Papaya Global Holidays FAQ – Payroll Management 2024

Over the last five or six years …Papaya Global Holidays… roles on the supplier side and also on the vendor side from a payroll point of view so really looking forward to this discussion today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll simply give everyone another number of uh well among the 30 seconds approximately to join we all work back to back nowadays so we’ll sort of let them do that so it ‘d be rather intriguing and I can see it going on currently simply to hear where everyone is um it’s nice to to sort of like see where everybody originates from and I really 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 uninspiring and I wish I was elsewhere at this moment in time all right 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 managing Global payroll why business keep different

checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts improving papaya Worldwide payroll payments as a tactical possession uh we’ll likewise discuss a wrap-up and that must leave his time at the really really end for a q a session so as the title of the webinar suggests payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and International workforces become more and more common and managing them becomes increasingly more complicated International companies are wanting to find Solutions and new ways to improve procedures specifically from a payroll and cross-border payment standpoint many organizations preserve separate bank account just for payroll while some have numerous accounts in different countries does it make good sense for business to keep different bank accounts sometimes in different countries it does but just for payroll is there a much better method what function do virtual accounts and digital wallets also called virtual wallets play in helping international companies enhance the episode complex processes of

making payroll payments properly effectively securely and on time throughout this webinar we’ll stroll you through the worldwide pros and cons of a payroll wallet versus a payroll checking account how business properly anticipate their payroll expenses to increase working capital and how streamlining International payroll payments can turn them from a siled pane into a strategic asset so payroll can be difficult in adequate in one country however when you’re doing it worldwide it’s next level and Beyond it becomes complex for a range of factors most significantly guidelines compliance information security and banking rules then there are the sheer numbers they add further intricacy the worldwide Labor force is currently 3 and a half billion individuals 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 companies and growing all doing their own thing around the world in the traditional payroll design there’s typically a frustrating variety of various systems resulting in time-consuming manual procedures and silos the number of Combinations could be non-existent in large quantities and or really really standard there’s no real consistency structure we’re residing in a period of tech but payroll has actually been sluggish to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper and that just blows my mind every time I I think

about it to offer you an idea of how far there still is to come according to Deloitte just 11 of companies say they have Workforce information in real time that’s another number that offers me sleep deprived nights and rather frankly the more an organization invests in international payroll the less of a picture they see a lack of visibility also extends to payroll payments and inability to properly track these payments can lead to compliance accidents in the last mile of the deal almost half of worldwide companies have actually expressed 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 poor HCM information data entry errors improperly communicated hires and terminations as well as absence management and system setups and then when you round everything off and the information is shipped to the wrong location the average expense of an international data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money worldwide payroll and payments do not run smoothly if they rely on the essential numerous processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the difficulties service face when they’re paying to workers or otherwise that’s a great concern I always toss this back and say what is it what doesn’t need to be consisted of best and what does

it need to be thought about there’s varying 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 need to pay from an in-country account do you need to pay from the customer’s own in-country account so there’s intricacy anywhere you look ideal eventually developing a knowledge base is definitely crucial however everywhere you look with payroll payment they are like very payments no if however some babies 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 acknowledgment that payroll payments are definitely basic and technology is allowing us to type of progress with that it likewise too to add to that payroll and financing need to work closer together um with varying Checking account Details varying banking requirements and setup processes is absolutely necessary that payroll and financing teams work more detailed together than ever um I’m constantly amazed when individuals state I’ve 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 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 frequently split and cut up um eventually it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying people wherever they are but also paying statutory authorities and on statutory third parties so with the

