Year End Papaya Global FAQ – Payroll Management 2024

Over the last five or six years …Year End Papaya Global… roles on the company side and also on the vendor side from a payroll point of view so truly anticipating this discussion today um and yeah thank you quite for your time everyone all right thanks Johnny uh we’ll simply provide everyone another couple of uh well among the 30 seconds or so to join we all work back to back nowadays so we’ll kind of let them do that so it ‘d be rather fascinating and I can see it going on already just to hear where everyone is um it’s nice to to type of like see where everyone originates from and I really do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s raining here it’s extremely really gloomy and I wish I was somewhere else at this moment in time all right so let’s begin our agenda for today is as follows um we are going to be looking at the obstacle years of handling Global payroll why companies preserve different

savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts improving papaya Worldwide payroll payments as a tactical possession uh we’ll likewise go over a wrap-up and that must leave his time at the very 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 Worldwide workforces become more and more typical and handling them ends up being increasingly more intricate Global organizations are wanting to discover Solutions and brand-new ways to enhance processes especially from a payroll and cross-border payment perspective numerous companies keep different bank account just for payroll while some have numerous accounts in various nations does it make good sense for business to keep separate checking account in some cases in different nations it does however just for payroll exists a much better way what function do virtual accounts and digital wallets likewise called virtual wallets play in helping multinational companies enhance the episode complex processes of

Guaranteeing precise, efficient, and timely payroll payments is a complex challenge for companies operating worldwide. Join us for a webinar to explore the benefits and disadvantages of payroll wallets versus payroll bank accounts, learn how business forecast payroll costs to enhance working capital, and discover how simplifying international payroll payments can change them from a troublesome task into a strategic property.

Handling payroll globally is a challenging task due to numerous policies, compliance requirements, information security concerns, and banking guidelines. The sheer number of employees and companies adds to the intricacy, with an approximated 3.5 billion individuals in the international workforce, 500 countless whom remain in Africa, and 230 million businesses worldwide.

Traditional payroll systems typically result in manual procedures, information silos, and an absence of integration, causing inconsistencies and inadequacies. In spite of residing in a period of technological advancements, payroll management has actually been sluggish to adapt, with as much as 25% of payroll still processed by hand, often using pen and paper. This webinar aims to supply insights and solutions to simplify and enhance worldwide payroll payments.

about it to provide you an idea of how far there still is to come according to Deloitte only 11 of organizations say they have Labor force data in real time that’s another number that offers me sleep deprived nights and rather frankly the more a service spends on worldwide payroll the less of a photo they see an absence of presence likewise extends to payroll payments and failure to accurately track these payments can cause compliance mishaps in the last mile of the transaction nearly half of worldwide companies have actually revealed that they do not have the level of standardization they require in their procedures or want and as a result eighty percent of mistakes are because of time reporting poor HCM information information entry mistakes improperly communicated hires and terminations along with absence management and system setups and after that when you round everything off and the information is delivered to the incorrect place the typical expense of an international information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money worldwide payroll and payments don’t run efficiently if they depend on the necessary numerous 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 organization face when they’re paying to staff members or otherwise that’s a great question I always toss this back and state what is it what doesn’t need to be consisted of right and what does

it need to be thought about there’s varying Bank details so the length of an eye band a swift an account number routing code per country there’s payment amount of time there’s payment abilities 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 customer’s own in-country account so there’s complexity anywhere you look right ultimately building a knowledge base is absolutely vital however everywhere you look with payroll payment they resemble extremely payments no if however some infants 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 acknowledgment that payroll payments are definitely basic and innovation is enabling us to sort of progress with that it likewise too to contribute to that payroll and finance require to work closer together um with varying Checking account Particulars varying banking requirements and setup procedures is definitely essential that payroll and financing teams work more detailed together than ever um I’m constantly surprised when individuals say 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 occupation would they divide the payroll payment from calculation 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 individuals anywhere they are however likewise paying statutory authorities and on statutory 3rd parties so with the

