Papaya Global Barbados FAQ – Payroll Management 2024

Over the last five or six years …Papaya Global Barbados… roles on the provider side and likewise on the supplier side from a payroll point of view so really anticipating this conversation today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll simply offer everyone another number of uh well one of the 30 seconds or so to join we all work back to back nowadays so we’ll sort of let them do that so it ‘d be quite fascinating and I can see it going on currently simply to hear where everyone is um it’s nice to to type of like see where everybody comes from and I really 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 drizzling here it’s extremely really gloomy and I want I was elsewhere at this moment in time fine so let’s get started our agenda for today is as follows um we are going to be looking at the challenge years of handling Worldwide payroll why business keep separate

Virtual payroll accounts are an alternative to traditional savings account for managing payroll payments. This is especially beneficial for worldwide companies with dispersed and remote workforces, as it simplifies the intricate process of cross-border payments. Instead of maintaining different savings account for payroll in different countries, virtual accounts and digital wallets use a more structured service. In this webinar, we will explore the advantages of using virtual payroll accounts and go over why they are becoming a strategic property for payroll executives. We will likewise offer a recap of the bottom lines covered and leave time for a Q&A session at the end.

Ensuring accurate, effective, and prompt payroll payments is a complex challenge for businesses operating globally. Join us for a webinar to explore the advantages and downsides of payroll wallets versus payroll bank accounts, learn how business forecast payroll expenses to enhance working capital, and find how streamlining worldwide payroll payments can transform them from a burdensome job into a tactical property.

Managing payroll worldwide is a complicated task due to various guidelines, compliance requirements, information security issues, and banking guidelines. The large variety of workers and organizations contributes to the intricacy, with an approximated 3.5 billion individuals in the global workforce, 500 million of whom remain in Africa, and 230 million companies worldwide.

Conventional payroll systems frequently lead to manual procedures, information silos, and an absence of combination, leading to inconsistencies and inadequacies. In spite of residing in an era of technological improvements, payroll management has been slow to adapt, with as much as 25% of payroll still processed manually, typically using pen and paper. This webinar goals to offer insights and options to simplify and optimize global payroll payments.

about it to offer you a concept of how far there still is to come according to Deloitte only 11 of businesses state they have Labor force data in real time that’s another number that gives me sleep deprived nights and rather frankly the more an organization invests in worldwide payroll the less of a picture they see a lack of visibility also encompasses payroll payments and inability to accurately track these payments can lead to compliance incidents in the last mile of the deal almost half of international companies have actually expressed that they do not have the level of standardization they require in their procedures or desire and as a result eighty percent of mistakes are due to time reporting poor HCM data information entry mistakes inadequately interacted hires and terminations along with lack management and system setups and then when you round all of it off and the data is shipped to the wrong location the typical cost of a worldwide information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money worldwide payroll and payments do not run smoothly if they rely on the necessary numerous procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the obstacles business face when they’re paying to workers or otherwise that’s an excellent question I constantly toss this back and say what is it what does not need to be included ideal and what does

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it require to be thought about there’s differing Bank details so the length of an eye band a swift an account number routing code per nation 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 consumer’s own in-country account so there’s complexity wherever you look ideal eventually constructing a knowledge base is definitely crucial but everywhere you look with payroll payment they resemble extremely payments no if but some infants 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 think there’s now a bit more recognition that payroll payments are absolutely fundamental and innovation is enabling us to kind of progress with that it also also to contribute to that payroll and finance require to work closer together um with differing Savings account Particulars differing banking requirements and setup procedures is definitely crucial that payroll and finance teams work more detailed together than ever um I’m constantly surprised when individuals say I’ve divided payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t operate in the payroll occupation would they divide the payroll payment from estimation 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 eventually it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying individuals any place they are however also paying statutory authorities and on statutory 3rd parties so with the

