Papaya Global Web Chat FAQ – Payroll Management 2024

Over the last five or 6 years …Papaya Global Web Chat… functions on the company side and also on the supplier side from a payroll point of view so truly eagerly anticipating this conversation today um and yeah thank you very much for your time everyone alright thanks Johnny uh we’ll simply give everybody another couple of uh well one of the 30 seconds approximately to join all of us work back to back these days so we’ll type of let them do that so it ‘d be quite fascinating and I can see it going on currently simply to hear where everyone is um it’s nice to to type of like see where everybody originates from and I really 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 very really bleak and I wish I was somewhere else at this moment in time alright so let’s start our program for today is as follows um we are going to be taking a look at the obstacle years of managing Global payroll why companies maintain separate

Virtual payroll accounts are an option to standard bank accounts for managing payroll payments. This is particularly beneficial for international organizations with dispersed and remote workforces, as it streamlines the complex 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 service. In this webinar, we will check out the advantages of using virtual payroll accounts and discuss why they are becoming a strategic possession for payroll executives. We will likewise provide a recap of the main points covered and leave time for a Q&A session at the end.

Guaranteeing accurate, efficient, and prompt payroll payments is a complex challenge for organizations running internationally. Join us for a webinar to check out the advantages and drawbacks of payroll wallets versus payroll checking account, find out how companies forecast payroll expenses to optimize working capital, and discover how enhancing global payroll payments can transform them from a burdensome task into a strategic asset.

Managing payroll internationally is a complicated task due to numerous policies, compliance requirements, data security concerns, and banking rules. The sheer variety of staff members and services contributes to the complexity, with an estimated 3.5 billion individuals in the global labor force, 500 million of whom remain in Africa, and 230 million companies worldwide.

Traditional payroll systems often lead to manual processes, data silos, and a lack of combination, resulting in inconsistencies and inadequacies. Regardless of living in a period of technological improvements, payroll management has been slow to adjust, with as much as 25% of payroll still processed manually, frequently using pen and paper. This webinar aims to provide insights and services to simplify and optimize worldwide payroll payments.

about it to provide you an idea of how far there still is to come according to Deloitte just 11 of services state they have Labor force data in real time that’s another number that offers me sleepless nights and rather frankly the more a service invests in worldwide payroll the less of an image they see a lack of visibility likewise reaches payroll payments and inability to accurately track these payments can result in compliance mishaps in the last mile of the deal nearly half of international businesses have actually revealed that they don’t have the level of standardization they require in their procedures or desire and as a result eighty percent of mistakes are due to time reporting bad HCM data data entry mistakes inadequately interacted hires and terminations as well as absence management and system configurations and then when you round it all off and the information is delivered to the incorrect place the average expense of a global data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash around the globe payroll and payments do not run smoothly if they depend on the needed multiple procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the obstacles business face when they’re paying to staff members or otherwise that’s a good question I always throw this back and say what is it what does not need to be included best and what does

it need to be considered there’s varying Bank information so the length of an eye band a swift an account number routing code per country there’s payment time frames there’s payment capabilities 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 consumer’s own in-country account so there’s intricacy wherever you look ideal ultimately developing a knowledge base is absolutely critical but everywhere you look with payroll payment they are like extremely payments no if however some babies about it you are all superheroes processing payments for payroll if you look at the kind of link between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are definitely fundamental and innovation is permitting us to sort of move forward with that it likewise as well to contribute to that payroll and finance require to work closer together um with varying Checking account Details varying banking requirements and setup procedures is definitely important that payroll and finance groups work more detailed 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 divide the payroll payment from estimation I would say no so why do we as an industry 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 wherever they are however likewise paying statutory authorities and on statutory 3rd parties so with the

The modern world places a high value on well-being and the settlement landscape is ending up being increasingly intricate. Businesses are continually introducing brand-new advantages and payment alternatives, which contributes to the total intricacy. Large corporations often divide their payroll and payment processing into different teams, which can result in inadequacies and bottlenecks. In my opinion, this doesn’t need to be the case. In today’s technologically innovative age, there’s no justification for maintaining troublesome procedures. Payroll, the business’s most significant expenditure, should be processed properly and on time. Even small hold-ups can negatively impact staff members’ wellness and have significant effects. Therefore, it’s important to prioritize accurate and prompt payments.

payroll group get um so I’m uncertain anybody on this type of webinar has actually been told thank you for processing my payroll correctly if you have it ‘d be great to hear your success story and whether that’s been from all staff members or not um but eventually payroll is such a crucial cycle we all find out about it when it fails everybody jumps up and down when it goes wrong but when it goes right it’s simply a tick box workout and I think that’s how it’s seen from the external deem well um so yeah it’s also like why WI-Fi Global why all of this things is definitely essential that all of this stuff is done correctly so leveraging the very first Worldwide Payments very first payroll payment solution is a terrific primary step um providing an end-to-end payroll solution for your staff members internationally once again I think is another big um process once again aligning and guaranteeing you have standardization Global procedures all of those things are absolutely essential to success success of organizations and decreasing the number of tools platforms and savings account they need for their Global payroll too could not 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 expect to you do get the odd five or ten or whatever it might be with the with the the problems where things haven’t gone quite where they’re suggested to be um I do not believe any of us are in fact doing that for for the thanks

anyhow we understand 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 everybody that’s involved in those processes and also so envision sorry I’m just I was just gon na state picture the amount of thanks you got if you might cover the quantity of people that we cover within this webinar I make certain we’re speaking about numerous thousands possibly Millions picture getting that lots of thank you keeps in mind um I indicate it ‘d be interesting to see the number of Post-it notes you got but it would definitely be an interesting job trying to clean up 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 browse them and actually see what was going on and kind of shot to return to everybody so moving on appearance why do companies pick to primary different savings account there are Papaya Global Web Chat businesses out there doing exactly this for particular nations and I have actually operated in a service or numerous organizations doing precisely that I can state it does not always feel effective and it does develop more work I know we’re not intentionally doing that we’re not creating additional work for any person where we don’t need to and anyone 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 quantity that we are I believe many reasons one is it’s the standard I believe individuals have actually got so utilized to we require a brand-new bank account we open an entity and appropriately so you require it for payroll functions however there are a number of markets where it’s not a requirement so I think it’s just been the standard and the standard individuals have adopted and continue to do over years and years passed by to add to that people have actually looked at things like trust accounts and numerous other methods um to to kind of do it so I believe there’s a range I believe this is a procedure that requires looking at it requires altering but eventually individuals are really stuck with what they’re familiar

with right um change is a difficult thing all of us do not like modification um so I think it’s just kind of moving away from the norm as we’ve said so yeah so it keeps a great deal of track of stuff um I comprehend clearly the benefits of having maintaining numerous checking account but there’s a huge quantity of complexity chooses establishing a bank account keeping it ensuring it can send out International transfers ensuring it’s established with the best user accesses for individual individuals so the intricacy is substantial but I believe the sincere answer is modification um people have not been able to alter or haven’t had always the knowledge to really make that change into alternate Solutions besides opening a bank account I believe you’ve hit the nail on the head I think it is understanding you know and there is a component of resistance to change however 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 understand 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 several challenges um so Johnny could you tell us about those challenges yeah of course 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 International employees you are worthy of a corner workplace with a better parking space because I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Web Chat