Papaya Global V26.1 FAQ – Payroll Management 2024

Over the last 5 or six years …Papaya Global V26.1… functions on the supplier side and also on the supplier side from a payroll point of view so truly anticipating this discussion today um and yeah thank you quite for your time everybody all right thanks Johnny uh we’ll just give everybody another couple of uh well among the 30 seconds or so to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be quite 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 is in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s extremely very gloomy and I want I was elsewhere at this moment in time all right so let’s start our program for today is as follows um we are going to be taking a look at the difficulty years of managing Global payroll why companies preserve different

Virtual payroll accounts are an alternative to conventional checking account for managing payroll payments. This is particularly helpful for worldwide companies with dispersed and remote workforces, as it streamlines the intricate process of cross-border payments. Instead of keeping different savings account for payroll in various nations, virtual accounts and digital wallets offer a more streamlined option. In this webinar, we will explore the advantages of using virtual payroll accounts and go over why they are becoming a strategic asset for payroll executives. We will also provide a recap of the main points covered and leave time for a Q&A session at the end.

making payroll payments precisely effectively securely and on time during this webinar we’ll stroll you through the global pros and cons of a payroll wallet versus a payroll checking account how companies accurately anticipate their payroll costs to increase working capital and how enhancing Global payroll payments can turn them from a siled pane into a strategic asset so payroll can be challenging in sufficient in one country but when you’re doing it internationally it’s next level and Beyond it ends up being intricate for a variety of factors most notably regulations compliance data security and banking guidelines then there are the sheer numbers they include more intricacy the international Workforce is currently 3 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 companies and growing all doing their own thing worldwide in the traditional payroll design there’s often a frustrating number of different systems resulting in time-consuming manual processes and silos the variety of Integrations could be non-existent in large quantities and or very extremely standard there’s no real consistency framework we’re residing in an age of tech however 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 which just 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 services state they have Workforce data in real time that’s another number that gives me sleepless nights and rather frankly the more a company spends on international payroll the less of an image they see a lack of presence also reaches payroll payments and failure to properly track these payments can lead to compliance incidents in the last mile of the transaction nearly half of international services have actually expressed that they don’t have the level of standardization they need in their procedures or desire and as a result eighty percent of mistakes are due to time reporting bad HCM data information entry errors poorly communicated hires and terminations in addition to lack management and system setups and after that when you round all of it off and the information is shipped to the incorrect location the typical cost of a global data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash around the world payroll and payments don’t run efficiently if they rely on the needed several processes 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 obstacles company face when they’re paying to employees or otherwise that’s a great concern I always throw this back and say what is it what does not require to be included ideal 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 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 need to pay from the consumer’s own in-country account so there’s complexity anywhere you look right ultimately developing a knowledge base is definitely important however everywhere you look with payroll payment they are like extremely payments no if but some children about it you are all superheroes processing payments for payroll if you take a 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 technology is enabling us to kind of move forward with that it likewise as well to add to that payroll and finance require to work closer together um with varying Bank Account Details differing banking requirements and setup processes is definitely important that payroll and financing 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 divide the payroll payment from calculation 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 individuals wherever they are but also paying statutory authorities and on statutory 3rd parties so with the

The modern-day world places a high value on wellness and the compensation landscape is becoming progressively complex. Organizations are continuously introducing brand-new benefits and payment alternatives, which adds to the overall intricacy. Large corporations typically divide their payroll and payment processing into different teams, which can cause ineffectiveness and traffic jams. In my opinion, this doesn’t have to hold true. In today’s technically advanced period, there’s no reason for keeping troublesome procedures. Payroll, the business’s greatest expenditure, need to be processed correctly and on time. Even minor hold-ups can negatively impact employees’ wellness and have significant effects. For that reason, it’s important to focus on accurate and timely payments.

The payroll team may not have been thanked for properly processing payroll throughout a webinar. If anyone has actually been thanked, it would be terrific to hear their success story, whether it’s from all employees or not. Payroll is a crucial cycle, and people just notice when things go wrong. Nevertheless, when things go right, it’s viewed as just a routine task. This is how it’s viewed externally as well. Therefore, it is vital to ensure that tasks like Wi-Fi International and other essential matters are done properly. Using the very first Global Payments very first payroll payment service is an excellent initial step towards providing a thorough payroll solution for employees worldwide. Standardization, international processes, and lowering the variety of tools, platforms, and savings account necessary for international payroll are key consider accomplishing organization success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do sometimes get a few problems when things don’t go as planned. Eventually, we do not do it for the gratitude.

anyway we understand how how crucial a role 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 envision sorry I’m simply I was simply gon na say imagine the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make certain we’re speaking about hundreds of thousands possibly Millions picture getting that many thank you notes um I imply it ‘d be interesting to see the number of Post-it notes you got but it would definitely be an interesting task trying to clean all those up for sure oh definitely 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 attempt to browse them and actually see what was going on and type of try to get back to everybody so proceeding look why do companies pick to main separate bank accounts there are Papaya Global V26.1 businesses out there doing precisely this for particular countries and I’ve worked in a business or lots of organizations 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 extra work for anybody where we don’t have to and anybody that’s handling that procedure I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the amount that we are I think numerous factors one is it’s the requirement I believe individuals have actually got so utilized to we need a brand-new savings account we open an entity and appropriately so you need it for payroll functions however there are a variety of markets where it’s not a requirement so I think it’s simply been the standard and the norm the people have embraced and continue to do over years and years passed by to contribute to that individuals have actually taken a look at things like trust accounts and numerous other methods um to to kind of do it so I think there’s a range I believe this is a procedure that requires looking at it requires altering however eventually people are really stuck with what they recognize

with ideal um change is a hard thing all of us 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 stuff um I comprehend undoubtedly the benefits of having maintaining multiple bank accounts however there’s a big quantity of intricacy chooses establishing a savings account keeping it guaranteeing it can send International transfers guaranteeing it’s set up with the best user accesses for individual people so the intricacy is substantial however I believe the truthful answer is modification um people have not had the ability to alter or have not had always the knowledge to truly make that change into alternate Solutions besides opening a savings account I think you have actually hit the nail on the head I believe it is understanding you understand and there is a component of resistance to change but we’ve always done it that way is no real reason for not looking at the the advantages and the possibilities of moving on and moving into you understand what might almost be figured out to be the next Century approximately there is a lot to monitor and this method does present a number of obstacles um so Johnny could you inform us about those challenges yeah obviously so there’s a range right there is so

I just recently made a change to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It seems like our CFO has gotten another CFO, and with this boosted ability, I have effectively secured payments for our 10,000 staff members worldwide. Your devotion to mastering global payroll and payments using Papaya payroll OS is good. You should have a corner office with a parking space that is more detailed, considering your achievements. Papaya Global V26.1