Papaya Global Australia FAQ – Payroll Management 2024

Over the last 5 or six years …Papaya Global Australia… functions on the supplier side and likewise on the vendor side from a payroll viewpoint so truly looking forward to this conversation today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll just give everyone another number of uh well among the 30 seconds or two to join we all work back to back nowadays so we’ll sort of let them do that so it ‘d be rather intriguing and I can see it going on already just to hear where everybody is um it’s nice to to kind of like see where everybody originates from and I actually do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s extremely very gloomy and I wish I was elsewhere at this moment in time alright so let’s begin our program for today is as follows um we are going to be taking a look at the obstacle years of managing Global payroll why business preserve different

bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts simplifying papaya Global payroll payments as a tactical asset uh we’ll also review a recap which ought to leave his time at the extremely really end for a q a session so as the title of the webinar recommends payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and Global workforces end up being more and more typical and handling them ends up being increasingly more complicated Global organizations are looking to find Solutions and new methods to enhance procedures specifically from a payroll and cross-border payment perspective lots of companies keep different checking account just for payroll while some have multiple accounts in various nations does it make sense for business to maintain separate bank accounts often in various nations it does but just for payroll is there a better way what role do virtual accounts and digital wallets also known as virtual wallets play in helping multinational companies simplify the episode complex procedures of

making payroll payments properly efficiently firmly and on time throughout this webinar we’ll stroll you through the global benefits and drawbacks of a payroll wallet versus a payroll bank account how business accurately anticipate their payroll expenses to increase working capital and how enhancing Worldwide payroll payments can turn them from a siled pane into a strategic possession so payroll can be tough in adequate in one nation however when you’re doing it globally it’s next level and Beyond it ends up being complex for a range of factors most significantly regulations compliance data security and banking guidelines then there are the sheer numbers they add further intricacy the global Labor force is currently 3 and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and further 1.1 billion people that number is presently 500 million just for for a scale then factor in that there are some 230 million companies and growing all doing their own thing all over the world in the traditional payroll model there’s typically a frustrating number of different systems resulting in time-consuming manual procedures and silos the variety of Integrations could be non-existent in large quantities and or extremely extremely basic there’s no genuine consistency framework we’re residing in an age of tech however payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper which just blows my mind each time I I think

about it to provide you an idea of how far there still is to come according to Deloitte just 11 of businesses say they have Workforce data in real time that’s another number that gives me sleepless nights and quite frankly the more an organization invests in international payroll the less of a photo they see an absence of exposure also encompasses payroll payments and inability to properly track these payments can lead to compliance accidents in the last mile of the transaction almost half of international businesses 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 because of time reporting bad HCM data information entry errors inadequately interacted hires and terminations in addition to lack management and system configurations and then when you round all of it off and the information is delivered to the incorrect location the average cost of an international data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash around the world payroll and payments do not run efficiently if they rely on the necessary several processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the obstacles service face when they’re paying to employees or otherwise that’s a good question I always toss this back and say what is it what does not require to be included best and what does

https://www.youtube.com/watch?v=pNjMoPeng0A

it require to be thought of there’s differing Bank details so the length of an eye band a swift an account number routing code per nation there’s payment time frames there’s payment capabilities so can you pay it from International or do you have to pay from an in-country account do you have to pay from the consumer’s own in-country account so there’s intricacy wherever you look ideal eventually developing a knowledge base is definitely critical but all over you look with payroll payment they resemble incredibly payments no if but some children about it you are all superheroes processing payments for payroll if you look at the kind 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 essential and innovation is allowing us to sort of move on with that it likewise as well to add to that payroll and finance require to work closer together um with differing Checking account Particulars differing banking requirements and setup procedures is definitely imperative that payroll and finance teams work better together than ever um I’m always impressed when people say I have actually divided payroll and payment um if you walk down the street and asked anybody what is payroll who does not work in the payroll occupation would they divide the payroll payment from estimation 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 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 contemporary world positions a high worth on well-being and the payment landscape is becoming progressively elaborate. Businesses are constantly introducing new benefits and payment choices, which contributes to the total intricacy. Large corporations typically divide their payroll and payment processing into different teams, which can result in inefficiencies and bottlenecks. In my opinion, this does not need to be the case. In today’s technologically sophisticated period, there’s no reason for maintaining cumbersome procedures. Payroll, the business’s most significant expenditure, need to be processed properly and on time. Even slight delays can negatively impact workers’ well-being and have significant effects. Therefore, it’s vital to focus on accurate and timely payments.

