Papaya Global License FAQ – Payroll Management 2024

Over the last five or 6 years …Papaya Global License… roles on the service provider side and also on the vendor side from a payroll point of view so actually looking forward to this conversation today um and yeah thank you quite for your time everyone alright thanks Johnny uh we’ll simply give everyone another number of uh well one of the 30 seconds approximately to join all of us work back to back these days so we’ll type of let them do that so it ‘d be rather intriguing and I can see it going on already simply to hear where everyone is um it’s nice to to kind of like see where everyone comes from and I actually 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 extremely gloomy and I want I was somewhere else at this moment in time fine so let’s get going our agenda for today is as follows um we are going to be taking a look at the obstacle years of managing Worldwide payroll why companies keep separate

bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll costs using 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 transferring to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces end up being increasingly more typical and managing them ends up being a growing number of complex Worldwide companies are looking to find Solutions and new ways to simplify processes particularly from a payroll and cross-border payment standpoint numerous companies keep separate checking account just for payroll while some have numerous accounts in various countries does it make sense for business to maintain different savings account in some cases in different countries it does however just for payroll exists a better method what function do virtual accounts and digital wallets likewise referred to as virtual wallets play in helping international business simplify the episode complex processes of

Ensuring precise, efficient, and timely payroll payments is a complex obstacle for organizations running globally. Join us for a webinar to explore the advantages and downsides of payroll wallets versus payroll checking account, learn how companies forecast payroll expenses to enhance working capital, and discover how streamlining global payroll payments can change them from a troublesome job into a tactical possession.

Handling payroll globally is a daunting job due to various regulations, compliance requirements, data security issues, and banking rules. The sheer number of workers and businesses contributes to the intricacy, with an estimated 3.5 billion individuals in the global workforce, 500 million of whom are in Africa, and 230 million companies worldwide.

Conventional payroll systems typically lead to manual procedures, information silos, and an absence of combination, causing inconsistencies and inadequacies. Regardless of residing in an era of technological improvements, payroll management has actually been sluggish to adjust, with as much as 25% of payroll still processed manually, frequently utilizing pen and paper. This webinar goals to provide insights and solutions to simplify and enhance global payroll payments.

about it to provide you an idea of how far there still is to come according to Deloitte only 11 of services state they have Workforce information in real time that’s another number that gives me sleepless nights and rather frankly the more an organization spends on worldwide payroll the less of a photo they see a lack of presence also extends to payroll payments and inability to accurately track these payments can cause compliance accidents in the last mile of the transaction almost half of international companies have actually revealed that they do not have the level of standardization they need in their procedures or desire and as a result eighty percent of mistakes are due to time reporting poor HCM information data entry errors poorly interacted hires and terminations along with lack management and system configurations and after that when you round everything off and the information is delivered to the wrong location the typical expense of a global information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money around the globe payroll and payments do not run efficiently if they rely on the needed numerous processes systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the obstacles organization face when they’re paying to employees or otherwise that’s a good question I always throw this back and state what is it what does not need to be included best and what does

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 nation there’s payment amount of time there’s payment capabilities so can you pay it from International or do you need to pay from an in-country account do you need to pay from the customer’s own in-country account so there’s intricacy anywhere you look right eventually constructing a knowledge base is absolutely important but all over you look with payroll payment they resemble incredibly payments no if however some infants about it you are all superheroes processing payments for payroll if you take a look at the sort of link between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are absolutely basic and technology is enabling us to type of move on with that it also too to add to that payroll and finance require to work closer together um with differing Savings account Details varying banking requirements and setup procedures is definitely imperative that payroll and financing teams work more detailed together than ever um I’m always astonished when individuals state I have actually split payroll and payment um if you stroll down the street and asked anyone what is payroll who does not work in the payroll occupation would they divide the payroll payment from computation 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 ultimately 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

