Papaya Global V Nest FAQ – Payroll Management 2024

Over the last 5 or six years …Papaya Global V Nest… functions on the provider side and likewise on the vendor side from a payroll perspective so really looking forward to this conversation today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll simply give everyone another number of uh well one of the 30 seconds approximately to join all of us work back to back nowadays so we’ll type of let them do that so it ‘d be quite fascinating and I can see it going on already just to hear where everybody is um it’s nice to to sort of like see where everybody comes 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 very gloomy and I want I was elsewhere at this moment in time fine so let’s start our agenda for today is as follows um we are going to be looking at the challenge years of handling Global payroll why companies keep separate

Virtual payroll accounts are an alternative to conventional bank accounts for handling payroll payments. This is especially helpful for global companies with dispersed and remote labor forces, as it simplifies the intricate process of cross-border payments. Instead of preserving separate checking account for payroll in different nations, virtual accounts and digital wallets use a more structured option. In this webinar, we will explore the advantages of using virtual payroll accounts and discuss why they are becoming a tactical asset for payroll executives. We will also supply a recap of the bottom lines covered and leave time for a Q&A session at the end.

making payroll payments properly effectively firmly and on time throughout this webinar we’ll stroll you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll savings account how companies properly forecast their payroll costs to increase working capital and how streamlining Worldwide payroll payments can turn them from a siled pane into a tactical possession so payroll can be challenging in sufficient in one nation however when you’re doing it worldwide it’s next level and Beyond it becomes intricate for a variety of factors most importantly guidelines compliance data security and banking rules then there are the sheer numbers they add further complexity the worldwide Workforce is presently three and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and further 1.1 billion individuals that number is presently 500 million just for for a scale then consider that there are some 230 million businesses and growing all doing their own thing worldwide in the conventional payroll design there’s frequently an overwhelming variety of various systems resulting in time-consuming manual processes and silos the number of Combinations could be non-existent in big amounts and or very really standard there’s no genuine consistency framework we’re residing in an era of tech but payroll has been sluggish 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 offer you a concept of how far there still is to come according to Deloitte only 11 of businesses say they have Labor force data in real time that’s another number that gives me sleepless nights and rather frankly the more a service invests in global payroll the less of an image they see an absence of visibility likewise extends to payroll payments and failure to precisely track these payments can lead to compliance accidents in the last mile of the transaction almost half of international services have actually expressed that they do not have the level of standardization they require in their procedures or desire and as a result eighty percent of errors are due to time reporting poor HCM data data entry errors poorly interacted hires and terminations in addition to lack management and system setups and after that when you round everything off and the information is shipped to the incorrect place the average expense of a worldwide data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money all over the world payroll and payments don’t run smoothly if they depend on the essential several procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the obstacles service face when they’re making payments to staff members or otherwise that’s a good question I constantly toss this back and say what is it what does not require to be included best and what does

it require 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 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 intricacy anywhere you look best eventually constructing a knowledge base is definitely critical but everywhere you look with payroll payment they are like super payments no if however some infants about it you are all superheroes processing payments for payroll if you look at the kind 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 fundamental and innovation is allowing us to sort of move forward with that it likewise also to contribute to that payroll and finance require to work closer together um with differing Checking account Particulars varying banking requirements and setup procedures is definitely important that payroll and financing teams work more detailed together than ever um I’m constantly amazed when people say I have actually divided payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t work in the payroll occupation 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 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 but likewise paying statutory authorities and on statutory third parties so with the

The contemporary world places a high value on well-being and the payment landscape is ending up being increasingly complex. Companies are continuously introducing new benefits and payment choices, which contributes to the total intricacy. Large corporations frequently divide their payroll and payment processing into different groups, which can result in ineffectiveness and bottlenecks. In my viewpoint, this does not have to hold true. In today’s technically advanced age, there’s no reason for keeping cumbersome treatments. Payroll, the company’s greatest expenditure, should be processed correctly and on time. Even slight hold-ups can negatively affect workers’ wellness and have significant repercussions. Therefore, it’s vital to focus on precise and timely payments.

payroll group get um so I’m unsure anybody on this type of webinar has actually been informed thank you for processing my payroll properly if you have it ‘d be excellent to hear your success story and whether that’s been from all staff members or not um however ultimately payroll is such an important cycle we all hear about it when it fails everyone jumps up and down when it goes wrong however when it goes right it’s just a tick box exercise and I believe that’s how it’s seen from the external consider as well um so yeah it’s likewise like why WI-Fi Global why all of this things is definitely essential that all of this stuff is done properly so leveraging the first International Payments first payroll payment solution is an excellent initial step um providing an end-to-end payroll service for your employees internationally once again I think is another substantial um procedure again aligning and ensuring you have standardization Global processes all of those things are definitely essential to success success of organizations and lowering the variety of tools platforms and savings account they require for their Worldwide payroll too could not agree with you more and on the the front in terms of of the thank yous for getting payroll done I have actually never had a hundred countless them within a payroll cycle do not expect to you do get the odd 5 or 10 or whatever it might be with the with the the complaints where things have not gone quite where they’re suggested to be um I don’t think any of us are really doing that for for the thanks

anyhow we know how how essential 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 easy as possible for everyone that’s involved in those procedures and likewise so imagine sorry I’m simply I was simply gon na state picture the amount of thanks you got if you could cover the amount of people that we cover within this webinar I make certain we’re speaking about hundreds of thousands potentially Millions think of getting that many thank you keeps in mind um I mean it ‘d be interesting to see how many Post-it notes you got however it would certainly be an intriguing job trying to clean up all those up for sure oh absolutely 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 really see what was going on and kind of shot to return to everyone so proceeding look why do business choose to main separate checking account there are Papaya Global V Nest services out there doing precisely this for particular nations and I have actually worked in a service or many companies doing precisely that I can state it does not constantly feel efficient and it does create more work I know we’re not deliberately doing that we’re not developing additional work for any person where we do not need 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 lots of reasons one is it’s the requirement 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 purposes but there are a number of markets where it’s not a requirement so I think it’s simply been the standard and the standard individuals have actually adopted and continue to do over years and years passed by to add to that individuals have actually looked at things like trust accounts and numerous other methods um to to kind of do it so I think there’s a range I think this is a procedure that requires looking at it needs changing however ultimately individuals are extremely stuck to what they recognize

with ideal um change is a hard thing all of us don’t like modification um so I believe it’s just sort of moving far from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I understand certainly the advantages of having keeping multiple checking account however there’s a substantial quantity of complexity chooses establishing a checking account maintaining it ensuring it can send out International transfers ensuring it’s set up with the right user accesses for specific individuals so the complexity is big but I believe the honest response is modification um individuals haven’t had the ability to change or have not had necessarily the understanding to really make that change into alternate Solutions other than opening a bank account I believe you’ve struck the nail on the head I think it is knowledge you understand and there is an element of resistance to change however we’ve always done it that way is no genuine reason for not taking a look at the the benefits and the possibilities of moving on and moving into you know what might nearly be determined to be the next Century approximately there is a lot to keep track of and this method does present numerous obstacles um so Johnny might you tell us about those obstacles yeah naturally 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 resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide employees you deserve a corner office with a more detailed parking space since I mastered International payroll and payments with Papaya payroll OS did you Papaya Global V Nest