Papaya Global Dates FAQ – Payroll Management 2024

Over the last five or 6 years …Papaya Global Dates… functions on the company side and likewise on the vendor side from a payroll viewpoint so really anticipating this discussion today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll just offer everybody another couple of uh well one of the 30 seconds or two to join all of us work back to back these days so we’ll sort of let them do that so it ‘d be quite intriguing and I can see it going on already just to hear where everyone is um it’s nice to to sort of like see where everybody comes from and I truly do hope it’s much sunnier than it is 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 uninspiring and I want 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 challenge years of managing International payroll why business keep separate

Virtual payroll accounts are an option to conventional checking account for handling payroll payments. This is especially useful for international companies with dispersed and remote workforces, as it streamlines the complex procedure of cross-border payments. Instead of keeping different checking account for payroll in various countries, virtual accounts and digital wallets offer a more streamlined service. In this webinar, we will check out the advantages of using virtual payroll accounts and talk about why they are becoming a tactical possession for payroll executives. We will also provide a recap of the main points covered and leave time for a Q&A session at the end.

Ensuring accurate, efficient, and prompt payroll payments is a complex obstacle for organizations operating globally. Join us for a webinar to explore the advantages and drawbacks of payroll wallets versus payroll bank accounts, discover how companies anticipate payroll expenses to enhance working capital, and discover how simplifying worldwide payroll payments can transform them from a difficult task into a tactical property.

Handling payroll globally is a complicated job due to various regulations, compliance requirements, information security concerns, and banking rules. The sheer variety of staff members and companies contributes to the intricacy, with an estimated 3.5 billion people in the international workforce, 500 million of whom remain in Africa, and 230 million services worldwide.

Standard payroll systems typically lead to manual procedures, data silos, and a lack of combination, causing inconsistencies and inefficiencies. Regardless of living in an era of technological developments, payroll management has actually been sluggish to adjust, with as much as 25% of payroll still processed by hand, frequently using pen and paper. This webinar aims to offer insights and solutions to simplify and optimize global payroll payments.

about it to provide you a concept 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 gives me sleepless nights and quite frankly the more a business spends on global payroll the less of a picture they see a lack of presence likewise extends to payroll payments and failure to accurately track these payments can lead to compliance incidents in the last mile of the transaction nearly half of worldwide services have actually revealed that they do not have the level of standardization they require in their processes or want and as a result eighty percent of errors are because of time reporting bad HCM data information entry mistakes badly communicated hires and terminations in addition to 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 a worldwide information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money around the world payroll and payments don’t run efficiently if they depend on the essential numerous processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the obstacles business face when they’re paying to staff members or otherwise that’s a good question I always toss this back and say what is it what doesn’t need to be consisted of right and what does

it require to be thought of there’s differing 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 client’s own in-country account so there’s complexity any place you look ideal eventually developing a knowledge base is absolutely crucial but everywhere you look with payroll payment they are like very payments no if but some children about it you are all superheroes processing payments for payroll if you take a look at the type of link between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are definitely basic and innovation is enabling us to type of move on with that it also also to contribute to that payroll and financing require to work closer together um with differing Savings account Details varying banking requirements and setup processes is definitely imperative that payroll and financing teams work better together than ever um I’m always impressed when individuals say I’ve divided payroll and payment um if you stroll down the street and asked anyone what is payroll who does not work in the payroll occupation would they split 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 ultimately it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying people any place they are but likewise paying statutory authorities and on statutory 3rd parties so with the

world we live in and well-being being increasingly more essential to add to sort of the level of complexity there’s a growing number of advantages being organ or being used by organizations throughout the world so again you’re just aiming to include increasingly more payments to this already complex landscape so if you kind of got any experience well I’m from your large experience here and I’m sure but have you got any experience in kind of genuine challenges or genuine challenging sort of pay utilizes to play to pay people I think yeah I suggest over the last well yeah a number of decades I would definitely say 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 job there are groups feeding details into the next function as it were that’s really managing the payment side of things however you know in in my opinion and my experience that does not necessarily require to be the case you understand long gone are the times where we need to produce extra handoffs while doing sos that we run in they simply make them more prompt they make them less efficient and they don’t make them what they require to be in in an age of tech and an age that you understand that we are operating in today there is no reason we are still making this as hard as it needs to be agreed and rightly as you stated payroll is the single greatest liability that any business has from a cost point of view from an impact point of view on employees it is definitely important that it’s done correctly and on time so what we suggest by that is not a day before not a day after on pay day and payments need to be done right it has the most significant harmful effect on individuals’s well-being and lots of other elements if individuals aren’t paid uh I’ve constantly been astonished entering this Market sort of the last five to 10 years is how little thanks the

The payroll team may not have been thanked for properly processing payroll during a webinar. If anybody has actually been thanked, it would be fantastic to hear their success story, whether it’s from all workers or not. Payroll is an essential cycle, and individuals just notice when things fail. Nevertheless, when things go right, it’s seen as just a regular job. This is how it’s viewed externally also. Therefore, it is important to make sure that jobs like Wi-Fi International and other vital matters are done correctly. Using the first International Payments very first payroll payment solution is an excellent preliminary step towards supplying a thorough payroll option for staff members worldwide. Standardization, international procedures, and reducing the variety of tools, platforms, and bank accounts essential for global payroll are crucial consider accomplishing service success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do periodically receive a few complaints when things don’t go as prepared. Ultimately, we don’t do it for the appreciation.

anyhow we understand how how essential 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 imagine sorry I’m simply I was simply gon na state picture the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I make certain we’re talking about hundreds of thousands possibly Millions imagine getting that many thank you keeps in mind um I mean it ‘d be interesting to see the number of Post-it notes you got but it would absolutely be an interesting job trying to clean up all those up for sure oh definitely 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 really see what was going on and kind of try to return to everyone so moving on look why do business pick to main different savings account there are Papaya Global Dates companies out there doing exactly this for particular nations and I’ve worked in a company or lots of companies doing exactly that I can say it doesn’t constantly feel effective and it does produce more work I know we’re not purposely doing that we’re not creating additional work for anybody where we do not need to and anyone that’s dealing with that procedure 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 many reasons one is it’s the standard I think individuals have actually got so used to we need a new checking account we open an entity and appropriately so you need it for payroll functions however there are a number of markets where it’s not a requirement so I think it’s just been the requirement and the norm the people have actually 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 lots of other methods um to to kind of do it so I believe there’s a variety I think this is a procedure that requires looking at it needs altering but ultimately people are really stuck to what they recognize

with right um modification is a challenging thing we all do not like change um so I believe it’s simply sort of moving far from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend undoubtedly the advantages of having keeping several checking account however there’s a big quantity of intricacy chooses setting up a checking account maintaining it guaranteeing it can send out International transfers guaranteeing it’s established with the ideal user accesses for specific people so the intricacy is substantial but I think the sincere response is change um individuals haven’t been able to alter or haven’t had necessarily the understanding to actually make that change into alternate Solutions aside from opening a checking account I think you have actually hit the nail on the head I think it is knowledge you know and there is an aspect 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 carrying on and moving into you understand what might nearly be identified to be the next Century or two there is a lot to keep track of and this technique does pose a number of obstacles um so Johnny could you inform us about those difficulties yeah naturally so there’s a variety right there is so

I just recently made a change to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It feels like our CFO has gained another CFO, and with this improved capability, I have actually effectively secured payments for our 10,000 employees worldwide. Your dedication to mastering international payroll and payments utilizing Papaya payroll OS is commendable. You deserve a corner workplace with a parking space that is closer, considering your accomplishments. Papaya Global Dates