Papaya Global State Aid FAQ – Payroll Management 2024

Over the last 5 or 6 years …Papaya Global State Aid… roles on the company side and also on the supplier side from a payroll perspective so actually eagerly anticipating this conversation today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll just provide everybody another couple of uh well among the 30 seconds or two to join all of us work back to back nowadays so we’ll kind of let them do that so it ‘d be quite intriguing and I can see it going on already just to hear where everyone is um it’s nice to to type of like see where everybody comes from and I really 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 drizzling here it’s extremely very bleak and I want I was somewhere else at this moment in time okay so let’s begin our agenda for today is as follows um we are going to be taking a look at the challenge years of managing Worldwide payroll why business keep separate

Virtual payroll accounts are an option to standard bank accounts for handling payroll payments. This is especially helpful for international organizations with dispersed and remote workforces, as it streamlines the complex procedure of cross-border payments. Instead of maintaining separate savings account for payroll in different countries, virtual accounts and digital wallets offer a more streamlined solution. In this webinar, we will explore the benefits of using virtual payroll accounts and talk about why they are ending up being a strategic asset 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.

Ensuring precise, effective, and prompt payroll payments is a complex difficulty for services operating globally. Join us for a webinar to explore the benefits and drawbacks of payroll wallets versus payroll savings account, discover how business forecast payroll expenses to enhance working capital, and discover how simplifying global payroll payments can transform them from a burdensome job into a tactical property.

Managing payroll internationally is a difficult job due to various policies, compliance requirements, data security concerns, and banking guidelines. The sheer number of staff members and businesses adds to the complexity, with an estimated 3.5 billion people in the worldwide workforce, 500 million of whom are in Africa, and 230 million businesses worldwide.

Traditional payroll systems typically result in manual processes, data silos, and a lack of integration, leading to disparities and ineffectiveness. Despite living in a period of technological developments, payroll management has actually been sluggish to adjust, with as much as 25% of payroll still processed by hand, often utilizing pen and paper. This webinar objectives to provide insights and services to simplify and optimize worldwide payroll payments.

about it to provide you a concept of how far there still is to come according to Deloitte only 11 of organizations say they have Workforce information in real time that’s another number that offers me sleepless nights and quite honestly the more an organization spends on worldwide payroll the less of a photo they see a lack of presence likewise reaches payroll payments and inability to properly track these payments can lead to compliance mishaps in the last mile of the deal nearly half of global services have expressed that they do not have the level of standardization they need in their processes or want and as a result eighty percent of mistakes are due to time reporting poor HCM data information entry errors poorly interacted hires and terminations as well as absence management and system setups and then when you round all of it off and the information is delivered to the incorrect location the typical expense of an international data breach at this moment is 3.9 billion dollars once 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 required numerous procedures 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 organization face when they’re making payments to staff members or otherwise that’s a good concern I constantly throw this back and state what is it what doesn’t require to be consisted of best 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 country there’s payment amount of time there’s payment abilities 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 customer’s own in-country account so there’s complexity anywhere you look right eventually constructing a knowledge base is definitely crucial however 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 type of link in 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 permitting us to type of move on with that it likewise as well to contribute to that payroll and finance need to work closer together um with differing Savings account Particulars varying banking requirements and setup procedures is absolutely vital that payroll and financing groups work more detailed together than ever um I’m constantly impressed when individuals state I have actually divided payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t work in the payroll occupation would they split the payroll payment from calculation 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 information collection all the way through to paying people any place they are however likewise paying statutory authorities and on statutory third parties so with the

The contemporary world puts a high worth on wellness and the payment landscape is ending up being significantly elaborate. Services are constantly presenting new advantages and payment alternatives, which contributes to the total complexity. Big corporations typically divide their payroll and payment processing into separate teams, which can cause ineffectiveness and traffic jams. In my opinion, this does not need to be the case. In today’s technically sophisticated age, there’s no justification for maintaining troublesome treatments. Payroll, the business’s greatest expenditure, need to be processed properly and on time. Even slight delays can adversely impact staff members’ well-being and have far-reaching effects. Therefore, it’s important to prioritize precise and prompt payments.

The payroll group may not have actually been thanked for correctly processing payroll throughout a webinar. If anyone has been thanked, it would be fantastic to hear their success story, whether it’s from all staff members or not. Payroll is an important cycle, and people just observe when things go wrong. Nevertheless, when things go right, it’s viewed as simply a regular task. This is how it’s viewed externally too. For that reason, it is vital to guarantee that jobs like Wi-Fi Worldwide and other important matters are done properly. Utilizing the first International Payments very first payroll payment solution is a terrific initial step towards offering an extensive payroll option for staff members worldwide. Standardization, global processes, and lowering the number of tools, platforms, and bank accounts necessary for global payroll are key factors in accomplishing organization success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally get a couple of complaints when things don’t go as prepared. Eventually, we don’t do it for the gratitude.

anyway we understand 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 everybody that’s associated with those processes and also so envision sorry I’m just I was just gon na state picture the quantity of thanks you got if you could cover the amount of individuals that we cover within this webinar I’m sure we’re discussing numerous thousands possibly Millions envision getting that many thank you notes um I mean it ‘d be interesting to see how many Post-it notes you got but it would certainly be a fascinating job trying to clean all those up for sure oh absolutely I can’t think of 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 in fact see what was going on and type of shot to get back to everybody so moving on appearance why do business pick to primary separate bank accounts there are Papaya Global State Aid services out there doing exactly this for particular countries and I’ve operated in a service or many companies doing precisely that I can say it does not constantly feel efficient and it does develop more work I understand we’re not purposely doing that we’re not creating extra work for anybody where we don’t have to and anybody that’s managing that process I ‘d be interested to hear your ideas 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 standard I believe people have got so used to we need a new bank account we open an entity and appropriately so you need it for payroll purposes however there are a variety of markets where it’s not a requirement so I think it’s simply been the requirement and the standard individuals have adopted and continue to do over years and years gone past to contribute to that individuals have taken a look at things like trust accounts and many other methods um to to type of do it so I believe there’s a range I think this is a process that requires taking a look at it needs changing but ultimately people are extremely stuck with what they recognize

with best um modification is a hard thing all of us do not like modification um so I think it’s just kind of moving away from the standard as we’ve said so yeah so it keeps a lot of track of things um I comprehend certainly the benefits of having preserving several bank accounts however there’s a huge amount of intricacy chooses setting up a bank account maintaining it guaranteeing it can send out International transfers ensuring it’s set up with the right user accesses for specific individuals so the intricacy is substantial but I believe the truthful response is change um people have not been able to change or have not had necessarily the understanding to really make that change into alternate Solutions aside from opening a bank account I think you’ve hit the nail on the head I believe it is understanding you understand and there is a component of resistance to change but we’ve constantly done it that way is no genuine excuse for not taking a look at the the benefits and the possibilities of proceeding and moving into you know what could practically be figured out to be the next Century approximately there is a lot to keep track of and this method does present numerous challenges um so Johnny could you inform us about those difficulties yeah naturally so there’s a variety right there is so

I just did you changed 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 workers you deserve a corner workplace with a better parking space because I mastered International payroll and payments with Papaya payroll OS did you Papaya Global State Aid