Papaya Global Add User FAQ – Payroll Management 2024

Over the last five or 6 years …Papaya Global Add User… functions on the supplier side and likewise on the supplier side from a payroll perspective so really eagerly anticipating this conversation today um and yeah thank you quite for your time everyone all right thanks Johnny uh we’ll simply provide everybody another number of uh well among the 30 seconds or so to join all of us work back to back nowadays so we’ll kind of let them do that so it ‘d be quite fascinating and I can see it going on already just to hear where everybody is um it’s nice to to type of like see where everyone originates from and I actually 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 really gloomy and I wish I was somewhere else at this moment in time okay so let’s start our agenda for today is as follows um we are going to be taking a look at the obstacle years of managing Global payroll why business maintain different

Virtual payroll accounts are an alternative to traditional savings account for handling payroll payments. This is particularly beneficial for global companies with dispersed and remote labor forces, as it streamlines the intricate procedure of cross-border payments. Instead of keeping separate bank accounts for payroll in different nations, virtual accounts and digital wallets offer a more structured service. In this webinar, we will check out the benefits of using virtual payroll accounts and go over why they are becoming a strategic asset for payroll executives. We will also supply a recap of the bottom lines covered and leave time for a Q&A session at the end.

making payroll payments properly efficiently securely and on time during this webinar we’ll walk you through the international advantages and disadvantages of a payroll wallet versus a payroll savings account how business properly forecast their payroll costs to increase working capital and how improving Global payroll payments can turn them from a siled pane into a tactical asset so payroll can be challenging in adequate in one nation but when you’re doing it globally it’s next level and Beyond it becomes complex for a variety of factors most significantly regulations compliance data security and banking rules then there are the large numbers they include additional complexity the international Labor force 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 factor in that there are some 230 million businesses and growing all doing their own thing worldwide in the standard payroll model there’s often a frustrating variety of various systems causing lengthy manual procedures and silos the variety of Combinations could be non-existent in large amounts and or very really basic there’s no real consistency framework we’re living in an age of tech however payroll has 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 simply blows my mind every time I I think

about it to give you an idea of how far there still is to come according to Deloitte just 11 of businesses state they have Labor force information in real time that’s another number that gives me sleepless nights and quite honestly the more a business invests in international payroll the less of an image they see a lack of visibility likewise extends to payroll payments and failure to accurately track these payments can result in compliance accidents in the last mile of the deal almost half of global services have actually 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 data entry mistakes poorly interacted hires and terminations along with lack management and system setups and then when you round it all off and the information is shipped to the incorrect place the average expense of a global information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money around the globe payroll and payments do not run efficiently if they depend 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 requires to be factored into the difficulties business face when they’re paying to employees or otherwise that’s a great question I always throw this back and state what is it what does not require to be consisted of ideal 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 capabilities so can you pay it from International or do you need to pay from an in-country account do you have to pay from the client’s own in-country account so there’s complexity wherever you look ideal eventually developing a knowledge base is definitely crucial however all over you look with payroll payment they resemble incredibly payments no if but some infants 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 believe there’s now a bit more recognition that payroll payments are definitely basic and technology is enabling us to kind of move on with that it likewise 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 essential that payroll and finance groups work closer together than ever um I’m constantly impressed when people say I have actually split payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t operate in the payroll profession would they divide the payroll payment from calculation I would say no so why do we as an industry accept that why our payroll and payments so typically split and cut up um ultimately it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying individuals anywhere they are but likewise paying statutory authorities and on statutory third parties so with the

The modern world puts a high value on wellness and the settlement landscape is becoming significantly elaborate. Businesses are continually presenting brand-new advantages and payment choices, which adds to the total complexity. Big corporations frequently divide their payroll and payment processing into different teams, which can cause inefficiencies and bottlenecks. In my viewpoint, this does not need to be the case. In today’s highly advanced age, there’s no validation for preserving troublesome treatments. Payroll, the business’s greatest cost, must be processed properly and on time. Even slight hold-ups can adversely impact staff members’ well-being and have far-reaching repercussions. For that reason, it’s vital to prioritize accurate and prompt payments.

payroll team get um so I’m uncertain anybody on this sort of webinar has been told thank you for processing my payroll properly if you have it ‘d be great to hear your success story and whether that’s been from all workers or not um but ultimately payroll is such a crucial cycle we all hear about it when it fails everybody jumps up and down when it goes wrong however when it goes right it’s just a tick box workout and I believe 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 things is definitely important that all of this things is done correctly so leveraging the first Worldwide Payments first payroll payment solution is an excellent first step um supplying an end-to-end payroll solution for your staff members globally once again I think is another substantial um process once again lining up and ensuring you have standardization Global processes all of those things are absolutely essential to success success of companies and reducing the variety of tools platforms and savings account they require for their Worldwide payroll too could not agree with you more and on the the front in terms of of the thank yous for getting payroll done I’ve 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 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

anyhow we know 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 everyone that’s associated with those processes and also so imagine sorry I’m simply I was simply gon na say imagine 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 speaking about 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 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 was the case um you ‘d need days of the week to try to look through them and really see what was going on and kind of shot to get back to everybody so moving on look why do business choose to primary separate bank accounts there are Papaya Global Add User organizations out there doing precisely this for particular nations 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 know we’re not deliberately doing that we’re not producing additional work for anyone where we do not have to and any person that’s managing that procedure I ‘d be interested to hear your thoughts Johnny why do you think 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 utilized to we need a brand-new savings account we open an entity and rightly so you need it for payroll purposes but there are a number of markets where it’s not a requirement so I think it’s just been the standard and the norm individuals have actually adopted 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 numerous other ways um to to type of do it so I think there’s a range I believe this is a procedure that requires looking at it needs changing but eventually individuals are extremely stuck to what they recognize

with best um change is a difficult thing all of us do not like change um so I think it’s just sort of moving away from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I understand obviously the benefits of having maintaining multiple checking account but there’s a huge amount of intricacy opts for establishing a savings account preserving it ensuring it can send International transfers ensuring it’s established with the ideal user accesses for private individuals so the intricacy is substantial however I think the honest answer is change um people have not had the ability to change or have not had necessarily the understanding to really make that change into alternate Solutions aside from opening a bank account I believe you have actually hit the nail on the head I think 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 advantages and the possibilities of moving on and moving into you know what might almost be identified to be the next Century or two there is a lot to track and this method does posture several challenges um so Johnny could you inform us about those difficulties yeah of course so there’s a range right there is so

I recently made a change to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It feels like our CFO has gained another CFO, and with this boosted ability, I have actually effectively protected payments for our 10,000 workers worldwide. Your commitment to mastering worldwide payroll and payments utilizing Papaya payroll OS is commendable. You should have a corner office with a parking space that is better, considering your accomplishments. Papaya Global Add User