Papaya Global Rollover FAQ – Payroll Management 2024

Over the last five or six years …Papaya Global Rollover… functions on the provider side and also on the supplier side from a payroll viewpoint so truly anticipating this discussion today um and yeah thank you very much for your time everyone fine thanks Johnny uh we’ll just provide everybody another number of uh well among the 30 seconds or so to join we all work back to back these days so we’ll type of let them do that so it ‘d be rather interesting and I can see it going on already just to hear where everyone 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 certainly not the peak of the sunshine is it it’s not no it’s it’s raining here it’s really extremely dreary and I want I was somewhere else at this moment in time all right so let’s start our agenda for today is as follows um we are going to be taking a look at the difficulty years of handling Global payroll why business maintain different

bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts improving papaya International 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 recommends payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and International workforces become a growing number of typical and handling them ends up being increasingly more intricate Global companies are aiming to discover Solutions and new methods to enhance procedures particularly from a payroll and cross-border payment viewpoint numerous companies preserve separate bank account just for payroll while some have multiple accounts in different countries does it make good sense for companies to keep separate savings account sometimes in various countries it does but just for payroll exists a better way what role do virtual accounts and digital wallets likewise called virtual wallets play in helping international companies enhance the episode complex procedures of

Making sure accurate, effective, and prompt payroll payments is a complex obstacle for businesses operating globally. Join us for a webinar to check out the advantages and drawbacks of payroll wallets versus payroll checking account, learn how companies anticipate payroll costs to enhance working capital, and find how improving global payroll payments can transform them from a burdensome task into a strategic asset.

Managing payroll globally is a difficult job due to different policies, compliance requirements, information security issues, and banking rules. The large variety of staff members and organizations contributes to the intricacy, with an estimated 3.5 billion individuals in the international labor force, 500 million of whom remain in Africa, and 230 million businesses worldwide.

Standard payroll systems frequently lead to manual procedures, data silos, and a lack of integration, resulting in disparities and inefficiencies. In spite of residing in a period of technological improvements, payroll management has actually been sluggish to adjust, with as much as 25% of payroll still processed manually, typically utilizing pen and paper. This webinar objectives to offer insights and solutions to simplify and optimize worldwide payroll payments.

about it to offer you a concept of how far there still is to come according to Deloitte just 11 of businesses say they have Labor force information in real time that’s another number that offers me sleep deprived nights and quite frankly the more an organization spends on international payroll the less of a photo they see a lack of exposure likewise encompasses payroll payments and failure to accurately track these payments can result in compliance incidents in the last mile of the deal nearly half of international services have expressed that they do not have the level of standardization they require in their processes or desire and as a result eighty percent of mistakes are due to time reporting poor HCM data data entry errors inadequately communicated hires and terminations in addition to lack management and system configurations and after that when you round everything off and the data is delivered to the incorrect location the average expense of a global information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money worldwide payroll and payments do not run smoothly if they count on the required multiple procedures systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the difficulties service face when they’re paying to workers or otherwise that’s an excellent concern I constantly toss this back and say what is it what doesn’t require to be included best and what does

it require to be considered there’s differing Bank details so the length of an eye band a swift an account number routing code per nation 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 right ultimately building a knowledge base is absolutely crucial but all over you look with payroll payment they are like very payments no if however some children about it you are all superheroes processing payments for payroll if you take a look at the type 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 move on with that it also also to add to that payroll and finance require to work closer together um with differing Checking account Details varying banking requirements and setup processes is definitely necessary that payroll and financing teams work more detailed together than ever um I’m always astonished when people state I’ve split payroll and payment um if you stroll down the street and asked anybody what is payroll who does not operate in the payroll profession would they divide the payroll payment from computation I would say no so why do we as a market accept that why our payroll and payments so frequently split and cut up um eventually it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying individuals any place they are but likewise paying statutory authorities and on statutory third parties so with the

