Papaya Global Terms And Conditions FAQ – Payroll Management 2024

Over the last 5 or six years …Papaya Global Terms And Conditions… roles on the service provider side and also on the vendor side from a payroll perspective so really eagerly anticipating this conversation today um and yeah thank you quite for your time everyone alright thanks Johnny uh we’ll just give everybody another couple of uh well among the 30 seconds or two to join all of us work back to back these days so we’ll kind of let them do that so it ‘d be rather intriguing and I can see it going on currently simply to hear where everybody is um it’s nice to to kind of like see where everybody originates from and I really 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 raining here it’s extremely really bleak and I wish I was elsewhere at this moment in time all right so let’s begin our program for today is as follows um we are going to be looking at the difficulty years of managing Worldwide payroll why companies maintain separate

bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts simplifying papaya Global payroll payments as a strategic possession uh we’ll likewise discuss a recap and that 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 moving to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces become a growing number of common and managing them ends up being increasingly more complicated Worldwide companies are seeking to find Solutions and brand-new ways to streamline procedures especially from a payroll and cross-border payment viewpoint numerous organizations preserve separate checking account just for payroll while some have numerous accounts in various countries does it make good sense for companies to preserve different savings account sometimes in different nations it does however just for payroll exists a much better way what role do virtual accounts and digital wallets also referred to as virtual wallets play in assisting multinational companies improve the episode complex procedures of

making payroll payments accurately efficiently securely and on time during this webinar we’ll walk you through the global benefits and drawbacks of a payroll wallet versus a payroll checking account how business precisely anticipate their payroll expenses to increase working capital and how simplifying Global payroll payments can turn them from a siled pane into a tactical asset so payroll can be difficult in adequate in one nation but when you’re doing it globally it’s next level and Beyond it ends up being intricate for a variety of factors most notably policies compliance information security and banking rules then there are the sheer numbers they add more complexity the worldwide Labor force is presently three and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and additional 1.1 billion individuals that number is presently 500 million just for for a scale then consider that there are some 230 million services and growing all doing their own thing around the globe in the standard payroll model there’s typically an overwhelming number of different systems causing time-consuming manual procedures and silos the variety of Combinations could be non-existent in big amounts and or very very basic there’s no real consistency framework we’re living in a period of tech however payroll has been slow 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 every time I I think

about it to give you an idea of how far there still is to come according to Deloitte just 11 of businesses state they have Workforce data in real time that’s another number that offers me sleep deprived nights and quite frankly the more a company spends on global payroll the less of a photo they see a lack of exposure also encompasses payroll payments and inability to accurately track these payments can lead to compliance mishaps in the last mile of the deal almost half of global companies have actually expressed that they do not have the level of standardization they require in their procedures or want and as a result eighty percent of mistakes are because of time reporting poor HCM data data entry errors poorly communicated hires and terminations as well as absence management and system setups and then when you round all of it off and the data is shipped to the incorrect place the typical cost of an international information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash around the globe payroll and payments do not run efficiently if they depend on the required multiple procedures systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the difficulties business face when they’re paying to employees or otherwise that’s a good question I constantly toss this back and state what is it what doesn’t need to be included ideal and what does

it need to be thought about there’s varying Bank details so the length of an eye band a swift an account number routing code per country there’s payment timespan there’s payment abilities 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 client’s own in-country account so there’s complexity anywhere you look right ultimately developing a knowledge base is absolutely critical however everywhere 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 think there’s now a bit more recognition that payroll payments are absolutely basic and technology is permitting us to kind of move forward with that it also also to add to that payroll and financing require to work closer together um with varying Bank Account Details differing banking requirements and setup procedures is absolutely imperative that payroll and financing teams work closer together than ever um I’m constantly impressed 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 work in the payroll profession would they split the payroll payment from estimation I would say no so why do we as an industry accept that why our payroll and payments so typically 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 individuals wherever they are but likewise paying statutory authorities and on statutory third parties so with the

