Papaya Global Cyprus FAQ – Payroll Management 2024

Over the last five or six years …Papaya Global Cyprus… functions on the service provider side and also on the supplier side from a payroll viewpoint so actually looking forward to this conversation today um and yeah thank you quite for your time everybody all right thanks Johnny uh we’ll just give everybody another number of uh well among the 30 seconds or so to join all of us work back to back nowadays so we’ll type of let them do that so it ‘d be quite fascinating and I can see it going on currently simply to hear where everyone is um it’s nice to to type of like see where everybody originates from and I truly 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 extremely gloomy and I wish I was elsewhere at this moment in time all right so let’s get going our agenda for today is as follows um we are going to be taking a look at the challenge years of handling Worldwide payroll why companies keep separate

savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts simplifying papaya International payroll payments as a tactical possession uh we’ll also review a wrap-up which needs to leave his time at the extremely extremely 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 become increasingly more common and managing them becomes a growing number of intricate Worldwide companies are seeking to discover Solutions and new methods to improve processes especially from a payroll and cross-border payment standpoint lots of companies preserve separate savings account just for payroll while some have multiple accounts in various nations does it make sense for companies to maintain separate savings account often in various nations it does however just for payroll exists a much better way what role do virtual accounts and digital wallets likewise referred to as virtual wallets play in helping international companies improve the episode complex procedures of

Ensuring precise, effective, and prompt payroll payments is a complex challenge for services operating globally. Join us for a webinar to check out the benefits and drawbacks of payroll wallets versus payroll savings account, find out how companies forecast payroll costs to optimize working capital, and discover how streamlining global payroll payments can transform them from a challenging task into a strategic property.

Handling payroll globally is a complicated task due to numerous policies, compliance requirements, information security issues, and banking guidelines. The sheer number of employees and services contributes to the intricacy, with an estimated 3.5 billion individuals in the global labor force, 500 countless whom are in Africa, and 230 million businesses worldwide.

Conventional payroll systems often result in manual processes, data silos, and a lack of combination, causing disparities and ineffectiveness. Regardless of living in a period of technological advancements, payroll management has been sluggish to adjust, with as much as 25% of payroll still processed manually, frequently using pen and paper. This webinar goals to supply insights and services to streamline and optimize worldwide payroll payments.

about it to provide you a concept of how far there still is to come according to Deloitte only 11 of services say they have Workforce data in real time that’s another number that offers me sleepless nights and rather frankly the more a service spends on global payroll the less of a picture they see an absence of exposure also reaches payroll payments and inability to precisely track these payments can lead to compliance incidents in the last mile of the deal nearly half of international companies have revealed that they do not have the level of standardization they need in their processes or desire and as a result eighty percent of mistakes are due to time reporting poor HCM data data entry mistakes improperly interacted hires and terminations along with absence management and system setups and then when you round all of it off and the information is shipped to the incorrect place the typical expense of an international data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash around the world payroll and payments don’t run efficiently if they count on the necessary several procedures systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the challenges business face when they’re paying to staff members or otherwise that’s a great question I always toss this back and say what is it what doesn’t require to be consisted of best and what does

https://www.youtube.com/watch?v=pNjMoPeng0A

it require to be thought about there’s varying Bank information 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 have to pay from the client’s own in-country account so there’s intricacy any place you look best ultimately developing a knowledge base is absolutely critical however everywhere you look with payroll payment they resemble extremely payments no if however some infants about it you are all superheroes processing payments for payroll if you look at the sort of link in between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are definitely essential and technology is permitting us to sort of move on with that it also too to contribute to that payroll and finance require to work closer together um with varying Savings account Details varying banking requirements and setup processes is absolutely vital that payroll and financing teams work more detailed together than ever um I’m constantly surprised when individuals state I’ve divided payroll and payment um if you walk down the street and asked anyone what is payroll who does not operate in the payroll occupation would they split the payroll payment from estimation I would say no so why do we as a market accept that why our payroll and payments so typically split and cut up um ultimately it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying individuals anywhere they are but likewise paying statutory authorities and on statutory third parties so with the

