Papaya Global Background Update FAQ – Payroll Management 2024

Over the last 5 or six years …Papaya Global Background Update… roles on the supplier side and also on the vendor side from a payroll point of view so really eagerly anticipating this discussion today um and yeah thank you quite for your time everyone okay thanks Johnny uh we’ll just offer everyone another number of uh well among the 30 seconds approximately to join all of us work back to back nowadays so we’ll sort of let them do that so it ‘d be quite interesting and I can see it going on already simply to hear where everyone is um it’s nice to to sort of like see where everyone comes 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 bleak and I wish I was elsewhere 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 difficulty years of handling Global payroll why business preserve separate

Virtual payroll accounts are an option to conventional checking account for handling payroll payments. This is especially useful for global companies with dispersed and remote workforces, as it streamlines the intricate procedure of cross-border payments. Instead of keeping different savings account for payroll in different nations, virtual accounts and digital wallets offer a more structured option. In this webinar, we will check out the benefits 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 wrap-up of the bottom lines covered and leave time for a Q&A session at the end.

making payroll payments properly effectively securely and on time during this webinar we’ll walk you through the international benefits and drawbacks of a payroll wallet versus a payroll checking account how business accurately forecast their payroll expenses to increase working capital and how simplifying Worldwide payroll payments can turn them from a siled pane into a strategic property so payroll can be hard in enough in one country however when you’re doing it worldwide it’s next level and Beyond it ends up being intricate for a variety of reasons most importantly guidelines compliance information security and banking rules then there are the sheer numbers they add further intricacy the worldwide Labor force 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 consider that there are some 230 million organizations and growing all doing their own thing worldwide in the conventional payroll model there’s typically a frustrating number of various systems leading to lengthy manual processes and silos the variety of Combinations could be non-existent in big quantities and or really very standard there’s no genuine consistency structure we’re residing in an era of tech however payroll has actually been sluggish to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper which simply blows my mind whenever I I think

about it to give you a concept of how far there still is to come according to Deloitte only 11 of services say they have Workforce information in real time that’s another number that gives me sleep deprived nights and quite frankly the more an organization invests in global payroll the less of a photo they see a lack of visibility likewise encompasses payroll payments and failure to precisely track these payments can cause compliance mishaps in the last mile of the transaction nearly half of worldwide services have expressed that they don’t have the level of standardization they need in their procedures or want and as a result eighty percent of mistakes are because of time reporting poor HCM information data entry mistakes poorly communicated hires and terminations along with absence management and system configurations and after that when you round everything off and the data is delivered to the incorrect location the typical expense of a global data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash around the globe payroll and payments don’t run efficiently if they rely on the essential multiple procedures systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the obstacles business face when they’re paying to employees or otherwise that’s an excellent concern I always toss this back and say what is it what does not need to be consisted of ideal and what does

it require to be thought about there’s differing Bank information so the length of an eye band a swift an account number routing code per nation there’s payment time frames there’s payment capabilities 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 consumer’s own in-country account so there’s complexity anywhere you look ideal eventually building a knowledge base is absolutely vital but all over you look with payroll payment they resemble super payments no if however some babies 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 acknowledgment that payroll payments are definitely essential and technology is permitting us to type of progress with that it also too to add to that payroll and financing need to work closer together um with differing Savings account Details varying banking requirements and setup processes is definitely imperative that payroll and financing teams work closer together than ever um I’m constantly impressed when individuals say I have actually split payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t 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 frequently 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 individuals any place they are however also paying statutory authorities and on statutory 3rd parties so with the

