Papaya Global Download V27 FAQ – Payroll Management 2024

Over the last five or six years …Papaya Global Download V27… roles on the provider side and likewise on the vendor side from a payroll perspective so truly anticipating this discussion today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll just provide everyone another couple of uh well among 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 fascinating and I can see it going on currently just to hear where everyone is um it’s nice to to kind of like see where everybody 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 very very gloomy and I want I was somewhere else at this moment in time okay so let’s get started our program for today is as follows um we are going to be taking a look at the obstacle years of handling International payroll why companies keep different

bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts enhancing papaya Global payroll payments as a strategic property uh we’ll also review a wrap-up which should leave his time at the really really end for a q a session so as the title of the webinar recommends payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces become more and more common and handling them becomes increasingly more complex Global organizations are aiming to discover Solutions and new ways to streamline processes specifically from a payroll and cross-border payment viewpoint many organizations preserve separate savings account just for payroll while some have multiple accounts in different countries does it make good sense for companies to keep different savings account sometimes in different countries it does but just for payroll exists a better way what role do virtual accounts and digital wallets also called virtual wallets play in helping multinational companies simplify the episode complex processes of

making payroll payments accurately efficiently safely and on time during this webinar we’ll stroll you through the global pros and cons of a payroll wallet versus a payroll bank account how companies properly forecast their payroll costs to increase working capital and how enhancing International payroll payments can turn them from a siled pane into a tactical property so payroll can be hard in enough in one nation however when you’re doing it internationally it’s next level and Beyond it ends up being intricate for a variety of reasons most importantly regulations compliance information security and banking guidelines then there are the sheer numbers they include more intricacy the global Labor force is currently three and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and further 1.1 billion individuals that number is presently 500 million just for for a scale then factor in that there are some 230 million businesses and growing all doing their own thing around the world in the traditional payroll model there’s often a frustrating number of different systems resulting in lengthy manual procedures and silos the number of Integrations could be non-existent in big amounts and or really really basic there’s no genuine consistency framework we’re living in an age of tech however payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper and that 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 just 11 of services say they have Labor force information in real time that’s another number that offers me sleep deprived nights and quite frankly the more a service invests in worldwide payroll the less of a picture they see a lack of visibility likewise extends to payroll payments and inability to precisely track these payments can lead to compliance mishaps in the last mile of the transaction nearly half of worldwide businesses have expressed that they don’t have the level of standardization they need in their processes or want and as a result eighty percent of mistakes are because of time reporting poor HCM information information entry mistakes inadequately interacted hires and terminations as well as absence management and system configurations and then when you round all of it off and the information is delivered to the wrong place the average expense of a global data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash around the globe payroll and payments do not run smoothly if they rely on the needed multiple procedures systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the difficulties business face when they’re paying to employees or otherwise that’s an excellent question I always toss this back and state what is it what does not need to be consisted of best and what does

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it need to be considered there’s varying 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 abilities so can you pay it from International or do you have to pay from an in-country account do you have to pay from the consumer’s own in-country account so there’s complexity any place you look right ultimately developing a knowledge base is definitely critical however all over you look with payroll payment they are like extremely payments no if but some children 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 think there’s now a bit more recognition that payroll payments are absolutely essential and innovation is enabling us to sort of move forward with that it also as well to contribute to that payroll and finance need to work closer together um with differing Savings account Details varying banking requirements and setup processes is absolutely necessary that payroll and finance teams work better together than ever um I’m always surprised when individuals state I have actually divided payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t work in the payroll occupation would they split the payroll payment from calculation I would say no so why do we as an industry accept that why our payroll and payments so often 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 individuals anywhere they are however likewise paying statutory authorities and on statutory third parties so with the

