Papaya Global Year End Webinar FAQ – Payroll Management 2024

Over the last five or six years …Papaya Global Year End Webinar… roles on the service provider side and also on the supplier side from a payroll perspective so truly anticipating this conversation today um and yeah thank you quite for your time everybody alright thanks Johnny uh we’ll simply offer everyone another couple of uh well among the 30 seconds approximately to join we all work back to back these days so we’ll type of let them do that so it ‘d be rather interesting and I can see it going on currently just to hear where everybody is um it’s nice to to kind of like see where everyone comes 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 very uninspiring and I want I was somewhere else at this moment in time okay so let’s begin our agenda for today is as follows um we are going to be looking at the difficulty years of managing Global payroll why companies preserve separate

Virtual payroll accounts are an alternative to conventional checking account for managing payroll payments. This is particularly useful for worldwide companies with dispersed and remote workforces, as it streamlines the complex procedure of cross-border payments. Instead of keeping different checking account for payroll in different countries, virtual accounts and digital wallets offer a more streamlined service. In this webinar, we will explore the advantages of using virtual payroll accounts and discuss why they are ending up being a tactical 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 accurately effectively safely and on time throughout this webinar we’ll walk you through the global benefits and drawbacks of a payroll wallet versus a payroll checking account how companies properly anticipate their payroll costs to increase working capital and how simplifying Worldwide payroll payments can turn them from a siled pane into a strategic property so payroll can be challenging in enough in one country but when you’re doing it worldwide it’s next level and Beyond it becomes complex for a range of reasons most significantly policies compliance information security and banking rules then there are the sheer numbers they include additional intricacy the global Workforce is currently three and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and additional 1.1 billion people 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 around the world in the conventional payroll model there’s frequently a frustrating variety of various systems causing lengthy manual procedures and silos the number of Combinations could be non-existent in big amounts and or very very standard there’s no real consistency framework we’re living 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 which simply 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 only 11 of services state they have Workforce data in real time that’s another number that offers me sleep deprived nights and quite frankly the more a business spends on international payroll the less of an image they see a lack of exposure also extends to payroll payments and failure to accurately track these payments can lead to compliance incidents in the last mile of the transaction nearly half of worldwide organizations have expressed that they don’t have the level of standardization they need in their processes or want and as a result eighty percent of errors are due to time reporting bad HCM information data entry mistakes badly communicated hires and terminations as well as lack management and system configurations and then 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 once payrolls are done we still need to move the money worldwide payroll and payments do not run efficiently if they rely on the necessary multiple 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 making payments to employees or otherwise that’s a great question I constantly throw this back and state what is it what does not require to be included ideal and what does

it require 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 timespan 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 intricacy any place you look right eventually developing a knowledge base is definitely crucial however all over you look with payroll payment they resemble very payments no if however some babies about it you are all superheroes processing payments for payroll if you take a look at the sort of link 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 innovation is permitting us to type of move forward with that it likewise also to add to that payroll and financing need to work closer together um with varying Bank Account Particulars varying banking requirements and setup processes is absolutely necessary that payroll and finance teams work closer together than ever um I’m always impressed when people state I’ve split payroll and payment um if you stroll down the street and asked anybody what is payroll who does not 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 frequently 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 wherever they are however likewise paying statutory authorities and on statutory third parties so with the

world we live in and wellness being more and more crucial to add to sort of the level of complexity there’s increasingly more advantages being organ or being used by services throughout the world so again you’re simply aiming to add more and more payments to this already intricate landscape so if you sort of got any experience well I’m from your large experience here and I make sure however have you got any experience in kind of genuine obstacles or real tough kind of pay utilizes to play to pay individuals I think yeah I suggest over the last well yeah a couple of years I would definitely say that the larger a company gets the more it tends to segregate the payroll and the payments operates um there are teams 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 but you know in in my viewpoint and my experience that does not always need to be the case you understand long gone are the times where we require to create extra handoffs while doing sos that we operate in they just make them more prompt they make them less efficient and they don’t make them what they require to be in in an era of tech and an age that you understand that we are working in today there is no reason we are still making this as tough as it requires to be agreed and appropriately as you said payroll is the single greatest liability that any service has from an expense perspective from an impact viewpoint on staff members it is definitely important that it’s done properly and on time so what we suggest 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 impact on individuals’s well-being and many other factors if individuals aren’t paid uh I have actually constantly been impressed entering this Market type of the last five to 10 years is how little thanks the

