Papaya Global חברה FAQ – Payroll Management 2024

Over the last 5 or six years …Papaya Global חברה… roles on the service provider side and also on the vendor side from a payroll point of view so truly looking forward to this discussion today um and yeah thank you very much for your time everyone all right thanks Johnny uh we’ll just offer everyone another number 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 rather fascinating and I can see it going on already simply to hear where everyone is um it’s nice to to kind of like see where everybody originates from and I truly 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 really bleak and I wish I was elsewhere at this moment in time okay so let’s get going 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 different

Virtual payroll accounts are an option to conventional checking account for handling payroll payments. This is particularly helpful for international companies with dispersed and remote labor forces, as it simplifies the complex process of cross-border payments. Instead of preserving different bank accounts for payroll in different countries, virtual accounts and digital wallets offer a more structured service. In this webinar, we will check out the advantages of using virtual payroll accounts and go over why they are becoming a tactical asset for payroll executives. We will likewise supply a wrap-up of the main points covered and leave time for a Q&A session at the end.

Guaranteeing accurate, effective, and prompt payroll payments is a complex obstacle for organizations operating worldwide. Join us for a webinar to explore the benefits and drawbacks of payroll wallets versus payroll bank accounts, discover how companies anticipate payroll costs to optimize working capital, and find how improving international payroll payments can transform them from a challenging job into a tactical property.

Handling payroll worldwide is a daunting job due to different policies, compliance requirements, information security concerns, and banking guidelines. The large variety of workers and companies adds to the complexity, with an approximated 3.5 billion people in the global workforce, 500 million of whom are in Africa, and 230 million services worldwide.

Conventional payroll systems frequently result in manual procedures, information silos, and an absence of integration, leading to inconsistencies and inadequacies. Regardless of residing in a period of technological improvements, payroll management has been slow to adapt, with as much as 25% of payroll still processed by hand, often using pen and paper. This webinar aims to provide insights and solutions to streamline and enhance worldwide payroll payments.

about it to provide you an idea 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 provides me sleep deprived nights and rather frankly the more a company spends on international payroll the less of an image they see an absence of presence also extends to payroll payments and failure to precisely track these payments can result in compliance mishaps in the last mile of the deal nearly half of worldwide services have actually revealed that they don’t have the level of standardization they need in their processes or want and as a result eighty percent of errors are because of time reporting bad HCM information information entry errors improperly communicated hires and terminations as well as lack management and system configurations and after that when you round all of it off and the data is shipped to the incorrect location the typical expense of a global information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash worldwide payroll and payments do not run efficiently if they depend on the necessary multiple procedures systems and partners it is simply not possible so Johnny from a payments viewpoint 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 great question I constantly toss this back and state what is it what does not require to be included best and what does

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it require to be thought of there’s varying Bank information so the length of an eye band a swift an account number routing code per country 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 intricacy anywhere you look ideal eventually building a knowledge base is absolutely crucial however all over you look with payroll payment they are like incredibly payments no if however some babies about it you are all superheroes processing payments for payroll if you take a look at the kind of link in between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are definitely essential and innovation is allowing us to type of move forward with that it likewise too to contribute to that payroll and finance require to work closer together um with differing Savings account Details differing banking requirements and setup procedures is definitely vital that payroll and financing groups work more detailed together than ever um I’m constantly astonished when people say I have actually divided payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t operate in the payroll occupation 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 ultimately it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying individuals wherever they are however also paying statutory authorities and on statutory third parties so with the

world we reside in and wellness being increasingly more essential to add to type of the level of complexity there’s increasingly more benefits being organ or being offered by companies across the world so again you’re just seeking to include more and more payments to this currently complicated landscape so if you type of got any experience well I’m from your large experience here and I’m sure but have you got any experience in kind of real challenges or genuine challenging type of pay uses to play to pay individuals I believe yeah I imply over the last well yeah a number of years I would certainly state that the bigger an organization gets the more it tends to segregate the payroll and the payments operates 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 however you understand in in my opinion and my experience that does not necessarily require to be the case you know long gone are the times where we require to produce extra handoffs at the same times that we operate in they just make them more timely they make them less effective and they do not make them what they require to be in in an age of tech and an era that you know that we are working in today there is no reason we are still making this as challenging as it requires to be agreed and appropriately as you stated payroll is the single greatest liability that any business has from a cost perspective from an impact point of view on workers it is definitely important 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 greatest destructive result on individuals’s wellness and many other elements if people aren’t paid uh I have actually always been surprised coming into this Market type of the last five to 10 years is how little thanks the

payroll team get um so I’m unsure anyone on this type 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 employees or not um however eventually payroll is such an important cycle all of us find out about 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 view as well um so yeah it’s also like why WI-Fi Global why all of this stuff is definitely crucial that all of this things is done correctly so leveraging the very first International Payments very first payroll payment solution is an excellent primary step um supplying an end-to-end payroll service for your staff members worldwide again I think is another huge um process once again aligning and guaranteeing you have standardization Worldwide processes all of those things are definitely key to success success of companies and decreasing the number of tools platforms and savings account 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 have actually never 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 problems where things haven’t gone rather where they’re meant to be um I don’t think any of us are in fact doing that for for the thanks

anyway we understand how how important a function 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 everybody that’s involved in those procedures and likewise so think of sorry I’m just I was simply gon na state picture the amount of thanks you got if you might cover the amount of individuals that we cover within this webinar I make sure we’re discussing numerous thousands possibly Millions picture getting that many 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 absolutely be an interesting task attempting to clean all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to browse them and really see what was going on and type of shot to return to everybody so carrying on appearance why do business pick to main separate savings account there are Papaya Global חברה organizations out there doing precisely this for specific countries and I have actually operated in an organization or lots of services doing exactly that I can say it doesn’t constantly feel efficient and it does develop more work I know we’re not purposely doing that we’re not producing additional work for anybody where we don’t 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 amount that we are I believe lots of factors one is it’s the requirement I believe people have got so used to we require a brand-new bank account we open an entity and rightly so you need it for payroll functions but there are a variety of markets where it’s not a requirement so I believe it’s simply been the requirement and the norm the people have embraced and continue to do over years and years passed by to contribute to that people have taken a look at things like trust accounts and lots of other methods um to to sort of do it so I believe there’s a variety I believe this is a procedure that requires taking a look at it needs changing but eventually people are very stuck to what they’re familiar

with right um modification is a challenging thing we all don’t like change um so I believe it’s simply kind of moving away from the standard as we have actually said so yeah so it keeps a lot of track of things um I comprehend obviously the benefits of having keeping numerous savings account but there’s a substantial quantity of complexity chooses setting up a bank account preserving it ensuring it can send out International transfers ensuring it’s set up with the right user accesses for specific people so the complexity is huge however I believe the sincere response is change um individuals have not had the ability to alter or have not had always the understanding to really make that change into alternate Solutions besides opening a savings account I believe you’ve struck the nail on the head I think it is understanding you know and there is an aspect of resistance to change however we’ve always done it that way is no genuine excuse for not looking at the the advantages and the possibilities of carrying on and moving into you know what might almost be identified to be the next Century or two there is a lot to keep track of and this method does pose a number of obstacles um so Johnny could you tell us about those challenges yeah obviously so there’s a variety right there is so

I just did you switched our Enterprise to OS so now we can do our payroll and payments operation on a single platform yes it’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide staff members you should have a corner workplace with a more detailed parking space because I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global חברה