Papaya Global Clients FAQ – Payroll Management 2024

Over the last 5 or six years …Papaya Global Clients… functions on the company side and also on the vendor side from a payroll viewpoint so actually anticipating this discussion today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll just give everyone another number of uh well among the 30 seconds or two to join all of us work back to back these days so we’ll kind 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 really do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s extremely very bleak and I wish I was somewhere else at this moment in time fine so let’s start our agenda for today is as follows um we are going to be looking at the difficulty years of handling International payroll why companies preserve separate

Virtual payroll accounts are an option to conventional checking account for managing payroll payments. This is particularly useful for worldwide companies with dispersed and remote labor forces, as it simplifies the complex process of cross-border payments. Instead of maintaining different bank accounts for payroll in various countries, virtual accounts and digital wallets use a more structured service. In this webinar, we will check out the advantages of using virtual payroll accounts and go over why they are becoming a tactical possession for payroll executives. We will also supply a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.

Guaranteeing precise, effective, and prompt payroll payments is a complex challenge for services operating worldwide. Join us for a webinar to check out the benefits and drawbacks of payroll wallets versus payroll savings account, learn how business anticipate payroll expenses to optimize working capital, and find how streamlining worldwide payroll payments can transform them from a challenging task into a tactical possession.

Managing payroll globally is a daunting job due to various regulations, compliance requirements, data security issues, and banking rules. The sheer variety of workers and businesses contributes to the intricacy, with an approximated 3.5 billion individuals in the international workforce, 500 million of whom are in Africa, and 230 million companies worldwide.

Standard payroll systems often lead to manual procedures, data silos, and an absence of integration, causing inconsistencies and inefficiencies. Despite living in an age of technological improvements, payroll management has been slow to adjust, with as much as 25% of payroll still processed by hand, often using pen and paper. This webinar aims 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 companies say they have Labor force data in real time that’s another number that offers me sleepless nights and rather honestly the more an organization invests in worldwide payroll the less of a picture they see a lack of visibility also extends to payroll payments and inability to accurately track these payments can cause compliance accidents in the last mile of the deal almost half of worldwide organizations have revealed that they do not have the level of standardization they require in their procedures or want and as a result eighty percent of errors are because of time reporting poor HCM data data entry errors badly interacted hires and terminations along with lack management and system configurations and then when you round it all off and the data is delivered to the incorrect place the typical expense of a global information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash around the world payroll and payments do not run smoothly 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 needs to be factored into the difficulties service face when they’re paying to workers or otherwise that’s an excellent concern I constantly toss this back and say what is it what does not need to be included right and what does

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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 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 consumer’s own in-country account so there’s complexity any place you look best eventually developing a knowledge base is absolutely critical but all over you look with payroll payment they resemble 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 in 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 allowing us to sort of move forward with that it also too to add to that payroll and financing need to work closer together um with differing Bank Account Particulars varying banking requirements and setup processes is absolutely essential that payroll and financing groups work closer together than ever um I’m always astonished when individuals say I’ve 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 divide the payroll payment from computation 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 people any place they are however also paying statutory authorities and on statutory 3rd parties so with the

world we reside in and wellness being more and more essential to contribute to sort of the level of intricacy there’s increasingly more benefits being organ or being provided by services across the world so once again you’re just seeking to include increasingly more payments to this currently complex landscape so if you type of got any experience well I’m from your vast experience here and I make certain but have you got any experience in kind of real obstacles or real tough type of pay uses to play to pay people I think yeah I imply over the last well yeah a couple of decades I would certainly state that the larger a company gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the task there are teams feeding details into the next function as it were that’s in fact managing the payment side of things however you know in in my viewpoint and my experience that doesn’t necessarily need to be the case you understand long gone are the times where we require to develop additional handoffs in the processes that we run in they just make them more prompt they make them less effective and they don’t make them what they require to be in in an age of tech and a period that you know that we are operating in today there is no reason that we are still making this as hard as it requires to be concurred and rightly as you said payroll is the single greatest liability that any business has from an expense perspective from an effect perspective on staff members it is absolutely critical 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 greatest damaging effect on individuals’s well-being and many other elements if people aren’t paid uh I have actually always been impressed entering into this Market kind of the last five to ten years is how little thanks the

payroll team get um so I’m not exactly sure anyone on this type of webinar has actually been informed thank you for processing my payroll correctly if you have it ‘d be fantastic to hear your success story and whether that’s been from all workers or not um however eventually 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 workout and I believe that’s how it’s seen from the external view as well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is absolutely vital that all of this things is done correctly so leveraging the very first Global Payments first payroll payment solution is an excellent initial step um providing an end-to-end payroll service for your staff members internationally once again I think is another big um process once again aligning and ensuring you have standardization Global processes all of those things are absolutely crucial to success success of organizations and minimizing the variety of tools platforms and savings account they need for their Worldwide payroll too couldn’t 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 do not 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 quite 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 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 involved in those procedures and also so envision sorry I’m just I was simply gon na say imagine the amount of thanks you got if you might cover the quantity of people that we cover within this webinar I make certain we’re talking about numerous thousands possibly Millions envision getting that many thank you keeps in mind um I suggest it ‘d be interesting to see how many Post-it notes you got but it would absolutely be a fascinating task attempting to clean up all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to check out them and in fact see what was going on and type of try to get back to everybody so moving on look why do business select to primary separate bank accounts there are Papaya Global Clients services out there doing exactly this for specific countries and I’ve worked in a business or lots of businesses doing exactly that I can state it does not always feel efficient and it does create more work I understand we’re not purposely doing that we’re not developing additional work for anyone where we don’t have to and any person that’s managing that process 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 think numerous reasons one is it’s the standard I think individuals have got so used to we require a brand-new checking account we open an entity and rightly so you require 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 requirement and the norm individuals have actually embraced and continue to do over years and years gone past to add to that individuals have actually looked at things like trust accounts and lots of other methods um to to type of do it so I believe there’s a variety I think this is a process that needs looking at it requires altering but eventually individuals are very stuck with what they’re familiar

with right um modification is a challenging thing we all do not 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 great deal of track of stuff um I understand undoubtedly the benefits of having preserving numerous checking account however there’s a substantial amount of intricacy chooses setting up a bank account preserving it guaranteeing it can send International transfers ensuring it’s established with the right user accesses for specific individuals so the complexity is big but I think the honest answer is modification um individuals haven’t had the ability to change or haven’t had always the understanding to really make that change into alternate Solutions besides opening a savings account I think you’ve hit the nail on the head I think it is understanding you understand and there is an aspect of resistance to change however we have actually always 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 nearly be figured out to be the next Century approximately there is a lot to keep an eye on and this approach does position numerous obstacles um so Johnny might you tell us about those obstacles yeah of course so there’s a range right there is so

I just did you switched our Business to OS so now we can do our payroll and payments operation on a single platform yes it resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide employees you are worthy of a corner workplace with a more detailed parking space because I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Clients