Papaya Globals Mobile FAQ – Payroll Management 2024

Over the last five or 6 years …Papaya Globals Mobile… functions on the supplier side and also on the vendor side from a payroll viewpoint so actually eagerly anticipating this discussion today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll just give everyone another number of uh well one of the 30 seconds or two to join we all work back to back these days so we’ll kind 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 originates from and I truly 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 raining here it’s very extremely bleak and I want I was elsewhere at this moment in time fine so let’s start our agenda for today is as follows um we are going to be taking a look at the challenge years of managing Worldwide payroll why business keep different

Virtual payroll accounts are an alternative to traditional savings account for handling payroll payments. This is especially beneficial for international companies with dispersed and remote workforces, as it streamlines the intricate procedure of cross-border payments. Instead of keeping different bank accounts for payroll in different countries, virtual accounts and digital wallets offer a more structured solution. In this webinar, we will explore the advantages of using virtual payroll accounts and talk about why they are ending up being a strategic asset for payroll executives. We will also supply a recap of the bottom lines covered and leave time for a Q&A session at the end.

making payroll payments precisely effectively safely and on time throughout this webinar we’ll stroll you through the global pros and cons of a payroll wallet versus a payroll checking account how companies precisely anticipate their payroll costs to increase working capital and how streamlining Global payroll payments can turn them from a siled pane into a strategic possession so payroll can be tough in enough in one nation however when you’re doing it internationally it’s next level and Beyond it becomes complicated for a variety of factors most importantly policies compliance data security and banking rules then there are the large numbers they add additional intricacy the worldwide Labor force is currently three and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and more 1.1 billion individuals that number is currently 500 million just for for a scale then factor in that there are some 230 million businesses and growing all doing their own thing around the world in the conventional payroll design there’s frequently a frustrating variety of various systems leading to time-consuming manual processes and silos the variety of Combinations could be non-existent in big quantities and or really very standard there’s no real consistency structure we’re residing in an age of tech however payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper and that simply blows my mind each time I I believe

about it to give you an idea of how far there still is to come according to Deloitte only 11 of services state they have Workforce information in real time that’s another number that gives me sleep deprived nights and quite honestly the more a service spends on global payroll the less of a picture they see a lack of exposure also reaches payroll payments and failure to accurately track these payments can result in compliance accidents in the last mile of the transaction nearly half of global services have actually revealed that they do not have the level of standardization they need in their processes or desire and as a result eighty percent of mistakes are due to time reporting poor HCM information information entry errors improperly interacted hires and terminations in addition to absence management and system setups and after that when you round it all off and the data is shipped to the wrong place the typical expense of a global data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money all over the world payroll and payments don’t run efficiently if they rely on the necessary numerous processes systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the obstacles business face when they’re making payments to employees or otherwise that’s a great question I always throw this back and state what is it what doesn’t need to be included right and what does

it need to be thought of there’s varying Bank details so the length of an eye band a swift an account number routing code per nation there’s payment time frames there’s payment capabilities 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 client’s own in-country account so there’s complexity wherever you look best ultimately constructing a knowledge base is absolutely crucial however all over you look with payroll payment they resemble super payments no if but some babies about it you are all superheroes processing payments for payroll if you take a look at the type of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are definitely basic and innovation is enabling us to kind of progress with that it also also to add to that payroll and finance require to work closer together um with differing Savings account Particulars varying banking requirements and setup processes is absolutely vital that payroll and financing groups work closer together than ever um I’m constantly surprised when individuals state I have actually divided payroll and payment um if you stroll down the street and asked anybody 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 frequently split and cut up um ultimately it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying people wherever they are however also paying statutory authorities and on statutory third parties so with the

