Papaya Global Update V27 FAQ – Payroll Management 2024

Over the last 5 or 6 years …Papaya Global Update V27… functions on the supplier side and also on the vendor side from a payroll point of view so truly eagerly anticipating this discussion today um and yeah thank you quite for your time everybody alright thanks Johnny uh we’ll simply offer everyone another couple of uh well among the 30 seconds or so to join all of us 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 everyone is um it’s nice to to kind of like see where everybody originates from and I really do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s very very gloomy and I want I was somewhere else at this moment in time fine so let’s begin our agenda for today is as follows um we are going to be taking a look at the challenge years of handling International payroll why business preserve separate

Virtual payroll accounts are an alternative to standard bank accounts for managing payroll payments. This is particularly beneficial for global organizations with dispersed and remote workforces, as it streamlines the intricate process of cross-border payments. Instead of maintaining different savings account for payroll in various nations, virtual accounts and digital wallets use a more streamlined option. In this webinar, we will check out the advantages of using virtual payroll accounts and talk about why they are ending up being a tactical property for payroll executives. We will likewise supply a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.

Guaranteeing precise, effective, and timely payroll payments is a complex obstacle for organizations running worldwide. Join us for a webinar to check out the advantages and disadvantages of payroll wallets versus payroll savings account, learn how business forecast payroll costs to enhance working capital, and discover how streamlining global payroll payments can transform them from a challenging task into a tactical possession.

Managing payroll globally is a difficult task due to numerous guidelines, compliance requirements, information security concerns, and banking guidelines. The sheer variety of workers and services adds to the complexity, with an approximated 3.5 billion people in the international labor force, 500 countless whom are in Africa, and 230 million companies worldwide.

Traditional payroll systems frequently result in manual processes, data silos, and an absence of combination, leading to disparities and inadequacies. In spite of residing in an era of technological advancements, payroll management has been slow to adjust, with as much as 25% of payroll still processed manually, typically using pen and paper. This webinar goals to provide insights and services to streamline and optimize international payroll payments.

about it to offer you a concept of how far there still is to come according to Deloitte only 11 of businesses say they have Workforce information in real time that’s another number that provides me sleep deprived nights and quite frankly the more a business spends on international payroll the less of a photo they see a lack of presence likewise encompasses payroll payments and failure to properly track these payments can lead to compliance accidents in the last mile of the transaction almost half of global organizations 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 bad HCM information data entry mistakes badly interacted hires and terminations along with lack management and system configurations and then when you round all of it off and the data is shipped to the incorrect location the average expense of a global data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money all over the world payroll and payments don’t run smoothly if they count on the needed multiple processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the challenges business face when they’re paying to workers or otherwise that’s an excellent question I constantly toss this back and say what is it what doesn’t need to be included right and what does

it need to be thought about there’s differing Bank information 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 need to pay from the client’s own in-country account so there’s intricacy wherever you look ideal eventually constructing a knowledge base is definitely vital however everywhere you look with payroll payment they are like super payments no if however some infants about it you are all superheroes processing payments for payroll if you look at the type of link between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are definitely essential and technology is allowing us to sort of move on with that it likewise as well to contribute to that payroll and financing need to work closer together um with varying Checking account Particulars differing banking requirements and setup procedures is definitely important that payroll and finance groups work more detailed together than ever um I’m constantly impressed when people state I’ve split payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t 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 typically 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 anywhere they are but likewise paying statutory authorities and on statutory 3rd parties so with the

