Papaya Global Basic FAQ – Payroll Management 2024

Over the last five or 6 years …Papaya Global Basic… functions on the provider side and also on the vendor side from a payroll point of view so really anticipating this discussion today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll simply provide everyone another couple of uh well one of the 30 seconds approximately to join all of us 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 currently just 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 is 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 very really dreary and I want I was elsewhere at this moment in time all right 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 managing Worldwide payroll why business keep different

Virtual payroll accounts are an alternative to conventional checking account for handling payroll payments. This is particularly useful for international organizations with dispersed and remote labor forces, as it streamlines the complex procedure of cross-border payments. Instead of keeping different checking account for payroll in different nations, virtual accounts and digital wallets provide a more streamlined solution. In this webinar, we will explore the benefits of using virtual payroll accounts and discuss why they are ending up being a strategic property for payroll executives. We will likewise provide a wrap-up of the main points covered and leave time for a Q&A session at the end.

making payroll payments properly efficiently firmly and on time throughout this webinar we’ll stroll you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll checking account how business accurately anticipate their payroll costs to increase working capital and how improving International payroll payments can turn them from a siled pane into a strategic possession so payroll can be difficult in adequate in one nation however when you’re doing it internationally it’s next level and Beyond it ends up being complex for a range of factors most notably guidelines compliance information security and banking guidelines then there are the sheer numbers they include further intricacy the international Workforce is currently 3 and a half billion people 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 businesses and growing all doing their own thing around the world in the conventional payroll design there’s frequently an overwhelming number of different systems leading to time-consuming manual procedures and silos the variety of Combinations could be non-existent in big amounts and or very very basic there’s no genuine consistency structure we’re living in a period of tech however payroll has actually been sluggish to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper which simply blows my mind every time I I believe

about it to give you a concept of how far there still is to come according to Deloitte only 11 of services say they have Workforce information in real time that’s another number that provides me sleep deprived nights and quite frankly the more an organization invests in worldwide payroll the less of an image they see a lack of exposure also extends to payroll payments and failure to properly track these payments can result in compliance mishaps in the last mile of the transaction nearly half of worldwide companies have actually expressed that they don’t have the level of standardization they require in their processes or want and as a result eighty percent of mistakes are due to time reporting bad HCM information information entry mistakes poorly communicated hires and terminations along with absence management and system configurations and after that when you round it all off and the information is delivered to the wrong place the average cost of a global data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money worldwide payroll and payments don’t run efficiently if they count on the essential several processes 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 challenges organization face when they’re paying to staff members or otherwise that’s a good question I always toss this back and say what is it what does not need to be consisted of best and what does

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 nation there’s payment time frames there’s payment capabilities 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 client’s own in-country account so there’s intricacy wherever you look right eventually constructing a knowledge base is absolutely vital however all over you look with payroll payment they resemble extremely payments no if but some babies about it you are all superheroes processing payments for payroll if you take a look at the kind of link between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are absolutely basic and innovation is enabling us to kind of progress with that it likewise also to contribute to that payroll and financing need to work closer together um with varying Bank Account Particulars varying banking requirements and setup procedures is absolutely imperative that payroll and financing teams work more detailed together than ever um I’m constantly impressed when people state I have actually divided payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t work in the payroll occupation would they split the payroll payment from estimation I would say no so why do we as an industry 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 information collection all the way through to paying individuals anywhere they are however likewise paying statutory authorities and on statutory third parties so with the

world we reside in and wellness being more and more important to add to type of the level of intricacy there’s a growing number of advantages being organ or being offered by organizations across the world so again you’re just aiming to include more and more payments to this already intricate landscape so if you kind of got any experience well I’m from your huge experience here and I make sure but have you got any experience in kind of real obstacles or genuine tough type of pay utilizes to play to pay individuals I think yeah I suggest over the last well yeah a number of years I would absolutely say that the bigger a business gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the job there are teams feeding information into the next function as it were that’s really handling the payment side of things but you understand in in my opinion and my experience that does not always need to be the case you know long gone are the times where we need to develop extra handoffs at the same times that we operate in they simply make them more timely they make them less efficient and they don’t make them what they need to be in in an age of tech and an age that you know that we are working in today there is no reason we are still making this as hard as it requires to be agreed and appropriately as you stated payroll is the single most significant liability that any company has from an expense perspective from an effect point of view on employees it is absolutely important that it’s done properly and on time so what we indicate by that is not a day before not a day after on pay day and payments have to be done right it has the most significant damaging impact on people’s well-being and numerous other aspects if individuals aren’t paid uh I’ve always been astonished entering into this Market type of the last five to 10 years is how little thanks the

The payroll group may not have been thanked for properly processing payroll during a webinar. If anyone has actually been thanked, it would be fantastic to hear their success story, whether it’s from all employees or not. Payroll is an important cycle, and individuals only notice when things go wrong. Nevertheless, when things go right, it’s seen as just a regular job. This is how it’s viewed externally too. Therefore, it is vital to guarantee that tasks like Wi-Fi Worldwide and other essential matters are done properly. Using the first International Payments very first payroll payment service is a terrific preliminary action towards supplying a detailed payroll option for staff members worldwide. Standardization, worldwide processes, and minimizing the number of tools, platforms, and savings account needed for global payroll are key consider accomplishing company success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do periodically get a few complaints when things don’t go as planned. Ultimately, we don’t do it for the gratitude.

anyway 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 easy as possible for everyone that’s associated with those processes and likewise so picture sorry I’m just I was just gon na say envision the amount of thanks you got if you might cover the amount of individuals that we cover within this webinar I make certain we’re talking about hundreds of thousands potentially Millions think of getting that many thank you notes um I suggest it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be an intriguing job attempting to clean all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to check out them and really see what was going on and sort of shot to return to everybody so carrying on appearance why do business choose to main separate savings account there are Papaya Global Basic businesses out there doing exactly this for particular nations and I have actually operated in a company or many organizations doing exactly that I can state it does not always feel efficient and it does develop more work I know we’re not intentionally doing that we’re not developing extra work for anybody where we do not have to and anyone 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 quantity that we are I believe lots of factors one is it’s the standard I believe people have actually got so utilized to we need a new bank account we open an entity and rightly so you need it for payroll functions however there are a number of markets where it’s not a requirement so I believe it’s just been the standard and the norm the people have 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 many other ways um to to type of do it so I believe there’s a range I believe this is a process that requires taking a look at it requires changing however eventually people are extremely stuck with what they recognize

with right um modification is a tough thing we all do not like change um so I believe it’s just type of moving away from the standard as we’ve said so yeah so it keeps a great deal of track of stuff um I comprehend certainly the benefits of having keeping several bank accounts however there’s a huge quantity of intricacy opts for establishing a checking account preserving it guaranteeing it can send International transfers ensuring it’s set up with the best user accesses for private individuals so the complexity is substantial but I believe the truthful answer is modification um individuals haven’t had the ability to alter or haven’t had always the knowledge to actually make that change into alternate Solutions other than 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 an element of resistance to alter but we have actually always done it that way is no genuine excuse for not taking a look at the the advantages and the possibilities of carrying on and moving into you understand what could nearly be figured out to be the next Century or so there is a lot to track and this approach does present several difficulties um so Johnny could you tell us about those obstacles yeah of course 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 handle our payroll and payment jobs on one platform. It feels like our CFO has actually gotten another CFO, and with this boosted ability, I have successfully secured payments for our 10,000 workers worldwide. Your dedication to mastering worldwide payroll and payments utilizing Papaya payroll OS is good. You should have a corner office with a parking space that is better, considering your achievements. Papaya Global Basic