Papaya Global Cfo FAQ – Payroll Management 2024

Over the last 5 or six years …Papaya Global Cfo… functions on the company side and also on the vendor side from a payroll perspective so actually anticipating this conversation today um and yeah thank you quite for your time everyone alright thanks Johnny uh we’ll just offer everyone another couple of uh well one of the 30 seconds approximately to join we all work back to back these days so we’ll type of let them do that so it ‘d be quite 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 comes from and I actually 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 very extremely dreary and I want I was elsewhere at this moment in time all right so let’s begin our program for today is as follows um we are going to be taking a look at the difficulty years of managing Worldwide payroll why companies preserve different

checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts streamlining papaya Global payroll payments as a tactical possession uh we’ll likewise go over a wrap-up which should leave his time at the extremely really end for a q a session so as the title of the webinar suggests payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and Global workforces become a growing number of common and handling them ends up being a growing number of complex Worldwide companies are wanting to discover Solutions and new ways to enhance processes specifically from a payroll and cross-border payment viewpoint numerous organizations preserve different bank account just for payroll while some have multiple accounts in different nations does it make sense for business to keep separate bank accounts often in different countries it does but just for payroll exists a much better method what function do virtual accounts and digital wallets also referred to as virtual wallets play in assisting international business streamline the episode complex procedures of

Guaranteeing accurate, effective, and timely payroll payments is a complex obstacle for services running internationally. Join us for a webinar to check out the benefits and drawbacks of payroll wallets versus payroll checking account, find out how business anticipate payroll costs to enhance working capital, and discover how simplifying global payroll payments can change them from a burdensome job into a tactical asset.

Managing payroll globally is a daunting job due to different policies, compliance requirements, information security concerns, and banking rules. The large variety of employees and services contributes to the complexity, with an estimated 3.5 billion people in the international workforce, 500 countless whom remain in Africa, and 230 million businesses worldwide.

Traditional payroll systems often lead to manual procedures, data silos, and a lack of integration, leading to inconsistencies and inefficiencies. In spite of living in an era of technological advancements, payroll management has been slow to adapt, with as much as 25% of payroll still processed manually, frequently utilizing pen and paper. This webinar goals to provide insights and solutions to streamline and optimize worldwide payroll payments.

about it to provide you an idea of how far there still is to come according to Deloitte just 11 of companies state they have Labor force data in real time that’s another number that gives me sleepless nights and rather honestly the more a service invests in global payroll the less of a picture they see an absence of presence also encompasses payroll payments and inability to accurately track these payments can lead to compliance accidents in the last mile of the deal almost half of global businesses 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 bad HCM data information entry errors inadequately interacted hires and terminations as well as lack management and system configurations and after that when you round everything off and the data is shipped to the wrong place the typical cost of a worldwide information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money all over the world payroll and payments don’t run efficiently if they rely on the needed numerous processes 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 obstacles business face when they’re paying to employees or otherwise that’s a great concern I constantly toss this back and state what is it what does not need to be included best and what does

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it require to be considered there’s varying Bank information 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 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 client’s own in-country account so there’s complexity wherever you look right ultimately constructing a knowledge base is definitely critical but all over you look with payroll payment they are like super payments no if but some babies 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 acknowledgment that payroll payments are absolutely essential and technology is enabling us to sort of move on with that it also also to add to that payroll and financing need to work closer together um with varying Savings account Particulars varying banking requirements and setup procedures is definitely necessary that payroll and financing groups work closer together than ever um I’m always impressed when people state I have actually split payroll and payment um if you walk down the street and asked anybody what is payroll who does not work in the payroll profession 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 typically split and cut up um eventually it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying people wherever they are however likewise paying statutory authorities and on statutory third parties so with the

