Papaya Global Deel FAQ – Payroll Management 2024

Over the last 5 or six years …Papaya Global Deel… roles on the provider side and likewise on the vendor side from a payroll viewpoint so actually looking forward to this conversation today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll simply offer everybody another number of uh well one of the 30 seconds approximately to join all of us work back to back nowadays so we’ll kind of let them do that so it ‘d be quite intriguing and I can see it going on already simply to hear where everyone is um it’s nice to to sort of like see where everybody originates from and I truly do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s raining here it’s really extremely uninspiring and I wish I was elsewhere at this moment in time okay so let’s begin our agenda for today is as follows um we are going to be taking a look at the obstacle years of handling Global payroll why business preserve separate

Virtual payroll accounts are an alternative to traditional bank accounts for handling payroll payments. This is especially beneficial for worldwide companies with dispersed and remote labor forces, as it streamlines the complicated process of cross-border payments. Instead of maintaining separate bank accounts for payroll in different countries, virtual accounts and digital wallets provide a more streamlined solution. In this webinar, we will explore the benefits of using virtual payroll accounts and go over why they are becoming a tactical property 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.

Ensuring accurate, efficient, and prompt payroll payments is a complex obstacle for services operating globally. Join us for a webinar to check out the advantages and disadvantages of payroll wallets versus payroll bank accounts, find out how companies forecast payroll expenses to enhance working capital, and find how simplifying worldwide payroll payments can transform them from a troublesome task into a strategic possession.

Handling payroll globally is a complicated job due to various guidelines, compliance requirements, data security concerns, and banking rules. The sheer variety of staff members and businesses contributes to the complexity, with an estimated 3.5 billion individuals in the worldwide workforce, 500 countless whom are in Africa, and 230 million services worldwide.

Traditional payroll systems often lead to manual procedures, information silos, and a lack of integration, resulting in inconsistencies and inefficiencies. Regardless of residing in an age of technological advancements, payroll management has actually been sluggish to adjust, with as much as 25% of payroll still processed manually, often using pen and paper. This webinar aims to supply insights and services to simplify and enhance global payroll payments.

about it to give you an idea of how far there still is to come according to Deloitte just 11 of organizations state they have Workforce data in real time that’s another number that offers me sleepless nights and quite honestly the more a service spends on international payroll the less of an image they see a lack of exposure also encompasses payroll payments and failure to properly track these payments can cause compliance mishaps in the last mile of the transaction nearly half of global businesses have expressed 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 due to time reporting poor HCM data data entry mistakes badly interacted hires and terminations as well as absence management and system setups and then when you round all of it off and the data is delivered to the incorrect place the average expense of a worldwide data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash all over the world payroll and payments do not run efficiently if they rely on the necessary multiple procedures 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 obstacles company face when they’re making payments to employees or otherwise that’s an excellent question I always throw this back and state what is it what does not require to be consisted of best and what does

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

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 complexity any place you look ideal eventually developing a knowledge base is definitely vital however everywhere 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 look at the kind of link between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are absolutely essential and innovation is allowing us to sort of progress with that it also as well to add to that payroll and finance require to work closer together um with varying Savings account Particulars varying banking requirements and setup procedures is absolutely essential that payroll and financing teams work better together than ever um I’m constantly astonished when individuals state I have actually divided 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 estimation I would say no so why do we as a market accept that why our payroll and payments so frequently split and cut up um eventually it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying individuals wherever they are however also paying statutory authorities and on statutory third parties so with the

The contemporary world places a high value on wellness and the payment landscape is becoming increasingly detailed. Companies are continuously presenting brand-new advantages and payment alternatives, which adds to the overall complexity. Big corporations often divide their payroll and payment processing into separate groups, which can cause ineffectiveness and bottlenecks. In my viewpoint, this doesn’t need to hold true. In today’s technically sophisticated age, there’s no justification for keeping cumbersome treatments. Payroll, the company’s greatest expenditure, must be processed properly and on time. Even slight hold-ups can adversely impact workers’ well-being and have far-reaching repercussions. Therefore, it’s important to prioritize precise and timely payments.

payroll group get um so I’m not exactly sure anyone on this kind of webinar has actually been told thank you for processing my payroll properly if you have it ‘d be fantastic to hear your success story and whether that’s been from all employees or not um however ultimately payroll is such a crucial cycle we all hear about 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 exercise and I believe that’s how it’s seen from the external consider 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 International Payments first payroll payment service is a fantastic first step um providing an end-to-end payroll solution for your employees internationally again I think is another huge um procedure again lining up and guaranteeing you have standardization Worldwide processes all of those things are absolutely crucial to success success of companies and minimizing the variety of tools platforms and checking account they need for their Worldwide 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 had a hundred thousand of them within a payroll cycle do not anticipate to you do get the odd five or 10 or whatever it might be with the with the the problems where things have not gone quite where they’re implied to be um I don’t believe any of us are in fact doing that for for the thanks

anyhow we understand how how important 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 involved in those procedures and also so think of sorry I’m just I was simply gon na say picture the amount of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make certain we’re talking about hundreds of thousands potentially Millions envision getting that many thank you notes um I indicate it ‘d be interesting to see the number of Post-it notes you got however it would certainly be a fascinating 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 try to look through them and in fact see what was going on and type of try to return to everyone so proceeding appearance why do business choose to main different bank accounts there are Papaya Global Deel businesses out there doing exactly this for particular countries and I’ve worked in an organization or lots of services doing precisely that I can state it doesn’t constantly feel effective and it does develop more work I understand we’re not deliberately doing that we’re not producing additional work for anyone where we don’t need to and any person that’s handling 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 factors one is it’s the requirement I think individuals have actually got so utilized to we need a new checking account we open an entity and rightly so you need it for payroll purposes but there are a number of markets where it’s not a requirement so I think it’s simply been the standard and the norm individuals have adopted and continue to do over years and years gone past to contribute to that people have looked at things like trust accounts and many other ways um to to kind of do it so I think there’s a variety I think this is a procedure that requires looking at it requires changing however ultimately people are really stuck to what they recognize

with right um change is a difficult thing we all do not like change um so I believe it’s just kind of moving far from the standard as we have actually said so yeah so it keeps a lot of track of things um I comprehend obviously the benefits of having preserving multiple bank accounts however there’s a substantial amount of complexity opts for establishing a bank account maintaining it ensuring it can send out International transfers ensuring it’s established with the right user accesses for specific individuals so the complexity is huge however I think the truthful response is modification um people haven’t been able to change or have not had necessarily the understanding to really make that change into alternate Solutions aside from opening a savings account I believe you’ve hit the nail on the head I think it is knowledge you understand and there is an aspect of resistance to change but we’ve 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 could almost be determined to be the next Century or two there is a lot to keep an eye on and this technique does position several difficulties um so Johnny could you inform us about those obstacles yeah of course so there’s a range right there is so

I just did you changed our Business to OS so now we can do our payroll and payments operation on a single platform yes it’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide staff members you should have a corner office with a more detailed parking space because I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Deel