Papaya Global Program FAQ – Payroll Management 2024

Over the last five or six years …Papaya Global Program… functions on the company side and likewise on the supplier side from a payroll point of view so actually anticipating this discussion today um and yeah thank you quite for your time everybody fine thanks Johnny uh we’ll simply give everybody another number of uh well among the 30 seconds approximately to join we all work back to back these days so we’ll kind of let them do that so it ‘d be rather fascinating and I can see it going on currently just to hear where everybody is um it’s nice to to sort of like see where everybody originates 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 very extremely bleak and I wish I was elsewhere at this moment in time alright so let’s begin our program for today is as follows um we are going to be taking a look at the obstacle years of managing Global payroll why companies keep separate

checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts improving papaya Worldwide payroll payments as a tactical property uh we’ll likewise review a wrap-up which must leave his time at the extremely 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 International labor forces end up being more and more typical and handling them ends up being more and more intricate Worldwide companies are aiming to find Solutions and new methods to enhance processes especially from a payroll and cross-border payment perspective many organizations preserve separate checking account just for payroll while some have numerous accounts in various nations does it make sense for companies to keep different savings account in some cases in different nations it does but just for payroll exists a much better way what function do virtual accounts and digital wallets also referred to as virtual wallets play in helping multinational companies enhance the episode complex procedures of

making payroll payments properly effectively safely and on time during this webinar we’ll walk you through the global advantages and disadvantages of a payroll wallet versus a payroll bank account how business properly anticipate their payroll costs to increase working capital and how simplifying Global payroll payments can turn them from a siled pane into a tactical possession so payroll can be difficult in adequate in one nation but when you’re doing it internationally it’s next level and Beyond it ends up being intricate for a variety of factors most importantly policies compliance information security and banking guidelines then there are the large numbers they add more complexity the worldwide Labor force is presently 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 consider that there are some 230 million businesses and growing all doing their own thing worldwide in the conventional payroll design there’s typically a frustrating variety of different systems leading to lengthy manual processes and silos the number of Combinations could be non-existent in big amounts and or extremely very fundamental there’s no genuine consistency structure we’re residing in a period of tech however payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper and that simply blows my mind each time I I believe

about it to provide you an idea of how far there still is to come according to Deloitte only 11 of businesses say they have Workforce information in real time that’s another number that offers me sleep deprived nights and rather frankly the more a service spends on global payroll the less of a picture they see a lack of presence likewise encompasses payroll payments and inability to precisely track these payments can result in compliance incidents in the last mile of the transaction almost half of international organizations have expressed 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 because of time reporting poor HCM information information entry errors inadequately communicated hires and terminations in addition to absence management and system configurations and then when you round everything off and the information is shipped to the wrong location the average expense of an international information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money around the globe payroll and payments do not run smoothly if they depend on the needed multiple processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the challenges company face when they’re making payments to employees or otherwise that’s a good concern I always throw this back and say what is it what does not require to be included best and what does

it need to be thought of there’s differing 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 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 consumer’s own in-country account so there’s intricacy any place you look best ultimately constructing a knowledge base is absolutely important but all over you look with payroll payment they resemble super payments no if however some children about it you are all superheroes processing payments for payroll if you take a look at the sort of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are definitely essential and innovation is enabling us to kind of move on with that it likewise too to contribute to that payroll and finance need to work closer together um with differing Savings account Details varying banking requirements and setup procedures is absolutely essential that payroll and finance groups work better together than ever um I’m constantly impressed when people state I’ve 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 estimation 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 anywhere they are however also paying statutory authorities and on statutory 3rd parties so with the

world we live in and well-being being a growing number of crucial to add to kind of the level of complexity there’s increasingly more benefits being organ or being offered by organizations throughout the world so once again you’re simply wanting to add increasingly more payments to this already intricate landscape so if you kind of got any experience well I’m from your large experience here and I’m sure but have you got any experience in kind of real obstacles or genuine tough sort of pay uses to play to pay people I think yeah I mean over the last well yeah a couple of decades I would certainly say that the larger a business gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the job there are teams feeding info into the next function as it were that’s actually handling the payment side of things however you know 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 require to develop extra 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 age of tech and an era that you know that we are operating in today there is no reason we are still making this as hard as it requires to be agreed and appropriately as you stated payroll is the single most significant liability that any service has from a cost perspective from an effect point of view on workers it is absolutely important that it’s done properly and on time so what we indicate 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 damaging impact on individuals’s wellness and lots of other aspects if individuals aren’t paid uh I’ve always been surprised entering into this Market type of the last five to ten years is how little thanks the

The payroll team might not have been thanked for correctly processing payroll throughout a webinar. If anybody has been thanked, it would be fantastic to hear their success story, whether it’s from all workers or not. Payroll is a crucial cycle, and individuals only discover when things go wrong. Nevertheless, when things go right, it’s seen as just a regular job. This is how it’s perceived externally also. Therefore, it is necessary to ensure that jobs like Wi-Fi International and other essential matters are done properly. Utilizing the first Global Payments very first payroll payment solution is a great initial action towards providing a comprehensive payroll option for employees worldwide. Standardization, global processes, and minimizing the variety of tools, platforms, and checking account necessary for global payroll are essential consider accomplishing business success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do sometimes receive a couple of complaints when things do not go as prepared. Eventually, we do not do it for the gratitude.

anyhow we know how how important a role 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 everybody that’s involved in those processes and also so imagine sorry I’m just I was simply gon na state think of the amount 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 hundreds of thousands possibly Millions think of getting that lots of thank you notes um I mean it ‘d be interesting to see how many Post-it notes you got but it would certainly be an interesting task attempting to clean up all those up for sure oh absolutely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to browse them and in fact see what was going on and type of shot to get back to everyone so proceeding appearance why do business choose to main different savings account there are Papaya Global Program companies out there doing precisely this for particular nations and I’ve operated in a service or lots of companies doing precisely that I can say it doesn’t always feel efficient and it does develop more work I understand we’re not deliberately doing that we’re not producing extra work for anybody where we do not have to and anybody that’s managing that procedure I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the quantity that we are I think numerous reasons one is it’s the standard I believe people have actually got so used to we need a brand-new checking 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 simply been the standard and the norm individuals have embraced and continue to do over years and years passed by to contribute to that people have taken a look at things like trust accounts and many other methods um to to kind of do it so I believe there’s a variety I believe this is a procedure that requires looking at it needs changing but ultimately individuals are extremely stuck with what they recognize

with best um modification is a hard thing all of us do not like modification um so I think it’s just sort of moving away from the norm as we’ve said so yeah so it keeps a great deal of track of stuff um I comprehend certainly the advantages of having preserving numerous savings account but there’s a big amount of intricacy opts for establishing a checking account preserving it guaranteeing it can send International transfers ensuring it’s set up with the ideal user accesses for individual people so the intricacy is substantial but I think the truthful response is modification um people haven’t been able to alter or haven’t had necessarily the understanding to really make that change into alternate Solutions besides opening a checking account I think you have actually hit the nail on the head I think it is understanding you know and there is an element of resistance to change 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 almost be identified to be the next Century or two there is a lot to keep an eye on and this approach does posture several challenges um so Johnny might you tell us about those obstacles yeah of course so there’s a range right there is so

I just recently made a change to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It seems like our CFO has gotten another CFO, and with this enhanced ability, I have successfully secured payments for our 10,000 staff members worldwide. Your commitment to mastering worldwide payroll and payments using Papaya payroll OS is good. You should have a corner office with a parking space that is better, considering your achievements. Papaya Global Program