The contemporary world puts a high worth on well-being and the compensation landscape is ending up being progressively complex. Companies are constantly presenting new benefits and payment options, which adds to the overall complexity. Large corporations often divide their payroll and payment processing into separate groups, which can cause ineffectiveness and traffic jams. In my viewpoint, this does not need to be the case. In today’s technologically innovative era, there’s no reason for keeping troublesome procedures. Payroll, the business’s greatest expense, should be processed properly and on time. Even minor delays can adversely impact staff members’ well-being and have far-reaching consequences. Therefore, it’s vital to focus on accurate and timely payments.

payroll group get um so I’m unsure anyone on this type of webinar has actually been told thank you for processing my payroll correctly if you have it ‘d be excellent to hear your success story and whether that’s been from all staff members or not um however ultimately payroll is such an important cycle we all find out about it when it fails everyone jumps up and down when it goes wrong but when it goes right it’s simply a tick box exercise and I think that’s how it’s seen from the external deem well um so yeah it’s likewise like why WI-Fi Global why all of this things is absolutely crucial that all of this things is done correctly so leveraging the first Worldwide Payments very first payroll payment option is an excellent primary step um supplying an end-to-end payroll service for your staff members internationally once again I believe is another huge um procedure again lining up and guaranteeing you have standardization Worldwide procedures all of those things are absolutely crucial to success success of organizations and reducing the variety of tools platforms and bank accounts they need for their International payroll too could not agree with you more and on the the front in terms of of the thank yous for getting payroll done I’ve never ever had a hundred thousand of 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 have not gone quite where they’re indicated to be um I don’t think any of us are actually doing that for for the thanks

anyway we know how how essential a role 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 associated with those processes and likewise so picture sorry I’m just I was simply gon na say think of the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I’m sure we’re talking about hundreds of thousands possibly Millions envision getting that many thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got but it would definitely be a fascinating task attempting to clean all those up for sure oh definitely 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 attempt to check out them and in fact see what was going on and kind of shot to return to everybody so proceeding look why do business pick to primary different checking account there are Papaya Global Cyprus organizations out there doing precisely this for specific nations and I’ve worked in a business or numerous companies doing exactly that I can say it doesn’t constantly feel efficient and it does develop more work I know we’re not purposely doing that we’re not creating additional work for anyone where we do not have to and anybody that’s managing that process I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the quantity that we are I think lots of factors one is it’s the standard I think individuals have actually got so used to we require a brand-new savings account we open an entity and rightly so you require it for payroll functions however there are a number of markets where it’s not a requirement so I believe it’s simply been the standard and the norm the people have adopted and continue to do over years and years passed by to add to that people have actually looked at things like trust accounts and lots of other ways um to to type of do it so I think there’s a range I think this is a procedure that requires looking at it requires changing but ultimately people are very stuck to what they recognize

with best um change is a tough thing all of us do not like change 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 lot of track of things um I understand undoubtedly the benefits of having keeping multiple savings account however there’s a substantial quantity of intricacy goes with setting up a checking account keeping it ensuring it can send out International transfers guaranteeing it’s established with the best user accesses for private people so the complexity is big however I think the honest answer is change um individuals have not been able to alter or have not had necessarily the knowledge to truly make that change into alternate Solutions besides opening a savings account I think you’ve hit the nail on the head I believe it is knowledge you understand and there is an element of resistance to alter however we have actually constantly done it that way is no genuine reason for not looking at the the advantages and the possibilities of carrying on and moving into you know what might nearly be figured out to be the next Century or so there is a lot to track and this technique does pose numerous obstacles um so Johnny could you inform us about those difficulties yeah of course so there’s a variety right there is so