The payroll group might not have actually been thanked for properly processing payroll during a webinar. If anyone has actually been thanked, it would be excellent to hear their success story, whether it’s from all employees or not. Payroll is a crucial cycle, and people only notice when things go wrong. However, when things go right, it’s viewed as simply a routine task. This is how it’s viewed externally too. For that reason, it is important to make sure that tasks like Wi-Fi International and other essential matters are done correctly. Utilizing the very first International Payments very first payroll payment option is a terrific initial action towards providing an extensive payroll service for employees worldwide. Standardization, international processes, and lowering the variety of tools, platforms, and bank accounts essential for international payroll are key factors in attaining service success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do periodically receive a few problems when things do not go as prepared. Ultimately, we don’t do it for the gratitude.

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 easy as possible for everybody that’s involved in those processes and likewise so picture sorry I’m just I was simply gon na state imagine the quantity of thanks you got if you could cover the amount of individuals that we cover within this webinar I make sure we’re talking about hundreds of thousands potentially Millions envision getting that lots of thank you notes um I indicate it ‘d be interesting to see how many Post-it notes you got but it would absolutely be an intriguing task attempting to clean all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to browse them and actually see what was going on and sort of try to return to everybody so proceeding appearance why do companies select to primary separate savings account there are Papaya Global Australia services out there doing exactly this for particular countries and I have actually operated in a service or lots of companies doing precisely that I can say it doesn’t constantly feel effective and it does create more work I know we’re not intentionally doing that we’re not developing extra work for anyone where we don’t have to and anybody that’s managing that process 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 numerous reasons one is it’s the requirement I think people have got so utilized to we require a brand-new bank account we open an entity and appropriately so you need 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 norm individuals have actually embraced and continue to do over years and years passed by to add to that individuals have actually taken a look at things like trust accounts and lots of other ways um to to sort of do it so I think there’s a range I believe this is a procedure that requires looking at it requires changing but ultimately people are really stuck to what they recognize

with right um modification is a difficult thing we all don’t like change um so I believe it’s just kind of moving away from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I understand undoubtedly the advantages of having maintaining several savings account but there’s a substantial quantity of intricacy chooses establishing a savings account maintaining it ensuring it can send out International transfers ensuring it’s set up with the ideal user accesses for specific individuals so the intricacy is big however I believe the sincere response is change um people have not been able to alter or haven’t had necessarily the knowledge to truly make that change into alternate Solutions aside from opening a checking account I think you’ve struck the nail on the head I think it is knowledge you know and there is an element of resistance to alter however we have actually constantly done it that way is no real excuse for not looking at the the advantages and the possibilities of moving on and moving into you understand what might almost be determined to be the next Century approximately there is a lot to monitor and this approach does pose numerous challenges um so Johnny could you tell us about those challenges yeah naturally so there’s a range right there is so

I just recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It feels like our CFO has actually gained another CFO, and with this boosted capability, I have actually successfully secured payments for our 10,000 workers worldwide. Your dedication to mastering global payroll and payments using Papaya payroll OS is commendable. You are worthy of a corner office with a parking space that is closer, considering your achievements. Papaya Global Australia

