Papaya Global Computer Requirements FAQ – Payroll Management 2024

Over the last 5 or six years …Papaya Global Computer Requirements… roles on the provider side and also on the supplier side from a payroll perspective so really eagerly anticipating this conversation today um and yeah thank you very much for your time everyone all right thanks Johnny uh we’ll simply give everyone another couple of uh well one of 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 quite intriguing and I can see it going on currently simply to hear where everybody is um it’s nice to to type of like see where everyone comes from and I really do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s raining here it’s very extremely dreary and I want I was somewhere else at this moment in time all right so let’s get going our program for today is as follows um we are going to be taking a look at the challenge years of handling International payroll why business preserve separate

Virtual payroll accounts are an alternative to standard savings account for managing payroll payments. This is especially helpful for international companies with dispersed and remote labor forces, as it streamlines the intricate procedure of cross-border payments. Instead of preserving different savings account for payroll in various countries, virtual accounts and digital wallets provide a more streamlined service. In this webinar, we will check out the benefits of using virtual payroll accounts and discuss why they are becoming a strategic property for payroll executives. We will also offer a recap of the main points covered and leave time for a Q&A session at the end.

making payroll payments precisely efficiently safely and on time during this webinar we’ll stroll you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll checking account how companies properly forecast their payroll expenses to increase working capital and how simplifying Worldwide payroll payments can turn them from a siled pane into a strategic asset so payroll can be hard in enough in one nation but when you’re doing it globally it’s next level and Beyond it ends up being complicated for a range of reasons most significantly policies compliance information security and banking rules then there are the large numbers they add more intricacy the worldwide Workforce is currently 3 and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and additional 1.1 billion people that number is currently 500 million just for for a scale then factor in that there are some 230 million companies and growing all doing their own thing all over the world in the conventional payroll design there’s frequently an overwhelming number of various systems causing time-consuming manual procedures and silos the number of Combinations could be non-existent in large quantities and or really really basic there’s no genuine consistency framework we’re residing in a period of tech however payroll has actually been slow to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper and that just blows my mind each time I I think

about it to offer you a concept of how far there still is to come according to Deloitte only 11 of organizations state they have Labor force data in real time that’s another number that offers me sleepless nights and rather honestly the more a service invests in international payroll the less of an image they see a lack of exposure likewise encompasses payroll payments and inability to precisely track these payments can lead to compliance accidents in the last mile of the deal nearly half of worldwide companies have actually expressed that they don’t have the level of standardization they require in their processes or desire and as a result eighty percent of errors are because of time reporting poor HCM information information entry mistakes inadequately interacted hires and terminations along with lack management and system setups and then when you round it all off and the data is delivered to the incorrect place the average cost of a global information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money worldwide payroll and payments do not run efficiently if they depend on the required numerous procedures systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the obstacles company face when they’re paying to workers or otherwise that’s an excellent concern I always toss this back and state what is it what doesn’t need to be included best and what does

it need to be thought of there’s differing Bank details so the length of an eye band a swift an account number routing code per country 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 need to pay from the client’s own in-country account so there’s complexity anywhere you look right eventually developing a knowledge base is definitely critical however all over you look with payroll payment they are like super payments no if however some babies 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 acknowledgment that payroll payments are absolutely fundamental and innovation is allowing us to kind of move on with that it also also to add to that payroll and financing need to work closer together um with differing Bank Account Details differing banking requirements and setup procedures is absolutely necessary that payroll and financing groups work better together than ever um I’m always surprised when individuals say I’ve divided payroll and payment um if you walk down the street and asked anybody what is payroll who does not operate in the payroll profession would they split the payroll payment from calculation 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 ultimately it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying individuals any place they are however likewise paying statutory authorities and on statutory 3rd parties so with the