world we reside in and well-being being more and more important to add to sort of the level of complexity there’s a growing number of benefits being organ or being used by services across the world so once again you’re just wanting to add more and more payments to this currently complex landscape so if you kind of got any experience well I’m from your vast experience here and I’m sure however have you got any experience in kind of real obstacles or real difficult type of pay utilizes to play to pay individuals I think yeah I mean over the last well yeah a couple of years I would certainly say that the larger a company gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the job there are teams feeding details into the next function as it were that’s really managing the payment side of things but you understand in in my opinion and my experience that does not always require to be the case you know long gone are the times where we need to produce additional handoffs while doing sos that we run in they just make them more timely they make them less effective and they don’t make them what they need to be in in an era of tech and an age that you know that we are operating in today there is no reason why we are still making this as difficult as it needs to be concurred and appropriately as you stated payroll is the single biggest liability that any business has from a cost perspective from an effect viewpoint on employees it is definitely vital that it’s done properly and on time so what we imply 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 factors if people aren’t paid uh I have actually constantly been impressed entering this Market sort of the last 5 to 10 years is how little thanks the

payroll group get um so I’m uncertain anyone on this sort of webinar has actually been informed thank you for processing my payroll properly if you have it ‘d be terrific to hear your success story and whether that’s been from all workers or not um however eventually payroll is such a crucial cycle we all find out about it when it goes wrong everyone jumps up and down when it fails however when it goes right it’s simply a tick box exercise and I believe that’s how it’s seen from the external view as well um so yeah it’s likewise like why WI-Fi Global why all of this things is definitely vital that all of this things is done properly so leveraging the first Worldwide Payments first payroll payment service is a great initial step um offering an end-to-end payroll service for your employees worldwide again I think is another substantial um process again aligning and ensuring you have standardization Worldwide procedures all of those things are absolutely crucial to success success of services and reducing the number of tools platforms and checking account they require for their Global payroll too couldn’t agree with you more and on the the front in regards to of the thank yous for getting payroll done I’ve never had a hundred countless them within a payroll cycle do not expect to you do get the odd 5 or 10 or whatever it might be with the with the the grievances where things have not gone rather where they’re indicated to be um I do not think any of us are actually doing that for for the thanks

anyhow we know how how important a function 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 simple as possible for everyone that’s involved in those processes and also so think of sorry I’m just I was simply gon na say envision the amount of thanks you got if you might cover the amount of individuals that we cover within this webinar I make sure we’re speaking about hundreds of thousands potentially Millions envision getting that numerous thank you notes um I imply it ‘d be interesting to see the number of Post-it notes you got however it would certainly be a fascinating job trying to clean up all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to look through them and in fact see what was going on and kind of try to return to everybody so proceeding look why do business choose to main separate savings account there are Papaya Global Download V27 companies out there doing precisely this for specific countries and I’ve worked in a service or lots of companies doing precisely that I can say it doesn’t always feel efficient and it does produce more work I know we’re not deliberately doing that we’re not producing additional work for anyone where we don’t have to and anybody that’s handling that process 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 believe numerous factors one is it’s the requirement I believe individuals have actually got so utilized to we need a new checking account we open an entity and appropriately so you require 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 norm the people have embraced and continue to do over years and years gone past to contribute to that people have looked at things like trust accounts and many other methods um to to kind of do it so I think there’s a range I think this is a process that needs taking a look at it requires altering but eventually people are extremely stuck to what they recognize

with ideal um modification is a difficult thing all of us do not like modification um so I believe it’s simply sort of moving away from the norm as we’ve said so yeah so it keeps a great deal of track of things um I comprehend clearly the advantages of having preserving numerous bank accounts however there’s a big quantity of intricacy opts for establishing a savings account maintaining it ensuring it can send out International transfers ensuring it’s set up with the best user accesses for private individuals so the intricacy is substantial but I believe the honest response is modification um individuals haven’t had the ability to alter or have not had necessarily the understanding to truly make that change into alternate Solutions other than opening a checking account I think you have actually struck the nail on the head I think it is knowledge you know and there is an element of resistance to alter however we’ve always done it that way is no real excuse for not looking at the the benefits and the possibilities of moving on and moving into you understand what could practically be identified to be the next Century or two there is a lot to monitor and this approach does present a number of difficulties um so Johnny could you tell us about those challenges yeah naturally so there’s a range right there is so

I simply 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 Global employees you deserve a corner workplace with a more detailed parking space due to the fact that I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Download V27