world we live in and well-being being more and more important to contribute to kind of the level of complexity there’s more and more advantages being organ or being offered by businesses throughout the world so again you’re just looking to add more and more payments to this currently complicated landscape so if you kind of got any experience well I’m from your large experience here and I make certain however have you got any experience in kind of genuine obstacles or genuine tough type of pay uses to play to pay individuals I believe yeah I mean over the last well yeah a couple of years I would absolutely say that the bigger a business gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the job there are groups feeding info into the next function as it were that’s actually handling the payment side of things however you understand in in my opinion and my experience that does not always need to be the case you understand long gone are the times where we need to develop additional handoffs while doing sos 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 era of tech and a period that you know that we are operating in today there is no reason that we are still making this as hard as it needs to be concurred and appropriately as you stated payroll is the single most significant liability that any business has from an expense viewpoint from an effect viewpoint on employees it is absolutely critical 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 damaging impact on people’s wellness and lots of other factors if individuals aren’t paid uh I have actually always been surprised entering this Market type of the last five to 10 years is how little thanks the

payroll group get um so I’m unsure anybody on this type of webinar has actually been informed thank you for processing my payroll correctly if you have it ‘d be great to hear your success story and whether that’s been from all employees or not um however ultimately payroll is such an important 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 deem well um so yeah it’s also like why WI-Fi Global why all of this things is absolutely crucial that all of this stuff is done properly so leveraging the very first Global Payments first payroll payment service is a terrific primary step um providing an end-to-end payroll option for your workers worldwide once again I think is another big um procedure again aligning and ensuring you have standardization International processes all of those things are absolutely crucial to success success of companies and decreasing the number of tools platforms and checking account they require for their Global payroll too could not agree with you more and on the the front in terms of of the thank yous for getting payroll done I’ve never ever had a hundred countless 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 grievances where things have not gone rather where they’re implied to be um I do not believe any of us are really 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 processes and likewise so envision sorry I’m just I was just gon na say envision the amount of thanks you got if you might cover the quantity of individuals that we cover within this webinar I’m sure we’re discussing numerous thousands potentially Millions imagine getting that many thank you keeps in mind um I suggest it ‘d be interesting to see how many Post-it notes you got but it would absolutely be an interesting task trying 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 attempt to check out them and in fact see what was going on and sort of try to get back to everyone so proceeding look why do business select to primary separate bank accounts there are Papaya Global Background Update companies out there doing exactly this for particular countries and I have actually worked in a service or numerous services doing exactly that I can state it doesn’t always feel effective and it does develop more work I know we’re not intentionally doing that we’re not producing extra work for anyone where we don’t need to and any person that’s managing that process I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the amount that we are I think numerous reasons one is it’s the standard I think people have actually got so utilized to we require a brand-new bank account we open an entity and rightly 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 individuals have actually adopted and continue to do over years and years gone past to contribute to that people have actually taken a look 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 needs looking at it requires changing however ultimately people are extremely stuck with what they recognize

with ideal um change is a challenging thing all of us don’t like change um so I believe it’s just type of moving far from the standard as we have actually said so yeah so it keeps a great deal of track of stuff um I understand obviously the benefits of having maintaining numerous bank accounts however there’s a big quantity of intricacy opts for setting up a checking account keeping it guaranteeing it can send International transfers guaranteeing it’s established with the ideal user accesses for specific people so the intricacy is substantial however I believe the honest response is change um people have not had the ability to change or have not had always the knowledge to actually make that change into alternate Solutions other than opening a bank account I think you have actually struck the nail on the head I believe it is knowledge you know and there is a component of resistance to alter however we have actually always done it that way is no real reason for not taking a look at the the benefits and the possibilities of proceeding and moving into you know what might almost be determined to be the next Century approximately there is a lot to track and this approach does present several obstacles um so Johnny might you inform us about those difficulties yeah naturally so there’s a variety right there is so

I just recently made a change to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It seems like our CFO has gotten another CFO, and with this boosted capability, I have successfully protected payments for our 10,000 staff members worldwide. Your commitment to mastering international payroll and payments utilizing Papaya payroll OS is commendable. You are worthy of a corner workplace with a parking space that is more detailed, considering your achievements. Papaya Global Background Update