Papaya Global Version 28 FAQ – Payroll Management 2024

Over the last five or 6 years …Papaya Global Version 28… functions on the company side and also on the supplier side from a payroll point of view so truly anticipating this discussion today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll simply offer everybody another couple of uh well one of the 30 seconds approximately to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be rather intriguing and I can see it going on already simply 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 certainly not the peak of the sunlight is it it’s not no it’s it’s raining here it’s very really uninspiring and I want I was elsewhere at this moment in time all right so let’s get going our agenda for today is as follows um we are going to be taking a look at the difficulty years of handling Worldwide payroll why business preserve separate

Virtual payroll accounts are an option to traditional bank accounts for managing payroll payments. This is especially useful for international companies with dispersed and remote workforces, as it streamlines the complex procedure of cross-border payments. Instead of preserving separate savings account for payroll in different nations, 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 becoming a strategic possession 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.

making payroll payments accurately efficiently firmly 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 precisely anticipate their payroll costs to increase working capital and how simplifying International payroll payments can turn them from a siled pane into a strategic asset so payroll can be difficult in enough in one nation but when you’re doing it internationally it’s next level and Beyond it ends up being complex for a range of reasons most significantly regulations compliance data security and banking guidelines then there are the large numbers they add additional intricacy 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 presently 500 million just for for a scale then consider that there are some 230 million companies and growing all doing their own thing all over the world in the traditional payroll model there’s often an overwhelming variety of different systems leading to lengthy manual processes and silos the variety of Combinations could be non-existent in big amounts and or extremely very standard there’s no real consistency framework we’re living in an era 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 often with pen and paper and that just blows my mind each time I I believe

about it to give you a concept of how far there still is to come according to Deloitte only 11 of organizations say they have Workforce data in real time that’s another number that provides me sleepless nights and quite frankly the more a service spends on global payroll the less of a photo they see a lack of visibility likewise encompasses payroll payments and inability to properly track these payments can result in compliance mishaps in the last mile of the transaction nearly half of international organizations have actually revealed that they do not have the level of standardization they need in their procedures or want and as a result eighty percent of mistakes are due to time reporting bad HCM data data entry mistakes badly communicated hires and terminations as well as lack management and system setups and then when you round everything off and the data is delivered to the incorrect place the typical expense of a global information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash around the world payroll and payments do not run smoothly if they count on the needed multiple procedures systems and partners it is simply 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 paying to workers or otherwise that’s a great concern I constantly throw this back and say what is it what doesn’t need to be included best and what does

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it need 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 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 customer’s own in-country account so there’s complexity wherever you look best ultimately developing a knowledge base is absolutely vital however all over you look with payroll payment they resemble incredibly payments no if but some children 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 recognition that payroll payments are absolutely fundamental and innovation is permitting us to type of move on with that it also also to contribute to that payroll and finance need to work closer together um with varying Savings account Particulars differing banking requirements and setup processes is definitely important that payroll and finance teams work more detailed together than ever um I’m always amazed when individuals say I have actually divided payroll and payment um if you walk down the street and asked anyone what is payroll who does not operate in the payroll occupation would they split the payroll payment from estimation 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 data collection all the way through to paying people any place they are however also paying statutory authorities and on statutory 3rd parties so with the

The contemporary world positions a high worth on well-being and the settlement landscape is ending up being increasingly detailed. Organizations are continuously introducing brand-new benefits and payment choices, which adds to the general complexity. Large corporations frequently divide their payroll and payment processing into different teams, which can cause inefficiencies and bottlenecks. In my viewpoint, this does not have to be the case. In today’s highly advanced period, there’s no justification for preserving cumbersome procedures. Payroll, the company’s most significant cost, must be processed correctly and on time. Even slight hold-ups can negatively affect workers’ well-being and have far-reaching repercussions. Therefore, it’s important to focus on precise and prompt payments.

payroll team get um so I’m unsure anybody on this kind of webinar has actually been told thank you for processing my payroll properly if you have it ‘d be terrific to hear your success story and whether that’s been from all employees or not um however ultimately payroll is such an essential cycle we all find out about it when it fails everyone jumps up and down when it fails however when it goes right it’s just a tick box workout and I believe that’s how it’s seen from the external view as well um so yeah it’s also like why WI-Fi Global why all of this stuff is definitely important that all of this stuff is done correctly so leveraging the first Worldwide Payments first payroll payment service is a great primary step um supplying an end-to-end payroll service for your employees globally again I think is another big um process once again aligning and ensuring you have standardization Worldwide procedures all of those things are definitely key to success success of services and decreasing 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 ever had a hundred thousand of them within a payroll cycle don’t expect to you do get the odd 5 or ten or whatever it might be with the with the the grievances where things have not gone quite where they’re implied to be um I do not believe any of us are actually doing that for for the thanks

anyhow 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 easy as possible for everyone that’s associated with those procedures and likewise so envision sorry I’m simply I was just gon na say think of the amount of thanks you got if you might cover the amount of individuals that we cover within this webinar I’m sure we’re talking about hundreds of thousands possibly Millions picture getting that many thank you keeps in mind um I mean it ‘d be interesting to see how many Post-it notes you got however it would definitely be an intriguing 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 need days of the week to attempt to check out them and really see what was going on and kind of shot to return to everybody so proceeding appearance why do companies select to main different savings account there are Papaya Global Version 28 businesses out there doing precisely this for particular countries and I have actually operated in a company or lots of services doing exactly that I can state it does not constantly feel effective and it does create more work I know we’re not intentionally doing that we’re not creating additional work for any person where we don’t have to and anybody that’s dealing with 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 many reasons one is it’s the requirement I think people have actually got so used to we need a new checking account we open an entity and rightly so you need 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 standard individuals have adopted and continue to do over years and years passed by to add to that individuals have taken a look at things like trust accounts and numerous other ways um to to type of do it so I think there’s a range I believe this is a procedure that requires looking at it needs altering however ultimately individuals are very stuck with what they’re familiar

with best um modification is a challenging thing we all don’t like change um so I think it’s simply sort of moving far from the norm as we have actually said so yeah so it keeps a lot of track of stuff um I understand undoubtedly the benefits of having keeping numerous savings account but there’s a substantial amount of intricacy opts for establishing a bank account maintaining it ensuring it can send out International transfers ensuring it’s set up with the right user accesses for private people so the complexity is substantial however I believe the honest answer is change um individuals haven’t had the ability to change or haven’t had necessarily the understanding to actually make that change into alternate Solutions besides opening a checking account I think you have actually hit the nail on the head I believe it is knowledge you understand and there is a component of resistance to alter however we have actually constantly done it that way is no genuine excuse for not looking at the the benefits and the possibilities of proceeding and moving into you understand what could practically be identified to be the next Century approximately there is a lot to track and this technique does pose several obstacles um so Johnny might you tell us about those challenges yeah obviously so there’s a range right there is so

I recently made a change to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It feels like our CFO has gotten another CFO, and with this enhanced capability, I have successfully protected payments for our 10,000 workers worldwide. Your dedication to mastering worldwide payroll and payments using Papaya payroll OS is good. You should have a corner office with a parking space that is better, considering your achievements. Papaya Global Version 28