world we live in and wellness being a growing number of essential to contribute to type of the level of intricacy there’s more and more benefits being organ or being offered by organizations throughout the world so once again you’re simply aiming to include increasingly more payments to this already intricate landscape so if you sort of got any experience well I’m from your large experience here and I’m sure however have you got any experience in kind of real obstacles or genuine difficult sort of pay utilizes to play to pay individuals I believe yeah I mean over the last well yeah a number of decades I would definitely say that the bigger a company 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 groups feeding info into the next function as it were that’s really handling the payment side of things however you understand in in my viewpoint and my experience that does not necessarily require to be the case you understand long gone are the times where we need to develop extra handoffs at the same times that we operate in they just make them more timely they make them less efficient and they do not make them what they need to be in in an age of tech and an era that you understand that we are working in today there is no reason we are still making this as difficult as it needs to be concurred and appropriately as you said payroll is the single biggest liability that any business has from an expense point of view from an impact point of view on workers it is absolutely crucial that it’s done correctly and on time so what we indicate 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 destructive effect on people’s well-being and numerous other factors if individuals aren’t paid uh I’ve always been surprised entering into this Market sort of the last 5 to 10 years is how little thanks the

The payroll team might not have actually been thanked for properly processing payroll throughout a webinar. If anybody has actually been thanked, it would be excellent to hear their success story, whether it’s from all employees or not. Payroll is an important cycle, and people just observe when things fail. However, when things go right, it’s seen as just a regular job. This is how it’s viewed externally also. For that reason, it is important to ensure that tasks like Wi-Fi Worldwide and other crucial matters are done correctly. Utilizing the very first Global Payments very first payroll payment service is an excellent preliminary step towards offering an extensive payroll option for workers worldwide. Standardization, international processes, and minimizing the number of tools, platforms, and bank accounts required for international payroll are key factors in accomplishing company success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes receive a few problems when things do not go as planned. Eventually, we do not do it for the appreciation.

anyway we know how how essential 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 everybody that’s involved in those procedures and likewise so imagine sorry I’m just I was simply gon na state envision the amount of thanks you got if you might cover the amount of individuals that we cover within this webinar I make certain we’re speaking about hundreds of thousands potentially Millions think of getting that lots of thank you notes um I imply it ‘d be interesting to see the number of Post-it notes you got but it would certainly be an interesting task attempting to clean all those up for sure oh absolutely I can’t imagine 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 actually see what was going on and kind of try to return to everybody so proceeding look why do business pick to primary different checking account there are Papaya Global Update V27 companies out there doing exactly this for specific countries and I have actually worked in a business or lots of organizations doing exactly that I can state it does not always feel efficient and it does develop more work I understand we’re not purposely doing that we’re not creating extra work for anybody where we do not need to and any person that’s managing 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 quantity that we are I think lots of factors one is it’s the standard I believe people have got so utilized to we require a brand-new bank account we open an entity and appropriately so you need it for payroll purposes but there are a number of markets where it’s not a requirement so I believe it’s simply been the requirement and the norm the people have embraced and continue to do over years and years gone past to add to that individuals have actually looked at things like trust accounts and numerous other ways um to to kind of do it so I think there’s a variety I believe this is a procedure that requires looking at it needs changing but eventually individuals are really stuck to what they recognize

with ideal um modification is a tough thing all of us don’t like change um so I believe it’s simply sort of moving away from the norm as we’ve said so yeah so it keeps a great deal of track of stuff um I comprehend obviously the benefits of having maintaining multiple checking account but 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 people so the complexity is big however I think the truthful answer is modification um individuals haven’t had the ability to alter or haven’t had always the knowledge to truly make that change into alternate Solutions besides opening a savings account I think you have actually hit the nail on the head I think it is understanding you know and there is an aspect of resistance to alter but we have actually always done it that way is no real excuse for not looking at the the advantages and the possibilities of moving on and moving into you know what might almost be determined to be the next Century or two there is a lot to monitor and this technique does pose numerous challenges um so Johnny could you tell us about those difficulties yeah naturally so there’s a variety right there is so

I recently made a modification to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It feels like our CFO has actually gotten another CFO, and with this improved ability, I have successfully secured payments for our 10,000 workers worldwide. Your dedication to mastering worldwide payroll and payments utilizing Papaya payroll OS is commendable. You are worthy of a corner workplace with a parking space that is better, considering your achievements. Papaya Global Update V27