world we live in and wellness being increasingly more important to contribute to sort of the level of intricacy there’s a growing number of advantages being organ or being provided by organizations across the world so once again you’re just wanting to include more and more payments to this already complex landscape so if you kind of got any experience well I’m from your vast experience here and I’m sure but have you got any experience in kind of genuine obstacles or genuine challenging kind of pay uses to play to pay individuals I believe yeah I mean over the last well yeah a number of years I would certainly state that the bigger a company gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the job there are teams feeding info into the next function as it were that’s really handling the payment side of things but you understand in in my viewpoint and my experience that does not always need to be the case you understand long gone are the times where we require to create additional handoffs in the processes 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 operating 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 greatest liability that any organization has from an expense perspective from an effect perspective on workers it is definitely vital that it’s done properly and on time so what we suggest 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 effect on people’s wellness and many other factors if individuals aren’t paid uh I have actually always been astonished entering into this Market type of the last five to 10 years is how little thanks the

The payroll group might not have actually been thanked for correctly processing payroll throughout a webinar. If anyone has been thanked, it would be fantastic to hear their success story, whether it’s from all employees or not. Payroll is an essential cycle, and people just notice when things fail. Nevertheless, when things go right, it’s viewed as just a regular job. This is how it’s viewed externally also. Therefore, it is important to make sure that tasks like Wi-Fi International and other vital matters are done correctly. Using the first International Payments very first payroll payment option is a fantastic preliminary action towards providing a comprehensive payroll service for employees worldwide. Standardization, international processes, and minimizing the number of tools, platforms, and checking account needed for worldwide payroll are essential consider attaining business success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do periodically receive a couple of problems when things do not go as prepared. Ultimately, we don’t do it for the thankfulness.

anyhow we understand how how crucial a role 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 processes and likewise so picture sorry I’m simply I was just gon na say imagine the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I’m sure we’re discussing hundreds of thousands possibly Millions picture getting that lots of thank you keeps in mind um I imply it ‘d be interesting to see how many Post-it notes you got but it would definitely be an interesting job attempting to clean 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 in fact see what was going on and kind of shot to get back to everybody so carrying on look why do companies pick to primary separate savings account there are Papaya Global Cfo organizations out there doing exactly this for particular countries and I have actually worked in a company or numerous services doing exactly that I can say it does not always feel effective and it does develop more work I know we’re not purposely doing that we’re not producing additional work for any person where we do not have to and any person that’s managing that procedure I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the amount that we are I believe numerous factors one is it’s the standard I believe individuals have actually got so used to we require a brand-new checking account we open an entity and appropriately so you require it for payroll functions but there are a number of markets where it’s not a requirement so I believe it’s simply been the standard and the standard the people have actually embraced and continue to do over years and years gone past to contribute to that individuals have taken a look at things like trust accounts and many other ways um to to type of do it so I think there’s a variety I think this is a procedure that needs looking at it requires altering but ultimately individuals are very stuck with what they’re familiar

with best um modification is a tough thing we all do not like modification um so I think it’s just kind of moving away from the standard as we have actually said so yeah so it keeps a great deal of track of stuff um I comprehend clearly the advantages of having maintaining numerous checking account but there’s a substantial amount of complexity opts for setting up a bank account keeping it guaranteeing it can send International transfers guaranteeing it’s established with the best user accesses for private people so the complexity is huge however I think the sincere answer is modification um individuals haven’t been able to change or haven’t had always the knowledge to actually make that change into alternate Solutions aside from opening a savings account I believe you’ve struck the nail on the head I believe it is knowledge you know and there is an aspect of resistance to alter however we’ve always done it that way is no real reason for not taking a look at the the advantages and the possibilities of carrying on and moving into you understand what might practically be figured out to be the next Century approximately there is a lot to keep track of and this technique does posture numerous difficulties um so Johnny might you inform us about those difficulties yeah naturally so there’s a variety 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 acquired 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 utilizing Papaya payroll OS is commendable. You deserve a corner office with a parking space that is better, considering your achievements. Papaya Global Cfo