Papaya Global Australia FAQ – Payroll Management 2024

Over the last five or six years …Papaya Global Australia… roles on the supplier side and likewise on the vendor side from a payroll viewpoint so really anticipating this conversation today um and yeah thank you quite for your time everybody fine thanks Johnny uh we’ll just offer everyone another number of uh well one of the 30 seconds approximately to join we all work back to back nowadays so we’ll kind of let them do that so it ‘d be rather interesting and I can see it going on currently just to hear where everybody is um it’s nice to to sort of like see where everybody originates from and I truly do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s extremely very gloomy and I want I was elsewhere at this moment in time okay so let’s begin our agenda for today is as follows um we are going to be looking at the challenge years of handling International payroll why companies maintain separate

Virtual payroll accounts are an alternative to traditional bank accounts for handling payroll payments. This is especially helpful for international organizations with dispersed and remote labor forces, as it simplifies the intricate procedure of cross-border payments. Instead of keeping different checking account for payroll in different countries, virtual accounts and digital wallets provide a more structured solution. In this webinar, we will check out the benefits of using virtual payroll accounts and discuss why they are becoming a strategic possession for payroll executives. We will also offer a recap of the bottom lines covered and leave time for a Q&A session at the end.

Guaranteeing accurate, effective, and timely payroll payments is a complex challenge for organizations running internationally. Join us for a webinar to explore the benefits and disadvantages of payroll wallets versus payroll checking account, find out how companies forecast payroll costs to optimize working capital, and find how streamlining global payroll payments can transform them from a difficult job into a strategic possession.

Managing payroll internationally is an overwhelming task due to various policies, compliance requirements, data security issues, and banking rules. The large number of employees and organizations adds to the complexity, with an estimated 3.5 billion people in the international workforce, 500 million of whom remain in Africa, and 230 million companies worldwide.

Traditional payroll systems typically result in manual processes, information silos, and an absence of combination, causing inconsistencies and inadequacies. Regardless of residing in an era of technological developments, payroll management has been slow to adapt, with as much as 25% of payroll still processed by hand, often utilizing pen and paper. This webinar goals to offer insights and solutions to streamline and optimize global payroll payments.

about it to give you a concept of how far there still is to come according to Deloitte only 11 of businesses say they have Workforce data in real time that’s another number that offers me sleepless nights and quite frankly the more a business spends on worldwide payroll the less of a photo they see a lack of visibility also reaches payroll payments and inability to properly track these payments can result in compliance mishaps in the last mile of the transaction almost half of worldwide services have expressed that they don’t have the level of standardization they need in their procedures or desire and as a result eighty percent of errors are because of time reporting poor HCM data data entry mistakes poorly interacted hires and terminations in addition to absence management and system setups and then when you round all of it off and the data is delivered to the incorrect location the average expense of a global data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money worldwide payroll and payments do not run smoothly if they count on the essential several procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the difficulties organization face when they’re paying to staff members or otherwise that’s a good question I always toss this back and state what is it what doesn’t require to be consisted of best and what does

https://www.youtube.com/watch?v=pNjMoPeng0A

it need to be considered there’s varying Bank details 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 need to pay from an in-country account do you have to pay from the customer’s own in-country account so there’s intricacy anywhere you look right eventually constructing a knowledge base is absolutely vital but all over you look with payroll payment they resemble 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 believe there’s now a bit more recognition that payroll payments are absolutely fundamental and technology is enabling us to sort of move on with that it likewise also to contribute to that payroll and financing require to work closer together um with differing Bank Account Particulars differing banking requirements and setup processes is absolutely vital that payroll and financing groups work more detailed together than ever um I’m constantly impressed when people state I have actually divided payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t work in the payroll profession would they split the payroll payment from estimation 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 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 likewise paying statutory authorities and on statutory third parties so with the

