Papaya Global Id FAQ – Payroll Management 2024

Over the last five or 6 years …Papaya Global Id… functions on the provider side and likewise on the supplier side from a payroll viewpoint so truly looking forward to this discussion today um and yeah thank you quite for your time everyone fine thanks Johnny uh we’ll just offer everybody another number of uh well among the 30 seconds approximately to join we all work back to back these days so we’ll sort 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 sort of like see where everybody comes from and I really do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s extremely extremely dreary and I wish I was elsewhere at this moment in time fine so let’s get going our agenda for today is as follows um we are going to be looking at the obstacle years of managing Worldwide payroll why business keep different

Virtual payroll accounts are an option to conventional checking account for managing payroll payments. This is particularly useful for international organizations with dispersed and remote workforces, as it simplifies the complicated process of cross-border payments. Instead of keeping different savings account for payroll in different nations, virtual accounts and digital wallets use a more structured service. In this webinar, we will explore the advantages of using virtual payroll accounts and discuss why they are becoming a strategic asset for payroll executives. We will also provide a recap of the main points covered and leave time for a Q&A session at the end.

making payroll payments accurately effectively safely and on time during this webinar we’ll walk you through the international benefits and drawbacks of a payroll wallet versus a payroll savings account how business accurately anticipate their payroll expenses to increase working capital and how simplifying Worldwide payroll payments can turn them from a siled pane into a strategic asset so payroll can be difficult in enough in one country however when you’re doing it worldwide it’s next level and Beyond it ends up being complex for a range of factors most significantly guidelines compliance data security and banking guidelines then there are the large numbers they include further complexity the worldwide Labor force is presently 3 and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and further 1.1 billion people 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 standard payroll design there’s frequently an overwhelming variety of various systems resulting in time-consuming manual processes and silos the number of Combinations could be non-existent in big amounts and or very very standard there’s no genuine consistency framework we’re living in a period of tech however payroll has actually been slow to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper which simply blows my mind each time I I believe

about it to give you an idea of how far there still is to come according to Deloitte only 11 of companies state they have Workforce information in real time that’s another number that gives me sleep deprived nights and quite honestly the more a service spends on international payroll the less of a photo they see a lack of presence likewise extends to payroll payments and inability to properly track these payments can result in compliance accidents in the last mile of the deal nearly half of global services have revealed that they do not have the level of standardization they require in their procedures or desire and as a result eighty percent of errors are due to time reporting bad HCM information information entry errors improperly interacted hires and terminations as well as absence management and system configurations and then when you round everything off and the data is shipped to the wrong location the average cost of a worldwide information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash around the world payroll and payments don’t run efficiently if they count on the necessary several 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 difficulties service face when they’re making payments to staff members or otherwise that’s an excellent question I always throw this back and say what is it what doesn’t require to be included ideal and what does

it need to be thought about 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 have to pay from an in-country account do you need to pay from the client’s own in-country account so there’s intricacy wherever you look best ultimately constructing a knowledge base is definitely important however everywhere you look with payroll payment they are like incredibly 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 between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are definitely fundamental and technology is allowing us to type of move on with that it also too to contribute to that payroll and financing need to work closer together um with differing Bank Account Particulars differing banking requirements and setup processes is definitely important that payroll and financing groups work more detailed together than ever um I’m constantly surprised when individuals say I’ve split payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t operate in the payroll profession would they divide the payroll payment from computation 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 process it’s the point of information collection all the way through to paying individuals any place they are but likewise paying statutory authorities and on statutory third parties so with the

The modern-day world places a high value on wellness and the payment landscape is becoming increasingly detailed. Companies are continually presenting brand-new benefits and payment alternatives, which adds to the overall complexity. Large corporations often divide their payroll and payment processing into separate groups, which can lead to inadequacies and bottlenecks. In my opinion, this doesn’t need to hold true. In today’s technologically sophisticated age, there’s no reason for maintaining cumbersome procedures. Payroll, the business’s most significant cost, need to be processed properly and on time. Even small delays can adversely impact staff members’ wellness and have significant consequences. For that reason, it’s crucial to prioritize precise and prompt payments.

payroll team get um so I’m unsure anyone on this type of webinar has been told thank you for processing my payroll correctly if you have it ‘d be terrific to hear your success story and whether that’s been from all staff members or not um but ultimately payroll is such an essential cycle all of us hear about it when it goes wrong everybody jumps up and down when it fails but when it goes right it’s simply a tick box workout 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 absolutely essential that all of this stuff is done properly so leveraging the very first International Payments very first payroll payment service is a great initial step um offering an end-to-end payroll service for your staff members worldwide again I think is another substantial um procedure again aligning and guaranteeing you have standardization International processes all of those things are absolutely essential to success success of businesses and minimizing the number of tools platforms and checking account they need for their Global payroll too could not 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 thousand of them within a payroll cycle do not expect to you do get the odd 5 or ten or whatever it might be with the with the the complaints where things haven’t gone rather where they’re implied to be um I do not think any of us are actually doing that for for the thanks

anyway we understand 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 everybody that’s involved in those processes and likewise so think of sorry I’m just I was simply gon na state think of the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I make sure we’re talking about numerous thousands potentially Millions think of getting that many thank you keeps in mind um I suggest it ‘d be interesting to see how many Post-it notes you got however it would absolutely be an interesting job attempting to clean all those up for sure oh definitely I can’t envision 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 really see what was going on and kind of try to get back to everybody so carrying on look why do companies choose to primary different savings account there are Papaya Global Id services out there doing precisely this for specific countries and I have actually worked in a service or lots of companies doing exactly that I can state it doesn’t always feel efficient and it does create more work I understand we’re not deliberately doing that we’re not developing additional work for anyone where we do not need to and any person that’s dealing with that process I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the amount that we are I think numerous reasons one is it’s the requirement I think people have got so used to we require a new savings account we open an entity and appropriately so you need it for payroll purposes however there are a number of markets where it’s not a requirement so I believe it’s simply been the requirement and the norm the people have adopted and continue to do over years and years gone past to add to that people have looked at things like trust accounts and numerous other ways um to to type of do it so I believe there’s a variety I think this is a process that needs taking a look at it requires altering however eventually individuals are extremely stuck with what they recognize

with right um change is a tough thing we all do not like modification um so I think it’s simply kind of moving away from the standard as we have actually said so yeah so it keeps a great deal of track of stuff um I comprehend obviously the benefits of having preserving several savings account however there’s a substantial quantity of intricacy chooses establishing a checking account preserving it guaranteeing it can send out International transfers guaranteeing it’s set up with the best user accesses for specific people so the intricacy is substantial however I believe the sincere answer is modification um individuals have not been able to change or haven’t had always the knowledge to actually make that change into alternate Solutions other than opening a bank account I believe 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’ve constantly done it that way is no genuine excuse for not taking a look at the the benefits and the possibilities of carrying on and moving into you understand what might practically be determined to be the next Century approximately there is a lot to monitor and this method does position numerous obstacles um so Johnny might you inform us about those challenges yeah of course so there’s a range right there is so

I recently made a modification to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It seems like our CFO has actually gotten another CFO, and with this improved ability, I have effectively protected payments for our 10,000 employees worldwide. Your commitment to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You are worthy of a corner office with a parking space that is closer, considering your accomplishments. Papaya Global Id