world we reside in and wellness being more and more important to contribute to sort of the level of complexity there’s a growing number of advantages being organ or being provided by services throughout the world so once again you’re just wanting to include a growing number of payments to this currently complex landscape so if you kind of got any experience well I’m from your huge experience here and I make sure however have you got any experience in kind of real challenges or genuine tough kind of pay uses to play to pay people I believe yeah I suggest over the last well yeah a number of decades I would certainly state that the larger a company gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the task there are groups feeding details into the next function as it were that’s really managing the payment side of things but you know in in my opinion and my experience that doesn’t always require to be the case you know long gone are the times where we need to produce additional handoffs in the processes that we run in they just make them more timely they make them less efficient and they do not make them what they require to be in in a period of tech and a period that you understand that we are working in today there is no reason why we are still making this as hard as it requires to be agreed and rightly as you stated payroll is the single biggest liability that any service has from a cost viewpoint from an effect viewpoint on employees it is definitely critical that it’s done properly and on time so what we indicate 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 result on individuals’s wellness and many other elements if people aren’t paid uh I’ve constantly been impressed entering this Market sort of the last 5 to ten years is how little thanks the

The payroll group might not have actually been thanked for correctly processing payroll throughout a webinar. If anyone has actually been thanked, it would be great to hear their success story, whether it’s from all staff members or not. Payroll is an important cycle, and individuals just discover when things fail. However, when things go right, it’s viewed as just a regular task. This is how it’s viewed externally as well. Therefore, it is necessary to guarantee that tasks like Wi-Fi Worldwide and other vital matters are done correctly. Using the first International Payments very first payroll payment solution is a fantastic preliminary step towards offering a comprehensive payroll option for staff members worldwide. Standardization, worldwide processes, and reducing the variety of tools, platforms, and checking account necessary for international payroll are crucial consider accomplishing service success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do sometimes get a few problems when things don’t go as prepared. Eventually, we don’t do it for the gratitude.

anyhow we understand how how crucial 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 everybody that’s involved in those processes and likewise so think of sorry I’m simply I was just gon na say picture the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I make certain we’re discussing numerous thousands potentially Millions picture getting that numerous thank you keeps in mind um I indicate it ‘d be interesting to see the number of Post-it notes you got however it would certainly be a fascinating task trying 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 try to look through them and actually see what was going on and sort of try to return to everyone so proceeding look why do business select to primary separate savings account there are Year End Papaya Global services out there doing exactly this for specific countries and I have actually operated in an organization or many businesses doing exactly that I can state it does not always feel efficient and it does develop more work I understand we’re not purposely doing that we’re not creating extra work for anybody where we do not have to and any person that’s handling that procedure I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the quantity that we are I think lots of reasons one is it’s the standard I believe people have actually got so used to we require a new bank account we open an entity and appropriately so you require it for payroll purposes but there are a variety of markets where it’s not a requirement so I think it’s just been the requirement and the standard the people have adopted and continue to do over years and years passed by to contribute to that individuals have taken a look at things like trust accounts and numerous other methods um to to type of do it so I think there’s a range I believe this is a process that requires looking at it requires altering however eventually individuals are really stuck with what they recognize

with ideal um change is a challenging thing all of us do not like change um so I believe it’s just kind of moving far from the standard as we’ve said so yeah so it keeps a lot of track of things um I understand clearly the advantages of having maintaining numerous bank accounts however there’s a substantial quantity of complexity chooses establishing a bank account maintaining it guaranteeing it can send International transfers guaranteeing it’s set up with the right user accesses for private people so the intricacy is substantial but I believe the sincere response is modification um people haven’t had the ability to alter or haven’t had necessarily the knowledge to really make that change into alternate Solutions other than opening a savings account I think you have actually struck the nail on the head I believe it is understanding you know and there is an element of resistance to alter but we have actually always done it that way is no genuine excuse for not taking a look at the the advantages and the possibilities of proceeding and moving into you know what might nearly be figured out to be the next Century approximately there is a lot to track and this approach does pose several challenges um so Johnny could you tell us about those obstacles yeah naturally so there’s a variety right there is so

I recently made a change to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It seems like our CFO has actually acquired another CFO, and with this boosted ability, I have actually successfully secured payments for our 10,000 workers worldwide. Your commitment to mastering global payroll and payments utilizing Papaya payroll OS is good. You should have a corner office with a parking space that is more detailed, considering your accomplishments. Year End Papaya Global