world we live in and wellness being a growing number of important to contribute to type of the level of complexity there’s a growing number of benefits being organ or being used by companies throughout the world so once again you’re simply looking to include increasingly more payments to this already intricate landscape so if you type of got any experience well I’m from your huge experience here and I make certain however have you got any experience in kind of genuine difficulties or genuine tough sort of pay utilizes to play to pay individuals I think yeah I suggest over the last well yeah a couple of decades I would certainly say that the larger an organization gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the job there are teams feeding details into the next function as it were that’s actually 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 need to develop additional handoffs in the processes that we operate in they simply make them more timely they make them less efficient and they do not make them what they need to be in in a period of tech and an age that you understand that we are operating in today there is no reason that we are still making this as hard as it requires to be agreed and rightly as you stated payroll is the single biggest liability that any company has from a cost perspective from an impact perspective on employees it is absolutely crucial that it’s done properly and on time so what we imply by that is not a day before not a day after on pay day and payments need to be done right it has the most significant destructive impact on individuals’s wellness and many other factors if individuals aren’t paid uh I’ve always been astonished coming into this Market sort of the last five to ten years is how little thanks the

payroll group get um so I’m unsure anyone on this kind of webinar has been told thank you for processing my payroll properly 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 essential cycle all of us find out about it when it fails everyone jumps up and down when it fails however when it goes right it’s simply a tick box workout 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 important that all of this stuff is done correctly so leveraging the very first Worldwide Payments first payroll payment option is a great primary step um offering an end-to-end payroll solution for your staff members globally again I think is another big um procedure again lining up and guaranteeing you have standardization Global processes all of those things are absolutely essential to success success of businesses and reducing the variety 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 regards to of the thank yous for getting payroll done I have actually never had a hundred countless them within a payroll cycle don’t expect 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 do not believe any of us are actually doing that for for the thanks

anyhow we understand how how crucial 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 easy as possible for everyone that’s involved in those processes and also so picture sorry I’m just I was just gon na state imagine 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 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 however it would absolutely be an intriguing task trying to clean all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that held true um you ‘d need days of the week to attempt to browse them and really see what was going on and sort of shot to return to everybody so moving on appearance why do business pick to main separate savings account there are Papaya Global Australia services out there doing precisely this for specific nations and I have actually operated in an organization or lots of services doing exactly that I can state it doesn’t constantly feel efficient and it does create more work I understand we’re not deliberately doing that we’re not developing extra work for anybody where we do not need to and anyone that’s managing that procedure I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the amount that we are I believe lots of reasons one is it’s the standard I believe individuals have actually got so used to we need a brand-new checking account we open an entity and appropriately so you require it for payroll functions but there are a variety of markets where it’s not a requirement so I believe it’s just been the standard and the standard the people have actually embraced and continue to do over years and years passed by to add to that people have actually taken a look at things like trust accounts and many other ways um to to sort of do it so I think there’s a variety I think this is a process that needs looking at it needs altering but eventually individuals are very stuck to what they recognize

with ideal um modification is a hard thing we all don’t like modification um so I believe it’s simply sort of moving away from the norm as we have actually said so yeah so it keeps a lot of track of stuff um I understand undoubtedly the benefits of having maintaining several savings account however there’s a substantial quantity of complexity goes with setting up a bank account keeping it ensuring it can send International transfers ensuring it’s established with the best user accesses for specific individuals so the complexity is substantial but I believe the honest response is modification um individuals have not been able to alter or haven’t had necessarily the understanding to actually make that change into alternate Solutions other than opening a bank account I think you’ve hit the nail on the head I believe it is understanding you know and there is an aspect of resistance to change but we’ve constantly done it that way is no real reason for not taking a look at the the benefits and the possibilities of moving on and moving into you understand what might nearly be figured out to be the next Century or two there is a lot to monitor and this approach does position a number of obstacles um so Johnny might you inform us about those difficulties yeah naturally so there’s a range right there is so

I just 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 acquired another CFO, and with this improved ability, I have effectively secured payments for our 10,000 employees worldwide. Your devotion to mastering international payroll and payments using Papaya payroll OS is good. You deserve a corner workplace with a parking space that is closer, considering your accomplishments. Papaya Global Australia