I simply 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 International staff members you should have a corner workplace with a more detailed parking space due to the fact that I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Cyprus

Papaya Global Cyprus FAQ – Payroll Management 2024

Over the last 5 or 6 years …Papaya Global Cyprus… functions on the provider side and likewise on the vendor side from a payroll point of view so truly anticipating this discussion today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll just offer everybody another couple of uh well one of the 30 seconds approximately to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be rather intriguing and I can see it going on already just to hear where everyone is um it’s nice to to kind of like see where everyone comes from and I really do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s raining here it’s really very dreary and I want I was elsewhere at this moment in time alright so let’s get started our program for today is as follows um we are going to be looking at the obstacle years of handling International payroll why companies preserve separate

Virtual payroll accounts are an alternative to traditional checking account for handling payroll payments. This is especially helpful for worldwide organizations with dispersed and remote labor forces, as it simplifies the complex procedure of cross-border payments. Instead of maintaining separate bank accounts for payroll in different nations, virtual accounts and digital wallets offer 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.

making payroll payments accurately efficiently firmly and on time throughout this webinar we’ll walk you through the global pros and cons of a payroll wallet versus a payroll bank account how business accurately forecast their payroll expenses to increase working capital and how enhancing International payroll payments can turn them from a siled pane into a strategic asset so payroll can be difficult in sufficient in one country however when you’re doing it globally it’s next level and Beyond it becomes intricate for a variety of factors most notably regulations compliance data security and banking guidelines then there are the large numbers they include further intricacy the global Labor force is presently three and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and more 1.1 billion individuals that number is currently 500 million just for for a scale then consider that there are some 230 million companies and growing all doing their own thing worldwide in the standard payroll design there’s typically a frustrating number of various systems causing lengthy manual processes and silos the number of Integrations could be non-existent in large amounts and or really really basic there’s no genuine consistency framework we’re living in a period of tech but payroll has actually been sluggish to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper and that just blows my mind whenever I I believe

about it to offer you a concept of how far there still is to come according to Deloitte just 11 of services state they have Labor force information 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 a lack of visibility likewise reaches payroll payments and inability to precisely track these payments can lead to compliance accidents in the last mile of the transaction nearly half of worldwide businesses have actually revealed that they don’t have the level of standardization they need in their processes or want and as a result eighty percent of errors are due to time reporting bad HCM information data entry mistakes improperly interacted hires and terminations in addition to lack management and system setups and after that when you round all of it off and the data is delivered to the wrong place the average expense of a worldwide data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money around the globe payroll and payments don’t run efficiently if they count on the required several procedures systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the challenges business face when they’re making payments to staff members or otherwise that’s a great question I always toss this back and say what is it what does not require to be included right and what does

https://www.youtube.com/watch?v=pNjMoPeng0A

it require to be thought about 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 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 customer’s own in-country account so there’s intricacy anywhere you look ideal ultimately building a knowledge base is absolutely important but all over you look with payroll payment they resemble very payments no if however some infants 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 think there’s now a bit more recognition that payroll payments are absolutely essential and innovation is permitting us to type of move forward with that it likewise as well to add to that payroll and finance require to work closer together um with differing Checking account Details differing banking requirements and setup processes is absolutely essential that payroll and finance teams work better together than ever um I’m constantly surprised when individuals state I have actually split payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t operate in the payroll occupation 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 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 anywhere they are but likewise paying statutory authorities and on statutory third parties so with the

