Papaya Global Invoices FAQ – Payroll Management 2024

Over the last five or six years …Papaya Global Invoices… roles on the company side and likewise on the vendor side from a payroll point of view so truly eagerly anticipating this conversation today um and yeah thank you quite for your time everyone all right thanks Johnny uh we’ll simply give everybody another number of uh well one of the 30 seconds or so to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be rather interesting and I can see it going on currently just to hear where everyone is um it’s nice to to sort of like see where everybody originates from and I really do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s raining here it’s extremely really uninspiring and I wish I was somewhere else at this moment in time okay so let’s get going our agenda for today is as follows um we are going to be taking a look at the difficulty years of handling Worldwide payroll why business keep different

checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts improving papaya International payroll payments as a strategic asset uh we’ll likewise review a wrap-up and that should leave his time at the extremely very 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 International labor forces end up being more and more typical and managing them becomes increasingly more complicated Worldwide organizations are aiming to find Solutions and new methods to enhance procedures specifically from a payroll and cross-border payment perspective lots of organizations maintain separate savings account just for payroll while some have multiple accounts in different countries does it make good sense for companies to keep separate bank accounts sometimes in various nations it does but just for payroll exists a much better method what function do virtual accounts and digital wallets also referred to as virtual wallets play in helping multinational companies streamline the episode complex processes of

making payroll payments accurately efficiently securely 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 properly forecast their payroll expenses to increase working capital and how improving International payroll payments can turn them from a siled pane into a strategic property so payroll can be challenging in adequate in one country but when you’re doing it globally it’s next level and Beyond it becomes complex for a variety of reasons most notably guidelines compliance information security and banking guidelines then there are the large numbers they include further intricacy the international Workforce is presently 3 and a half billion people 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 companies and growing all doing their own thing around the globe in the conventional payroll model there’s typically an overwhelming variety of various systems causing time-consuming manual procedures and silos the number of Integrations could be non-existent in big amounts and or really really standard there’s no genuine consistency framework we’re residing in a period 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 which just blows my mind each time I I think

about it to give you an idea of how far there still is to come according to Deloitte just 11 of organizations say they have Workforce information in real time that’s another number that gives me sleepless nights and quite frankly the more a service invests in global payroll the less of an image they see a lack of presence also extends to payroll payments and failure to properly track these payments can result in compliance mishaps in the last mile of the transaction nearly half of international organizations have actually revealed that they don’t have the level of standardization they require in their procedures or want and as a result eighty percent of errors are due to time reporting bad HCM data information entry mistakes poorly interacted hires and terminations along with lack management and system setups and then when you round all of it off and the information is shipped to the wrong place the typical cost 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 world payroll and payments don’t run smoothly if they rely on the needed numerous processes 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 staff members or otherwise that’s a great concern I constantly throw this back and state what is it what does not require to be consisted of ideal and what does

it need to be thought about there’s differing 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 customer’s own in-country account so there’s complexity any place you look right eventually constructing a knowledge base is definitely important however all over you look with payroll payment they are like incredibly payments no if however some babies 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 believe there’s now a bit more recognition that payroll payments are definitely essential and technology is allowing us to kind of progress with that it likewise too to contribute to that payroll and financing need to work closer together um with differing Bank Account Details differing banking requirements and setup processes is absolutely vital that payroll and financing teams work better together than ever um I’m constantly surprised when individuals say I have actually divided payroll and payment um if you stroll down the street and asked anybody what is payroll who does not work in the payroll occupation would they divide the payroll payment from calculation 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 people anywhere they are however likewise paying statutory authorities and on statutory third parties so with the

The modern world positions a high value on well-being and the settlement landscape is ending up being significantly detailed. Services are continuously introducing brand-new benefits and payment alternatives, which contributes to the overall intricacy. Large corporations frequently divide their payroll and payment processing into separate groups, which can cause inadequacies and bottlenecks. In my viewpoint, this doesn’t need to hold true. In today’s technologically sophisticated period, there’s no justification for preserving troublesome procedures. Payroll, the company’s greatest expenditure, must be processed correctly and on time. Even small hold-ups can adversely impact employees’ well-being and have far-reaching effects. For that reason, it’s vital to prioritize accurate and timely payments.

The payroll team might not have actually been thanked for properly processing payroll during a webinar. If anyone has been thanked, it would be excellent to hear their success story, whether it’s from all employees or not. Payroll is an essential cycle, and individuals just observe when things go wrong. Nevertheless, when things go right, it’s viewed as just a regular job. This is how it’s viewed externally also. For that reason, it is essential to ensure that tasks like Wi-Fi International and other vital matters are done correctly. Utilizing the first International Payments first payroll payment service is a fantastic initial action towards offering a detailed payroll service for staff members worldwide. Standardization, international procedures, and lowering the variety of tools, platforms, and savings account necessary for global payroll are essential factors in accomplishing company success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do occasionally receive a couple of complaints when things do not go as prepared. Ultimately, we do not do it for the thankfulness.

anyway 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 simple as possible for everyone that’s involved in those procedures and also so picture sorry I’m simply I was simply gon na state picture the quantity of thanks you got if you might cover the quantity of people that we cover within this webinar I’m sure we’re talking about hundreds of thousands possibly Millions envision getting that lots of thank you notes um I indicate 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 imagine the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to look through them and really see what was going on and kind of shot to get back to everybody so proceeding appearance why do business pick to main different bank accounts there are Papaya Global Invoices organizations out there doing precisely this for specific countries and I have actually operated in a service or numerous companies doing precisely that I can say it does not constantly feel efficient and it does develop more work I understand we’re not intentionally doing that we’re not producing extra work for any person where we do not have to and anyone that’s managing 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 quantity that we are I believe many reasons 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 appropriately so you need it for payroll purposes however there are a number of markets where it’s not a requirement so I think it’s just been the requirement and the norm individuals have actually embraced and continue to do over years and years passed by to add to that people have looked at things like trust accounts and numerous other ways um to to sort of do it so I believe there’s a range I believe this is a process that requires looking at it needs altering however ultimately people are really stuck to what they recognize

with ideal um change is a tough thing we all 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 lot of track of stuff um I understand clearly the advantages of having maintaining multiple checking account but there’s a huge amount of intricacy chooses establishing a checking account preserving it guaranteeing it can send International transfers ensuring it’s established with the ideal user accesses for specific individuals so the intricacy is big however I think the honest answer is modification um individuals have not been able to change or haven’t had necessarily the knowledge to really make that change into alternate Solutions aside from opening a bank account I believe you’ve struck the nail on the head I think it is understanding you know and there is an element of resistance to change however we have actually constantly done it that way is no real excuse for not taking a look at the the advantages and the possibilities of proceeding and moving into you know what might almost be figured out to be the next Century or two there is a lot to keep an eye on and this method does present numerous challenges um so Johnny might you tell us about those challenges yeah naturally so there’s a range 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’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 International employees you are worthy of a corner workplace with a better parking space since I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Invoices