world we live in and wellness being increasingly more crucial to contribute to sort of the level of intricacy there’s increasingly more advantages being organ or being used by companies throughout the world so again you’re just wanting 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 large experience here and I’m sure however have you got any experience in kind of genuine challenges or real challenging 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 bigger a business gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the job there are groups feeding information into the next function as it were that’s actually managing the payment side of things however you understand in in my viewpoint and my experience that doesn’t always need to be the case you understand long gone are the times where we require to create extra handoffs while doing sos 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 era of tech and a period that you know that we are operating in today there is no reason we are still making this as tough as it needs to be concurred and rightly as you said payroll is the single greatest liability that any company has from a cost perspective from an effect point of view on employees it is definitely vital that it’s done properly and on time so what we mean by that is not a day before not a day after on pay day and payments need to be done right it has the biggest destructive effect on individuals’s wellness and lots of other factors if individuals aren’t paid uh I’ve constantly been surprised coming into this Market type of the last 5 to ten years is how little thanks the

payroll team get um so I’m unsure anybody on this type of webinar has been told thank you for processing my payroll properly if you have it ‘d be terrific to hear your success story and whether that’s been from all workers or not um but ultimately payroll is such an important cycle we all find out about it when it fails everybody jumps up and down when it fails however 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 likewise like why WI-Fi Global why all of this things is absolutely essential that all of this stuff is done correctly so leveraging the very first Worldwide Payments first payroll payment service is a great first step um supplying an end-to-end payroll solution for your workers worldwide again I believe is another big um process again aligning and guaranteeing you have standardization Global procedures all of those things are definitely key to success success of companies and minimizing the number 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 regards to of the thank yous for getting payroll done I’ve never had a hundred thousand of them within a payroll cycle do not expect to you do get the odd five or 10 or whatever it might be with the with the the grievances where things haven’t gone rather where they’re meant to be um I do not believe any of us are really doing that for for the thanks

anyway we know how how crucial 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 likewise so envision sorry I’m simply I was simply gon na state think of 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 talking about numerous thousands possibly Millions envision getting that numerous thank you keeps in mind um I mean it ‘d be interesting to see the number of Post-it notes you got but it would definitely be an intriguing task attempting 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 check out them and actually see what was going on and sort of shot to get back to everybody so carrying on look why do companies select to main different savings account there are Papaya Global Terms And Conditions businesses out there doing exactly this for particular countries and I’ve worked in a business or many companies doing precisely that I can state it does not constantly feel effective and it does develop more work I understand we’re not purposely doing that we’re not creating extra work for anyone where we don’t have to and any person that’s managing that procedure I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the quantity that we are I believe lots of reasons one is it’s the standard I believe individuals have got so used to we need a new checking account we open an entity and rightly so you need it for payroll functions but there are a variety of markets where it’s not a requirement so I think it’s simply been the standard and the norm individuals have embraced and continue to do over years and years passed by to add to that people have actually looked at things like trust accounts and lots of other methods um to to type of do it so I believe there’s a variety I think this is a procedure that requires looking at it requires altering however ultimately people are extremely stuck to what they recognize

with best um change is a difficult thing we all 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 things um I comprehend certainly the benefits of having maintaining numerous savings account however there’s a huge amount of complexity chooses setting up a bank account preserving it ensuring it can send International transfers ensuring it’s set up with the best user accesses for specific individuals so the intricacy is substantial however I think the honest response is modification um individuals haven’t had the ability to alter or have not had necessarily the knowledge to really make that change into alternate Solutions aside from opening a checking account I think you have actually struck the nail on the head I think it is knowledge you understand and there is an aspect of resistance to alter but we have actually constantly done it that way is no genuine reason for not taking a look at the the benefits and the possibilities of proceeding and moving into you understand what might nearly be determined to be the next Century approximately there is a lot to monitor and this technique does posture several challenges um so Johnny might you inform us about those difficulties yeah naturally so there’s a range right there is so

I simply did you changed our Enterprise to OS so now we can do our payroll and payments operation on a single platform yes it resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global staff members you should have a corner workplace with a better parking space because I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Terms And Conditions