Papaya Global Automatic Payroll FAQ – Payroll Management 2024

Over the last five or 6 years …Papaya Global Automatic Payroll… roles on the supplier side and also on the supplier side from a payroll point of view so truly looking forward to this conversation today um and yeah thank you quite for your time everybody alright thanks Johnny uh we’ll just provide everyone 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 kind of let them do that so it ‘d be quite intriguing 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 actually do hope it’s much sunnier than it is 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 extremely gloomy and I want 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 Global payroll why companies keep different

bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts simplifying papaya Worldwide payroll payments as a strategic possession uh we’ll likewise go over a wrap-up and that should leave his time at the really very end for a q a session so as the title of the webinar suggests payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces become a growing number of common and handling them ends up being increasingly more intricate Global organizations are aiming to find Solutions and brand-new methods to enhance processes particularly from a payroll and cross-border payment perspective many companies maintain separate bank account just for payroll while some have several accounts in various nations does it make sense for business to maintain different bank accounts sometimes in different countries it does but just for payroll exists a better way what function do virtual accounts and digital wallets also called virtual wallets play in helping multinational companies enhance the episode complex procedures of

Making sure accurate, efficient, and prompt payroll payments is a complex challenge for companies operating globally. Join us for a webinar to check out the benefits and drawbacks of payroll wallets versus payroll savings account, discover how companies anticipate payroll costs to optimize working capital, and discover how streamlining worldwide payroll payments can change them from a difficult task into a strategic asset.

Handling payroll globally is a daunting job due to different guidelines, compliance requirements, information security concerns, and banking rules. The sheer variety of employees and businesses contributes to the intricacy, with an estimated 3.5 billion people in the global labor force, 500 countless whom remain in Africa, and 230 million companies worldwide.

Standard payroll systems frequently lead to manual procedures, data silos, and an absence of combination, causing disparities and inefficiencies. Despite living in a period of technological developments, payroll management has been slow to adjust, with as much as 25% of payroll still processed by hand, typically using pen and paper. This webinar objectives to provide 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 just 11 of organizations state they have Workforce information in real time that’s another number that offers me sleep deprived nights and rather honestly the more a service spends on international payroll the less of an image they see a lack of exposure likewise reaches payroll payments and inability to properly track these payments can result in compliance mishaps in the last mile of the deal nearly half of global companies have actually revealed that they don’t have the level of standardization they require in their processes or desire and as a result eighty percent of errors are due to time reporting bad HCM data information entry errors inadequately interacted hires and terminations in addition to absence management and system setups and after that when you round it all off and the data is shipped to the wrong place the average cost of a worldwide information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash all over the world payroll and payments do not run smoothly if they rely on the essential multiple procedures systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the challenges company face when they’re making payments to employees or otherwise that’s an excellent concern I always throw this back and say what is it what does not need to be consisted of ideal and what does

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it need 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 time frames there’s payment capabilities 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 customer’s own in-country account so there’s intricacy anywhere you look right eventually constructing a knowledge base is absolutely important but everywhere you look with payroll payment they are like extremely payments no if but 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 think there’s now a bit more acknowledgment that payroll payments are definitely fundamental and innovation is enabling us to kind of progress with that it likewise as well to contribute to that payroll and financing need to work closer together um with differing Checking account Particulars varying banking requirements and setup procedures is definitely crucial that payroll and financing teams work better together than ever um I’m always surprised when people state I’ve split payroll and payment um if you stroll down the street and asked anyone 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 often 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 people wherever they are but also paying statutory authorities and on statutory third parties so with the

