Papaya Global Offer FAQ – Payroll Management 2024

Over the last 5 or 6 years …Papaya Global Offer… roles on the service provider side and likewise on the supplier side from a payroll point of view so really anticipating this discussion today um and yeah thank you quite for your time everyone okay thanks Johnny uh we’ll just provide everybody another couple of uh well one of the 30 seconds or two to join we all work back to back nowadays so we’ll kind of let them do that so it ‘d be quite fascinating and I can see it going on already just to hear where everybody 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 remains in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s very very bleak and I wish I was somewhere else at this moment in time alright so let’s start our program for today is as follows um we are going to be looking at the challenge years of handling Global payroll why business keep separate

bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts simplifying papaya Worldwide payroll payments as a strategic asset uh we’ll also discuss a wrap-up which needs to leave his time at the very really end for a q a session so as the title of the webinar suggests payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces end up being a growing number of typical and managing them ends up being more and more intricate Worldwide companies are seeking to discover Solutions and new ways to streamline procedures especially from a payroll and cross-border payment viewpoint numerous companies preserve different bank account just for payroll while some have several accounts in various nations does it make sense for companies to maintain different savings account sometimes in various nations it does however just for payroll is there a much better method what function do virtual accounts and digital wallets also known as virtual wallets play in assisting international companies improve the episode complex procedures of

Making sure precise, effective, and prompt payroll payments is a complex difficulty for businesses operating internationally. Join us for a webinar to check out the benefits and downsides of payroll wallets versus payroll checking account, find out how companies anticipate payroll expenses to enhance working capital, and discover how enhancing international payroll payments can transform them from a challenging job into a strategic possession.

Managing payroll worldwide is an overwhelming task due to numerous policies, compliance requirements, data security concerns, and banking guidelines. The sheer number of employees and businesses adds to the complexity, with an estimated 3.5 billion people in the international labor force, 500 countless whom are in Africa, and 230 million organizations worldwide.

Standard payroll systems often result in manual processes, information silos, and an absence of combination, resulting in inconsistencies and ineffectiveness. In spite of living in an age of technological advancements, payroll management has actually been sluggish to adjust, with as much as 25% of payroll still processed manually, frequently utilizing pen and paper. This webinar goals to offer insights and solutions to simplify and optimize worldwide payroll payments.

about it to give you an idea of how far there still is to come according to Deloitte only 11 of services state they have Labor force data in real time that’s another number that provides me sleepless nights and quite frankly the more a company invests in global payroll the less of a picture they see an absence of visibility also reaches payroll payments and inability to accurately track these payments can lead to compliance accidents in the last mile of the deal almost half of worldwide businesses have revealed that they do not have the level of standardization they require in their procedures or desire and as a result eighty percent of errors are due to time reporting bad HCM information information entry errors improperly communicated hires and terminations as well as absence management and system configurations and then when you round everything off and the information is delivered to the incorrect location the typical cost 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 cash around the world payroll and payments do not run efficiently if they depend on the essential several processes systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the obstacles organization face when they’re paying to employees or otherwise that’s an excellent question I always toss this back and say what is it what doesn’t require to be included right and what does

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 country there’s payment timespan there’s payment capabilities 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 best eventually building a knowledge base is definitely crucial however everywhere you look with payroll payment they are like extremely payments no if however some babies about it you are all superheroes processing payments for payroll if you take a look at the sort of link in between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are absolutely essential and technology is allowing us to sort of move forward with that it likewise too to add to that payroll and finance need to work closer together um with varying Checking account Details differing banking requirements and setup procedures is definitely important that payroll and financing groups work better together than ever um I’m always surprised when individuals say I have actually split payroll and payment um if you walk down the street and asked anyone what is payroll who does not 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 frequently split and cut up um ultimately it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying people wherever they are however likewise paying statutory authorities and on statutory 3rd parties so with the

The modern-day world puts a high worth on well-being and the payment landscape is becoming increasingly intricate. Businesses are continually introducing new benefits and payment alternatives, which adds to the general complexity. Large corporations typically divide their payroll and payment processing into separate groups, which can lead to ineffectiveness and traffic jams. In my viewpoint, this does not have to hold true. In today’s highly advanced period, there’s no reason for maintaining troublesome procedures. Payroll, the company’s most significant expense, should be processed properly and on time. Even slight hold-ups can negatively impact staff members’ wellness and have significant consequences. Therefore, it’s critical to prioritize precise and prompt payments.

The payroll group may not have been thanked for properly processing payroll throughout a webinar. If anyone has been thanked, it would be fantastic to hear their success story, whether it’s from all staff members or not. Payroll is an important cycle, and individuals just notice when things go wrong. Nevertheless, when things go right, it’s viewed as simply a regular job. This is how it’s perceived externally also. For that reason, it is vital to ensure that jobs like Wi-Fi Global and other important matters are done properly. Utilizing the first Worldwide Payments very first payroll payment option is an excellent preliminary step towards supplying a detailed payroll option for workers worldwide. Standardization, worldwide processes, and lowering the number of tools, platforms, and checking account required for worldwide payroll are essential factors in achieving organization 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.

anyway we know how how crucial a function 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 easy as possible for everyone that’s associated with those processes and also so picture sorry I’m simply I was just gon na say imagine the amount of thanks you got if you might cover the amount of people that we cover within this webinar I make sure we’re talking about numerous thousands potentially Millions picture getting that lots of thank you notes um I imply it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be a fascinating job attempting to clean up all those up for sure oh absolutely I can’t imagine 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 really see what was going on and kind of shot to get back to everyone so moving on look why do business select to main separate bank accounts there are Papaya Global Offer organizations out there doing exactly this for specific countries and I’ve operated in a service or lots of services doing exactly that I can say it does not always feel efficient and it does create more work I know we’re not deliberately doing that we’re not creating additional work for anybody where we don’t 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 believe lots of factors one is it’s the standard I believe individuals have got so used to we need a brand-new savings account we open an entity and rightly so you require it for payroll functions however there are a number of markets where it’s not a requirement so I think it’s simply been the requirement and the norm individuals have embraced and continue to do over years and years gone past to contribute to that people have looked at things like trust accounts and many other ways um to to kind of do it so I believe there’s a range I think this is a process that requires taking a look at it requires changing however ultimately individuals are very stuck to what they’re familiar

with right um modification is a difficult thing all of us don’t like change um so I believe it’s simply sort of moving away from the standard as we’ve said so yeah so it keeps a lot of track of things um I comprehend obviously the advantages of having keeping multiple savings account but there’s a big quantity of intricacy goes with setting up a checking account preserving it guaranteeing it can send International transfers guaranteeing it’s established with the best user accesses for private people so the complexity is substantial but I believe the truthful answer is modification um individuals have not been able to alter or haven’t had necessarily the knowledge to truly make that change into alternate Solutions aside from opening a savings account I believe you have actually hit the nail on the head I believe it is understanding you know and there is a component of resistance to change however we’ve constantly done it that way is no real reason for not looking at the the advantages and the possibilities of moving on and moving into you know what could practically be figured out to be the next Century or two there is a lot to track and this method does position numerous challenges um so Johnny could you tell us about those difficulties yeah obviously 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 manage our payroll and payment tasks on one platform. It feels like our CFO has gained another CFO, and with this boosted ability, I have successfully secured payments for our 10,000 workers worldwide. Your devotion to mastering international payroll and payments using Papaya payroll OS is commendable. You deserve a corner workplace with a parking space that is closer, considering your accomplishments. Papaya Global Offer