Papaya Globals Ppob FAQ – Payroll Management 2024

Over the last 5 or six years …Papaya Globals Ppob… roles on the company side and likewise on the vendor side from a payroll perspective so really looking forward to this conversation today um and yeah thank you very much for your time everyone all right thanks Johnny uh we’ll simply give everyone another couple of uh well among the 30 seconds approximately to join we all work back to back nowadays so we’ll sort of let them do that so it ‘d be quite intriguing and I can see it going on already simply to hear where everybody is um it’s nice to to kind of like see where everybody comes from and I truly 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 drizzling here it’s extremely extremely uninspiring and I want I was somewhere else at this moment in time alright so let’s get started our program for today is as follows um we are going to be looking at the obstacle years of managing Worldwide payroll why business maintain different

Virtual payroll accounts are an alternative to traditional checking account for managing payroll payments. This is especially helpful for global companies with dispersed and remote labor forces, as it streamlines the complicated process of cross-border payments. Instead of maintaining different checking account for payroll in different nations, virtual accounts and digital wallets offer a more structured service. In this webinar, we will explore the advantages of using virtual payroll accounts and go over why they are becoming a strategic possession for payroll executives. We will likewise supply a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.

making payroll payments precisely efficiently securely and on time during this webinar we’ll walk you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll savings account how business properly forecast their payroll costs to increase working capital and how enhancing Global payroll payments can turn them from a siled pane into a tactical possession so payroll can be difficult in enough in one country but when you’re doing it internationally it’s next level and Beyond it ends up being complex for a range of factors most notably policies compliance information security and banking rules then there are the large numbers they include more intricacy the international Workforce is presently 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 businesses and growing all doing their own thing around the globe in the standard payroll model there’s frequently a frustrating variety of different systems leading to lengthy manual procedures and silos the number of Integrations could be non-existent in big amounts and or really extremely basic there’s no real consistency framework we’re residing in a period of tech however payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper and that just blows my mind every time I I think

about it to offer 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 gives me sleepless nights and rather honestly the more a company spends on global payroll the less of a picture they see an absence of visibility also extends to payroll payments and inability to precisely track these payments can lead to compliance accidents in the last mile of the transaction nearly half of international companies 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 mistakes are because of time reporting bad HCM data information entry mistakes improperly interacted hires and terminations as well as lack management and system configurations and after that when you round all of it off and the information is delivered to the wrong location the average expense of a global information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money around the world payroll and payments don’t run efficiently if they rely on the needed multiple processes systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the obstacles business face when they’re paying to workers or otherwise that’s an excellent question I always throw this back and state what is it what doesn’t need to be consisted of best and what does

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it require to be thought of there’s differing 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 need to pay from an in-country account do you need to pay from the customer’s own in-country account so there’s complexity any place you look right ultimately building a knowledge base is definitely crucial however everywhere you look with payroll payment they resemble super payments no if but some children about it you are all superheroes processing payments for payroll if you look at the type of link between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are absolutely essential and innovation is enabling us to kind of move on with that it likewise as well to add to that payroll and finance require to work closer together um with varying Savings account Details varying banking requirements and setup processes is absolutely vital that payroll and finance teams work better together than ever um I’m constantly astonished when individuals state I’ve split payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t work in the payroll profession 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 frequently split and cut up um ultimately 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 also paying statutory authorities and on statutory 3rd parties so with the

The contemporary world puts a high worth on well-being and the settlement landscape is becoming significantly intricate. Services are continually introducing new advantages and payment options, which adds to the general intricacy. Big corporations often divide their payroll and payment processing into different groups, which can lead to ineffectiveness and traffic jams. In my opinion, this doesn’t have to be the case. In today’s technologically sophisticated era, there’s no reason for preserving cumbersome procedures. Payroll, the business’s biggest expenditure, must be processed properly and on time. Even small delays can adversely affect employees’ wellness and have significant repercussions. Therefore, it’s vital to prioritize accurate and prompt payments.

The payroll team might not have been thanked for correctly processing payroll throughout a webinar. If anyone has been thanked, it would be fantastic to hear their success story, whether it’s from all staff members or not. Payroll is an important cycle, and people only observe 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 important to guarantee that tasks like Wi-Fi International and other crucial matters are done properly. Using the first International Payments very first payroll payment service is an excellent preliminary step towards offering a detailed payroll solution for employees worldwide. Standardization, global processes, and decreasing the number of tools, platforms, and checking account required for global payroll are essential factors in accomplishing service success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do occasionally get a couple of complaints when things don’t go as prepared. Eventually, we do not do it for the thankfulness.

anyway we understand how how important a function 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 easy as possible for everyone that’s associated with those processes and likewise so envision sorry I’m simply I was simply gon na state imagine the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I make certain we’re discussing numerous thousands potentially Millions imagine getting that many 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 task attempting to clean all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to look through them and in fact see what was going on and kind of try to get back to everyone so proceeding appearance why do business pick to primary separate bank accounts there are Papaya Globals Ppob companies out there doing exactly this for specific countries and I’ve worked in a company or numerous companies doing precisely that I can say it doesn’t always feel effective and it does produce more work I know we’re not purposely doing that we’re not creating additional work for any person where we don’t have to and any person that’s managing that procedure I ‘d be interested to hear your thoughts Johnny why do you believe 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 got so utilized to we need a brand-new savings account we open an entity and rightly so you need it for payroll purposes but there are a number of markets where it’s not a requirement so I think it’s simply been the requirement and the norm individuals have actually adopted and continue to do over years and years gone past to contribute to that people have taken a look at things like trust accounts and many other ways um to to sort of do it so I think there’s a variety I think this is a process that needs taking a look at it needs changing however eventually people are very 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 type of moving away from the norm as we have actually said so yeah so it keeps a great deal of track of things um I understand undoubtedly the benefits of having preserving several savings account but there’s a huge amount of intricacy goes with establishing a bank account maintaining it ensuring it can send International transfers guaranteeing it’s established with the ideal user accesses for specific individuals so the intricacy is big but I believe the sincere response is change um individuals have not been able 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 struck the nail on the head I think it is knowledge you understand and there is a component of resistance to change however we have actually always done it that way is no genuine excuse for not looking at the the advantages and the possibilities of carrying on and moving into you understand what could almost be determined to be the next Century or so there is a lot to monitor and this technique does present several obstacles um so Johnny might you inform us about those difficulties yeah of course so there’s a range right there is so

I simply did you switched our Enterprise 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 Worldwide workers you are worthy of a corner office with a closer parking space since I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Globals Ppob