Eynat Guez Papaya Global FAQ – Payroll Management 2024

Over the last five or 6 years …Eynat Guez Papaya Global… functions on the supplier side and also on the vendor side from a payroll perspective so truly anticipating this discussion today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll just provide everyone another couple of uh well one of the 30 seconds or two to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be quite fascinating and I can see it going on currently just to hear where everybody is um it’s nice to to kind of like see where everyone originates from and I truly do hope it’s much sunnier than it is 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 very very uninspiring and I wish I was somewhere else at this moment in time okay so let’s get started our program for today is as follows um we are going to be taking a look at the obstacle years of handling Global payroll why business keep different

savings account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts enhancing papaya Global payroll payments as a strategic asset uh we’ll likewise discuss a recap and that ought to leave his time at the extremely very end for a q a session so as the title of the webinar suggests payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces end up being increasingly more common and handling them becomes a growing number of complex Global organizations are seeking to find Solutions and new ways to enhance procedures specifically from a payroll and cross-border payment standpoint many organizations preserve separate checking account just for payroll while some have multiple accounts in various nations does it make good sense for companies to preserve different checking account in some cases in various nations it does however just for payroll is there a better way what role do virtual accounts and digital wallets also referred to as virtual wallets play in assisting multinational companies improve the episode complex processes of

making payroll payments accurately 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 accurately anticipate their payroll expenses to increase working capital and how enhancing International payroll payments can turn them from a siled pane into a tactical property so payroll can be hard in adequate in one country however when you’re doing it worldwide it’s next level and Beyond it ends up being complex for a range of reasons most importantly regulations compliance information security and banking guidelines then there are the large numbers they include more intricacy the international Workforce is presently 3 and a half billion individuals by 2030 it’s estimated 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 services and growing all doing their own thing all over the world in the standard payroll design there’s typically a frustrating variety of various systems leading to time-consuming manual processes and silos the number of Integrations could be non-existent in big quantities and or extremely really standard there’s no genuine consistency framework we’re residing in an era of tech but payroll has actually been slow to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper and that just blows my mind each 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 organizations say they have Workforce data in real time that’s another number that offers me sleepless nights and quite honestly the more an organization invests in international payroll the less of a picture they see a lack of exposure likewise encompasses payroll payments and inability to properly track these payments can result in compliance mishaps in the last mile of the deal almost half of international services have revealed that they do not have the level of standardization they require in their processes or desire and as a result eighty percent of mistakes are due to time reporting bad HCM data information entry errors improperly communicated hires and terminations as well as lack management and system configurations and then when you round it all off and the information is delivered to the wrong place the typical expense of an international information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash worldwide payroll and payments do not run efficiently if they rely on the necessary numerous procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the difficulties service face when they’re paying to staff members or otherwise that’s a great concern I constantly throw this back and say what is it what does not require to be included best and what does

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it need to be thought of there’s varying Bank information so the length of an eye band a swift an account number routing code per nation there’s payment timespan there’s payment abilities 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 consumer’s own in-country account so there’s complexity wherever you look ideal eventually building a knowledge base is definitely critical but everywhere you look with payroll payment they are like incredibly payments no if but some children about it you are all superheroes processing payments for payroll if you take a look at the type of link between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are absolutely fundamental and technology is allowing us to kind of move forward with that it also also to contribute to that payroll and finance require to work closer together um with differing Checking account Details varying banking requirements and setup procedures is definitely imperative 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 does not work in the payroll profession would they divide the payroll payment from calculation I would say no so why do we as a market accept that why our payroll and payments so frequently 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 people any place they are however also paying statutory authorities and on statutory 3rd parties so with the

The modern world positions a high value on wellness and the payment landscape is becoming increasingly intricate. Businesses are continuously introducing new benefits and payment options, which contributes to the general intricacy. Big corporations often divide their payroll and payment processing into separate teams, which can result in ineffectiveness and bottlenecks. In my opinion, this does not have to be the case. In today’s technologically innovative period, there’s no reason for preserving troublesome procedures. Payroll, the company’s biggest cost, must be processed properly and on time. Even minor delays can negatively affect workers’ wellness and have significant effects. For that reason, it’s vital to focus on precise and prompt payments.

payroll group get um so I’m uncertain anybody on this kind of webinar has actually been informed thank you for processing my payroll correctly if you have it ‘d be excellent to hear your success story and whether that’s been from all staff members or not um but ultimately payroll is such an important cycle we all become aware of it when it goes wrong everybody jumps up and down when it fails but when it goes right it’s simply a tick box workout and I think that’s how it’s seen from the external view as well um so yeah it’s also like why WI-Fi Global why all of this stuff is definitely important that all of this stuff is done correctly so leveraging the very first Global Payments very first payroll payment solution is an excellent primary step um supplying an end-to-end payroll service for your employees internationally once again I think is another substantial um process again lining up and ensuring you have standardization Worldwide processes all of those things are absolutely crucial to success success of companies and lowering the number of tools platforms and savings account they require 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 do not anticipate to you do get the odd 5 or 10 or whatever it might be with the with the the problems where things have not gone quite where they’re indicated to be um I do not believe any of us are really doing that for for the thanks

anyway we know how how important 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 procedures and also so imagine sorry I’m just I was simply gon na state imagine the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I make certain we’re discussing hundreds of thousands possibly Millions think of getting that lots of thank you keeps in mind um I imply it ‘d be interesting to see the number of Post-it notes you got but it would definitely be a fascinating task attempting to clean up all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to browse them and actually see what was going on and kind of shot to get back to everyone so proceeding look why do companies choose to main different bank accounts there are Eynat Guez Papaya Global services out there doing exactly this for particular countries and I’ve operated in a service or numerous services doing exactly that I can state it does not constantly feel effective and it does create more work I understand we’re not intentionally doing that we’re not creating extra work for anyone where we don’t need to and anyone that’s dealing with that procedure 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 believe lots of reasons one is it’s the requirement I think individuals have actually got so utilized to we require a brand-new checking 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 believe it’s simply been the standard and the norm individuals have embraced and continue to do over years and years passed by to contribute to that individuals have actually looked at things like trust accounts and many other ways um to to kind of do it so I believe there’s a variety I believe this is a process that needs taking a look at it needs changing but ultimately people are really stuck with what they recognize

with ideal um modification is a difficult thing we all don’t like change um so I believe it’s simply sort of moving away from the standard as we have actually said so yeah so it keeps a lot of track of things um I understand clearly the advantages of having preserving several bank accounts however there’s a substantial quantity of complexity chooses establishing a checking account preserving it guaranteeing it can send out International transfers guaranteeing it’s set up with the best user accesses for private individuals so the complexity is big however I think the honest response is change um people have not been able to change or have not had always the knowledge to actually make that change into alternate Solutions aside from opening a bank account I think you have actually struck the nail on the head I think it is knowledge you know and there is a component of resistance to alter however we’ve constantly done it that way is no real excuse for not looking at the the benefits and the possibilities of proceeding and moving into you know what might nearly be identified to be the next Century or so there is a lot to keep an eye on and this technique does pose a number of difficulties um so Johnny could you tell us about those challenges yeah naturally so there’s a range 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 employees you are worthy of a corner office with a closer parking space since I mastered International payroll and payments with Papaya payroll OS did you Eynat Guez Papaya Global