Papaya Global Shuts Down After Creating Reports FAQ – Payroll Management 2024

Over the last 5 or 6 years …Papaya Global Shuts Down After Creating Reports… roles on the company side and likewise on the vendor side from a payroll viewpoint so really eagerly anticipating this discussion today um and yeah thank you quite for your time everybody all right thanks Johnny uh we’ll simply provide everybody another number of uh well among the 30 seconds or so to join all of us 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 currently just to hear where everybody is um it’s nice to to kind of like see where everybody originates from and I truly 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 extremely extremely dreary and I wish I was elsewhere at this moment in time okay so let’s start 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 business maintain different

Virtual payroll accounts are an alternative to conventional checking account for managing payroll payments. This is particularly helpful for international organizations with dispersed and remote labor forces, as it simplifies the intricate procedure of cross-border payments. Instead of preserving separate bank accounts for payroll in various countries, virtual accounts and digital wallets use a more streamlined solution. In this webinar, we will explore the advantages of using virtual payroll accounts and go over why they are ending up being a tactical possession for payroll executives. We will likewise provide a recap of the bottom lines covered and leave time for a Q&A session at the end.

making payroll payments precisely effectively securely and on time throughout this webinar we’ll walk you through the international pros and cons of a payroll wallet versus a payroll checking account how business properly anticipate their payroll expenses to increase working capital and how simplifying International payroll payments can turn them from a siled pane into a tactical asset so payroll can be hard in enough in one nation however when you’re doing it globally it’s next level and Beyond it ends up being complicated for a range of factors most importantly regulations compliance data security and banking rules then there are the sheer numbers they include further complexity the international Workforce is currently 3 and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and further 1.1 billion individuals that number is currently 500 million just for for a scale then factor in that there are some 230 million services and growing all doing their own thing around the world in the standard payroll design there’s typically an overwhelming variety of various systems leading to lengthy manual procedures and silos the variety of Combinations could be non-existent in big quantities and or really very fundamental there’s no real consistency framework we’re living in a period of tech however payroll has actually been slow to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper which just blows my mind every time I I think

about it to give you an idea of how far there still is to come according to Deloitte only 11 of services say they have Labor force information in real time that’s another number that provides me sleepless nights and quite honestly the more an organization spends on worldwide payroll the less of an image they see a lack of exposure likewise encompasses payroll payments and failure to properly track these payments can result in compliance accidents in the last mile of the transaction nearly half of worldwide organizations 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 due to time reporting bad HCM information information entry errors improperly interacted hires and terminations in addition to absence management and system setups and then when you round it all off and the data is shipped to the wrong location the typical expense of a worldwide data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money all over the world payroll and payments do not run smoothly if they depend on the essential several procedures 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 difficulties business face when they’re making payments to employees or otherwise that’s a great question I always throw this back and say what is it what does not require to be consisted of best and what does

it require to be considered there’s varying 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 have to pay from an in-country account do you need to pay from the client’s own in-country account so there’s intricacy anywhere you look ideal ultimately developing a knowledge base is absolutely vital however 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 kind 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 basic and innovation is enabling us to sort of move forward with that it also too to add to that payroll and finance require to work closer together um with differing Bank Account Particulars differing banking requirements and setup procedures is absolutely necessary that payroll and finance groups work more detailed together than ever um I’m always astonished when people say I’ve divided payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t work in the payroll profession 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 typically 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 anywhere they are however also paying statutory authorities and on statutory third parties so with the

world we reside in and wellness being a growing number of important to add to sort of the level of complexity there’s increasingly more advantages being organ or being provided by organizations throughout the world so once again you’re simply seeking to include increasingly more payments to this currently complex landscape so if you sort of got any experience well I’m from your large experience here and I make sure but have you got any experience in kind of real challenges or real difficult sort of pay utilizes to play to pay individuals I think yeah I mean over the last well yeah a number of decades I would certainly say that the larger an organization gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the task there are teams feeding info into the next function as it were that’s really handling the payment side of things but you understand in in my opinion and my experience that doesn’t always require to be the case you understand long gone are the times where we need to create extra handoffs at the same times that we run in they simply make them more prompt they make them less effective and they don’t make them what they need to be in in an age of tech and an era that you know that we are operating in today there is no reason we are still making this as challenging as it requires to be concurred and rightly as you said payroll is the single greatest liability that any service has from a cost viewpoint from an impact viewpoint on staff members it is definitely crucial that it’s done correctly 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 biggest detrimental effect on individuals’s well-being and many other factors if individuals aren’t paid uh I have actually constantly been impressed coming into this Market kind of the last five to 10 years is how little thanks the

The payroll team might not have actually been thanked for correctly processing payroll throughout a webinar. If anybody has actually been thanked, it would be terrific to hear their success story, whether it’s from all employees or not. Payroll is a crucial cycle, and individuals just discover when things go wrong. However, when things go right, it’s seen as simply a regular task. This is how it’s viewed externally too. Therefore, it is vital to ensure that tasks like Wi-Fi Global and other vital matters are done correctly. Utilizing the very first Worldwide Payments first payroll payment option is an excellent preliminary step towards offering an extensive payroll option for staff members worldwide. Standardization, global processes, and reducing the number of tools, platforms, and bank accounts needed for international payroll are key consider achieving service success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do periodically get a few complaints when things don’t go as prepared. Ultimately, we do not do it for the gratitude.

anyhow we know how how important 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 easy as possible for everyone that’s involved in those processes and likewise so picture sorry I’m just I was just gon na state think of the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I’m sure we’re speaking about hundreds of thousands potentially Millions imagine getting that lots of thank you notes um I suggest 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 absolutely I can’t picture 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 in fact see what was going on and sort of shot to get back to everyone so carrying on look why do business choose to primary separate bank accounts there are Papaya Global Shuts Down After Creating Reports services out there doing precisely this for specific nations and I’ve worked in a business or lots of services doing precisely that I can state it does not always feel effective and it does create more work I know we’re not intentionally doing that we’re not producing additional work for anybody where we do not have to and anybody that’s handling that process I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the amount that we are I believe many factors one is it’s the requirement I think individuals have actually got so used to we require a new checking account we open an entity and appropriately so you need it for payroll functions however there are a variety of markets where it’s not a requirement so I think it’s simply been the requirement and the norm the people have actually adopted and continue to do over years and years passed by to contribute to that individuals have 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 believe this is a process that needs looking at it needs altering but ultimately individuals are really stuck with what they’re familiar

with right um change is a challenging thing we all don’t like modification um so I believe it’s simply kind 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 comprehend clearly the advantages of having maintaining multiple bank accounts however there’s a big quantity of intricacy opts for establishing a savings account maintaining it ensuring it can send International transfers ensuring it’s established with the right user accesses for specific individuals so the complexity is huge but I believe the honest response is change um individuals have not been able to alter or have not had always the knowledge to actually make that change into alternate Solutions other than opening a bank account I believe you’ve hit the nail on the head I think it is understanding you understand and there is an aspect of resistance to alter however we have actually always done it that way is no genuine excuse for not looking at the the advantages and the possibilities of proceeding and moving into you understand what could nearly be identified to be the next Century or two there is a lot to track and this technique does pose several difficulties um so Johnny might you tell us about those obstacles yeah obviously so there’s a range right there is so

I simply did you switched our Enterprise to OS so now we can do our payroll and payments operation on a single platform yes it resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global workers you should have a corner workplace with a closer parking space since I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Shuts Down After Creating Reports