Papaya Global Payroll Better Business Bureau FAQ – Payroll Management 2024

Over the last 5 or 6 years …Papaya Global Payroll Better Business Bureau… functions on the service provider side and likewise on the supplier side from a payroll perspective so really looking forward to this conversation today um and yeah thank you very much for your time everyone all right thanks Johnny uh we’ll just offer everybody another couple of uh well one of the 30 seconds approximately to join we all work back to back these days so we’ll kind of let them do that so it ‘d be quite fascinating and I can see it going on already simply to hear where everybody is um it’s nice to to type of like see where everyone originates from and I really do hope it’s much sunnier than it remains 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 very gloomy and I want I was elsewhere at this moment in time all right so let’s get started our program for today is as follows um we are going to be looking at the challenge years of handling Worldwide payroll why business maintain separate

Virtual payroll accounts are an option to standard bank accounts for handling payroll payments. This is particularly helpful for global organizations with dispersed and remote labor forces, as it streamlines the complicated process of cross-border payments. Instead of keeping different bank accounts for payroll in various countries, virtual accounts and digital wallets offer a more structured solution. In this webinar, we will explore the benefits of using virtual payroll accounts and go over why they are ending up being a strategic property for payroll executives. We will likewise offer a wrap-up of the main points covered and leave time for a Q&A session at the end.

making payroll payments properly efficiently securely and on time during this webinar we’ll stroll you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll checking 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 tactical asset so payroll can be difficult in adequate in one country however when you’re doing it globally it’s next level and Beyond it ends up being complex for a range of reasons most notably guidelines compliance information security and banking guidelines then there are the sheer numbers they add further intricacy the international Labor force is currently 3 and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and more 1.1 billion individuals that number is currently 500 million just for for a scale then consider that there are some 230 million organizations and growing all doing their own thing all over the world in the standard payroll model there’s often an overwhelming variety of various systems leading to lengthy manual processes and silos the number of Integrations could be non-existent in big quantities and or very very standard there’s no real consistency framework we’re residing in an age of tech but payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper and that just blows my mind each time I I believe

about it to offer you an idea of how far there still is to come according to Deloitte only 11 of organizations say they have Labor force information in real time that’s another number that provides me sleepless nights and rather honestly the more a service invests in worldwide payroll the less of a photo they see an absence of exposure also extends to payroll payments and inability to properly track these payments can lead to compliance accidents in the last mile of the deal almost half of global businesses have expressed that they do not have the level of standardization they need in their processes or desire and as a result eighty percent of errors are because of time reporting bad HCM data data entry errors improperly interacted hires and terminations as well as lack management and system configurations and then when you round it all off and the data is delivered to the incorrect location the typical cost of a global data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money worldwide payroll and payments do not run efficiently if they count on the required multiple processes systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the difficulties company face when they’re making payments to workers or otherwise that’s a good concern I always throw this back and state what is it what does not need to be included 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 nation there’s payment time frames 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 customer’s own in-country account so there’s intricacy any place you look right eventually developing a knowledge base is absolutely crucial but everywhere 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 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 definitely basic and innovation 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 Particulars varying banking requirements and setup procedures is absolutely crucial that payroll and financing groups work closer together than ever um I’m always astonished when people state I’ve divided payroll and payment um if you stroll down the street and asked anybody 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 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 wherever they are but also paying statutory authorities and on statutory third parties so with the

world we live in and wellness being a growing number of crucial to add to sort of the level of intricacy there’s a growing number of advantages being organ or being used by organizations throughout the world so once again you’re simply looking to add more and more payments to this already complicated landscape so if you kind of got any experience well I’m from your large experience here and I make certain however have you got any experience in kind of real difficulties or real tough type of pay uses to play to pay individuals I believe yeah I suggest over the last well yeah a couple of years I would definitely say that the larger a service gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the task there are teams feeding details into the next function as it were that’s really managing the payment side of things but you know in in my viewpoint and my experience that doesn’t necessarily require to be the case you know long gone are the times where we need to create extra handoffs while doing sos that we run in they just make them more timely they make them less efficient and they don’t make them what they need to be in in an era of tech and a period that you know that we are operating in today there is no reason why we are still making this as tough as it requires to be agreed and appropriately as you said payroll is the single most significant liability that any business has from an expense viewpoint from an impact perspective on employees it is absolutely important that it’s done properly and on time so what we mean 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 impact on people’s wellness and lots of other elements if individuals aren’t paid uh I’ve always been surprised coming into this Market kind of the last 5 to 10 years is how little thanks the

payroll group get um so I’m uncertain anybody on this sort of webinar has been told thank you for processing my payroll properly if you have it ‘d be excellent to hear your success story and whether that’s been from all staff members or not um however eventually payroll is such an important cycle we all hear about it when it goes wrong everyone jumps up and down when it fails but when it goes right it’s just a tick box workout and I believe that’s how it’s seen from the external deem well um so yeah it’s also like why WI-Fi Global why all of this stuff is absolutely important that all of this things is done properly so leveraging the very first International Payments first payroll payment service is a terrific primary step um supplying an end-to-end payroll option for your staff members internationally again I think is another substantial um procedure again aligning and ensuring you have standardization International procedures all of those things are absolutely key to success success of services and reducing the number of tools platforms and savings account they need for their International 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 had a hundred thousand of them within a payroll cycle don’t anticipate to you do get the odd 5 or 10 or whatever it might be with the with the the grievances where things have not gone rather where they’re implied 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 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 everybody that’s associated with those processes and likewise so imagine sorry I’m simply I was just gon na say picture the quantity of thanks you got if you could cover the amount of individuals that we cover within this webinar I make certain we’re talking about 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 definitely be an interesting task trying to clean up all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to check out them and really see what was going on and kind of try to return to everyone so proceeding appearance why do business select to primary separate checking account there are Papaya Global Payroll Better Business Bureau organizations out there doing precisely this for particular nations and I’ve operated in a service or numerous businesses doing precisely that I can say it does not constantly feel efficient and it does create more work I understand we’re not deliberately doing that we’re not creating extra work for any person where we do not need to and anybody that’s managing 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 believe numerous factors one is it’s the requirement I believe people have got so used to we need a brand-new bank account we open an entity and rightly so you require it for payroll purposes however there are a number of markets where it’s not a requirement so I believe it’s simply been the standard and the norm the people have actually adopted and continue to do over years and years gone past to add to that people have looked at things like trust accounts and lots of other ways um to to kind of do it so I believe there’s a variety I think this is a process that requires taking a look at it requires altering but ultimately people are extremely stuck with what they recognize

with right um modification is a challenging thing all of us do not like change um so I believe it’s simply kind of moving far from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I understand clearly the advantages of having keeping several bank accounts but there’s a substantial quantity of intricacy chooses establishing a bank account keeping it ensuring it can send out International transfers ensuring it’s set up with the ideal user accesses for individual people so the intricacy is big however I think the sincere response is change um people haven’t been able to change or haven’t had necessarily the knowledge to truly make that change into alternate Solutions besides opening a bank account I think you have actually struck the nail on the head I believe it is understanding you know and there is an element of resistance to alter however we have actually constantly done it that way is no genuine reason for not looking at the the advantages and the possibilities of moving on and moving into you understand what might almost be identified to be the next Century approximately there is a lot to keep track of and this method does position numerous obstacles um so Johnny could you tell us about those obstacles yeah obviously so there’s a variety right there is so

I simply 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 Worldwide staff members you are worthy of a corner office with a more detailed parking space because I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Payroll Better Business Bureau