Papaya Global Colud FAQ – Payroll Management 2024

Over the last five or six years …Papaya Global Colud… roles on the supplier side and likewise on the vendor side from a payroll viewpoint so really looking forward to this discussion today um and yeah thank you quite for your time everyone all right thanks Johnny uh we’ll simply offer everyone another number of uh well one of the 30 seconds or two to join all of us work back to back nowadays so we’ll kind of let them do that so it ‘d be quite interesting and I can see it going on currently simply to hear where everybody is um it’s nice to to kind of like see where everyone originates from and I actually do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s extremely very uninspiring and I wish I was elsewhere at this moment in time fine so let’s begin our agenda for today is as follows um we are going to be taking a look at the difficulty years of handling International payroll why companies preserve separate

bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts simplifying papaya Worldwide payroll payments as a tactical property uh we’ll likewise review a wrap-up which needs to leave his time at the very very end for a q a session so as the title of the webinar recommends payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces end up being a growing number of common and handling them becomes a growing number of complicated Worldwide organizations are seeking to find Solutions and new methods to enhance processes especially from a payroll and cross-border payment perspective numerous organizations preserve separate bank account just for payroll while some have multiple accounts in various nations does it make sense for business to keep separate savings account often in various countries it does however just for payroll exists a better way what role do virtual accounts and digital wallets likewise called virtual wallets play in assisting multinational companies improve the episode complex processes of

making payroll payments accurately effectively safely and on time during this webinar we’ll stroll you through the international benefits and drawbacks of a payroll wallet versus a payroll bank account how business properly forecast their payroll expenses 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 hard in sufficient in one nation however when you’re doing it worldwide it’s next level and Beyond it becomes complicated for a range of factors most notably guidelines compliance data security and banking rules then there are the large numbers they add further intricacy the global Labor force is currently three and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and more 1.1 billion individuals 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 around the world in the traditional payroll design there’s frequently a frustrating variety of various systems resulting in lengthy manual processes and silos the number of Combinations could be non-existent in large quantities and or extremely really standard there’s no real consistency framework we’re living in a period of tech but payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper which simply blows my mind each time I I think

about it to give you a concept of how far there still is to come according to Deloitte just 11 of companies state 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 an image they see an absence of visibility likewise extends to payroll payments and failure to properly track these payments can result in compliance incidents in the last mile of the transaction almost half of international organizations have revealed that they do not have the level of standardization they require in their processes or desire and as a result eighty percent of mistakes are due to time reporting bad HCM information data entry errors badly interacted hires and terminations along with lack management and system configurations and after that when you round all of it off and the information is shipped to the incorrect place the typical cost of a global information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash worldwide payroll and payments don’t run smoothly if they rely on the essential numerous procedures 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 difficulties company face when they’re making payments to staff members or otherwise that’s an excellent question I always toss this back and say what is it what doesn’t need to be consisted of ideal and what does

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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 amount of time there’s payment capabilities so can you pay it from International or do you have to pay from an in-country account do you need to pay from the client’s own in-country account so there’s intricacy anywhere you look right ultimately constructing a knowledge base is absolutely critical however everywhere you look with payroll payment they are like very payments no if however some children about it you are all superheroes processing payments for payroll if you 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 definitely basic and innovation is enabling us to kind of move on with that it also also to add to that payroll and finance need to work closer together um with differing Checking account Details varying banking requirements and setup procedures is definitely important that payroll and financing groups work more detailed together than ever um I’m constantly astonished when individuals say I have actually split payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t operate in the payroll occupation would they divide the payroll payment from computation 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 procedure it’s the point of data collection all the way through to paying people any place they are but also paying statutory authorities and on statutory 3rd parties so with the

The modern-day world places a high worth on well-being and the payment landscape is becoming increasingly elaborate. Companies are continuously introducing brand-new benefits and payment choices, which contributes to the overall complexity. Big corporations typically divide their payroll and payment processing into separate teams, which can result in inefficiencies and bottlenecks. In my opinion, this does not need to be the case. In today’s technologically advanced era, there’s no validation for keeping cumbersome treatments. Payroll, the business’s biggest cost, should be processed correctly and on time. Even small delays can adversely impact staff members’ wellness and have significant consequences. Therefore, it’s vital to focus on precise and timely payments.

The payroll group might not have been thanked for properly processing payroll throughout a webinar. If anybody has actually been thanked, it would be terrific to hear their success story, whether it’s from all workers or not. Payroll is an important cycle, and individuals just observe when things fail. However, when things go right, it’s seen as simply a routine task. This is how it’s viewed externally too. Therefore, it is important to make sure that jobs like Wi-Fi Worldwide and other vital matters are done correctly. Using the very first International Payments very first payroll payment solution is an excellent preliminary step towards supplying an extensive payroll service for workers worldwide. Standardization, worldwide processes, and reducing the number of tools, platforms, and savings account needed for worldwide payroll are crucial factors in achieving company success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do periodically get a few problems when things do not go as planned. Eventually, we do not do it for the gratitude.

anyhow we understand how how important 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 easy as possible for everybody that’s involved in those processes and likewise so picture sorry I’m simply I was simply gon na state envision the quantity of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make sure we’re speaking about hundreds of thousands potentially Millions picture 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 interesting task trying to clean up all those up for sure oh absolutely 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 look through them and in fact see what was going on and kind of try to return to everybody so carrying on look why do companies select to main different checking account there are Papaya Global Colud companies out there doing exactly this for specific countries and I have actually worked in a company or many companies doing precisely that I can say it doesn’t always feel efficient and it does develop more work I understand we’re not deliberately doing that we’re not creating additional work for anybody where we do not have to and anybody that’s handling 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 quantity that we are I believe many reasons one is it’s the requirement I think people have got so utilized to we require a new bank account we open an entity and rightly so you require 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 requirement and the norm the people have actually embraced and continue to do over years and years gone past to add to that people have actually looked at things like trust accounts and many other ways um to to type of do it so I believe there’s a variety I think this is a procedure that requires taking a look at it requires altering however eventually individuals are extremely stuck to what they recognize

with right um modification is a difficult thing all of us do not 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 stuff um I comprehend certainly the benefits of having preserving multiple checking account but there’s a big amount of intricacy goes with establishing a bank account preserving it guaranteeing it can send out International transfers ensuring it’s set up with the ideal user accesses for individual people so the complexity is huge however I think the truthful response is modification um individuals have not had the ability to alter or haven’t had always the understanding to really make that change into alternate Solutions besides opening a checking account I think you have actually struck the nail on the head I believe it is knowledge you know and there is an aspect of resistance to change but we have actually constantly done it that way is no genuine reason for not looking at the the advantages and the possibilities of proceeding and moving into you know what could almost be identified to be the next Century approximately there is a lot to track and this method does position a number of challenges um so Johnny might you tell us about those difficulties yeah obviously so there’s a variety 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 tasks on one platform. It seems like our CFO has gotten another CFO, and with this enhanced capability, I have effectively protected payments for our 10,000 employees worldwide. Your commitment to mastering international payroll and payments utilizing Papaya payroll OS is commendable. You are worthy of a corner office with a parking space that is better, considering your accomplishments. Papaya Global Colud