Papaya Global Accountant Access FAQ – Payroll Management 2024

Over the last 5 or 6 years …Papaya Global Accountant Access… roles on the company side and likewise on the supplier side from a payroll perspective so really anticipating this conversation today um and yeah thank you very much for your time everyone all right thanks Johnny uh we’ll simply provide everyone another number of uh well among the 30 seconds approximately to join all of us work back to back nowadays so we’ll kind of let them do that so it ‘d be rather interesting and I can see it going on currently simply to hear where everyone is um it’s nice to to kind of like see where everybody comes from and I truly do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s raining here it’s extremely very bleak and I wish I was somewhere else at this moment in time alright so let’s get going our program for today is as follows um we are going to be looking at the obstacle years of managing Worldwide payroll why business maintain separate

checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts improving papaya International payroll payments as a strategic asset uh we’ll also go over a recap and that must leave his time at the really extremely end for a q a session so as the title of the webinar recommends payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and Global workforces become more and more common and handling them becomes increasingly more complicated International companies are looking to discover Solutions and new ways to improve procedures specifically from a payroll and cross-border payment viewpoint lots of companies keep separate checking account just for payroll while some have several accounts in different countries does it make sense for companies to preserve different bank accounts often in various countries it does however just for payroll is there a better way what role do virtual accounts and digital wallets likewise referred to as virtual wallets play in helping international companies streamline the episode complex procedures of

making payroll payments precisely effectively securely and on time during this webinar we’ll stroll you through the worldwide 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 streamlining International payroll payments can turn them from a siled pane into a tactical property so payroll can be difficult in adequate in one nation however when you’re doing it worldwide it’s next level and Beyond it becomes intricate for a variety of reasons most significantly policies compliance data security and banking rules then there are the sheer numbers they include additional intricacy the global Labor force is currently 3 and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and more 1.1 billion people that number is presently 500 million just for for a scale then consider that there are some 230 million services and growing all doing their own thing around the world in the conventional payroll model there’s frequently a frustrating variety of various systems leading to lengthy manual procedures and silos the variety of Integrations could be non-existent in big amounts and or extremely really fundamental there’s no genuine consistency framework we’re residing in an age 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 which just blows my mind every time I I think

about it to give you a concept of how far there still is to come according to Deloitte just 11 of services say they have Labor force information in real time that’s another number that offers me sleep deprived nights and rather honestly the more an organization invests in global payroll the less of a picture they see a lack of exposure also extends to payroll payments and failure to accurately track these payments can result in compliance mishaps in the last mile of the transaction almost half of worldwide organizations have expressed that they do not have the level of standardization they need in their procedures or desire and as a result eighty percent of mistakes are due to time reporting bad HCM data data entry mistakes poorly interacted hires and terminations along with lack management and system setups and then when you round it all off and the data is shipped to the wrong place the typical expense of a worldwide information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money around the globe payroll and payments do not run smoothly if they rely on the required numerous procedures systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the difficulties organization face when they’re paying to workers or otherwise that’s an excellent concern I always toss this back and state what is it what does not need to be included right and what does

it need to be thought of there’s differing Bank information 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 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 eventually building a knowledge base is absolutely critical but everywhere you look with payroll payment they are like super payments no if however some children about it you are all superheroes processing payments for payroll if you look at the kind 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 basic and technology is allowing us to type of move forward with that it also as well to contribute to that payroll and financing need to work closer together um with varying Savings account Details varying banking requirements and setup procedures is absolutely crucial that payroll and finance teams work more detailed together than ever um I’m always amazed when people say I’ve divided payroll and payment um if you stroll down the street and asked anyone what is payroll who does not work in the payroll occupation would they divide the payroll payment from computation 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 procedure it’s the point of information collection all the way through to paying people anywhere they are but also paying statutory authorities and on statutory 3rd parties so with the

The modern world positions a high value on wellness and the compensation landscape is becoming progressively complex. Services are continuously introducing new benefits and payment options, which contributes to the total complexity. Big corporations often divide their payroll and payment processing into different teams, which can lead to inefficiencies and traffic jams. In my opinion, this doesn’t have to hold true. In today’s technically sophisticated age, there’s no validation for maintaining cumbersome procedures. Payroll, the company’s greatest cost, should be processed properly and on time. Even slight delays can adversely affect employees’ well-being and have far-reaching consequences. Therefore, it’s critical to focus on accurate and prompt payments.

The payroll group might not have been thanked for correctly processing payroll throughout a webinar. If anyone has 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 discover when things fail. However, when things go right, it’s seen as just a routine task. This is how it’s viewed externally also. For that reason, it is necessary to guarantee that tasks like Wi-Fi Global and other essential matters are done properly. Utilizing the first Worldwide Payments very first payroll payment option is a fantastic initial action towards providing an extensive payroll solution for staff members worldwide. Standardization, international procedures, and minimizing the variety of tools, platforms, and bank accounts needed for international payroll are essential consider attaining service success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally get a couple of problems when things don’t go as prepared. Ultimately, we do not do it for the thankfulness.

anyway we understand how how essential a role 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 processes and likewise so imagine sorry I’m just I was just gon na say imagine the amount of thanks you got if you could cover the amount of people that we cover within this webinar I make certain we’re discussing numerous thousands potentially Millions think of getting that lots of thank you keeps in mind um I mean it ‘d be interesting to see how many Post-it notes you got however it would certainly be an interesting job attempting to clean up all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to look through them and in fact see what was going on and type of try to return to everybody so moving on look why do companies choose to primary separate savings account there are Papaya Global Accountant Access services out there doing precisely this for specific countries and I’ve worked in a company or lots of businesses doing exactly that I can state it doesn’t always feel effective and it does develop more work I know we’re not deliberately doing that we’re not creating additional work for anyone where we do not have to and anyone 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 think lots of reasons one is it’s the requirement I think individuals have actually got so utilized to we require a new bank account we open an entity and appropriately so you require it for payroll functions but there are a number of markets where it’s not a requirement so I believe it’s simply been the requirement and the standard individuals have adopted and continue to do over years and years passed by to contribute to that individuals have actually looked at things like trust accounts and numerous other methods um to to type of do it so I believe there’s a variety I believe this is a process that needs taking a look at it requires altering but ultimately people are really stuck to what they’re familiar

with right um modification is a tough thing all of us do not like change um so I think it’s simply kind of moving away from the standard as we have actually said so yeah so it keeps a great deal of track of things um I comprehend certainly the advantages of having maintaining several checking account but there’s a substantial amount of intricacy goes with establishing a checking account keeping it guaranteeing it can send out International transfers guaranteeing it’s established with the ideal user accesses for private people so the intricacy is big however I believe the sincere answer is change um people haven’t had the ability to alter or have not had always the knowledge to really make that change into alternate Solutions aside from opening a checking account I think you have actually hit the nail on the head I believe it is knowledge you know and there is an aspect of resistance to alter however we have actually always done it that way is no real reason for not looking at the the benefits and the possibilities of carrying on and moving into you understand what could nearly be determined to be the next Century or two there is a lot to keep track of and this technique does pose numerous 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 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 Worldwide employees you are worthy of a corner workplace with a better parking space since I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Accountant Access