Papaya Global Stuck 5 Of 6 FAQ – Payroll Management 2024

Over the last five or six years …Papaya Global Stuck 5 Of 6… functions on the supplier side and likewise on the vendor side from a payroll point of view so truly anticipating this conversation today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll simply provide everyone another number of uh well among the 30 seconds or so to join all of us work back to back nowadays so we’ll sort of let them do that so it ‘d be rather interesting and I can see it going on currently simply to hear where everybody is um it’s nice to to sort of like see where everybody comes from and I truly 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 really really dreary and I want 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 challenge years of managing International payroll why companies keep separate

bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts streamlining papaya Worldwide payroll payments as a tactical property uh we’ll also go over a recap which ought to leave his time at the very extremely end for a q a session so as the title of the webinar suggests payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces become a growing number of common and managing them ends up being more and more complex Worldwide organizations are aiming to discover Solutions and new ways to enhance processes particularly from a payroll and cross-border payment perspective numerous organizations keep different savings account just for payroll while some have numerous accounts in different countries does it make good sense for business to preserve separate savings account sometimes in various countries it does but just for payroll exists a much better way what role do virtual accounts and digital wallets also called virtual wallets play in assisting international business enhance the episode complex processes of

making payroll payments precisely efficiently firmly 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 business properly anticipate their payroll expenses to increase working capital and how improving International payroll payments can turn them from a siled pane into a strategic possession 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 factors most significantly policies compliance information security and banking rules then there are the sheer numbers they add additional complexity the worldwide Workforce is currently 3 and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and additional 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 worldwide in the conventional payroll model there’s frequently an overwhelming variety of different systems leading to lengthy manual processes and silos the number of Integrations could be non-existent in big amounts and or very very fundamental there’s no real consistency framework we’re living in a period 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 whenever I I think

about it to offer you a concept of how far there still is to come according to Deloitte only 11 of services state they have Workforce information in real time that’s another number that offers me sleepless nights and quite honestly the more a service invests in global payroll the less of a photo they see a lack of presence likewise encompasses payroll payments and failure to properly track these payments can lead to compliance incidents in the last mile of the transaction nearly half of worldwide services have revealed that they do not have the level of standardization they need in their processes or desire and as a result eighty percent of errors are due to time reporting bad HCM data information entry mistakes badly interacted hires and terminations along with lack management and system setups and after that when you round all of it off and the information is shipped to the incorrect location 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 world payroll and payments do not run smoothly if they count on the needed numerous processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the challenges business face when they’re making payments to staff members or otherwise that’s an excellent question I constantly toss this back and state what is it what does not require to be included right and what does

it require to be considered 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 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 consumer’s own in-country account so there’s intricacy wherever you look best ultimately building a knowledge base is absolutely critical however all over you look with payroll payment they resemble super payments no if but some babies about it you are all superheroes processing payments for payroll if you look at the sort 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 sort of move on with that it also too to add to that payroll and finance require to work closer together um with differing Savings account Particulars differing banking requirements and setup processes is absolutely necessary that payroll and financing teams work closer together than ever um I’m constantly surprised when people say I’ve split payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t work in the payroll profession would they split the payroll payment from calculation I would say no so why do we as a market accept that why our payroll and payments so often 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 individuals wherever they are however likewise paying statutory authorities and on statutory 3rd parties so with the

