Papaya Global Deductions FAQ – Payroll Management 2024

Over the last five or six years …Papaya Global Deductions… functions on the provider side and also on the supplier side from a payroll perspective so actually looking forward to this discussion today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll just offer everybody another couple of uh well among the 30 seconds approximately to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be quite intriguing and I can see it going on already simply to hear where everybody is um it’s nice to to type of like see where everyone comes from and I truly do hope it’s much sunnier than it is 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 extremely really dreary and I wish I was elsewhere at this moment in time fine so let’s begin our agenda for today is as follows um we are going to be looking at the obstacle years of managing Worldwide payroll why companies keep different

checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts simplifying papaya International payroll payments as a tactical property uh we’ll likewise go over a wrap-up which should leave his time at the very extremely end for a q a session so as the title of the webinar suggests payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and International labor forces end up being a growing number of typical and managing them becomes more and more complicated Global organizations are wanting to discover Solutions and brand-new methods to streamline procedures particularly from a payroll and cross-border payment standpoint numerous organizations maintain different bank account just for payroll while some have multiple accounts in different countries does it make sense for business to keep separate bank accounts sometimes in various nations it does however just for payroll exists a better way what role do virtual accounts and digital wallets likewise referred to as virtual wallets play in assisting multinational business streamline the episode complex procedures of

making payroll payments precisely efficiently firmly and on time throughout this webinar we’ll stroll you through the global benefits and drawbacks of a payroll wallet versus a payroll checking account how business precisely anticipate their payroll expenses to increase working capital and how simplifying Worldwide payroll payments can turn them from a siled pane into a strategic property so payroll can be difficult in adequate in one country however when you’re doing it internationally it’s next level and Beyond it ends up being complex for a variety of reasons most importantly guidelines compliance information security and banking guidelines then there are the sheer numbers they include additional complexity the international Workforce is currently three and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and more 1.1 billion individuals that number is currently 500 million just for for a scale then factor in that there are some 230 million organizations and growing all doing their own thing around the globe in the traditional payroll design there’s frequently an overwhelming variety of different systems resulting in lengthy manual processes and silos the number of Integrations could be non-existent in large quantities and or extremely very standard there’s no real consistency structure we’re living in a period of tech but payroll has actually been sluggish to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper which simply blows my mind every time I I believe

about it to offer you a concept of how far there still is to come according to Deloitte only 11 of companies say they have Workforce information in real time that’s another number that gives me sleepless nights and quite honestly the more an organization spends on global payroll the less of a photo they see an absence of presence likewise extends to payroll payments and inability to precisely track these payments can result in compliance mishaps in the last mile of the deal nearly half of worldwide organizations have actually revealed that they don’t have the level of standardization they need in their procedures or want and as a result eighty percent of mistakes are due to time reporting poor HCM information information entry errors badly interacted hires and terminations as well as absence management and system configurations and then when you round everything off and the data is delivered to the incorrect location the average expense of a global data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash all over the world payroll and payments do not run smoothly if they rely on the essential multiple processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the obstacles business face when they’re paying to workers or otherwise that’s a good question I always throw this back and say what is it what doesn’t need to be included ideal and what does

it require to be considered there’s varying Bank information so the length of an eye band a swift an account number routing code per country there’s payment time frames there’s payment abilities so can you pay it from International or do you need to pay from an in-country account do you have to pay from the consumer’s own in-country account so there’s complexity wherever you look ideal eventually building a knowledge base is absolutely crucial however all over you look with payroll payment they resemble extremely payments no if however some infants about it you are all superheroes processing payments for payroll if you take a look at the type of link in between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are absolutely essential and innovation is allowing us to kind of progress with that it also too to contribute to that payroll and financing require to work closer together um with varying Savings account Details varying banking requirements and setup procedures is definitely crucial that payroll and financing teams work more detailed together than ever um I’m constantly surprised when people say I have actually divided payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t work in the payroll occupation would they divide the payroll payment from calculation I would say no so why do we as an industry 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 information collection all the way through to paying people any place they are however likewise paying statutory authorities and on statutory 3rd parties so with the

