Papaya Global Update V25 FAQ – Payroll Management 2024

Over the last 5 or six years …Papaya Global Update V25… roles on the service 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 very much for your time everybody alright thanks Johnny uh we’ll just offer everybody another couple of uh well among the 30 seconds approximately to join we all work back to back these days so we’ll type of let them do that so it ‘d be quite interesting and I can see it going on already simply to hear where everybody is um it’s nice to to sort of like see where everyone 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 drizzling here it’s really really gloomy and I want I was somewhere else at this moment in time fine so let’s get started our program for today is as follows um we are going to be taking a look at the challenge years of handling International payroll why business maintain separate

bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts enhancing papaya Worldwide payroll payments as a strategic asset uh we’ll also review a recap which needs to leave his time at the extremely really end for a q a session so as the title of the webinar suggests payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces become more and more typical and managing them ends up being a growing number of complicated Worldwide companies are aiming to find Solutions and new methods to improve procedures especially from a payroll and cross-border payment perspective numerous organizations maintain separate checking account just for payroll while some have several accounts in various countries does it make good sense for business to preserve separate checking account often in various nations it does but just for payroll is there a much better method what role do virtual accounts and digital wallets also known as virtual wallets play in helping international companies simplify the episode complex procedures of

making payroll payments precisely efficiently safely and on time during this webinar we’ll walk you through the global advantages and disadvantages of a payroll wallet versus a payroll checking account how companies accurately forecast their payroll costs to increase working capital and how streamlining Global payroll payments can turn them from a siled pane into a tactical possession so payroll can be tough in adequate in one nation however when you’re doing it internationally it’s next level and Beyond it becomes complicated for a range of reasons most notably regulations compliance information security and banking rules then there are the large numbers they add further complexity the international Labor force is presently 3 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 factor in that there are some 230 million businesses and growing all doing their own thing around the globe in the conventional payroll model there’s typically an overwhelming number of various systems leading to time-consuming manual procedures and silos the variety of Combinations could be non-existent in large quantities and or very very standard there’s no real consistency structure we’re residing in an era of tech however 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 and that simply blows my mind whenever I I believe

about it to offer you a concept of how far there still is to come according to Deloitte just 11 of companies say they have Workforce data in real time that’s another number that offers me sleepless nights and rather frankly the more an organization invests in global payroll the less of an image they see an absence of exposure likewise encompasses payroll payments and failure to precisely track these payments can lead to compliance accidents in the last mile of the deal nearly half of international businesses have actually expressed that they do not have the level of standardization they need in their procedures or want and as a result eighty percent of mistakes are because of time reporting poor HCM information data entry errors improperly communicated hires and terminations in addition to lack management and system configurations and then when you round all of it off and the information is shipped to the incorrect location the average cost of a worldwide data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money worldwide payroll and payments don’t run smoothly if they count on the necessary numerous procedures systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the challenges business face when they’re making payments to workers or otherwise that’s a great concern I constantly toss this back and say what is it what doesn’t require to be consisted of ideal and what does

it need to be thought of there’s varying Bank details 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 abilities 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 ultimately constructing a knowledge base is definitely crucial but all over you look with payroll payment they are like very payments no if but some babies 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 acknowledgment that payroll payments are absolutely basic and innovation is allowing us to sort of move on with that it likewise as well to add to that payroll and financing require to work closer together um with differing Checking account Particulars varying banking requirements and setup processes is definitely important that payroll and finance teams work closer together than ever um I’m always impressed when individuals state I’ve split payroll and payment um if you walk down the street and asked anyone what is payroll who does not work in the payroll profession would they split the payroll payment from calculation I would say no so why do we as an industry 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 any place they are but likewise paying statutory authorities and on statutory 3rd parties so with the

The modern-day world puts a high value on well-being and the compensation landscape is ending up being significantly detailed. Services are constantly presenting brand-new benefits and payment options, which contributes to the overall complexity. Big corporations typically divide their payroll and payment processing into separate groups, which can lead to inadequacies and traffic jams. In my opinion, this doesn’t have to be the case. In today’s technologically sophisticated period, there’s no justification for preserving cumbersome treatments. Payroll, the company’s greatest cost, need to be processed properly and on time. Even small delays can negatively affect workers’ wellness and have significant consequences. For that reason, it’s critical to focus on accurate and prompt payments.

payroll team get um so I’m not exactly sure anyone on this type of webinar has actually been told thank you for processing my payroll correctly if you have it ‘d be terrific to hear your success story and whether that’s been from all staff members or not um but eventually payroll is such an important cycle all of us find out about it when it goes wrong everybody jumps up and down when it fails however when it goes right it’s simply a tick box exercise and I believe that’s how it’s seen from the external view as well um so yeah it’s also like why WI-Fi Global why all of this stuff is absolutely essential that all of this stuff is done correctly so leveraging the very first Worldwide Payments very first payroll payment solution is a great primary step um providing an end-to-end payroll option for your workers globally once again I think is another huge um process once again aligning and ensuring you have standardization Worldwide procedures all of those things are absolutely crucial to success success of businesses and decreasing 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 regards to of the thank yous for getting payroll done I have actually never ever had a hundred thousand of them within a payroll cycle don’t anticipate to you do get the odd 5 or ten or whatever it might be with the with the the grievances where things haven’t gone quite where they’re implied to be um I do not believe any of us are actually doing that for for the thanks

anyhow we know how how essential 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 simple as possible for everybody that’s associated with those processes and likewise so imagine sorry I’m just I was just gon na say think of the quantity of thanks you got if you could cover the amount of individuals that we cover within this webinar I’m sure we’re speaking about hundreds of thousands potentially Millions imagine getting that lots of thank you notes um I mean it ‘d be interesting to see the number of Post-it notes you got however it would definitely be an intriguing job attempting to clean all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to look through them and really see what was going on and type of shot to get back to everybody so proceeding look why do companies select to primary different savings account there are Papaya Global Update V25 companies out there doing exactly this for particular nations and I’ve operated in a business or lots of companies doing precisely that I can state it does not constantly feel effective and it does create more work I understand we’re not purposely doing that we’re not developing additional work for anyone 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 think that we’re doing that in in the in the amount that we are I believe numerous 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 require 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 standard the people have embraced and continue to do over years and years gone past to add to that individuals have looked at things like trust accounts and lots of other methods um to to type of do it so I think there’s a variety I believe this is a process that requires looking at it requires changing however ultimately people are extremely stuck to what they’re familiar

with right um change is a challenging thing all of us do not like change um so I think it’s simply type of moving away from the standard as we have actually said so yeah so it keeps a lot of track of things um I understand obviously the benefits of having preserving several bank accounts however there’s a huge amount of intricacy chooses setting up a bank account maintaining it ensuring it can send International transfers ensuring it’s set up with the best user accesses for specific individuals so the complexity is big but I think the sincere answer is modification um individuals have not had the ability to alter or have not had always the understanding to really make that change into alternate Solutions other than opening a savings account I think you have actually hit the nail on the head I think it is knowledge you understand and there is a component of resistance to change however 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 carrying on and moving into you know what could practically be identified to be the next Century or two there is a lot to keep an eye on and this technique does position numerous 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 did you switched our Enterprise 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 workers you deserve a corner workplace with a closer parking space due to the fact that I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Update V25