Papaya Global Ssp Coronavirus FAQ – Payroll Management 2024

Over the last five or six years …Papaya Global Ssp Coronavirus… functions on the provider side and likewise on the supplier side from a payroll perspective so actually eagerly anticipating this conversation today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll simply offer everybody another number of uh well among the 30 seconds or so to join we all work back to back these days so we’ll kind of let them do that so it ‘d be rather interesting and I can see it going on already simply to hear where everyone is um it’s nice to to sort of like see where everybody originates from and I truly do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s very extremely bleak and I wish I was elsewhere at this moment in time fine so let’s start our program for today is as follows um we are going to be looking at the obstacle years of managing International payroll why business keep separate

savings account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts streamlining papaya International payroll payments as a strategic possession uh we’ll also review a recap and that needs to leave his time at the extremely really end for a q a session so as the title of the webinar suggests payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and Global workforces end up being more and more typical and handling them ends up being a growing number of intricate Worldwide organizations are aiming to find Solutions and brand-new ways to simplify procedures specifically from a payroll and cross-border payment standpoint lots of organizations maintain different bank account just for payroll while some have several accounts in different nations does it make good sense for business to preserve separate checking account sometimes in different countries it does however just for payroll exists a better method what role do virtual accounts and digital wallets likewise referred to as virtual wallets play in helping multinational business enhance the episode complex processes of

Making sure accurate, effective, and timely payroll payments is a complex challenge for services running internationally. Join us for a webinar to explore the benefits and drawbacks of payroll wallets versus payroll savings account, learn how business forecast payroll expenses to optimize working capital, and discover how enhancing international payroll payments can transform them from a difficult task into a strategic possession.

Managing payroll worldwide is a challenging job due to numerous guidelines, compliance requirements, information security issues, and banking rules. The large number of staff members and services contributes to the complexity, with an approximated 3.5 billion people in the global workforce, 500 million of whom remain in Africa, and 230 million services worldwide.

Conventional payroll systems typically result in manual processes, data silos, and an absence of combination, resulting in disparities and inadequacies. Regardless of living in a period of technological improvements, payroll management has been slow to adjust, with as much as 25% of payroll still processed by hand, typically utilizing pen and paper. This webinar aims to provide insights and solutions to simplify and optimize worldwide payroll payments.

about it to give you a concept of how far there still is to come according to Deloitte only 11 of businesses state they have Labor force data in real time that’s another number that provides me sleepless nights and quite honestly the more a service spends on global payroll the less of a photo they see an absence of exposure likewise extends to payroll payments and inability to properly track these payments can lead to compliance mishaps in the last mile of the transaction nearly half of global businesses have expressed that they don’t have the level of standardization they require in their procedures or desire and as a result eighty percent of errors are because of time reporting poor HCM data information entry errors improperly communicated hires and terminations in addition to lack management and system configurations and after that when you round it all off and the data is delivered to the incorrect place the typical expense of an international data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash around the world payroll and payments do not run smoothly if they count on the necessary several processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the difficulties business face when they’re paying to workers or otherwise that’s an excellent concern I constantly toss this back and say what is it what does not need to be included right and what does

it need to be thought about there’s varying 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 have to pay from an in-country account do you have to pay from the consumer’s own in-country account so there’s intricacy anywhere you look best eventually developing a knowledge base is absolutely critical however 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 look at the sort of link in between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are absolutely basic and innovation is permitting us to kind of progress with that it also as well to contribute to that payroll and financing require to work closer together um with varying Checking account Details differing banking requirements and setup processes is absolutely important that payroll and financing teams work more detailed together than ever um I’m constantly impressed when people state I have actually split payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t work in the payroll occupation 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 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 also paying statutory authorities and on statutory third parties so with the

