Papaya Global 2017 2018 FAQ – Payroll Management 2024

Over the last 5 or six years …Papaya Global 2017 2018… roles on the supplier side and likewise on the vendor side from a payroll point of view so really eagerly anticipating this discussion today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll simply give everyone 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 type of let them do that so it ‘d be quite 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 really do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s raining here it’s really extremely uninspiring 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 taking a look at the challenge years of handling International payroll why companies maintain separate

bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts enhancing papaya International payroll payments as a strategic property uh we’ll also go over a recap and that needs to leave his time at the very very end for a q a session so as the title of the webinar suggests payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and International labor forces become increasingly more common and managing them ends up being more and more intricate Global organizations are seeking to discover Solutions and brand-new ways to simplify procedures particularly from a payroll and cross-border payment viewpoint many companies keep separate savings account just for payroll while some have numerous accounts in various countries does it make sense for business to keep separate savings account sometimes in different nations it does however just for payroll is there a better method what role do virtual accounts and digital wallets likewise called virtual wallets play in helping multinational business simplify the episode complex processes of

making payroll payments precisely effectively securely and on time throughout this webinar we’ll walk you through the global pros and cons of a payroll wallet versus a payroll savings account how business properly forecast their payroll costs to increase working capital and how simplifying International payroll payments can turn them from a siled pane into a strategic property so payroll can be hard in enough in one nation but when you’re doing it worldwide it’s next level and Beyond it becomes complicated for a range of factors most importantly regulations compliance information security and banking rules then there are the sheer numbers they add further complexity the global Labor force is presently 3 and a half billion people by 2030 it’s approximated 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 companies and growing all doing their own thing worldwide in the standard payroll design there’s frequently an overwhelming number of various systems leading to lengthy manual procedures and silos the variety of Integrations could be non-existent in big amounts and or very really fundamental there’s no real consistency framework we’re living in an age of tech but payroll has actually been slow to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper which simply blows my mind every time I I think

about it to give you a concept of how far there still is to come according to Deloitte just 11 of organizations state they have Labor force data in real time that’s another number that provides me sleepless nights and quite honestly the more an organization spends on worldwide payroll the less of an image they see a lack of exposure also encompasses payroll payments and failure to properly track these payments can lead to compliance incidents in the last mile of the transaction almost half of global organizations have revealed that they don’t have the level of standardization they need in their processes or want and as a result eighty percent of errors are because of time reporting poor HCM information information entry mistakes poorly communicated hires and terminations along with absence management and system setups and then when you round all of it off and the information is shipped to the incorrect location the typical cost of a global data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money around the world payroll and payments do not run efficiently if they depend on the essential multiple processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the challenges business face when they’re paying to employees or otherwise that’s a great concern I constantly toss this back and say what is it what doesn’t need to be included ideal and what does

it need to be thought of there’s varying 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 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 consumer’s own in-country account so there’s complexity wherever you look right ultimately developing a knowledge base is definitely vital but all over you look with payroll payment they are like incredibly payments no if but some children about it you are all superheroes processing payments for payroll if you take a look at the sort of link between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are definitely fundamental and technology is enabling us to sort of move forward with that it also too to contribute to that payroll and finance require to work closer together um with varying Bank Account Details varying banking requirements and setup processes is absolutely vital that payroll and finance teams work more detailed together than ever um I’m constantly amazed when people state I’ve split payroll and payment um if you stroll down the street and asked anyone what is payroll who does not operate in the payroll occupation would they split 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 ultimately it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying individuals any place they are however also paying statutory authorities and on statutory third parties so with the

The modern-day world puts a high value on wellness and the compensation landscape is becoming significantly intricate. Organizations are continually introducing new advantages and payment options, which adds to the total complexity. Big corporations frequently divide their payroll and payment processing into separate groups, which can lead to ineffectiveness and bottlenecks. In my opinion, this does not need to be the case. In today’s technically innovative era, there’s no reason for keeping cumbersome treatments. Payroll, the business’s biggest cost, should be processed properly and on time. Even minor delays can adversely impact workers’ wellness and have significant effects. For that reason, it’s vital to prioritize precise and prompt payments.

payroll group get um so I’m unsure anyone on this sort of webinar has been informed 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 however eventually payroll is such an essential cycle all of us find out about it when it fails everybody jumps up and down when it goes wrong however when it goes right it’s just a tick box exercise and I believe that’s how it’s seen from the external deem well um so yeah it’s likewise like why WI-Fi Global why all of this things is definitely crucial that all of this stuff is done properly so leveraging the very first International Payments very first payroll payment solution is a fantastic primary step um providing an end-to-end payroll service for your workers globally again I believe is another huge um process again lining up and guaranteeing you have standardization Global procedures all of those things are definitely key to success success of services and reducing the number 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 terms of of the thank yous for getting payroll done I have actually never ever had a hundred thousand of them within a payroll cycle don’t expect to you do get the odd five or ten or whatever it might be with the with the the complaints where things haven’t gone rather where they’re suggested to be um I don’t believe any of us are in fact doing that for for the thanks

anyway we know how how crucial 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 procedures and also so envision sorry I’m just I was simply gon na state envision the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I’m sure we’re discussing hundreds of thousands potentially Millions picture getting that lots of thank you notes um I indicate it ‘d be interesting to see how many Post-it notes you got but it would absolutely be an interesting 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 held true um you ‘d need days of the week to try to check out them and really see what was going on and sort of try to return to everyone so moving on look why do companies pick to main separate savings account there are Papaya Global 2017 2018 businesses out there doing exactly this for specific nations and I have actually worked in a business or many companies doing precisely that I can say it does not constantly feel efficient and it does produce more work I know we’re not intentionally doing that we’re not developing additional work for any person where we don’t need to and anyone 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 believe numerous factors one is it’s the requirement I think people have got so used to we require a brand-new savings account we open an entity and appropriately so you need it for payroll functions but there are a number of markets where it’s not a requirement so I think it’s simply been the standard and the norm individuals have embraced and continue to do over years and years gone past to add to that people have actually looked at things like trust accounts and numerous other methods um to to kind of do it so I believe there’s a variety I believe this is a process that requires looking at it requires changing but ultimately individuals are very stuck to what they recognize

with ideal um modification is a challenging thing all of us don’t like modification um so I believe it’s just type of moving away from the standard as we have actually said so yeah so it keeps a great deal of track of things um I comprehend clearly the benefits of having keeping several savings account however there’s a big quantity of intricacy opts for setting up a bank account keeping it guaranteeing it can send International transfers guaranteeing it’s established with the best user accesses for individual individuals so the complexity is substantial however I think the honest response is change um people have not been able to change or haven’t had always the understanding to truly make that change into alternate Solutions besides opening a bank account I think you’ve struck the nail on the head I think it is knowledge you understand and there is an aspect of resistance to change but we’ve always done it that way is no real excuse for not taking a look at the the benefits and the possibilities of carrying on and moving into you know what might nearly be determined to be the next Century approximately there is a lot to keep an eye on and this technique does posture a number of difficulties um so Johnny could you tell us about those difficulties yeah of course so there’s a variety right there is so

I just did you changed 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 Global workers you deserve a corner office with a closer parking space because I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global 2017 2018