world we live in and wellness being a growing number of essential to add to type of the level of complexity there’s increasingly more advantages being organ or being used by companies across the world so once again you’re just seeking to add more and more payments to this already complicated landscape so if you kind of got any experience well I’m from your huge experience here and I make sure however have you got any experience in kind of real challenges or genuine challenging type of pay utilizes to play to pay individuals I believe yeah I imply over the last well yeah a couple of years I would certainly say that the larger a business gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the job there are groups feeding information into the next function as it were that’s really handling the payment side of things but you know in in my viewpoint and my experience that does not always need to be the case you understand long gone are the times where we require to produce additional handoffs at the same times that we operate in they simply make them more timely they make them less efficient and they don’t make them what they need to be in in an age of tech and a period that you understand that we are operating in today there is no reason why we are still making this as hard as it needs to be agreed and rightly as you said payroll is the single biggest liability that any business has from a cost perspective from an impact viewpoint on employees it is absolutely crucial that it’s done properly and on time so what we imply by that is not a day before not a day after on pay day and payments have to be done right it has the greatest destructive impact on people’s wellness and many other factors if people aren’t paid uh I’ve always been amazed entering this Market type of the last 5 to ten years is how little thanks the

The payroll group may not have actually been thanked for properly processing payroll throughout a webinar. If anybody has been thanked, it would be great to hear their success story, whether it’s from all employees or not. Payroll is an important cycle, and individuals only discover when things fail. Nevertheless, when things go right, it’s viewed as just a regular task. This is how it’s perceived externally too. For that reason, it is necessary to guarantee that tasks like Wi-Fi Worldwide and other essential matters are done properly. Using the first International Payments very first payroll payment service is an excellent preliminary action towards supplying an extensive payroll service for staff members worldwide. Standardization, global processes, and reducing the number of tools, platforms, and checking account necessary for global payroll are crucial factors in attaining company success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do periodically get a couple of problems when things do not go as planned. Ultimately, we don’t do it for the thankfulness.

anyway 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 procedures and likewise so envision sorry I’m simply I was just gon na state envision the quantity of thanks you got if you might cover the quantity of people that we cover within this webinar I make certain we’re talking about hundreds of thousands potentially Millions think of getting that numerous thank you keeps in mind um I indicate it ‘d be interesting to see the number of Post-it notes you got but it would definitely be an intriguing task trying to clean all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to browse them and really see what was going on and type of try to return to everybody so carrying on appearance why do business choose to primary different bank accounts there are Papaya Global Rollover businesses out there doing precisely this for particular nations and I have actually operated in an organization or many businesses doing precisely that I can state it doesn’t constantly feel efficient and it does produce more work I understand we’re not intentionally doing that we’re not developing additional work for anybody where we don’t need to and anyone 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 amount that we are I believe lots of factors one is it’s the requirement I think people have got so utilized to we require a brand-new savings account we open an entity and appropriately 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 requirement and the standard the people have actually embraced and continue to do over years and years passed by to contribute to that people have looked at things like trust accounts and lots of other methods um to to type of do it so I think there’s a variety I believe this is a process that requires looking at it needs changing but eventually individuals are really stuck to what they’re familiar

with right um modification is a tough thing we all don’t like change um so I think it’s simply type of moving far from the standard as we’ve said so yeah so it keeps a lot of track of things um I comprehend certainly the benefits of having maintaining multiple savings account however there’s a huge quantity of complexity chooses setting up a bank account maintaining it ensuring it can send International transfers ensuring it’s set up with the ideal user accesses for specific individuals so the complexity is big but I believe the truthful response is change um people have not been able to change or haven’t had always the knowledge to actually make that change into alternate Solutions other than opening a checking account I think you’ve hit the nail on the head I believe it is understanding you understand and there is a component of resistance to change however we have actually always done it that way is no real excuse for not taking a look at the the advantages and the possibilities of carrying on and moving into you understand what could almost be determined to be the next Century or so there is a lot to keep an eye on and this technique does pose several challenges um so Johnny might you inform us about those difficulties yeah naturally so there’s a range right there is so

I just did you changed our Business 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 since I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Rollover