world we live in and well-being being more and more important to contribute to type of the level of intricacy there’s increasingly more advantages being organ or being used by businesses throughout the world so again you’re simply seeking to include a growing number of payments to this already complex landscape so if you type 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 genuine challenges or real challenging sort of pay utilizes to play to pay individuals I believe yeah I imply over the last well yeah a number of decades I would absolutely state that the larger an organization gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the job there are groups feeding details into the next function as it were that’s in fact handling the payment side of things however you know in in my viewpoint and my experience that does not always need to be the case you know long gone are the times where we need to produce additional handoffs while doing sos that we run in they just make them more timely they make them less efficient and they don’t make them what they need to be in in an era of tech and a period that you understand that we are working in today there is no reason that 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 an expense viewpoint from an effect viewpoint on workers it is absolutely vital 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 have to be done right it has the biggest harmful result on individuals’s well-being and numerous other factors if individuals aren’t paid uh I’ve always been surprised entering into this Market kind of the last five to ten years is how little thanks the

payroll group get um so I’m unsure anyone on this sort of webinar has actually 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 workers or not um but ultimately payroll is such an essential cycle we all become aware of it when it goes wrong everyone jumps up and down when it goes wrong but when it goes right it’s just a tick box exercise and I believe that’s how it’s seen from the external deem well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is definitely essential that all of this things is done correctly so leveraging the first Global Payments very first payroll payment solution is a terrific initial step um providing an end-to-end payroll solution for your employees globally again I think is another substantial um process again aligning and ensuring you have standardization International procedures all of those things are absolutely essential to success success of organizations and lowering the variety of tools platforms and savings account they require for their Global payroll too could not agree with you more and on the the front in regards to of the thank yous for getting payroll done I’ve never had a hundred thousand of them within a payroll cycle don’t anticipate to you do get the odd 5 or ten or whatever it might be with the with the the complaints where things haven’t gone rather where they’re implied to be um I do not believe any of us are actually doing that for for the thanks

anyhow 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 simple as possible for everyone that’s associated with those procedures and likewise so think of sorry I’m just I was simply gon na say picture the amount of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make certain we’re discussing numerous thousands possibly Millions think of getting that numerous thank you notes um I suggest it ‘d be interesting to see how many Post-it notes you got however it would absolutely be an interesting job attempting to clean up all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to look through them and really see what was going on and kind of try to get back to everyone so proceeding appearance why do companies pick to primary different bank accounts there are Papaya Global Barbados services out there doing exactly this for specific countries and I have actually operated in a business or numerous organizations doing precisely that I can say it doesn’t always feel effective and it does produce more work I understand we’re not purposely doing that we’re not producing additional work for anyone where we do not need to and any person that’s managing 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 think numerous reasons one is it’s the standard I think individuals have got so used to we require a new savings 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 think it’s simply been the standard and the standard the people have actually adopted and continue to do over years and years passed by to add to that people have actually looked at things like trust accounts and numerous other methods um to to type of do it so I believe there’s a range I think this is a process that requires taking a look at it needs changing however ultimately people are very stuck with what they’re familiar

with right um modification is a hard thing all of us don’t like modification um so I think it’s simply type of moving away from the norm as we’ve said so yeah so it keeps a lot of track of things um I understand obviously the advantages of having preserving multiple checking account but there’s a substantial quantity of intricacy chooses setting up a savings account keeping it guaranteeing it can send International transfers ensuring it’s set up with the best user accesses for specific individuals so the intricacy is substantial however I believe the truthful answer is modification um individuals haven’t been able to alter or have not had necessarily the knowledge to truly make that change into alternate Solutions other than opening a checking account I believe you’ve hit the nail on the head I think it is knowledge you understand and there is a component of resistance to change however we’ve constantly done it that way is no real excuse for not taking a look at the the advantages and the possibilities of moving on and moving into you understand what might practically be identified to be the next Century approximately there is a lot to monitor and this technique does posture numerous challenges um so Johnny could you tell us about those difficulties yeah of course so there’s a range right there is so

I just recently made a change to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It feels like our CFO has actually acquired another CFO, and with this improved ability, I have effectively secured payments for our 10,000 staff members worldwide. Your dedication to mastering international payroll and payments using Papaya payroll OS is commendable. You should have a corner office with a parking space that is more detailed, considering your accomplishments. Papaya Global Barbados