world we live in and well-being being increasingly more crucial to contribute to kind of the level of complexity there’s increasingly more benefits being organ or being offered by organizations throughout the world so once again you’re just aiming to add a growing number of payments to this currently intricate landscape so if you type of got any experience well I’m from your large experience here and I make certain however have you got any experience in kind of real challenges or genuine tough type of pay utilizes to play to pay people I think yeah I mean over the last well yeah a couple of decades I would certainly state that the bigger an organization gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the task there are groups feeding information into the next function as it were that’s really handling the payment side of things however you understand in in my viewpoint and my experience that doesn’t always require to be the case you understand long gone are the times where we require to produce additional handoffs in the processes that we run in they simply make them more timely they make them less effective and they don’t make them what they require to be in in a period of tech and an era that you know that we are operating in today there is no reason that we are still making this as difficult as it needs to be agreed and appropriately as you stated payroll is the single greatest liability that any service has from a cost viewpoint from an effect viewpoint on staff members it is definitely critical that it’s done correctly and on time so what we indicate by that is not a day before not a day after on pay day and payments need to be done right it has the greatest destructive impact on individuals’s wellness and numerous other factors if individuals aren’t paid uh I’ve always been impressed coming into this Market sort of the last five to ten years is how little thanks the

The payroll group may not have been thanked for properly processing payroll during a webinar. If anyone has been thanked, it would be terrific to hear their success story, whether it’s from all workers or not. Payroll is a crucial cycle, and individuals just observe when things fail. However, when things go right, it’s seen as just a regular job. This is how it’s perceived externally also. Therefore, it is necessary to make sure that tasks like Wi-Fi International and other crucial matters are done properly. Using the very first Worldwide Payments very first payroll payment solution is a great preliminary step towards offering a comprehensive payroll option for staff members worldwide. Standardization, worldwide processes, and minimizing the number of tools, platforms, and checking account required for international payroll are essential factors in achieving service success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally get a few problems when things don’t go as prepared. Ultimately, we do not do it for the gratitude.

anyhow we understand how how crucial 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 processes and likewise so think of sorry I’m simply I was simply gon na state picture the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I’m sure we’re talking about numerous thousands possibly Millions imagine getting that many thank you keeps in mind um I suggest it ‘d be interesting to see the number of Post-it notes you got but it would certainly be an interesting task trying to clean all those up for sure oh absolutely I can’t picture the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to look through them and actually see what was going on and kind of try to get back to everybody so moving on look why do companies select to main separate checking account there are Papaya Global Cyprus companies out there doing exactly this for particular countries and I’ve operated in a company or numerous organizations doing exactly that I can say it doesn’t constantly feel efficient and it does produce more work I know we’re not deliberately doing that we’re not producing additional work for anybody where we don’t have to and anyone 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 many reasons one is it’s the standard I believe people have got so used to we require a new bank account we open an entity and rightly so you need 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 requirement and the norm the people have actually adopted and continue to do over years and years passed by to add 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 variety I think this is a procedure that needs taking a look at it requires altering however ultimately individuals are very stuck with what they’re familiar

with best um change is a challenging thing we all do not like modification um so I think it’s just type of moving away from the norm as we have actually said so yeah so it keeps a lot of track of stuff um I understand clearly the advantages of having maintaining multiple savings account however there’s a big quantity of intricacy goes with establishing a bank account preserving it guaranteeing it can send International transfers ensuring it’s set up with the ideal user accesses for specific people so the complexity is substantial however I believe the honest answer is modification um people haven’t had the ability to change or haven’t had necessarily the understanding to truly make that change into alternate Solutions besides opening a checking account I believe you have actually hit the nail on the head I believe it is knowledge you know and there is an element of resistance to change but we have actually constantly done it that way is no real excuse for not taking a look at the the benefits and the possibilities of moving on and moving into you understand what might almost be identified to be the next Century or two there is a lot to monitor and this approach does position several obstacles um so Johnny might you tell us about those obstacles yeah obviously so there’s a variety right there is so

I just recently made a change to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It feels like our CFO has gained another CFO, and with this enhanced ability, I have effectively protected payments for our 10,000 workers worldwide. Your commitment to mastering international payroll and payments utilizing Papaya payroll OS is commendable. You should have a corner office with a parking space that is closer, considering your achievements. Papaya Global Cyprus