Papaya Global Slips FAQ – Payroll Management 2024

Over the last five or six years …Papaya Global Slips… functions on the provider side and also on the supplier side from a payroll point of view so actually looking forward to this conversation today um and yeah thank you quite for your time everybody alright thanks Johnny uh we’ll just give everyone another couple of uh well one of the 30 seconds or so to join we all work back to back nowadays so we’ll sort 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 type of like see where everyone comes from and I really do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s really very uninspiring and I want I was somewhere else at this moment in time all right so let’s get started our agenda for today is as follows um we are going to be taking a look at the difficulty years of managing Worldwide payroll why companies maintain different

checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts simplifying papaya Global payroll payments as a tactical possession uh we’ll likewise go over a wrap-up which needs to leave his time at the very extremely end for a q a session so as the title of the webinar suggests payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and Global workforces end up being increasingly more common and handling them becomes more and more complex Worldwide organizations are looking to discover Solutions and new methods to improve procedures specifically from a payroll and cross-border payment viewpoint many companies maintain different savings account just for payroll while some have several accounts in various countries does it make sense for companies to preserve different savings account often in different nations it does however just for payroll exists a much better method what function do virtual accounts and digital wallets likewise known as virtual wallets play in helping international companies enhance the episode complex procedures of

making payroll payments precisely efficiently securely and on time during this webinar we’ll walk you through the international advantages and disadvantages of a payroll wallet versus a payroll savings account how companies properly anticipate 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 tough in adequate in one country however when you’re doing it globally it’s next level and Beyond it ends up being complicated for a variety of reasons most importantly policies compliance data security and banking rules then there are the sheer numbers they include additional complexity the global Labor force is currently 3 and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and further 1.1 billion individuals that number is currently 500 million just for for a scale then consider 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 an overwhelming variety of various systems resulting in time-consuming manual procedures and silos the variety of Combinations could be non-existent in big amounts and or very really basic there’s no real consistency structure we’re living in a period of tech but payroll has actually been sluggish to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper and that simply blows my mind whenever I I think

about it to give you a concept of how far there still is to come according to Deloitte just 11 of services say they have Labor force data in real time that’s another number that gives me sleep deprived nights and rather honestly the more a business invests in international payroll the less of a picture they see an absence of visibility also encompasses payroll payments and failure to accurately track these payments can result in compliance accidents in the last mile of the transaction almost half of international companies have expressed that they don’t have the level of standardization they require in their processes or desire and as a result eighty percent of errors are due to time reporting bad HCM information data entry mistakes inadequately communicated hires and terminations in addition to lack management and system setups and after that when you round it all off and the data is delivered to the wrong place the typical expense of a worldwide data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money around the world payroll and payments do not run efficiently if they depend on the essential multiple 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 challenges company face when they’re paying to workers or otherwise that’s an excellent concern I always toss this back and state what is it what does not need to be consisted of ideal 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 country 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 complexity any place you look best eventually developing a knowledge base is absolutely critical but everywhere you look with payroll payment they are like incredibly payments no if but some infants 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 absolutely essential and technology is enabling us to kind of move on with that it likewise also to contribute to that payroll and financing need to work closer together um with varying Savings account Details differing banking requirements and setup procedures is definitely imperative that payroll and financing groups work better together than ever um I’m constantly surprised when individuals say I’ve divided payroll and payment um if you stroll down the street and asked anybody what is payroll who does not 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 procedure it’s the point of data collection all the way through to paying individuals anywhere they are but also paying statutory authorities and on statutory 3rd parties so with the

world we live in and well-being being increasingly more important to add to type of the level of complexity there’s increasingly more benefits being organ or being used by businesses throughout the world so again you’re just looking to include a growing number of payments to this already intricate landscape so if you type of got any experience well I’m from your huge experience here and I make sure however have you got any experience in kind of real challenges or real tough type of pay utilizes to play to pay people I think yeah I mean over the last well yeah a couple of decades I would definitely say that the bigger a company gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the task there are groups feeding details into the next function as it were that’s in fact handling the payment side of things but you know in in my viewpoint and my experience that doesn’t necessarily need to be the case you understand long gone are the times where we need to create extra handoffs at the same times that we operate in they just make them more timely they make them less effective and they don’t make them what they require to be in in an age of tech and an era that you know that we are working in today there is no reason we are still making this as challenging as it requires to be concurred and appropriately as you stated payroll is the single biggest liability that any service has from a cost viewpoint from an effect point of view on workers it is definitely important that it’s done correctly and on time so what we suggest by that is not a day before not a day after on pay day and payments need to be done right it has the greatest damaging effect on people’s wellness and lots of other elements if people aren’t paid uh I have actually always been amazed coming into this Market sort of the last five to 10 years is how little thanks the

The payroll team may not have actually been thanked for correctly processing payroll throughout a webinar. If anyone has been thanked, it would be great to hear their success story, whether it’s from all staff members or not. Payroll is an essential cycle, and people just discover when things go wrong. Nevertheless, when things go right, it’s seen as just a routine task. This is how it’s perceived externally too. For that reason, it is necessary to make sure that tasks like Wi-Fi International and other vital matters are done correctly. Utilizing the first Global Payments very first payroll payment service is a fantastic preliminary step towards offering an extensive payroll service for staff members worldwide. Standardization, global procedures, and lowering the variety of tools, platforms, and checking account necessary for worldwide payroll are crucial consider accomplishing service success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes receive a couple of problems when things do not go as planned. Ultimately, we don’t do it for the appreciation.

anyway we understand 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 everyone that’s associated with those procedures and also so imagine sorry I’m simply I was just gon na say picture the quantity 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 lots of thank you notes um I indicate it ‘d be interesting to see how many Post-it notes you got however it would certainly be an interesting job trying to clean all those up for sure oh absolutely I can’t imagine 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 actually see what was going on and sort of try to get back to everyone so carrying on look why do business select to primary separate savings account there are Papaya Global Slips businesses out there doing precisely this for specific nations and I’ve worked in an organization or many organizations doing precisely that I can state it doesn’t constantly feel efficient and it does create more work I understand we’re not intentionally doing that we’re not producing additional work for anyone where we don’t have to and any person that’s dealing with 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 amount that we are I think lots of factors one is it’s the requirement I believe individuals have actually got so utilized to we need a brand-new checking account we open an entity and appropriately so you require it for payroll functions however there are a variety of markets where it’s not a requirement so I think it’s simply been the standard and the standard individuals have actually embraced and continue to do over years and years passed by to contribute to that individuals have actually taken a look at things like trust accounts and numerous other methods um to to sort of do it so I think there’s a variety I think this is a procedure that needs taking a look at it needs changing but eventually individuals are extremely stuck to what they recognize

with best um change is a hard thing all of us do not like modification um so I think it’s simply kind of moving away from the norm as we have actually said so yeah so it keeps a lot of track of things um I understand undoubtedly the advantages of having maintaining numerous checking account but there’s a big quantity of complexity chooses setting up a checking account maintaining it ensuring it can send out International transfers guaranteeing it’s set up with the ideal user accesses for individual people so the complexity is huge but I think the truthful answer is change um people have not had the ability to alter or haven’t had always the understanding to truly make that change into alternate Solutions aside from opening a bank account I believe you have actually hit the nail on the head I think it is understanding 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 benefits and the possibilities of carrying on and moving into you understand what might practically be figured out to be the next Century or two there is a lot to keep track of and this approach does posture a number of difficulties um so Johnny could you tell us about those challenges yeah of course so there’s a variety 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 Global staff members you deserve a corner workplace with a better parking space because I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Slips