world we live in and wellness being a growing number of important to add to sort of the level of intricacy there’s more and more benefits being organ or being provided by companies throughout the world so again you’re simply aiming to include more and more payments to this currently intricate landscape so if you kind of got any experience well I’m from your vast experience here and I make certain however have you got any experience in kind of real obstacles or real difficult kind of pay uses to play to pay people I think yeah I mean over the last well yeah a couple of years I would absolutely state that the larger a company gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the task there are groups feeding info into the next function as it were that’s really managing the payment side of things but you understand in in my viewpoint and my experience that doesn’t necessarily require to be the case you understand long gone are the times where we require to produce extra handoffs in the processes that we run in they simply make them more prompt they make them less effective and they don’t make them what they require to be in in an age of tech and an era that you know that we are operating in today there is no reason we are still making this as difficult as it needs to be concurred and rightly as you stated payroll is the single greatest liability that any company has from an expense viewpoint from an impact perspective on workers it is definitely crucial 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 most significant destructive result on individuals’s well-being and lots of other aspects if people aren’t paid uh I’ve constantly been surprised coming into 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 told thank you for processing my payroll correctly if you have it ‘d be terrific to hear your success story and whether that’s been from all workers or not um however eventually payroll is such an important cycle we all become aware of it when it goes wrong everybody jumps up and down when it goes wrong however when it goes right it’s simply a tick box exercise and I think that’s how it’s seen from the external consider as well um so yeah it’s also like why WI-Fi Global why all of this things is definitely essential that all of this stuff is done correctly so leveraging the very first Global Payments first payroll payment solution is a fantastic initial step um offering an end-to-end payroll option for your employees worldwide once again I think is another big um process once again aligning and ensuring you have standardization International procedures all of those things are definitely key to success success of organizations and minimizing the number of tools platforms and bank accounts 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’ve never ever had a hundred countless them within a payroll cycle don’t anticipate to you do get the odd 5 or 10 or whatever it might be with the with the the grievances where things haven’t gone rather where they’re indicated to be um I do not think any of us are in fact doing that for for the thanks

anyway we understand how how essential a function 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 simple as possible for everyone that’s involved in those processes and likewise so picture sorry I’m just I was simply gon na state think of the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I make sure we’re talking about numerous thousands possibly Millions imagine getting that lots of thank you keeps in mind um I mean it ‘d be interesting to see the number of Post-it notes you got however it would certainly be an intriguing task trying 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 require days of the week to attempt to check out them and actually see what was going on and type of shot to return to everyone so carrying on look why do business pick to main separate bank accounts there are Papaya Global Stuck 5 Of 6 companies out there doing exactly this for particular countries and I have actually worked in an organization or lots of organizations doing exactly that I can state it does not always feel efficient and it does create more work I know we’re not purposely doing that we’re not creating extra work for anybody where we do not need to and any person 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 amount that we are I think lots of reasons one is it’s the requirement I believe people have actually got so used to we need a brand-new savings account we open an entity and appropriately so you require it for payroll purposes but there are a variety of markets where it’s not a requirement so I think it’s just been the requirement and the standard the people have adopted and continue to do over years and years passed by to add to that individuals have actually looked at things like trust accounts and lots of other ways um to to kind of do it so I believe there’s a variety I believe this is a procedure that needs looking at it needs altering however eventually people are extremely stuck to what they recognize

with best um change is a difficult thing all of us do not like modification um so I believe it’s simply sort of moving away from the standard as we’ve said so yeah so it keeps a lot of track of things um I understand clearly the advantages of having preserving several checking account however there’s a big quantity of intricacy chooses setting up a savings account maintaining it ensuring it can send out International transfers ensuring it’s established with the ideal user accesses for private people so the complexity is huge but I think the truthful answer is change um individuals haven’t had the ability to alter or haven’t had necessarily the knowledge to really make that change into alternate Solutions besides opening a bank account I think you’ve hit the nail on the head I think it is understanding you know and there is an element of resistance to change but we’ve constantly done it that way is no real reason for not taking a look at the the advantages and the possibilities of moving on and moving into you understand what might nearly be figured out to be the next Century or so there is a lot to keep track of and this method does posture several challenges um so Johnny might you inform us about those difficulties yeah naturally 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 manage our payroll and payment jobs on one platform. It seems like our CFO has actually acquired another CFO, and with this boosted ability, I have effectively protected payments for our 10,000 staff members worldwide. Your dedication to mastering worldwide payroll and payments utilizing Papaya payroll OS is good. You deserve a corner office with a parking space that is closer, considering your achievements. Papaya Global Stuck 5 Of 6