Hide Leavers In Papaya Global FAQ – Payroll Management 2024

Over the last five or six years …Hide Leavers In Papaya Global… functions on the company side and also on the vendor side from a payroll point of view so truly looking forward to this conversation today um and yeah thank you very much for your time everyone fine thanks Johnny uh we’ll just offer everybody another couple of uh well one of the 30 seconds or so to join we all work back to back these days so we’ll sort of let them do that so it ‘d be quite fascinating and I can see it going on currently just to hear where everyone is um it’s nice to to sort of like see where everybody originates from and I actually 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 raining here it’s very very dreary and I wish I was elsewhere at this moment in time okay so let’s get going our program for today is as follows um we are going to be taking a look at the challenge years of handling International payroll why companies maintain separate

savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts streamlining papaya Worldwide payroll payments as a strategic asset uh we’ll likewise discuss 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 end up being increasingly more typical and handling them becomes a growing number of complex International companies are seeking to discover Solutions and new ways to streamline processes specifically from a payroll and cross-border payment perspective many organizations keep different bank account just for payroll while some have several accounts in various countries does it make good sense for companies to keep separate checking account sometimes in various nations it does but just for payroll is there a better way what function do virtual accounts and digital wallets likewise called virtual wallets play in assisting international companies streamline the episode complex processes of

making payroll payments precisely efficiently safely and on time throughout this webinar we’ll stroll you through the international benefits and drawbacks of a payroll wallet versus a payroll bank account how business properly forecast their payroll expenses to increase working capital and how streamlining International payroll payments can turn them from a siled pane into a strategic possession so payroll can be tough in enough in one country but when you’re doing it internationally it’s next level and Beyond it becomes complicated for a range of factors most importantly regulations compliance data security and banking rules then there are the large numbers they include more complexity the international Labor force is presently 3 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 presently 500 million just for for a scale then factor in that there are some 230 million businesses and growing all doing their own thing worldwide in the traditional payroll design there’s frequently an overwhelming variety of different systems resulting in time-consuming manual processes and silos the number of Combinations could be non-existent in large amounts and or extremely very standard there’s no real consistency structure we’re residing in an age of tech however payroll has been sluggish 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 believe

about it to give you an idea 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 offers me sleep deprived nights and rather frankly the more a service invests in global payroll the less of an image they see a lack of presence also encompasses payroll payments and inability to accurately track these payments can cause compliance accidents in the last mile of the deal almost half of global businesses have actually expressed that they don’t have the level of standardization they require in their processes or want and as a result eighty percent of errors are due to time reporting poor HCM data information entry errors poorly interacted hires and terminations along with lack management and system configurations and then when you round all of it off and the information is delivered to the wrong location the typical expense of a worldwide data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash around the world payroll and payments do not run smoothly if they depend on the essential multiple processes systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the difficulties organization face when they’re making payments to staff members or otherwise that’s a great concern I always throw this back and state what is it what does not require to be consisted of right and what does

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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 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 have to pay from the client’s own in-country account so there’s complexity anywhere you look best ultimately developing a knowledge base is absolutely important but all over you look with payroll payment they are like incredibly payments no if however some infants about it you are all superheroes processing payments for payroll if you take a look at the kind 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 essential and technology is permitting us to kind of move on with that it also as well to contribute to that payroll and financing require to work closer together um with varying Checking account Details varying banking requirements and setup procedures is absolutely important that payroll and financing teams work more detailed together than ever um I’m always surprised when people say I’ve divided payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t operate in the payroll profession would they divide the payroll payment from estimation I would say no so why do we as a market accept that why our payroll and payments so typically split and cut up um eventually it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying individuals anywhere they are but likewise paying statutory authorities and on statutory 3rd parties so with the