world we live in and wellness being increasingly more essential to contribute to sort of the level of intricacy there’s increasingly more benefits being organ or being provided by companies throughout the world so once again you’re simply seeking to include more and more payments to this currently complicated landscape so if you kind of got any experience well I’m from your vast experience here and I make sure but have you got any experience in kind of genuine challenges or real challenging type of pay uses to play to pay people I think yeah I imply over the last well yeah a number of years I would certainly say 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 info into the next function as it were that’s in fact managing the payment side of things however you understand 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 need to create extra handoffs in the processes that we operate in they simply make them more prompt they make them less efficient and they do not make them what they need to be in in an age of tech and a period that you know that we are operating in today there is no reason we are still making this as hard as it requires to be concurred and rightly as you said payroll is the single greatest liability that any service has from an expense viewpoint from an effect viewpoint on workers 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 destructive effect on people’s wellness and many other aspects if people aren’t paid uh I have actually constantly been astonished entering this Market kind of the last five to 10 years is how little thanks the

payroll team get um so I’m unsure anybody on this kind of webinar has actually been told thank you for processing my payroll correctly if you have it ‘d be terrific to hear your success story and whether that’s been from all employees or not um but ultimately payroll is such an essential cycle we all find out about it when it goes wrong everyone jumps up and down when it fails but when it goes right it’s simply a tick box exercise and I think that’s how it’s seen from the external consider as well um so yeah it’s also like why WI-Fi Global why all of this things is definitely important that all of this things is done correctly so leveraging the first Global Payments first payroll payment solution is a fantastic initial step um supplying an end-to-end payroll option for your employees worldwide once again I think is another huge um procedure again lining up and guaranteeing you have standardization International procedures all of those things are definitely key to success success of services and lowering the variety of tools platforms and bank accounts they need for their Worldwide payroll too couldn’t agree with you more and on the the front in regards to 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 10 or whatever it might be with the with the the problems where things have not gone quite where they’re suggested to be um I don’t think any of us are in fact doing that for for the thanks

anyhow we know how how essential 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 simple as possible for everyone that’s associated with those processes and also so imagine sorry I’m just I was just gon na say imagine the amount of thanks you got if you could cover the amount of people that we cover within this webinar I make sure we’re talking about hundreds of thousands potentially Millions imagine getting that many thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got however it would certainly be an interesting task trying to clean up all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to check out them and in fact see what was going on and sort of shot to get back to everyone so proceeding appearance why do business select to main different savings account there are Papaya Globals Mobile companies out there doing precisely this for specific nations and I have actually operated in a service or many businesses doing precisely that I can state it doesn’t always feel effective and it does develop more work I understand we’re not intentionally doing that we’re not creating extra work for any person where we do not 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 think numerous reasons one is it’s the standard I think people have actually got so utilized to we require a new checking account we open an entity and appropriately so you need it for payroll functions however there are a number of markets where it’s not a requirement so I think it’s simply been the requirement and the standard individuals have embraced and continue to do over years and years passed by to add to that people have actually taken a look at things like trust accounts and numerous other ways um to to kind of do it so I believe there’s a range I believe this is a process that needs looking at it needs altering but eventually people are really stuck with what they recognize

with right um change is a tough thing we all do not like change um so I think it’s just sort of moving far from the norm as we’ve said so yeah so it keeps a lot of track of things um I understand obviously the benefits of having maintaining numerous bank accounts however there’s a substantial amount of intricacy chooses setting up a bank account maintaining it ensuring it can send International transfers guaranteeing it’s set up with the ideal user accesses for specific people so the intricacy is huge however I think the honest answer is change um individuals haven’t been able to change or haven’t had necessarily the knowledge to really make that change into alternate Solutions besides opening a savings account I believe you’ve struck the nail on the head I think it is knowledge you know and there is an element of resistance to change but we have actually always 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 nearly be identified to be the next Century approximately there is a lot to keep an eye on and this technique does present numerous obstacles um so Johnny could you inform us about those difficulties yeah obviously so there’s a range right there is so

I just recently made a change to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It seems like our CFO has acquired another CFO, and with this improved ability, I have successfully secured payments for our 10,000 employees worldwide. Your dedication to mastering global payroll and payments utilizing Papaya payroll OS is good. You are worthy of a corner workplace with a parking space that is more detailed, considering your accomplishments. Papaya Globals Mobile