The modern world positions a high value on well-being and the compensation landscape is ending up being increasingly intricate. Businesses are constantly introducing brand-new benefits and payment choices, which contributes to the total complexity. Large corporations typically divide their payroll and payment processing into different teams, which can result in inefficiencies and traffic jams. In my opinion, this doesn’t have to be the case. In today’s technically innovative era, there’s no reason for maintaining cumbersome procedures. Payroll, the business’s most significant expenditure, need to be processed properly and on time. Even minor delays can negatively impact workers’ wellness and have significant repercussions. For that reason, it’s crucial to focus on accurate and timely payments.

payroll group get um so I’m unsure anyone on this kind of webinar has been informed thank you for processing my payroll properly if you have it ‘d be excellent to hear your success story and whether that’s been from all employees or not um but ultimately payroll is such an essential cycle we all find out about it when it fails everyone jumps up and down when it goes wrong but when it goes right it’s simply a tick box workout and I think that’s how it’s seen from the external deem well um so yeah it’s also like why WI-Fi Global why all of this stuff is absolutely crucial that all of this stuff is done correctly so leveraging the first Global Payments first payroll payment option is an excellent initial step um providing an end-to-end payroll option for your employees worldwide again I believe is another big um procedure once again aligning and guaranteeing you have standardization International processes all of those things are definitely essential to success success of organizations and minimizing the variety of tools platforms and bank accounts they need for their International payroll too could not agree with you more and on the the front in terms of of the thank yous for getting payroll done I’ve never ever had a hundred thousand of them within a payroll cycle don’t anticipate to you do get the odd 5 or 10 or whatever it might be with the with the the complaints where things haven’t gone rather where they’re suggested to be um I don’t believe any of us are in fact doing that for for the thanks

anyhow we know 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 easy as possible for everybody that’s involved in those processes and likewise so think of sorry I’m simply I was just gon na say imagine the quantity of thanks you got if you might cover the quantity of people that we cover within this webinar I make sure we’re speaking about numerous thousands possibly Millions envision getting that lots of thank you keeps in mind um I imply it ‘d be interesting to see how many Post-it notes you got however it would absolutely be a fascinating task attempting to clean up all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to browse them and actually see what was going on and type of shot to return to everyone so moving on appearance why do companies pick to main different savings account there are Papaya Global License companies out there doing precisely this for specific countries and I’ve operated in a company or lots of organizations doing exactly that I can say it doesn’t always feel efficient and it does develop more work I understand we’re not purposely doing that we’re not developing extra work for anyone where we don’t have to and anyone that’s managing that procedure I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the quantity that we are I think many reasons one is it’s the standard I think individuals have got so utilized to we require a new savings account we open an entity and appropriately so you need it for payroll functions however there are a number of markets where it’s not a requirement so I believe it’s simply been the standard and the standard individuals have actually adopted and continue to do over years and years gone past to contribute to that people have looked at things like trust accounts and lots of other methods um to to type of do it so I think there’s a range I believe this is a procedure that needs taking a look at it requires altering however ultimately individuals are really stuck to what they’re familiar

with best um change is a hard thing all of us don’t like change 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 certainly the advantages of having preserving numerous bank accounts however there’s a huge amount of intricacy chooses establishing a savings account preserving it ensuring it can send out International transfers guaranteeing it’s established with the right user accesses for private individuals so the intricacy is big but I believe the truthful answer is modification um individuals have not had the ability to alter or have not had always the knowledge to actually make that change into alternate Solutions aside from opening a checking account I believe you’ve struck the nail on the head I believe it is knowledge you understand and there is an aspect of resistance to alter but we’ve always done it that way is no genuine reason for not taking a look at the the benefits and the possibilities of moving on and moving into you know what could almost be figured out to be the next Century approximately there is a lot to keep track of and this method does pose a number of obstacles um so Johnny could you inform us about those obstacles yeah of course so there’s a range right there is so

I recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It feels like our CFO has gained another CFO, and with this enhanced capability, I have actually effectively protected payments for our 10,000 staff members worldwide. Your dedication to mastering international payroll and payments utilizing Papaya payroll OS is good. You deserve a corner workplace with a parking space that is better, considering your achievements. Papaya Global License