Papaya Global V12 FAQ – Payroll Management 2024

Over the last five or six years …Papaya Global V12… roles on the provider side and likewise on the supplier side from a payroll viewpoint so actually eagerly anticipating this discussion today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll simply give everybody another couple of uh well among the 30 seconds or so to join all of us work back to back these days so we’ll sort of let them do that so it ‘d be rather interesting and I can see it going on currently simply to hear where everyone is um it’s nice to to sort of like see where everybody comes from and I actually 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 really dreary and I want I was elsewhere 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 handling Global payroll why business keep different

Virtual payroll accounts are an alternative to standard savings account for managing payroll payments. This is particularly helpful for worldwide organizations with dispersed and remote labor forces, as it streamlines the intricate procedure of cross-border payments. Instead of maintaining separate savings account for payroll in different nations, virtual accounts and digital wallets offer a more structured service. In this webinar, we will explore the advantages of using virtual payroll accounts and go over why they are becoming a tactical asset for payroll executives. We will likewise offer a recap of the bottom lines covered and leave time for a Q&A session at the end.

making payroll payments properly efficiently safely and on time during this webinar we’ll stroll you through the international pros and cons of a payroll wallet versus a payroll bank account how companies precisely anticipate their payroll expenses to increase working capital and how streamlining Worldwide payroll payments can turn them from a siled pane into a strategic possession so payroll can be hard 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 range of reasons most notably regulations compliance information security and banking guidelines then there are the sheer numbers they add further complexity the global Labor force is currently three and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and additional 1.1 billion people that number is currently 500 million just for for a scale then factor in that there are some 230 million services and growing all doing their own thing around the world in the traditional payroll model there’s typically a frustrating variety of different systems resulting in lengthy manual procedures and silos the variety of Combinations could be non-existent in big quantities and or extremely very standard there’s no genuine consistency structure we’re residing in an age of tech but payroll has actually been slow to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper which just blows my mind every time 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 gives me sleep deprived nights and quite honestly the more an organization invests in global payroll the less of a photo they see an absence of exposure likewise reaches payroll payments and failure to precisely track these payments can result in compliance incidents in the last mile of the deal almost half of worldwide organizations have revealed that they don’t have the level of standardization they require in their processes or want and as a result eighty percent of mistakes are because of time reporting poor HCM information data entry mistakes improperly communicated hires and terminations as well as absence management and system setups and then when you round everything off and the information is shipped to the incorrect location the average 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 money all over the world payroll and payments do not run smoothly if they count on the essential numerous processes systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the obstacles company face when they’re making payments to staff members or otherwise that’s a good question I constantly throw this back and say what is it what doesn’t need to be consisted of best 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 amount of time there’s payment abilities 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 customer’s own in-country account so there’s complexity wherever you look right eventually constructing a knowledge base is definitely important however everywhere you look with payroll payment they resemble very payments no if but some babies about it you are all superheroes processing payments for payroll if you look at the type 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 technology is allowing us to type of move on with that it also as well to contribute to that payroll and financing need to work closer together um with varying Checking account Details varying banking requirements and setup procedures is definitely necessary that payroll and finance groups work more detailed together than ever um I’m always impressed when individuals say I have actually divided payroll and payment um if you stroll down the street and asked anyone what is payroll who does not work in the payroll profession would they split the payroll payment from computation I would say no so why do we as a market accept that why our payroll and payments so often 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 likewise paying statutory authorities and on statutory 3rd parties so with the

world we reside in and well-being being more and more crucial to contribute to kind of the level of intricacy there’s more and more advantages being organ or being provided by companies throughout the world so again you’re just looking to include increasingly more payments to this currently complex landscape so if you sort of got any experience well I’m from your large experience here and I make certain however have you got any experience in kind of genuine challenges or genuine challenging kind of pay uses to play to pay people I think yeah I imply over the last well yeah a couple of years I would absolutely state 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 teams feeding information into the next function as it were that’s really managing the payment side of things but you know in in my opinion and my experience that does not necessarily require to be the case you know long gone are the times where we need to create additional handoffs while doing sos that we run in they just make them more timely they make them less effective and they do not make them what they require to be in in an age of tech and an era that you know that we are operating in today there is no reason that we are still making this as difficult as it requires to be concurred and appropriately as you stated payroll is the single most significant liability that any organization has from an expense perspective from an impact perspective on workers it is absolutely important 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 most significant harmful result on people’s wellness and numerous other factors if individuals aren’t paid uh I have actually always been amazed coming into this Market kind of the last 5 to 10 years is how little thanks the

payroll group get um so I’m not exactly sure anybody on this type of webinar has actually 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 employees or not um however ultimately payroll is such an essential cycle all of us find out about it when it fails everyone jumps up and down when it goes wrong but when it goes right it’s simply 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 things is done correctly so leveraging the first Worldwide Payments very first payroll payment option is a fantastic initial step um supplying an end-to-end payroll service for your workers internationally again I think is another big um process once again lining up and guaranteeing you have standardization International procedures all of those things are absolutely key to success success of organizations and reducing the variety of tools platforms and savings account they require for their Global 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 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 have not gone rather where they’re meant to be um I don’t believe any of us are really 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 easy as possible for everybody that’s associated with those procedures and also so picture sorry I’m just I was simply gon na state envision 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 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 absolutely be an interesting job attempting to clean up all those up for sure oh absolutely I can’t think of 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 really see what was going on and sort of shot to get back to everybody so moving on look why do companies pick to primary different savings account there are Papaya Global V12 businesses out there doing exactly this for specific countries and I have actually operated in an organization or lots of companies doing precisely that I can state it does not constantly feel efficient and it does develop more work I understand we’re not intentionally doing that we’re not developing extra work for anyone where we don’t need to and anybody that’s dealing with that procedure I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the amount that we are I think lots of reasons one is it’s the standard I believe individuals have actually got so used to we need a brand-new checking account we open an entity and rightly so you require it for payroll functions however there are a number of markets where it’s not a requirement so I believe it’s simply been the requirement and the standard the people 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 many other ways 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 needs altering but ultimately individuals are very stuck with what they recognize

with best um change is a difficult thing all of us don’t like modification um so I think it’s just kind of moving away from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend clearly the advantages of having maintaining several checking account but there’s a substantial quantity of intricacy opts for setting up a checking account maintaining it guaranteeing it can send International transfers guaranteeing it’s established with the right user accesses for individual individuals so the complexity is big but I believe the honest response is modification um individuals have not had the ability to alter or haven’t had always the understanding to really make that change into alternate Solutions aside from opening a checking account I think you have actually hit the nail on the head I believe it is understanding you know and there is a component of resistance to change but we’ve constantly done it that way is no genuine excuse for not taking a look at the the advantages and the possibilities of carrying on and moving into you know what might almost be identified to be the next Century or two there is a lot to keep track of and this technique does pose a number of difficulties um so Johnny might you tell us about those obstacles yeah obviously so there’s a variety right there is so

I recently made a modification to our Enterprise 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 gotten another CFO, and with this boosted ability, I have actually effectively protected payments for our 10,000 employees worldwide. Your devotion to mastering global payroll and payments using Papaya payroll OS is commendable. You should have a corner office with a parking space that is closer, considering your achievements. Papaya Global V12