world we reside in and well-being being a growing number of crucial to contribute to kind of the level of complexity there’s increasingly more advantages being organ or being used by services throughout the world so once again you’re just seeking to add a growing number of payments to this already complicated landscape so if you type of got any experience well I’m from your large experience here and I make sure however have you got any experience in kind of genuine obstacles or genuine tough sort of pay uses to play to pay individuals I think yeah I suggest over the last well yeah a number of decades I would certainly say that the bigger a business 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 info into the next function as it were that’s really handling the payment side of things but you understand in in my opinion and my experience that does not necessarily need to be the case you understand long gone are the times where we require to develop extra handoffs in the processes that we run in they just make them more timely they make them less efficient and they do not make them what they need to be in in a period of tech and a period that you know that we are operating in today there is no reason that we are still making this as challenging as it needs to be agreed and appropriately as you said payroll is the single greatest liability that any service has from a cost viewpoint from an effect viewpoint on workers it is absolutely important that it’s done properly and on time so what we suggest 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 destructive effect on individuals’s wellness and lots of other elements if people aren’t paid uh I’ve constantly been amazed coming into this Market type of the last 5 to ten years is how little thanks the

The payroll group may not have actually been thanked for properly processing payroll during a webinar. If anyone has been thanked, it would be fantastic to hear their success story, whether it’s from all employees or not. Payroll is an essential cycle, and individuals just see when things go wrong. Nevertheless, when things go right, it’s seen as just a routine task. This is how it’s perceived externally as well. Therefore, it is vital to guarantee that jobs like Wi-Fi Global and other crucial matters are done properly. Utilizing the first Worldwide Payments very first payroll payment solution is an excellent initial action towards offering an extensive payroll option for workers worldwide. Standardization, global procedures, and reducing the variety of tools, platforms, and bank accounts necessary for worldwide payroll are essential consider achieving business success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do periodically receive a few problems when things don’t go as prepared. Eventually, we don’t do it for the gratitude.

anyhow we understand how how important a function it is which’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 simple as possible for everybody that’s involved in those procedures and also so envision sorry I’m simply I was simply gon na state think of the quantity of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make certain we’re talking about hundreds of thousands potentially Millions picture getting that many thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got but it would absolutely be an interesting task attempting to clean all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that held true um you ‘d need days of the week to attempt to browse them and actually see what was going on and kind of try to return to everybody so carrying on appearance why do companies choose to main different checking account there are Papaya Global Deductions organizations out there doing precisely this for particular countries and I have actually worked in a company or many businesses doing precisely that I can state it doesn’t constantly feel effective and it does develop more work I know we’re not intentionally doing that we’re not producing extra work for anyone where we do not have to and any person that’s managing that procedure I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the quantity that we are I think many factors one is it’s the standard I think individuals have actually got so used to we require a brand-new checking account we open an entity and rightly so you need it for payroll purposes but there are a number of markets where it’s not a requirement so I believe it’s just been the standard and the standard individuals have actually adopted and continue to do over years and years passed by to contribute to that individuals have looked at things like trust accounts and lots of other ways um to to kind of do it so I believe there’s a variety I believe this is a procedure that needs looking at it needs changing however eventually people are really stuck with what they recognize

with best um modification is a hard thing all of us do not like modification um so I believe it’s just kind of moving away from the norm as we have actually said so yeah so it keeps a great deal of track of things um I understand certainly the benefits of having keeping numerous savings account however there’s a big amount of complexity chooses setting up a bank account keeping it ensuring it can send International transfers guaranteeing it’s set up with the ideal user accesses for specific individuals so the complexity is substantial but I think the sincere answer is change um individuals haven’t been able to change or have not had necessarily the understanding to actually make that change into alternate Solutions other than opening a checking account I think you have actually hit the nail on the head I think it is knowledge you understand and there is a component of resistance to alter but we have actually always done it that way is no real reason for not taking a look at the the benefits and the possibilities of proceeding and moving into you know what could almost be identified to be the next Century approximately there is a lot to monitor and this method does posture several challenges um so Johnny could you tell us about those challenges yeah of course so there’s a range right there is so

I just did you switched our Business to OS so now we can do our payroll and payments operation on a single platform yes it’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide workers you deserve a corner workplace with a closer parking space because I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Deductions