Papaya Global Electronic P60 FAQ – Payroll Management 2024

Over the last 5 or six years …Papaya Global Electronic P60… functions on the supplier side and likewise on the vendor side from a payroll point of view so really looking forward to this conversation today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll just 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 type of let them do that so it ‘d be quite fascinating and I can see it going on already just to hear where everybody is um it’s nice to to kind of like see where everybody comes from and I truly 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 raining here it’s really very uninspiring and I wish I was elsewhere at this moment in time fine so let’s get started our program for today is as follows um we are going to be taking a look at the difficulty years of managing International payroll why business maintain separate

Virtual payroll accounts are an option to traditional bank accounts for handling payroll payments. This is particularly beneficial for worldwide organizations with dispersed and remote workforces, as it simplifies the complicated procedure of cross-border payments. Instead of keeping different savings account for payroll in various nations, virtual accounts and digital wallets use a more streamlined option. In this webinar, we will check out the benefits of using virtual payroll accounts and discuss why they are becoming a strategic asset for payroll executives. We will likewise supply a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.

making payroll payments accurately effectively safely and on time throughout this webinar we’ll stroll you through the international pros and cons of a payroll wallet versus a payroll bank account how business precisely 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 hard in adequate in one country however when you’re doing it internationally it’s next level and Beyond it becomes intricate for a variety of factors most notably policies compliance data security and banking guidelines then there are the sheer numbers they add more complexity the global Labor force is presently 3 and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and further 1.1 billion individuals that number is presently 500 million just for for a scale then factor in that there are some 230 million businesses and growing all doing their own thing worldwide in the traditional payroll design there’s typically an overwhelming variety of different systems leading to time-consuming manual procedures and silos the variety of Combinations could be non-existent in big amounts and or really extremely fundamental there’s no real consistency structure 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 and that simply blows my mind each time I I think

about it to provide you an idea of how far there still is to come according to Deloitte just 11 of organizations say they have Workforce information in real time that’s another number that gives me sleep deprived nights and quite honestly the more an organization spends on worldwide payroll the less of a photo they see an absence of exposure also encompasses payroll payments and failure to accurately track these payments can lead to compliance mishaps in the last mile of the deal almost half of worldwide organizations have actually revealed that they don’t have the level of standardization they need in their processes or desire and as a result eighty percent of errors are because of time reporting poor HCM information data entry mistakes poorly communicated hires and terminations as well as absence management and system configurations and after that when you round all of it off and the data is shipped to the wrong location the typical cost 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 worldwide payroll and payments do not run smoothly if they rely on the necessary several processes 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 challenges service face when they’re paying to staff members or otherwise that’s a great concern I always throw this back and say what is it what does not need to be included ideal and what does

it require to be thought of there’s varying Bank details so the length of an eye band a swift an account number routing code per country there’s payment time frames there’s payment abilities so can you pay it from International or do you have 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 best ultimately constructing a knowledge base is absolutely vital however everywhere 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 look at the kind 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 basic and technology is allowing us to sort of move on with that it also also to add to that payroll and financing require to work closer together um with differing Bank Account Particulars differing banking requirements and setup procedures is absolutely imperative that payroll and finance groups work better together than ever um I’m always amazed when individuals say I have actually divided payroll and payment um if you stroll 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 procedure it’s the point of data collection all the way through to paying people wherever they are however likewise paying statutory authorities and on statutory third parties so with the

world we live in and wellness being a growing number of essential to contribute to kind of the level of intricacy there’s more and more advantages being organ or being offered by services throughout the world so again you’re just wanting to add more and more payments to this already intricate landscape so if you type of got any experience well I’m from your huge experience here and I make sure but have you got any experience in kind of real obstacles or real tough type of pay uses to play to pay individuals I believe yeah I imply over the last well yeah a number of years I would definitely say that the larger a business gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the job there are groups feeding details into the next function as it were that’s really handling the payment side of things however you know in in my opinion and my experience that does not necessarily need to be the case you know long gone are the times where we need to develop extra handoffs at the same times that we operate in they simply make them more timely they make them less effective and they don’t make them what they need to be in in an age 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 tough as it needs to be concurred and rightly as you said payroll is the single greatest liability that any company has from a cost viewpoint from an impact viewpoint on employees 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 damaging result on individuals’s wellness and lots of other factors if people aren’t paid uh I’ve constantly been impressed entering into this Market type of the last five to 10 years is how little thanks the

payroll group get um so I’m not exactly sure anybody on this sort of webinar has actually been informed thank you for processing my payroll properly if you have it ‘d be great to hear your success story and whether that’s been from all staff members or not um but ultimately payroll is such a crucial cycle all of us hear about it when it fails everybody 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 also like why WI-Fi Global why all of this stuff is definitely essential that all of this things is done correctly so leveraging the very first Global Payments very first payroll payment service is a terrific primary step um offering an end-to-end payroll option for your workers internationally once again I believe is another big um procedure again aligning and guaranteeing you have standardization International procedures all of those things are absolutely essential to success success of businesses and minimizing the variety of tools platforms and bank accounts 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 do not expect to you do get the odd five or 10 or whatever it might be with the with the the problems where things haven’t gone quite where they’re indicated to be um I do not believe any of us are really doing that for for the thanks

anyhow we understand how how important 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 just I was simply gon na state imagine the quantity of thanks you got if you might cover the amount of people that we cover within this webinar I’m sure we’re talking about numerous thousands potentially Millions picture getting that many thank you keeps in mind um I imply it ‘d be interesting to see how many Post-it notes you got but it would definitely be an interesting job attempting 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 really see what was going on and sort of shot to return to everyone so proceeding appearance why do companies select to primary different savings account there are Papaya Global Electronic P60 businesses out there doing exactly this for specific nations and I have actually worked in an organization or lots of companies doing exactly that I can state it doesn’t always feel efficient and it does create more work I understand we’re not purposely 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 ideas Johnny why do you think that we’re doing that in in the in the quantity that we are I believe lots of reasons one is it’s the standard I think individuals have got so utilized to we require a brand-new savings account we open an entity and rightly so you need 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 individuals have adopted and continue to do over years and years passed by to contribute to that people have actually taken a look at things like trust accounts and lots of other ways um to to sort of do it so I think there’s a variety I believe this is a procedure that needs looking at it needs altering however eventually individuals are very stuck to what they’re familiar

with ideal um change is a tough thing all of us don’t like modification um so I believe it’s just kind of moving far from the standard as we’ve said so yeah so it keeps a great deal of track of things um I understand obviously the benefits of having preserving numerous bank accounts but there’s a big quantity of complexity opts for establishing a savings account maintaining it ensuring it can send International transfers guaranteeing it’s set up with the best user accesses for specific individuals so the complexity is huge however I think the honest answer is change um individuals haven’t been able to alter or haven’t had always the knowledge to actually make that change into alternate Solutions aside from opening a bank account I believe you have actually struck the nail on the head I think it is knowledge you know and there is an element of resistance to alter but we’ve always done it that way is no real excuse for not taking a look at the the advantages and the possibilities of carrying on and moving into you know what could almost be identified to be the next Century or two there is a lot to track and this approach does posture a number of obstacles um so Johnny could you tell us about those challenges yeah naturally so there’s a range right there is so

I just recently made a modification to our Business 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 acquired another CFO, and with this boosted ability, I have actually effectively protected payments for our 10,000 workers worldwide. Your commitment to mastering international payroll and payments using Papaya payroll OS is good. You are worthy of a corner office with a parking space that is better, considering your achievements. Papaya Global Electronic P60