Setting Up Papaya Global FAQ – Payroll Management 2024

Over the last five or six years …Setting Up Papaya Global… roles on the supplier side and likewise on the vendor side from a payroll viewpoint so truly looking forward to this discussion today um and yeah thank you very much for your time everybody all right thanks Johnny uh we’ll simply give everybody another number of uh well among the 30 seconds or two to join all of us work back to back these days so we’ll kind of let them do that so it ‘d be rather fascinating and I can see it going on already simply to hear where everyone is um it’s nice to to kind of like see where everybody originates from and I truly 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 really really dreary and I want I was somewhere else at this moment in time okay so let’s get going our agenda for today is as follows um we are going to be looking at the obstacle years of managing International payroll why business maintain separate

bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts streamlining papaya International payroll payments as a strategic asset uh we’ll also review a wrap-up which must leave his time at the extremely very end for a q a session so as the title of the webinar suggests payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces become a growing number of typical and handling them ends up being increasingly more intricate International organizations are wanting to discover Solutions and brand-new methods to simplify processes particularly from a payroll and cross-border payment viewpoint lots of organizations maintain different bank account just for payroll while some have several accounts in different nations does it make sense for companies to keep separate bank accounts sometimes in various nations it does however just for payroll is there a better way what role do virtual accounts and digital wallets likewise referred to as virtual wallets play in helping international business simplify the episode complex procedures of

making payroll payments properly efficiently safely and on time during this webinar we’ll stroll you through the international advantages and disadvantages of a payroll wallet versus a payroll savings account how companies properly forecast their payroll costs to increase working capital and how streamlining Global payroll payments can turn them from a siled pane into a tactical property so payroll can be challenging in enough in one nation but when you’re doing it globally it’s next level and Beyond it ends up being complicated for a range of factors most significantly regulations compliance data security and banking guidelines then there are the large numbers they include additional complexity the international Labor force is currently 3 and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and further 1.1 billion people that number is currently 500 million just for for a scale then factor in that there are some 230 million services and growing all doing their own thing all over the world in the conventional payroll design there’s often an overwhelming number of different systems resulting in time-consuming manual processes and silos the variety of Integrations could be non-existent in big amounts and or very extremely fundamental there’s no real consistency framework we’re residing in an age of tech but 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 every time I I believe

about it to provide you a concept of how far there still is to come according to Deloitte just 11 of services say they have Labor force data in real time that’s another number that gives me sleepless nights and quite frankly the more an organization invests in global payroll the less of a photo they see an absence of exposure likewise extends to payroll payments and inability to properly track these payments can cause compliance accidents in the last mile of the deal nearly half of global businesses have actually expressed that they don’t have the level of standardization they need in their processes or desire and as a result eighty percent of errors are due to time reporting poor HCM information information entry mistakes improperly interacted hires and terminations as well as lack management and system setups and after that when you round all of it off and the information is delivered to the incorrect location the average expense of a global information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money around the globe payroll and payments don’t run smoothly if they depend on the needed multiple procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the obstacles service face when they’re making payments to employees or otherwise that’s a great question I constantly throw this back and say what is it what does not require to be consisted of best and what does

it require to be thought of there’s differing Bank information so the length of an eye band a swift an account number routing code per nation there’s payment timespan 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 client’s own in-country account so there’s complexity anywhere you look right ultimately developing a knowledge base is absolutely critical however all over you look with payroll payment they resemble super payments no if however some infants about it you are all superheroes processing payments for payroll if you look at the sort 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 absolutely essential and innovation is enabling us to sort of move on with that it also too to contribute to that payroll and financing need to work closer together um with varying Savings account Details varying banking requirements and setup processes is absolutely important that payroll and financing groups work closer together than ever um I’m constantly surprised when individuals say I have actually divided payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t work in the payroll occupation would they split the payroll payment from estimation I would say no so why do we as an industry accept that why our payroll and payments so often 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 also paying statutory authorities and on statutory third parties so with the

The contemporary world positions a high value on well-being and the compensation landscape is ending up being progressively elaborate. Services are continuously introducing new advantages and payment choices, which adds to the general intricacy. Big corporations often divide their payroll and payment processing into separate teams, which can lead to ineffectiveness and traffic jams. In my viewpoint, this doesn’t need to be the case. In today’s technologically advanced era, there’s no justification for keeping cumbersome treatments. Payroll, the business’s most significant expenditure, need to be processed properly and on time. Even slight delays can adversely affect employees’ wellness and have far-reaching effects. For that reason, it’s critical to prioritize precise and timely payments.

The payroll group may not have been thanked for correctly processing payroll throughout a webinar. If anybody has been thanked, it would be great to hear their success story, whether it’s from all employees or not. Payroll is an essential cycle, and individuals just see when things go wrong. Nevertheless, when things go right, it’s seen as just a regular task. This is how it’s viewed externally too. Therefore, it is necessary to make sure that tasks like Wi-Fi Global and other important matters are done correctly. Using the first International Payments first payroll payment solution is an excellent initial action towards providing an extensive payroll solution for staff members worldwide. Standardization, international processes, and decreasing the number of tools, platforms, and checking account essential for worldwide payroll are key factors in attaining business success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally receive a few complaints when things do not go as prepared. Ultimately, we don’t do it for the thankfulness.

anyway we know how how crucial a role 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 everybody that’s associated with those procedures and also so imagine sorry I’m simply I was just gon na say picture the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I make certain we’re discussing hundreds of thousands possibly Millions imagine getting that many thank you keeps in mind um I indicate it ‘d be interesting to see how many Post-it notes you got however it would certainly be a fascinating job attempting to clean up all those up for sure oh absolutely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to check out them and in fact see what was going on and type of try to return to everyone so proceeding look why do companies choose to main separate checking account there are Setting Up Papaya Global organizations out there doing exactly this for specific nations and I’ve operated in a company or numerous companies doing exactly that I can state it doesn’t always feel efficient and it does create more work I know we’re not intentionally doing that we’re not creating extra work for any person where we do not need to and any person that’s managing that process 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 believe numerous factors one is it’s the requirement I believe people have actually got so used to we need a new bank account we open an entity and appropriately so you need it for payroll purposes but there are a number of markets where it’s not a requirement so I believe it’s simply been the requirement and the norm the people have actually embraced and continue to do over years and years passed by to add to that individuals have actually looked at things like trust accounts and lots of other ways um to to type of do it so I think there’s a variety I think this is a procedure that requires taking a look at it requires altering but eventually people are very stuck with what they’re familiar

with ideal um change is a challenging thing we all don’t like modification um so I think it’s just kind of moving far from the norm as we’ve said so yeah so it keeps a great deal of track of stuff um I understand clearly the advantages of having maintaining numerous bank accounts but there’s a substantial amount of intricacy chooses setting up a checking account preserving it guaranteeing it can send International transfers ensuring it’s established with the right user accesses for private people so the intricacy is big however I believe the truthful answer is change um individuals haven’t been able to alter or have not had necessarily the understanding to truly make that change into alternate Solutions other than opening a savings account I believe you have actually hit the nail on the head I think it is understanding you understand and there is an aspect of resistance to change but we’ve always done it that way is no genuine reason for not taking a look at the the benefits and the possibilities of carrying on and moving into you know what could practically be figured out to be the next Century or two there is a lot to track and this technique does pose numerous obstacles um so Johnny could you tell us about those difficulties yeah naturally so there’s a range right there is so

I just did you switched our Enterprise 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 Worldwide staff members you are worthy of a corner workplace with a closer parking space since I mastered Global payroll and payments with Papaya payroll OS did you Setting Up Papaya Global