Papaya Global Raises FAQ – Payroll Management 2024

Over the last five or six years …Papaya Global Raises… roles on the service provider side and likewise on the vendor side from a payroll point of view so truly anticipating this discussion today um and yeah thank you quite for your time everyone alright thanks Johnny uh we’ll just give everyone another number of uh well one of the 30 seconds approximately to join we all work back to back nowadays so we’ll kind of let them do that so it ‘d be quite interesting 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 everybody originates from and I truly do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s raining here it’s very really uninspiring and I wish I was elsewhere at this moment in time alright so let’s get started our program for today is as follows um we are going to be taking a look at the difficulty years of managing International payroll why companies preserve separate

checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts streamlining papaya Worldwide payroll payments as a strategic asset uh we’ll also discuss a wrap-up which needs to leave his time at the really very 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 a growing number of typical and handling them becomes more and more complex International companies are looking to discover Solutions and new methods to streamline processes specifically from a payroll and cross-border payment perspective many companies maintain different bank account just for payroll while some have numerous accounts in various nations does it make good sense for companies to maintain different bank accounts in some cases in different countries it does but just for payroll is there a better way what role do virtual accounts and digital wallets also known as virtual wallets play in helping multinational companies improve the episode complex procedures of

making payroll payments precisely effectively securely and on time throughout this webinar we’ll stroll you through the international benefits and drawbacks of a payroll wallet versus a payroll checking account how business accurately anticipate their payroll costs to increase working capital and how enhancing International payroll payments can turn them from a siled pane into a tactical possession so payroll can be hard in sufficient in one country however when you’re doing it internationally it’s next level and Beyond it ends up being complicated for a variety of reasons most notably policies compliance information security and banking guidelines then there are the sheer numbers they include further intricacy the worldwide Labor force is presently 3 and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and additional 1.1 billion people that number is presently 500 million just for for a scale then factor in that there are some 230 million organizations and growing all doing their own thing all over the world in the traditional payroll design there’s frequently a frustrating variety of various systems causing lengthy manual procedures and silos the number of Integrations could be non-existent in big quantities and or really really standard there’s no real consistency structure 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 which just blows my mind whenever I I think

about it to offer you a concept of how far there still is to come according to Deloitte only 11 of businesses say they have Labor force information in real time that’s another number that provides me sleep deprived nights and quite frankly the more a service invests in worldwide payroll the less of a picture they see an absence of presence likewise encompasses payroll payments and failure to precisely track these payments can cause compliance incidents in the last mile of the deal nearly half of worldwide organizations have revealed that they don’t have the level of standardization they require in their processes or want and as a result eighty percent of errors are due to time reporting poor HCM data information entry errors badly interacted hires and terminations along with absence management and system setups and then when you round all of it off and the information is delivered to the wrong location the average cost of a global information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash all over the world payroll and payments do not run efficiently if they depend on the essential several procedures 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 business face when they’re making payments to employees or otherwise that’s an excellent concern I always throw this back and say what is it what doesn’t require to be included right and what does

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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 capabilities so can you pay it from International or do you need to pay from an in-country account do you have to pay from the client’s own in-country account so there’s intricacy anywhere you look ideal eventually building a knowledge base is definitely vital however all over 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 look at the kind of link 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 permitting us to sort of move forward with that it also also to add to that payroll and finance need to work closer together um with varying Savings account Details differing banking requirements and setup procedures is absolutely important that payroll and financing groups work better together than ever um I’m always impressed when individuals say I’ve split payroll and payment um if you stroll down the street and asked anyone what is payroll who does not operate in the payroll profession would they split the payroll payment from computation 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 ultimately 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 likewise paying statutory authorities and on statutory third parties so with the

world we reside in and well-being being increasingly more important to add to kind of the level of complexity there’s a growing number of benefits being organ or being used by companies across the world so once again you’re just seeking to include a growing number of payments to this already complicated landscape so if you sort of got any experience well I’m from your vast experience here and I make certain however have you got any experience in kind of real difficulties or genuine tough type of pay uses to play to pay individuals I believe yeah I mean over the last well yeah a number of years I would certainly say that the larger a service gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the job there are groups feeding info into the next function as it were that’s in fact managing the payment side of things but you understand in in my opinion and my experience that does not necessarily need to be the case you understand long gone are the times where we require to develop additional handoffs in the processes that we operate in they just make them more prompt they make them less effective and they don’t make them what they require to be in in an age of tech and an age that you understand that we are operating in today there is no reason we are still making this as difficult as it needs to be concurred and rightly as you stated payroll is the single most significant liability that any company has from a cost viewpoint from an effect point of view on staff members it is absolutely crucial 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 most significant destructive result on people’s wellness and lots of other aspects if people aren’t paid uh I’ve constantly been impressed entering this Market type of the last five to ten years is how little thanks the

The payroll group may not have actually been thanked for properly processing payroll throughout a webinar. If anybody has actually been thanked, it would be fantastic to hear their success story, whether it’s from all employees or not. Payroll is a crucial cycle, and people only observe when things fail. However, when things go right, it’s viewed as simply a routine task. This is how it’s viewed externally also. For that reason, it is essential to guarantee that tasks like Wi-Fi International and other crucial matters are done correctly. Using the first Global Payments very first payroll payment service is a terrific initial step towards supplying a comprehensive payroll option for employees worldwide. Standardization, worldwide procedures, and reducing the variety of tools, platforms, and checking account required for worldwide payroll are key consider achieving service success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do periodically get a couple of complaints when things don’t go as prepared. Eventually, we don’t do it for the thankfulness.

anyway we know how how essential a role 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 associated with those procedures and likewise so envision sorry I’m just I was just gon na say imagine the amount of thanks you got if you might cover the quantity of individuals that we cover within this webinar I’m sure we’re speaking about numerous thousands possibly Millions picture getting that many thank you notes um I suggest it ‘d be interesting to see how many Post-it notes you got but it would certainly be an intriguing job attempting to clean 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 need days of the week to attempt to browse them and in fact see what was going on and type of try to get back to everybody so proceeding appearance why do business pick to main separate bank accounts there are Papaya Global Raises organizations out there doing precisely this for specific countries and I have actually operated in a company or numerous organizations doing precisely that I can say it does not always feel effective and it does develop more work I know we’re not deliberately doing that we’re not creating extra work for any person where we don’t need to and anybody that’s handling that process 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 think numerous reasons one is it’s the requirement I think 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 purposes but there are a variety of markets where it’s not a requirement so I believe it’s just 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 ways um to to type of do it so I believe there’s a range I believe this is a process that requires taking a look at it needs changing but ultimately individuals are very stuck to what they’re familiar

with right um change is a difficult thing we all do not like change um so I think it’s simply kind of moving away from the standard as we’ve said so yeah so it keeps a lot of track of things um I understand undoubtedly the benefits of having preserving numerous savings account but there’s a big amount of intricacy chooses establishing a bank account keeping it ensuring it can send out International transfers ensuring it’s established with the ideal user accesses for private people so the complexity is substantial however I think the sincere answer is modification um people haven’t been able to alter or haven’t had always the knowledge to actually make that change into alternate Solutions aside from opening a bank account I think you have actually hit the nail on the head I believe it is knowledge you know and there is a component of resistance to change but we have actually constantly done it that way is no real excuse for not looking at the the advantages and the possibilities of proceeding and moving into you understand what might nearly be figured out to be the next Century or so there is a lot to keep an eye on and this method does position a number of challenges um so Johnny could you inform us about those obstacles yeah obviously so there’s a range right there is so

I just 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 Worldwide employees you should have a corner workplace with a more detailed parking space because I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Raises