need to be consisted of best and what does

it require to be thought about there’s differing Bank details so the length of an eye band a swift an account number routing code per country there’s payment timespan there’s payment capabilities so can you pay it from International or do you need to pay from an in-country account do you need to pay from the consumer’s own in-country account so there’s intricacy anywhere you look best eventually constructing a knowledge base is absolutely critical however everywhere you look with payroll payment they resemble very payments no if however some babies about it you are all superheroes processing payments for payroll if you take a look at the kind of link between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are definitely essential and innovation is permitting us to kind of move on with that it likewise also to add to that payroll and financing require to work closer together um with differing Savings account Details differing banking requirements and setup processes is absolutely important that payroll and finance groups work better together than ever um I’m always astonished when people state I’ve split payroll and payment um if you walk down the street and asked anybody what is payroll who does not work in the payroll occupation would they divide the payroll payment from estimation I would say no so why do we as a market accept that why our payroll and payments so frequently split and cut up um eventually it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying people anywhere they are but also paying statutory authorities and on statutory third parties so with the

world we live in and well-being being increasingly more essential to add to sort of the level of complexity there’s more and more benefits being organ or being used by services throughout the world so once again you’re just looking to include more and more payments to this already complicated landscape so if you type of got any experience well I’m from your vast experience here and I make certain but have you got any experience in kind of real difficulties or genuine challenging type of pay utilizes to play to pay individuals I think yeah I mean over the last well yeah a number of decades I would definitely state that the larger an organization gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the task there are groups feeding information into the next function as it were that’s actually handling the payment side of things however you know in in my viewpoint and my experience that does not always need to be the case you understand long gone are the times where we require to produce additional handoffs in the processes that we operate in they simply make them more timely they make them less efficient and they do not make them what they need to be in in an age of tech and an era that you know that we are operating in today there is no reason that we are still making this as tough as it requires to be agreed and rightly as you said payroll is the single most significant liability that any organization has from a cost viewpoint from an effect viewpoint on employees it is definitely vital that it’s done properly and on time so what we mean by that is not a day before not a day after on pay day and payments have to be done right it has the biggest detrimental impact on individuals’s well-being and numerous other aspects if people aren’t paid uh I have actually always been impressed coming into this Market sort of the last 5 to 10 years is how little thanks the

The payroll group may not have been thanked for correctly processing payroll during a webinar. If anyone has been thanked, it would be fantastic to hear their success story, whether it’s from all workers or not. Payroll is an important cycle, and individuals only notice when things fail. However, when things go right, it’s viewed as just a routine task. This is how it’s viewed externally too. Therefore, it is important to make sure that tasks like Wi-Fi Worldwide and other essential matters are done properly. Using the very first International Payments very first payroll payment solution is a terrific initial step towards offering a thorough payroll service for employees worldwide. Standardization, global processes, and decreasing the variety of tools, platforms, and checking account necessary for global payroll are key factors in achieving organization success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do sometimes receive a few grievances when things don’t go as planned. Eventually, we don’t do it for the thankfulness.

anyhow we know how how crucial a role it is and that’s why we do it that’s why we get on with it and this is why we’re talking today about making it as easy as possible for everyone that’s associated with those procedures and also so envision sorry I’m just I was just gon na state picture the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I make sure we’re talking about hundreds of thousands possibly Millions think of getting that numerous thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got however it would definitely be an interesting job trying to clean up all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to browse them and really see what was going on and sort of try to return to everyone so moving on appearance why do companies pick to main different savings account there are Papaya Global Correction companies out there doing exactly this for specific countries and I have actually worked in a company or many services doing precisely that I can state it does not always feel efficient and it does create more work I know we’re not deliberately doing that we’re not developing additional work for any person where we don’t need to and anyone that’s managing that procedure I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the amount that we are I think many factors one is it’s the standard I think people have got so used to we need a brand-new bank account we open an entity and appropriately so you need it for payroll functions however there are a number of markets where it’s not a requirement so I believe it’s simply been the requirement and the standard the people have adopted and continue to do over years and years passed by to add to that people have taken a look at things like trust accounts and lots of other ways um to to type of do it so I think there’s a range I believe this is a process that requires looking at it needs altering but ultimately individuals are very stuck with what they’re familiar

with right um change is a difficult thing all of us don’t like change um so I think it’s just sort of moving away from the norm as we have actually said so yeah so it keeps a lot of track of stuff um I comprehend certainly the benefits of having keeping numerous checking account however there’s a big amount of complexity opts for setting up a bank account keeping it guaranteeing it can send out International transfers guaranteeing it’s set up with the best user accesses for private individuals so the intricacy is huge but I think the sincere response is modification um individuals have not been able to change or haven’t had necessarily the knowledge to truly make that change into alternate Solutions besides opening a checking account I believe you have actually hit the nail on the head I believe it is understanding you know and there is an aspect of resistance to alter however we’ve constantly done it that way is no genuine excuse for not looking at the the benefits and the possibilities of carrying on and moving into you know what could nearly be determined to be the next Century approximately there is a lot to monitor and this technique does present a number of challenges um so Johnny might you tell us about those obstacles yeah of course so there’s a variety right there is so

I simply did you changed our Business to OS so now we can do our payroll and payments operation on a single platform yes it resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide employees you deserve a corner workplace with a more detailed parking space because I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Correction