world we live in and wellness being more and more important to add to type of the level of complexity there’s a growing number of benefits being organ or being used by businesses throughout the world so again you’re simply seeking to include more and more payments to this currently complex landscape so if you kind 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 genuine obstacles or real challenging sort of pay uses to play to pay individuals I think yeah I mean over the last well yeah a number of years I would absolutely state that the larger a service gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the job there are groups feeding information into the next function as it were that’s in fact handling the payment side of things however you know in in my opinion and my experience that doesn’t always require to be the case you know long gone are the times where we need to develop extra handoffs in the processes that we operate in they just make them more prompt they make them less effective and they don’t make them what they require to be in in a period of tech and an age that you understand that we are working in today there is no reason that we are still making this as challenging as it requires to be concurred and appropriately as you said payroll is the single biggest liability that any organization has from a cost perspective from an effect point of view on workers it is definitely critical 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 have to be done right it has the most significant destructive impact on individuals’s wellness and numerous other elements if people aren’t paid uh I have actually constantly been impressed entering into this Market kind of the last five to ten years is how little thanks the

The payroll team might not have actually been thanked for correctly processing payroll throughout a webinar. If anybody has actually been thanked, it would be terrific to hear their success story, whether it’s from all workers or not. Payroll is an essential cycle, and individuals only observe when things fail. However, when things go right, it’s seen as simply a regular job. This is how it’s viewed externally as well. Therefore, it is important to ensure that jobs like Wi-Fi International and other vital matters are done properly. Using the very first International Payments very first payroll payment service is a great initial step towards supplying an extensive payroll option for workers worldwide. Standardization, worldwide procedures, and decreasing the number of tools, platforms, and bank accounts required for worldwide payroll are key factors in achieving service success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do occasionally get a few grievances when things do not go as prepared. Eventually, we don’t do it for the gratitude.

anyhow we know how how important 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 simple as possible for everyone that’s associated with those procedures and likewise so think of sorry I’m simply I was simply gon na say envision the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I make certain we’re discussing numerous thousands possibly Millions envision getting that many thank you notes um I indicate it ‘d be interesting to see the number of Post-it notes you got but it would definitely be an interesting task attempting to clean up all those up for sure oh absolutely I can’t think of 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 actually see what was going on and type of shot to get back to everybody so carrying on appearance why do business choose to main different savings account there are Papaya Global Holidays services out there doing precisely this for particular countries and I’ve operated in an organization or numerous services doing exactly that I can state it does not constantly feel effective and it does produce more work I understand we’re not purposely doing that we’re not producing extra work for any person where we do not need to and anybody that’s dealing with 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 quantity that we are I believe numerous factors one is it’s the requirement I believe people have actually got so utilized to we require a new savings account we open an entity and rightly so you require it for payroll purposes but there are a number of markets where it’s not a requirement so I think it’s simply been the standard and the norm the people have actually embraced and continue to do over years and years passed by to contribute to that people have actually looked at things like trust accounts and numerous other ways um to to type of do it so I believe there’s a range I think this is a process that needs taking a look at it requires changing however ultimately people are really stuck with what they’re familiar

with right um modification is a tough thing all of us don’t like change um so I think it’s simply kind of moving far from the norm as we’ve said so yeah so it keeps a great deal of track of stuff um I understand clearly the benefits of having keeping numerous savings account however there’s a substantial amount of complexity chooses establishing a checking account preserving it guaranteeing it can send International transfers guaranteeing it’s set up with the best user accesses for private people so the complexity is huge but I believe the truthful answer is change um people have not been able to alter or have not had necessarily the understanding to truly make that change into alternate Solutions besides opening a savings account I believe you have actually hit the nail on the head I believe it is knowledge you understand and there is an element of resistance to change however we’ve constantly done it that way is no real excuse for not looking at the the advantages and the possibilities of carrying on and moving into you know what might practically be determined to be the next Century approximately there is a lot to keep an eye on and this approach does position numerous challenges um so Johnny could you tell us about those difficulties yeah of course so there’s a variety right there is so

I recently made a change to our Enterprise 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 actually gotten another CFO, and with this enhanced ability, I have actually effectively protected payments for our 10,000 employees worldwide. Your devotion to mastering global payroll and payments utilizing Papaya payroll OS is good. You are worthy of a corner workplace with a parking space that is better, considering your accomplishments. Papaya Global Holidays