Papaya Global Director Set Up FAQ – Payroll Management 2024

Over the last five or 6 years …Papaya Global Director Set Up… functions on the provider side and also on the vendor side from a payroll point of view so really looking forward to this discussion today um and yeah thank you quite for your time everyone fine thanks Johnny uh we’ll simply give everybody another couple of uh well among the 30 seconds or so to join all of us work back to back these days so we’ll sort of let them do that so it ‘d be quite fascinating and I can see it going on already just to hear where everyone is um it’s nice to to sort of like see where everybody comes from and I really do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s really extremely gloomy and I want 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 looking at the challenge years of handling International payroll why companies maintain different

savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts improving papaya Worldwide payroll payments as a strategic asset uh we’ll likewise discuss a wrap-up which needs to leave his time at the extremely very end for a q a session so as the title of the webinar recommends payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces become increasingly more common and handling them ends up being increasingly more complicated International organizations are looking to discover Solutions and brand-new methods to improve procedures especially from a payroll and cross-border payment viewpoint numerous companies maintain separate checking account just for payroll while some have multiple accounts in various countries does it make good sense for business to preserve different checking account often in various countries it does but just for payroll is there a better method what function do virtual accounts and digital wallets likewise known as virtual wallets play in assisting international business streamline the episode complex procedures of

making payroll payments accurately effectively firmly and on time throughout this webinar we’ll walk you through the international benefits and drawbacks of a payroll wallet versus a payroll bank account how business accurately forecast their payroll costs to increase working capital and how improving Global payroll payments can turn them from a siled pane into a strategic property so payroll can be tough in sufficient in one country however when you’re doing it internationally it’s next level and Beyond it becomes complex for a range of reasons most notably regulations compliance data security and banking rules then there are the large numbers they add further intricacy the international Labor force is presently three and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and further 1.1 billion people that number is currently 500 million just for for a scale then consider that there are some 230 million organizations and growing all doing their own thing worldwide in the standard payroll design there’s frequently a frustrating number of different systems leading to lengthy manual processes and silos the variety of Integrations could be non-existent in big amounts and or really very basic there’s no real consistency structure we’re living in an era of tech but payroll has actually been slow to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper and that simply blows my mind whenever I I think

about it to offer you an idea of how far there still is to come according to Deloitte only 11 of organizations say they have Labor force information in real time that’s another number that offers me sleepless nights and quite honestly the more an organization spends on worldwide payroll the less of a picture they see an absence of visibility likewise encompasses payroll payments and inability to precisely track these payments can result in compliance mishaps in the last mile of the deal nearly half of global companies have actually revealed that they don’t 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 bad HCM data information entry errors inadequately interacted hires and terminations as well as absence management and system setups and then when you round everything off and the information is delivered to the incorrect place the average expense of an international information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money around the globe payroll and payments don’t run smoothly if they rely on the necessary multiple 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 obstacles organization face when they’re paying to employees or otherwise that’s a good concern I constantly toss this back and say what is it what doesn’t need to be included ideal and what does

it require 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 have to pay from the client’s own in-country account so there’s complexity any place you look ideal ultimately developing a knowledge base is absolutely crucial however all over you look with payroll payment they are like incredibly 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 acknowledgment that payroll payments are definitely essential and innovation is enabling us to type of progress with that it likewise as well to contribute to that payroll and finance need to work closer together um with varying Savings account Particulars differing banking requirements and setup procedures is definitely imperative that payroll and finance teams work closer together than ever um I’m always surprised when people say I’ve divided payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t work in the payroll profession would they split the payroll payment from computation 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 eventually it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying people wherever they are but also paying statutory authorities and on statutory 3rd parties so with the

world we reside in and well-being being more and more essential to contribute to kind of the level of intricacy there’s more and more benefits being organ or being used by organizations throughout the world so again you’re simply aiming to add a growing number of payments to this already complex landscape so if you type of got any experience well I’m from your vast experience here and I make sure but have you got any experience in kind of real difficulties or real tough kind of pay utilizes to play to pay individuals I think yeah I suggest over the last well yeah a number of decades I would definitely state that the larger a business gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the job there are teams feeding info into the next function as it were that’s really handling the payment side of things but you understand in in my viewpoint and my experience that does not necessarily require to be the case you know long gone are the times where we need to create additional handoffs at the same times that we run in they just make them more prompt they make them less efficient and they do not make them what they need to be in in a period of tech and a period that you understand that we are working in today there is no reason that we are still making this as difficult as it requires to be agreed and rightly as you said payroll is the single biggest liability that any company has from an expense point of view from an effect perspective on workers it is absolutely crucial 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 need to be done right it has the most significant harmful effect on individuals’s wellness and many other factors if people 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 might not have been thanked for correctly processing payroll during a webinar. If anyone has actually been thanked, it would be great to hear their success story, whether it’s from all staff members or not. Payroll is an important cycle, and individuals only see when things fail. However, when things go right, it’s viewed as simply a regular job. This is how it’s perceived externally also. Therefore, it is important to ensure that tasks like Wi-Fi Worldwide and other crucial matters are done correctly. Utilizing the first Worldwide Payments first payroll payment service is an excellent initial step towards providing an extensive payroll option for staff members worldwide. Standardization, international processes, and lowering the number of tools, platforms, and bank accounts necessary for international payroll are crucial factors in attaining business success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do sometimes receive a couple of complaints when things don’t go as planned. Ultimately, we don’t do it for the gratitude.

anyway we know how how crucial 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 simple as possible for everybody that’s associated with those processes and also so imagine sorry I’m simply I was just gon na say envision the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I make sure we’re speaking about hundreds of thousands potentially Millions think of getting that many thank you keeps in mind um I imply it ‘d be interesting to see how many Post-it notes you got however it would absolutely be a fascinating job trying to clean up all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to browse them and actually see what was going on and sort of try to get back to everyone so proceeding appearance why do business pick to main separate savings account there are Papaya Global Director Set Up businesses out there doing precisely this for particular nations and I have actually worked in a business or many organizations doing precisely 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 developing additional work for any person where we don’t need to and anybody 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 believe many reasons one is it’s the standard I think people have actually got so used to we require a 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 just been the requirement and the standard the people have actually adopted and continue to do over years and years passed by to contribute to that individuals have taken a look at things like trust accounts and lots of other ways um to to sort of do it so I believe there’s a range I believe this is a process that requires looking at it requires altering but eventually individuals are really stuck to what they’re familiar

with best um change is a tough thing we all do not like modification um so I think it’s simply kind of moving away from the standard as we have actually said so yeah so it keeps a great deal of track of stuff um I understand clearly the advantages of having preserving multiple checking account however there’s a big quantity of intricacy opts for establishing a checking account preserving it guaranteeing it can send out International transfers guaranteeing it’s established with the best user accesses for private people so the complexity is substantial however I believe the honest answer is change um individuals have not been able to alter or have not had always the understanding to truly make that change into alternate Solutions other than opening a bank account I think you’ve hit the nail on the head I believe it is knowledge you know and there is an element of resistance to change but we’ve always done it that way is no real reason for not looking at the the benefits and the possibilities of carrying on and moving into you understand what could almost be figured out to be the next Century approximately there is a lot to monitor and this technique does present numerous difficulties um so Johnny could you inform us about those challenges yeah naturally so there’s a variety right there is so

I simply 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 Global workers you should have a corner workplace with a better parking space due to the fact that I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Director Set Up