world we reside in and well-being being a growing number of crucial to add to type of the level of complexity there’s more and more advantages being organ or being provided by services across the world so again you’re simply wanting to include increasingly more payments to this already complicated landscape so if you type of got any experience well I’m from your huge experience here and I make certain but have you got any experience in kind of real challenges or genuine tough type of pay uses to play to pay individuals I think yeah I imply over the last well yeah a number of years I would definitely say that the larger an organization gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the job there are teams feeding details into the next function as it were that’s actually handling the payment side of things however you know in in my viewpoint and my experience that doesn’t always need to be the case you know long gone are the times where we need to develop additional handoffs while doing sos that we operate in they simply make them more prompt they make them less effective and they do not make them what they require to be in in a period of tech and an era that you understand that we are operating in today there is no reason why we are still making this as challenging as it requires to be agreed and rightly as you said payroll is the single greatest liability that any organization has from an expense viewpoint from an effect point of view on employees it is definitely important that it’s done properly and on time so what we suggest by that is not a day before not a day after on pay day and payments have to be done right it has the biggest harmful result on individuals’s well-being and many other aspects if people aren’t paid uh I have actually always been impressed coming into this Market kind of the last five to ten years is how little thanks the

payroll group get um so I’m not exactly sure anybody on this sort 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 employees or not um however eventually payroll is such a crucial cycle all of us find out about it when it fails everyone jumps up and down when it goes wrong however when it goes right it’s just a tick box workout 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 stuff is definitely essential that all of this stuff is done correctly so leveraging the very first Global Payments very first payroll payment solution is a great primary step um supplying an end-to-end payroll option for your employees worldwide again I think is another big um procedure again aligning and ensuring you have standardization Worldwide procedures all of those things are absolutely crucial to success success of organizations and decreasing the number of tools platforms and checking account they need for their International payroll too could not agree with you more and on the the front in terms of of the thank yous for getting payroll done I have actually never had a hundred countless 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 grievances where things have not gone quite where they’re suggested to be um I don’t think any of us are in fact doing that for for the thanks

anyhow 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 simple as possible for everyone that’s involved in those processes and also so picture sorry I’m just I was simply gon na say imagine the amount of thanks you got if you could cover the amount of people that we cover within this webinar I make certain we’re speaking about numerous thousands potentially Millions think of getting that lots of thank you keeps in mind um I suggest it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be an interesting job attempting to clean up all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to look through them and actually see what was going on and kind of try to return to everybody so carrying on appearance why do business choose to main different savings account there are Papaya Global Automatic Payroll organizations out there doing exactly this for specific nations and I’ve worked in an organization or numerous services doing exactly that I can state it doesn’t constantly feel efficient and it does create more work I know we’re not deliberately doing that we’re not developing extra work for any person 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 believe that we’re doing that in in the in the quantity that we are I think lots of factors one is it’s the requirement I believe people have actually got so used to we require 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 think it’s just been the requirement and the norm individuals have actually embraced and continue to do over years and years gone past to add to that individuals have looked at things like trust accounts and lots of other methods um to to kind of do it so I think there’s a range I believe this is a process that needs taking a look at it requires altering but ultimately individuals are very stuck with what they’re familiar

with best um change is a tough thing we all don’t like modification um so I think it’s just type of moving far from the norm as we have actually said so yeah so it keeps a great deal of track of stuff um I understand undoubtedly the benefits of having maintaining multiple savings account but there’s a big amount of complexity chooses setting up a savings account keeping it ensuring it can send out International transfers guaranteeing it’s established with the best user accesses for specific individuals so the complexity is big however I believe the honest answer is change um people haven’t been able to alter or have not had necessarily the knowledge to actually make that change into alternate Solutions besides opening a savings account I believe you have actually struck the nail on the head I think it is knowledge you understand and there is an aspect of resistance to change however we have actually constantly done it that way is no real excuse for not taking a look at the the advantages and the possibilities of moving on and moving into you understand what could nearly be determined to be the next Century or two there is a lot to keep track of and this technique does position numerous obstacles um so Johnny might you tell us about those challenges yeah of course so there’s a range 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 International workers you are worthy of a corner workplace with a better parking space because I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Automatic Payroll