Papaya Global Wage Slips FAQ – Payroll Management 2024

Over the last 5 or 6 years …Papaya Global Wage Slips… functions on the company side and likewise on the supplier side from a payroll point of view so truly anticipating this discussion today um and yeah thank you very much for your time everybody all right thanks Johnny uh we’ll just give everybody another number of uh well one of the 30 seconds approximately to join we all work back to back these days so we’ll kind of let them do that so it ‘d be quite fascinating 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 everyone originates from and I really do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s raining here it’s extremely very gloomy and I want I was elsewhere at this moment in time okay so let’s begin our program for today is as follows um we are going to be looking at the challenge years of handling Worldwide payroll why business preserve different

savings account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts simplifying papaya Worldwide payroll payments as a tactical property uh we’ll also discuss a wrap-up which must leave his time at the extremely extremely end for a q a session so as the title of the webinar recommends payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and International workforces become a growing number of common and handling them ends up being a growing number of intricate Worldwide companies are seeking to discover Solutions and new methods to simplify processes particularly from a payroll and cross-border payment perspective numerous companies keep different checking account just for payroll while some have multiple accounts in various nations does it make sense for companies to preserve different checking account often in various nations it does but just for payroll is there a better way what function do virtual accounts and digital wallets also referred to as virtual wallets play in assisting international business streamline the episode complex procedures of

making payroll payments accurately efficiently safely and on time throughout this webinar we’ll walk you through the international advantages and disadvantages of a payroll wallet versus a payroll checking account how companies precisely forecast their payroll costs to increase working capital and how streamlining International payroll payments can turn them from a siled pane into a strategic property so payroll can be hard in enough in one nation however when you’re doing it internationally it’s next level and Beyond it becomes complex for a range of factors most importantly regulations compliance information security and banking guidelines then there are the large numbers they include more complexity the international Workforce 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 organizations and growing all doing their own thing worldwide in the traditional payroll design there’s typically an overwhelming number of various systems leading to lengthy manual procedures and silos the number of Combinations could be non-existent in large amounts and or really really basic there’s no real consistency structure we’re residing in an age of tech however payroll has actually 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 just blows my mind each time I I think

about it to provide you an idea of how far there still is to come according to Deloitte just 11 of services say they have Workforce data in real time that’s another number that provides me sleepless nights and rather frankly the more a business spends on worldwide payroll the less of an image they see a lack of presence also reaches payroll payments and failure to precisely track these payments can lead to compliance incidents in the last mile of the transaction almost half of worldwide services have actually expressed that they do not have the level of standardization they need in their procedures or desire and as a result eighty percent of mistakes are because of time reporting poor HCM information data entry mistakes badly communicated hires and terminations along with absence management and system setups and then when you round all of it off and the data is shipped to the incorrect place the average cost of a worldwide data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash worldwide payroll and payments do not run smoothly if they depend on the essential multiple processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the challenges service face when they’re paying to employees or otherwise that’s a good question I always throw this back and say what is it what does not need to be consisted of ideal and what does

it require to be thought about there’s differing 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 need to pay from the consumer’s own in-country account so there’s complexity anywhere you look best ultimately developing a knowledge base is definitely crucial but all over you look with payroll payment they are like incredibly payments no if but some infants about it you are all superheroes processing payments for payroll if you take a look at the kind of link 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 permitting us to type of move forward with that it also also to contribute to that payroll and financing require to work closer together um with differing Savings account Particulars differing banking requirements and setup processes is definitely necessary that payroll and financing teams work better together than ever um I’m always amazed when individuals state I have actually split payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t work in the payroll occupation 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 typically split and cut up um eventually it’s payroll is an end-to-end process 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

world we reside in and wellness being increasingly more crucial to add to kind of the level of intricacy there’s more and more benefits being organ or being used by companies across the world so again you’re simply aiming to add more and more payments to this currently complex landscape so if you kind of got any experience well I’m from your vast experience here and I make certain however have you got any experience in kind of real challenges or real tough type of pay uses to play to pay people I think yeah I indicate over the last well yeah a number of decades I would absolutely say that the larger a service gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the job there are teams feeding details into the next function as it were that’s really managing the payment side of things however you know in in my viewpoint and my experience that doesn’t always need to be the case you know long gone are the times where we require to produce additional handoffs while doing sos that we operate in they simply 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 age that you know that we are working in today there is no reason that we are still making this as challenging as it needs to be concurred and rightly as you stated payroll is the single biggest liability that any business has from a cost viewpoint from an effect perspective on staff members it is definitely crucial that it’s done correctly and on time so what we mean by that is not a day before not a day after on pay day and payments have to be done right it has the greatest detrimental effect on people’s wellness and numerous other aspects if people aren’t paid uh I’ve always been astonished entering into this Market kind of the last five to 10 years is how little thanks the

The payroll group might not have actually been thanked for properly processing payroll during a webinar. If anyone has been thanked, it would be terrific to hear their success story, whether it’s from all staff members or not. Payroll is an essential cycle, and people only notice when things fail. However, when things go right, it’s seen as simply a routine job. This is how it’s viewed externally too. For that reason, it is essential to make sure that tasks like Wi-Fi Worldwide and other essential matters are done correctly. Utilizing the very first International Payments very first payroll payment solution is a great initial step towards supplying a comprehensive payroll service for staff members worldwide. Standardization, international processes, and minimizing the variety of tools, platforms, and bank accounts required for worldwide payroll are key factors in accomplishing organization success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do periodically receive a couple of complaints when things do not go as prepared. Eventually, we do not do it for the thankfulness.

anyway we know how how important 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 associated with those processes and likewise so envision sorry I’m simply I was just 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’m sure we’re discussing hundreds of thousands potentially Millions picture getting that many thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got but it would certainly be an intriguing task attempting to clean up 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 attempt to look through them and in fact see what was going on and sort of shot to return to everyone so carrying on appearance why do companies choose to primary separate bank accounts there are Papaya Global Wage Slips organizations out there doing precisely this for specific countries and I have actually worked in a service or lots of organizations doing exactly that I can state it doesn’t always feel efficient and it does create more work I understand we’re not purposely doing that we’re not creating additional work for anybody where we do not 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 requirement I believe individuals have actually got so used 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 believe it’s simply been the requirement and the standard the people have actually 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 kind of do it so I think there’s a range I think this is a process that requires looking at it needs changing however ultimately individuals are really stuck to what they recognize

with right um change is a tough thing we all do not like modification um so I think it’s just sort of moving away from the norm as we’ve said so yeah so it keeps a great deal of track of things um I understand undoubtedly the benefits of having maintaining multiple savings account however there’s a big quantity of intricacy chooses establishing a savings account keeping it ensuring it can send out International transfers guaranteeing it’s set up with the ideal user accesses for specific individuals so the intricacy is substantial however I believe the truthful response is modification um individuals haven’t had the ability to alter or haven’t had necessarily the knowledge to truly make that change into alternate Solutions aside from opening a checking account I believe you have actually hit the nail on the head I believe it is understanding you understand and there is a component of resistance to alter but we’ve constantly done it that way is no real reason for not taking a look at the the benefits and the possibilities of proceeding and moving into you know what could practically be figured out to be the next Century or two there is a lot to keep an eye on and this method does position numerous obstacles um so Johnny could you tell us about those challenges yeah naturally so there’s a variety right there is so

I just did you switched our Business 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 International employees you should have a corner office with a closer parking space because I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Wage Slips