world we live in and well-being being a growing number of important to add to type of the level of complexity there’s increasingly more advantages being organ or being used by businesses throughout the world so again you’re just wanting to add a growing number of payments to this currently complicated landscape so if you sort of got any experience well I’m from your huge experience here and I’m sure however have you got any experience in kind of genuine difficulties or genuine difficult kind of pay uses to play to pay individuals I think yeah I imply over the last well yeah a couple of decades I would definitely state that the larger a company gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the task there are groups feeding information into the next function as it were that’s actually managing the payment side of things however you understand in in my opinion and my experience that does not always need to be the case you know long gone are the times where we require to produce extra handoffs at the same times 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 an age that you know that we are operating in today there is no reason we are still making this as tough as it needs to be agreed and appropriately as you stated payroll is the single greatest liability that any company has from a cost perspective from an effect perspective on employees it is absolutely important that it’s done properly and on time so what we imply by that is not a day before not a day after on pay day and payments need to be done right it has the greatest damaging effect on individuals’s wellness and lots of other aspects if individuals aren’t paid uh I’ve always been surprised entering this Market kind of the last 5 to 10 years is how little thanks the

payroll team get um so I’m unsure anyone on this type of webinar has actually been told thank you for processing my payroll properly if you have it ‘d be terrific to hear your success story and whether that’s been from all workers or not um but ultimately payroll is such an important cycle we all hear about it when it fails everyone jumps up and down when it fails however when it goes right it’s just a tick box exercise and I believe that’s how it’s seen from the external view as well um so yeah it’s likewise like why WI-Fi Global why all of this things is definitely crucial that all of this things is done correctly so leveraging the first Worldwide Payments first payroll payment solution is a terrific first step um providing an end-to-end payroll option for your staff members globally again I think is another big um procedure once again lining up and guaranteeing you have standardization Worldwide procedures all of those things are definitely crucial to success success of companies and lowering the variety of tools platforms and checking account they need for their Global payroll too could not 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 countless them within a payroll cycle do not expect to you do get the odd 5 or ten or whatever it might be with the with the the problems where things have not gone rather where they’re indicated to be um I don’t think any of us are really doing that for for the thanks

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 simple as possible for everybody that’s involved in those processes and also so picture sorry I’m simply I was simply gon na state picture the quantity of thanks you got if you might cover the quantity of individuals that we cover within this webinar I’m sure 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 an intriguing task attempting to clean all those up for sure oh absolutely 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 browse them and actually see what was going on and sort of try to get back to everyone so carrying on look why do companies choose to main different savings account there are Hide Leavers In Papaya Global organizations out there doing precisely this for specific nations and I’ve operated in a business or lots of companies doing precisely that I can say it doesn’t constantly feel effective and it does develop more work I know we’re not purposely doing that we’re not producing additional work for anybody where we do not have to and anybody that’s handling 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 amount that we are I think lots of reasons one is it’s the standard I believe people have actually got so used to we need a brand-new checking account we open an entity and rightly so you require it for payroll purposes however there are a variety of markets where it’s not a requirement so I believe it’s simply been the standard and the standard the people have actually adopted and continue to do over years and years passed by to add to that people have taken a look at things like trust accounts and numerous other ways um to to type of do it so I believe there’s a range I believe this is a process that requires taking a look at it requires altering but ultimately individuals are extremely stuck with what they recognize

with right um modification is a challenging thing all of us don’t like change um so I believe it’s simply type of moving away from the norm as we have actually said so yeah so it keeps a lot of track of stuff um I understand obviously the advantages of having maintaining multiple checking account but there’s a substantial amount of intricacy goes with setting up a checking account keeping it ensuring it can send International transfers ensuring it’s established with the best user accesses for specific people so the intricacy is huge but I believe the sincere answer is change um people haven’t had the ability to change or haven’t had always the knowledge to actually make that change into alternate Solutions besides opening a savings account I think you’ve struck the nail on the head I think it is knowledge you understand and there is a component of resistance to alter however we have actually 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 almost be determined to be the next Century approximately 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 naturally so there’s a range right there is so

I just recently made a change to our Enterprise 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 gotten another CFO, and with this enhanced ability, I have actually successfully protected payments for our 10,000 employees worldwide. Your devotion to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You are worthy of a corner workplace with a parking space that is more detailed, considering your accomplishments. Hide Leavers In Papaya Global