The payroll team may not have been thanked for properly processing payroll during a webinar. If anyone has been thanked, it would be fantastic to hear their success story, whether it’s from all workers or not. Payroll is a crucial cycle, and individuals just discover when things go wrong. Nevertheless, when things go right, it’s viewed as just a regular task. This is how it’s perceived externally also. Therefore, it is vital to guarantee that jobs like Wi-Fi Worldwide and other essential matters are done properly. Utilizing the very first Worldwide Payments first payroll payment option is a terrific initial step towards providing an extensive payroll solution for employees worldwide. Standardization, worldwide processes, and lowering the variety of tools, platforms, and bank accounts necessary for worldwide payroll are crucial consider achieving business success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do periodically receive a couple of problems when things don’t go as planned. Ultimately, we don’t do it for the thankfulness.

anyway we know how how crucial a function 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 simple as possible for everybody that’s involved in those procedures and also so envision sorry I’m simply I was simply gon na say picture the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I’m sure we’re discussing hundreds of thousands possibly Millions picture getting that numerous thank you notes um I suggest it ‘d be interesting to see the number of Post-it notes you got but it would certainly be an interesting 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 held true um you ‘d require days of the week to attempt to browse them and in fact see what was going on and type of shot to return to everyone so proceeding look why do business pick to main separate savings account there are Papaya Global Year End Webinar businesses out there doing exactly this for particular nations and I’ve worked in a service or lots of organizations doing exactly that I can state it doesn’t constantly feel effective and it does create more work I understand we’re not intentionally doing that we’re not producing extra work for anybody where we do not need to and anyone that’s dealing with 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 think lots of reasons one is it’s the requirement I think individuals have got so utilized to we require a new bank account we open an entity and appropriately so you need it for payroll purposes however there are a number of markets where it’s not a requirement so I think it’s simply been the standard and the standard the people have embraced and continue to do over years and years gone past to add to that individuals have taken a look at things like trust accounts and lots of other ways um to to type of do it so I believe there’s a variety I believe this is a procedure that requires looking at it requires altering however eventually people are really stuck to what they recognize

with best um modification is a tough thing all of us don’t like modification um so I believe it’s just sort of moving away from the standard as we’ve said so yeah so it keeps a lot of track of things um I comprehend certainly the benefits of having preserving numerous bank accounts but there’s a big quantity of intricacy goes with setting up a bank account maintaining it guaranteeing it can send out International transfers guaranteeing it’s set up with the best user accesses for private people so the complexity is substantial however I believe the honest response is modification um individuals haven’t been able to alter or haven’t had necessarily the knowledge to truly make that change into alternate Solutions other than opening a savings account I think you’ve hit the nail on the head I think it is understanding you understand and there is a component of resistance to change however we have actually constantly done it that way is no real excuse for not taking a look at the the benefits and the possibilities of carrying on and moving into you know what might almost be determined to be the next Century or two there is a lot to keep an eye on and this method does pose a number of difficulties um so Johnny could you tell us about those difficulties yeah obviously so there’s a variety right there is so

I just 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 gained another CFO, and with this boosted capability, I have actually successfully secured payments for our 10,000 employees worldwide. Your dedication to mastering international payroll and payments utilizing Papaya payroll OS is commendable. You are worthy of a corner office with a parking space that is closer, considering your accomplishments. Papaya Global Year End Webinar