world we reside in and wellness being more and more important to add to kind of the level of intricacy there’s a growing number of benefits being organ or being used by services throughout the world so again you’re simply seeking to include more and more payments to this currently complicated 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 genuine challenges or real difficult sort of pay utilizes to play to pay people I believe yeah I suggest over the last well yeah a couple of years I would certainly say that the bigger a company gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the task there are teams feeding info into the next function as it were that’s actually managing 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 understand long gone are the times where we need to develop additional handoffs at the same times that we operate in they simply make them more prompt they make them less efficient 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 why we are still making this as tough as it needs to be concurred and appropriately as you said payroll is the single most significant liability that any business has from an expense point of view from an impact perspective on employees it is definitely crucial 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 have to be done right it has the greatest damaging impact on individuals’s wellness and numerous other elements if people aren’t paid uh I have actually always been astonished coming into this Market type of the last 5 to 10 years is how little thanks the

payroll team get um so I’m not exactly sure anyone on this kind of webinar has actually been informed thank you for processing my payroll properly if you have it ‘d be fantastic to hear your success story and whether that’s been from all workers or not um however eventually payroll is such an essential cycle all of us become aware of it when it fails everyone jumps up and down when it fails but when it goes right it’s simply a tick box workout and I believe 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 important that all of this stuff is done correctly so leveraging the first Global Payments very first payroll payment solution is an excellent first step um supplying an end-to-end payroll solution for your staff members internationally once again I think is another huge um process once again lining up and ensuring you have standardization Worldwide processes all of those things are absolutely essential to success success of services and minimizing the variety of tools platforms and checking account they require for their Worldwide payroll too couldn’t agree with you more and on the the front in terms of of the thank yous for getting payroll done I have actually never ever had a hundred thousand of them within a payroll cycle do not expect to you do get the odd five or ten or whatever it might be with the with the the grievances where things have not gone rather where they’re meant to be um I do not believe any of us are actually doing that for for the thanks

anyhow we understand 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 everyone that’s associated with those processes and likewise so picture sorry I’m just I was simply gon na state imagine 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 speaking about hundreds of thousands potentially Millions picture getting that numerous thank you notes um I mean it ‘d be interesting to see the number of Post-it notes you got but it would certainly be an interesting job attempting to clean up all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to look through them and actually see what was going on and kind of shot to get back to everyone so carrying on look why do business select to primary separate bank accounts there are Papaya Global Ssp Coronavirus businesses out there doing exactly this for particular nations and I’ve operated in a service or many organizations doing precisely that I can state it doesn’t constantly feel efficient and it does produce more work I understand we’re not intentionally doing that we’re not developing extra work for anybody where we do not have to and anybody that’s handling that process I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the amount that we are I believe numerous factors one is it’s the standard I think people have actually got so utilized to we need a new bank account we open an entity and rightly so you need it for payroll functions but there are a number of markets where it’s not a requirement so I believe it’s simply been the requirement and the norm individuals have actually embraced and continue to do over years and years gone past to add to that individuals have actually taken a look at things like trust accounts and many other ways um to to sort of do it so I believe there’s a range I think this is a process that needs taking a look at it needs altering but eventually people are very stuck with what they’re familiar

with best um modification is a tough thing we all don’t like modification um so I think it’s just kind of moving far from the norm as we have actually said so yeah so it keeps a lot of track of stuff um I understand clearly the advantages of having preserving numerous bank accounts however there’s a huge quantity of complexity opts for setting up a bank account preserving it ensuring it can send out International transfers ensuring it’s set up with the right user accesses for specific people so the intricacy is huge but I think the honest response is modification um individuals haven’t been able to change or haven’t had necessarily the understanding to truly make that change into alternate Solutions aside from opening a savings account I think you’ve struck the nail on the head I think it is knowledge you understand and there is an element of resistance to change but we have actually constantly done it that way is no genuine reason for not taking a look at the the advantages and the possibilities of proceeding and moving into you understand what could almost be figured out to be the next Century or two there is a lot to monitor and this approach does position a number of difficulties um so Johnny could you tell us about those difficulties yeah of course so there’s a range right there is so

I recently made a modification to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It feels like our CFO has acquired another CFO, and with this enhanced ability, I have actually effectively protected payments for our 10,000 staff members worldwide. Your dedication to mastering worldwide payroll and payments utilizing Papaya payroll OS is commendable. You should have a corner office with a parking space that is better, considering your achievements. Papaya Global Ssp Coronavirus