Papaya Global Functions FAQ – Payroll Management 2024

Over the last 5 or six years …Papaya Global Functions… roles on the service provider side and likewise on the supplier side from a payroll point of view so truly anticipating this discussion today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll just provide everyone another number of uh well one of the 30 seconds or so to join we all work back to back nowadays so we’ll kind of let them do that so it ‘d be quite intriguing and I can see it going on currently just to hear where everybody is um it’s nice to to kind 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 sunshine is it it’s not no it’s it’s raining here it’s extremely extremely uninspiring and I wish I was elsewhere at this moment in time all right so let’s get going our agenda for today is as follows um we are going to be taking a look at the challenge years of handling Worldwide payroll why business maintain different

Virtual payroll accounts are an alternative to standard bank accounts for managing payroll payments. This is particularly useful for worldwide companies with dispersed and remote labor forces, as it simplifies the intricate process of cross-border payments. Instead of preserving different bank accounts for payroll in various nations, virtual accounts and digital wallets provide a more structured option. In this webinar, we will explore the benefits of using virtual payroll accounts and go over why they are ending up being a strategic property for payroll executives. We will likewise provide a wrap-up of the main points covered and leave time for a Q&A session at the end.

making payroll payments precisely efficiently securely 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 precisely forecast their payroll expenses to increase working capital and how enhancing Global payroll payments can turn them from a siled pane into a strategic property so payroll can be tough in adequate in one country but when you’re doing it globally it’s next level and Beyond it becomes complicated for a range of factors most significantly regulations compliance data security and banking guidelines then there are the large numbers they add further intricacy the global Workforce is currently three and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and further 1.1 billion people that number is currently 500 million just for for a scale then factor in that there are some 230 million services and growing all doing their own thing around the globe in the traditional payroll model there’s frequently a frustrating number of different systems leading to time-consuming manual procedures and silos the number of Integrations could be non-existent in large quantities and or extremely very basic there’s no real consistency framework we’re residing in an era of tech but payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper and that simply blows my mind whenever I I believe

about it to give you an idea of how far there still is to come according to Deloitte just 11 of companies state they have Workforce information in real time that’s another number that gives me sleep deprived nights and rather frankly the more a company spends on international payroll the less of an image they see an absence of exposure likewise reaches payroll payments and failure to precisely track these payments can result in compliance mishaps in the last mile of the deal almost half of international businesses have revealed that they do not have the level of standardization they require in their procedures or want and as a result eighty percent of errors are because of time reporting bad HCM information information entry mistakes improperly communicated hires and terminations in addition to lack management and system configurations and then when you round everything off and the information is shipped to the incorrect location the average cost of an international data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money worldwide payroll and payments don’t run efficiently if they rely on the required several procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the challenges organization face when they’re paying to staff members or otherwise that’s an excellent concern I constantly throw this back and say what is it what does not require to be included best 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 nation there’s payment amount of time there’s payment capabilities 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 client’s own in-country account so there’s intricacy any place you look best ultimately constructing a knowledge base is absolutely crucial however all over you look with payroll payment they are like super payments no if but some babies about it you are all superheroes processing payments for payroll if you look at the type of link between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are absolutely fundamental and innovation is allowing us to type of move on with that it also also to contribute to that payroll and financing require to work closer together um with differing Bank Account Particulars differing banking requirements and setup procedures is definitely essential that payroll and finance teams work more detailed together than ever um I’m constantly astonished when people state I’ve split payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t work in the payroll profession 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 often split and cut up um eventually it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying people wherever they are however also paying statutory authorities and on statutory third parties so with the

The modern-day world positions a high value on wellness and the compensation landscape is ending up being increasingly complex. Businesses are constantly introducing new advantages and payment alternatives, which contributes to the total intricacy. Big corporations typically divide their payroll and payment processing into different teams, which can lead to inadequacies and bottlenecks. In my opinion, this doesn’t need to hold true. In today’s technologically sophisticated era, there’s no validation for keeping cumbersome treatments. Payroll, the company’s biggest expenditure, should be processed correctly and on time. Even minor hold-ups can adversely impact employees’ well-being and have far-reaching effects. Therefore, it’s vital to focus on precise and timely payments.

The payroll group might not have been thanked for properly processing payroll during a webinar. If anybody has actually been thanked, it would be terrific to hear their success story, whether it’s from all employees or not. Payroll is an essential cycle, and people only discover when things go wrong. Nevertheless, when things go right, it’s seen as just a regular task. This is how it’s perceived externally also. Therefore, it is essential to make sure that tasks like Wi-Fi Worldwide and other important matters are done properly. Using the very first International Payments first payroll payment option is a great preliminary step towards offering a detailed payroll service for employees worldwide. Standardization, international processes, and reducing the variety of tools, platforms, and checking account required for global payroll are key factors in achieving company success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do occasionally get a few complaints when things do not go as planned. Ultimately, we don’t do it for the thankfulness.

anyhow we know how how essential 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 easy as possible for everyone that’s associated with those processes and also so envision sorry I’m just I was simply gon na say envision the amount of thanks you got if you might cover the quantity of people that we cover within this webinar I make certain we’re speaking about hundreds of thousands potentially Millions picture getting that many thank you notes um I indicate it ‘d be interesting to see how many Post-it notes you got however it would absolutely be a fascinating task attempting to clean all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to check out them and in fact see what was going on and sort of shot to return to everybody so proceeding look why do companies pick to primary different savings account there are Papaya Global Functions services out there doing precisely this for specific countries and I’ve operated in a service or lots of services doing precisely that I can say it doesn’t constantly feel effective and it does develop more work I understand we’re not purposely doing that we’re not developing extra work for any person where we do not have to and any person that’s dealing with that procedure I ‘d be interested to hear your thoughts 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 got so used to we require a brand-new savings account we open an entity and appropriately so you need it for payroll functions but there are a variety of markets where it’s not a requirement so I believe it’s just been the requirement and the norm 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 many other ways um to to type of do it so I believe there’s a variety I think this is a process that requires taking a look at it needs changing however ultimately individuals are extremely stuck to what they recognize

with best um modification is a hard thing we all do not like modification um so I think it’s simply type 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 obviously the advantages of having keeping multiple bank accounts but there’s a big quantity of intricacy opts for setting up a checking account maintaining it guaranteeing it can send International transfers guaranteeing it’s set up with the right user accesses for specific individuals so the intricacy is substantial but I think the sincere response is change um people haven’t been able to change or haven’t had necessarily the understanding to truly make that change into alternate Solutions other than opening a checking account I think you’ve struck the nail on the head I think it is knowledge you know and there is an aspect of resistance to change however we’ve always done it that way is no real excuse for not looking at the the advantages and the possibilities of moving on and moving into you know what could practically be figured out to be the next Century or two there is a lot to keep an eye on and this approach does pose a number of difficulties um so Johnny could you tell us about those difficulties yeah obviously so there’s a variety right there is so

I just did you changed our Enterprise 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 staff members you deserve a corner office with a closer parking space due to the fact that I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Functions