Papaya Global Founder FAQ – Payroll Management 2024

Over the last five or 6 years …Papaya Global Founder… functions on the supplier side and likewise on the supplier side from a payroll viewpoint so really looking forward to this discussion today um and yeah thank you quite for your time everyone okay 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 these days so we’ll kind of let them do that so it ‘d be rather interesting and I can see it going on currently just to hear where everybody is um it’s nice to to sort of like see where everyone originates from and I truly do hope it’s much sunnier than it remains 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 very uninspiring and I wish I was elsewhere at this moment in time all right so let’s get started our program for today is as follows um we are going to be taking a look at the challenge years of handling Worldwide payroll why business preserve separate

bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts enhancing papaya Global payroll payments as a tactical asset uh we’ll likewise review a wrap-up which should leave his time at the extremely extremely end for a q a session so as the title of the webinar suggests payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces end up being increasingly more typical and handling them becomes increasingly more intricate Worldwide organizations are seeking to discover Solutions and brand-new methods to enhance processes specifically from a payroll and cross-border payment perspective many companies keep different bank account just for payroll while some have numerous accounts in various countries does it make sense for business to preserve different bank accounts sometimes in various countries it does but just for payroll is there a much better method what role do virtual accounts and digital wallets also known as virtual wallets play in assisting international companies streamline the episode complex procedures of

making payroll payments accurately effectively securely and on time during this webinar we’ll walk you through the international advantages and disadvantages of a payroll wallet versus a payroll bank account how business accurately anticipate their payroll costs to increase working capital and how streamlining Worldwide payroll payments can turn them from a siled pane into a strategic property so payroll can be challenging in enough in one nation but when you’re doing it worldwide it’s next level and Beyond it ends up being complicated for a variety of factors most significantly regulations compliance information security and banking rules then there are the sheer numbers they add further intricacy the international Workforce is currently 3 and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and more 1.1 billion people that number is presently 500 million just for for a scale then factor in that there are some 230 million organizations and growing all doing their own thing around the world in the standard payroll model there’s frequently a frustrating variety of different systems leading to time-consuming manual procedures and silos the variety of Integrations could be non-existent in big quantities and or very really standard there’s no genuine consistency structure we’re residing in an era 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 believe

about it to provide you a concept of how far there still is to come according to Deloitte only 11 of organizations state they have Labor force information in real time that’s another number that provides me sleepless nights and quite honestly the more a company invests in global payroll the less of a photo they see a lack of exposure likewise encompasses payroll payments and failure to precisely track these payments can cause compliance accidents in the last mile of the deal nearly half of global services have expressed that they don’t have the level of standardization they need in their procedures or want and as a result eighty percent of errors are because of time reporting bad HCM data information entry errors improperly communicated hires and terminations in addition to lack management and system configurations and then when you round everything off and the information is shipped to the incorrect location the typical cost of an international information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money worldwide payroll and payments don’t run smoothly if they rely on the required several processes systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the challenges company face when they’re making payments to workers or otherwise that’s an excellent question I always toss this back and say what is it what doesn’t need to be consisted of ideal and what does

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it need 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 timespan 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 consumer’s own in-country account so there’s intricacy wherever you look best eventually building a knowledge base is definitely crucial but all over you look with payroll payment they are like very payments no if however some children about it you are all superheroes processing payments for payroll if you take a 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 fundamental and innovation is enabling us to kind of move on with that it also also to contribute to that payroll and financing require to work closer together um with differing Bank Account Particulars varying banking requirements and setup procedures is absolutely vital that payroll and financing groups work more detailed together than ever um I’m constantly astonished when people state I’ve divided payroll and payment um if you walk down the street and asked anybody what is payroll who does not work in the payroll occupation would they divide the payroll payment from computation I would say no so why do we as an industry accept that why our payroll and payments so often split and cut up um eventually it’s payroll is an end-to-end procedure 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 3rd parties so with the

The contemporary world puts a high value on wellness and the compensation landscape is becoming increasingly intricate. Organizations are constantly introducing brand-new benefits and payment choices, which adds to the general intricacy. Large corporations often divide their payroll and payment processing into different teams, which can result in inadequacies and traffic jams. In my opinion, this doesn’t need to be the case. In today’s technically advanced age, there’s no reason for keeping cumbersome treatments. Payroll, the business’s biggest expense, need to be processed properly and on time. Even small hold-ups can negatively impact employees’ well-being and have significant consequences. Therefore, it’s critical to prioritize accurate and timely payments.

The payroll team might not have actually been thanked for properly processing payroll throughout 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 an important cycle, and individuals just observe when things go wrong. Nevertheless, when things go right, it’s seen as simply a routine job. This is how it’s viewed externally too. Therefore, it is important to guarantee that jobs like Wi-Fi Global and other vital matters are done correctly. Using the first International Payments first payroll payment option is a fantastic initial step towards supplying an extensive payroll service for employees worldwide. Standardization, global procedures, and minimizing the number of tools, platforms, and bank accounts required for worldwide payroll are essential consider attaining business success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes get a couple of grievances when things do not go as planned. Ultimately, we do not do it for the appreciation.

anyhow we know how how essential a role 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 easy as possible for everybody that’s involved in those procedures and also so imagine sorry I’m just I was simply gon na state imagine the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I’m sure we’re speaking about numerous thousands possibly Millions imagine getting that many thank you notes um I suggest it ‘d be interesting to see how many Post-it notes you got but it would absolutely be a fascinating task attempting to clean all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to browse them and really see what was going on and type of try to return to everybody so carrying on look why do companies choose to primary separate bank accounts there are Papaya Global Founder businesses out there doing exactly this for particular nations and I’ve worked in a company or many businesses doing precisely that I can say it doesn’t constantly feel effective and it does create more work I know we’re not intentionally doing that we’re not developing extra work for any person where we don’t need to and any person that’s dealing with that process I ‘d be interested to hear your ideas 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 requirement I believe people have got so utilized to we require a new savings account we open an entity and appropriately 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 standard and the norm individuals have embraced and continue to do over years and years passed by to contribute to that people have taken a look at things like trust accounts and numerous other methods um to to sort of do it so I think there’s a range I think this is a process that needs looking at it requires changing however ultimately individuals are very stuck to what they’re familiar

with best um change is a difficult thing we all do not like modification um so I believe it’s simply kind of moving away from the standard as we’ve said so yeah so it keeps a lot of track of things um I comprehend clearly the benefits of having maintaining several savings account but there’s a substantial amount of intricacy chooses establishing a checking account maintaining it ensuring it can send out International transfers guaranteeing it’s set up with the ideal user accesses for specific individuals so the intricacy is big but I believe the honest answer is change um individuals haven’t had the ability to change or haven’t had always the knowledge to truly make that change into alternate Solutions aside from opening a checking account I believe you’ve hit the nail on the head I believe 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 advantages and the possibilities of carrying on and moving into you understand what could practically be determined to be the next Century or so there is a lot to keep track of and this technique does posture a number of challenges 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 change to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It seems like our CFO has gotten another CFO, and with this boosted ability, I have actually effectively secured payments for our 10,000 employees worldwide. Your dedication to mastering international payroll and payments utilizing Papaya payroll OS is commendable. You are worthy of a corner office with a parking space that is more detailed, considering your accomplishments. Papaya Global Founder