Papaya Global V23.02 FAQ – Payroll Management 2024

Over the last 5 or six years …Papaya Global V23.02… roles on the company side and likewise on the supplier side from a payroll perspective so really looking forward to this conversation today um and yeah thank you quite for your time everybody okay 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 sort of let them do that so it ‘d be quite intriguing and I can see it going on already just to hear where everybody is um it’s nice to to type of like see where everyone comes from and I truly do hope it’s much sunnier than it remains 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 extremely extremely gloomy and I want I was somewhere else at this moment in time fine 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

savings account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts enhancing papaya International payroll payments as a strategic property uh we’ll also go over a wrap-up which ought to leave his time at the extremely very end for a q a session so as the title of the webinar suggests payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces become more and more typical and managing them becomes more and more complicated Global companies are wanting to find Solutions and brand-new methods to simplify processes specifically from a payroll and cross-border payment viewpoint numerous companies preserve different savings account just for payroll while some have several accounts in different nations does it make sense for companies to maintain different savings account sometimes in different countries it does but just for payroll is there a better method what function do virtual accounts and digital wallets also referred to as virtual wallets play in assisting multinational business simplify the episode complex processes of

making payroll payments properly efficiently securely and on time throughout this webinar we’ll stroll you through the global benefits and drawbacks of a payroll wallet versus a payroll checking account how companies precisely forecast their payroll costs to increase working capital and how improving Worldwide payroll payments can turn them from a siled pane into a strategic asset so payroll can be hard in adequate in one nation but when you’re doing it worldwide it’s next level and Beyond it becomes intricate for a variety of factors most notably guidelines compliance information security and banking guidelines then there are the large numbers they include additional complexity the worldwide Workforce is presently three and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and further 1.1 billion individuals that number is presently 500 million just for for a scale then factor in that there are some 230 million businesses and growing all doing their own thing worldwide in the conventional payroll model there’s frequently an overwhelming variety of different systems leading to lengthy manual procedures and silos the variety of Combinations could be non-existent in large quantities and or very very basic there’s no real consistency framework we’re living in a period of tech but payroll has 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 believe

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 Labor force information in real time that’s another number that gives me sleep deprived nights and rather honestly the more a business spends on worldwide payroll the less of a picture they see an absence of exposure likewise encompasses payroll payments and failure to accurately track these payments can cause compliance mishaps in the last mile of the transaction almost half of worldwide companies have actually expressed that they don’t have the level of standardization they require in their procedures or desire and as a result eighty percent of mistakes are because of time reporting bad HCM information data entry mistakes inadequately interacted hires and terminations in addition to absence management and system setups and after that when you round everything off and the data is delivered to the wrong place the typical cost of a global information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money all over the world payroll and payments do not run efficiently if they depend on the necessary several processes systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the challenges company face when they’re paying to staff members or otherwise that’s a great question I always toss this back and state what is it what does not require to be consisted of best and what does

it need to be thought of there’s differing Bank details 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 have to pay from the customer’s own in-country account so there’s complexity any place you look ideal eventually building a knowledge base is absolutely critical but all over 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 take a 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 technology is permitting us to kind of progress with that it likewise also to contribute to that payroll and financing require to work closer together um with varying Bank Account Details varying banking requirements and setup procedures is definitely crucial that payroll and finance teams work better together than ever um I’m constantly astonished when people state I’ve split payroll and payment um if you walk down the street and asked anybody what is payroll who does not work in the payroll occupation would they split the payroll payment from estimation I would say no so why do we as an industry accept that why our payroll and payments so often split and cut up um ultimately it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying people anywhere they are but also paying statutory authorities and on statutory third parties so with the

The modern-day world places a high worth on wellness and the settlement landscape is becoming increasingly detailed. Organizations are constantly presenting new advantages and payment options, which contributes to the general intricacy. Big corporations often divide their payroll and payment processing into separate groups, which can cause inadequacies and traffic jams. In my viewpoint, this doesn’t have to be the case. In today’s highly advanced age, there’s no justification for keeping troublesome treatments. Payroll, the company’s most significant expense, need to be processed correctly and on time. Even slight hold-ups can adversely affect employees’ wellness and have far-reaching consequences. For that reason, it’s vital to focus on precise and timely payments.

payroll team get um so I’m not exactly sure anybody on this sort of webinar has actually been informed 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 workers or not um however eventually payroll is such an essential cycle we all find out about it when it goes wrong everyone jumps up and down when it goes wrong however when it goes right it’s just a tick box workout and I think that’s how it’s seen from the external deem well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is definitely essential that all of this things is done properly so leveraging the very first Global Payments very first payroll payment solution is a fantastic primary step um supplying an end-to-end payroll option for your staff members internationally once again I think is another huge um process again lining up and guaranteeing you have standardization Global procedures all of those things are absolutely essential to success success of services and minimizing the variety of tools platforms and checking account they need for their International payroll too could not agree with you more and on the the front in regards to of the thank yous for getting payroll done I’ve never ever had a hundred thousand of them within a payroll cycle don’t anticipate to you do get the odd five or ten or whatever it might be with the with the the complaints where things haven’t gone rather where they’re suggested to be um I don’t think any of us are actually doing that for for the thanks

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 simple as possible for everyone that’s involved in those processes and likewise so picture sorry I’m just I was simply gon na state imagine the quantity of thanks you got if you might cover the amount of people that we cover within this webinar I make certain we’re speaking about hundreds of thousands potentially Millions picture getting that lots of thank you keeps in mind um I suggest it ‘d be interesting to see how many Post-it notes you got however it would absolutely be a fascinating task attempting to clean up all those up for sure oh definitely I can’t picture 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 actually see what was going on and type of try to get back to everybody so moving on appearance why do business select to main separate savings account there are Papaya Global V23.02 businesses out there doing exactly this for specific nations and I have actually operated in a business or many organizations doing precisely that I can state it does not always feel effective and it does produce more work I know we’re not intentionally doing that we’re not producing additional work for any person where we do not have to and anybody that’s dealing with that procedure 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 believe many reasons one is it’s the standard I think people have actually got so utilized to we require a new savings account we open an entity and rightly so you need it for payroll functions but there are a variety of markets where it’s not a requirement so I believe it’s just been the standard and the norm the people have actually embraced and continue to do over years and years gone past to add to that individuals have taken a look at things like trust accounts and lots of other methods um to to sort of do it so I believe there’s a range I think this is a procedure that needs looking at it needs altering but eventually individuals are very stuck to what they’re familiar

with best um modification is a difficult thing we all don’t like modification um so I believe it’s simply type of moving away from the norm as we have actually said so yeah so it keeps a great deal of track of stuff um I comprehend certainly the advantages of having maintaining numerous savings account however there’s a big amount of intricacy goes with establishing a bank account maintaining it guaranteeing it can send International transfers ensuring it’s established with the best user accesses for individual people so the intricacy is huge however I believe the honest answer is change um individuals haven’t been able to alter or haven’t had necessarily the knowledge to actually make that change into alternate Solutions other than opening a savings account I believe you have actually struck the nail on the head I think it is understanding you understand and there is an element of resistance to alter but we’ve 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 figured out to be the next Century or so there is a lot to keep an eye on and this approach does posture several obstacles um so Johnny could you inform us about those challenges yeah obviously so there’s a range right there is so

I simply 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 Worldwide workers you are worthy of a corner workplace with a more detailed parking space since I mastered International payroll and payments with Papaya payroll OS did you Papaya Global V23.02