world we live in and wellness being increasingly more essential to add to kind of the level of intricacy there’s increasingly more benefits being organ or being offered by services across the world so again you’re simply looking to include increasingly more payments to this currently complex landscape so if you sort of got any experience well I’m from your huge experience here and I’m sure however have you got any experience in kind of real challenges or real challenging type of pay utilizes to play to pay individuals I believe yeah I indicate over the last well yeah a number of years I would certainly state 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 task there are teams feeding info into the next function as it were that’s in fact handling the payment side of things but you know in in my viewpoint and my experience that doesn’t always require to be the case you know long gone are the times where we need to produce extra handoffs while doing sos that we operate in they just make them more timely they make them less effective and they do not make them what they require to be in in an age of tech and an era that you understand that we are working in today there is no reason we are still making this as hard as it requires to be agreed and rightly as you said payroll is the single biggest liability that any service has from a cost point of view from an effect perspective 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 destructive result on individuals’s wellness and many other elements if individuals aren’t paid uh I have actually always been amazed coming into this Market sort of the last five to 10 years is how little thanks the

payroll team get um so I’m uncertain anybody on this kind of webinar has actually been told 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 staff members or not um however eventually payroll is such an important cycle we all find out about it when it goes wrong everybody jumps up and down when it fails however when it goes right it’s just a tick box exercise and I believe that’s how it’s seen from the external consider as well um so yeah it’s also like why WI-Fi Global why all of this stuff is definitely essential that all of this stuff is done correctly so leveraging the first Worldwide Payments very first payroll payment option is a terrific initial step um offering an end-to-end payroll solution for your employees globally once again I believe is another big um procedure once again lining up and guaranteeing you have standardization International procedures all of those things are absolutely crucial to success success of services and reducing the number of tools platforms and savings account they require for their International 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 expect to you do get the odd 5 or ten or whatever it might be with the with the the grievances where things haven’t gone rather where they’re suggested to be um I don’t believe any of us are really doing that for for the thanks

anyway we understand how how important a function 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 easy as possible for everyone that’s involved in those processes and also so think of sorry I’m simply I was simply gon na state picture 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 envision getting that numerous thank you keeps in mind um I suggest it ‘d be interesting to see how many Post-it notes you got but it would certainly be a fascinating task 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 need days of the week to attempt to check out them and in fact see what was going on and type of try to return to everybody so carrying on look why do companies pick to main different checking account there are Papaya Global Computer Requirements organizations out there doing precisely this for specific nations and I’ve operated in a business or numerous businesses doing precisely that I can state it does not always feel efficient and it does produce more work I understand we’re not deliberately doing that we’re not creating additional work for anybody where we don’t have to and anybody that’s dealing with that procedure I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the amount that we are I think many reasons one is it’s the requirement I believe individuals have actually got so utilized to we require a new bank account we open an entity and rightly so you require it for payroll functions but there are a variety of markets where it’s not a requirement so I think it’s simply been the standard and the norm individuals have actually embraced and continue to do over years and years gone past to contribute to that individuals have looked at things like trust accounts and many other ways um to to type of do it so I believe there’s a range I think this is a procedure that needs looking at it needs altering but eventually individuals are extremely stuck to what they recognize

with ideal um modification is a hard thing all of us do not like modification um so I think 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 things um I comprehend clearly the benefits of having maintaining several savings account but there’s a substantial amount of complexity goes with establishing a bank account keeping it guaranteeing it can send International transfers guaranteeing it’s set up with the right user accesses for specific people so the complexity is huge however I think the sincere response is modification um individuals haven’t been able to change or have not had necessarily the understanding to really make that change into alternate Solutions besides opening a checking account I think you’ve hit the nail on the head I think it is understanding you know and there is an aspect of resistance to change however we’ve constantly done it that way is no genuine reason for not taking a look at the the advantages and the possibilities of proceeding and moving into you know what could almost be determined to be the next Century or so there is a lot to track and this method does present numerous difficulties um so Johnny might you inform us about those difficulties yeah of course so there’s a variety right there is so

I just recently made a modification to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It seems like our CFO has acquired another CFO, and with this enhanced ability, I have successfully protected payments for our 10,000 workers worldwide. Your dedication to mastering international payroll and payments utilizing Papaya payroll OS is good. You should have a corner office with a parking space that is more detailed, considering your accomplishments. Papaya Global Computer Requirements