Papaya Global Holy See FAQ – Payroll Management 2024

Over the last five or six years …Papaya Global Holy See… functions on the service provider side and likewise on the supplier side from a payroll perspective so actually eagerly anticipating this discussion today um and yeah thank you very much for your time everybody all right thanks Johnny uh we’ll simply offer everybody another number of uh well among the 30 seconds or so to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be quite 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 everybody comes from and I truly do hope it’s much sunnier than it remains 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 very extremely uninspiring and I wish I was elsewhere at this moment in time okay so let’s get going our program for today is as follows um we are going to be looking at the challenge years of managing Worldwide payroll why business keep different

bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts improving papaya Global payroll payments as a tactical possession uh we’ll also review a wrap-up and that must leave his time at the very very end for a q a session so as the title of the webinar recommends payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and International workforces end up being more and more common and handling them ends up being more and more intricate International organizations are wanting to find Solutions and brand-new ways to simplify processes especially from a payroll and cross-border payment viewpoint lots of organizations maintain separate savings account just for payroll while some have multiple accounts in different countries does it make good sense for companies to preserve separate bank accounts in some cases in different countries it does but just for payroll is there a much better way what role do virtual accounts and digital wallets likewise known as virtual wallets play in assisting multinational companies streamline the episode complex processes of

making payroll payments properly effectively safely and on time throughout this webinar we’ll stroll you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll savings account how companies precisely forecast their payroll costs to increase working capital and how simplifying Worldwide payroll payments can turn them from a siled pane into a strategic property so payroll can be tough in sufficient in one country but when you’re doing it internationally it’s next level and Beyond it ends up being complicated for a variety of reasons most notably regulations compliance data security and banking rules then there are the sheer numbers they add further intricacy the international Labor force is currently 3 and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and additional 1.1 billion people that number is currently 500 million just for for a scale then factor in that there are some 230 million businesses and growing all doing their own thing around the globe in the conventional payroll design there’s typically a frustrating variety of various systems causing lengthy manual procedures and silos the number of Combinations could be non-existent in big amounts and or very extremely fundamental there’s no real consistency structure we’re living in an era of tech however 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 just blows my mind whenever I I think

about it to provide you a concept of how far there still is to come according to Deloitte just 11 of services 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 global payroll the less of a photo they see a lack of presence likewise extends to payroll payments and failure to accurately track these payments can cause compliance incidents in the last mile of the deal almost half of worldwide businesses 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 errors are because of time reporting poor HCM data data entry mistakes badly interacted hires and terminations as well as lack management and system setups and then when you round everything off and the information is delivered to the incorrect place the typical cost of a worldwide information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash around the world payroll and payments do not run smoothly if they rely on the needed numerous processes systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the challenges organization face when they’re making payments to workers or otherwise that’s an excellent question I constantly throw 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 differing Bank details 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 customer’s own in-country account so there’s intricacy wherever you look right ultimately building a knowledge base is definitely critical but all over 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 between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are definitely basic and innovation is enabling us to sort of move on with that it also too to contribute to that payroll and financing require to work closer together um with differing Checking account Details differing banking requirements and setup processes is absolutely important that payroll and financing groups work more detailed together than ever um I’m constantly surprised when individuals say I have actually split payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t operate in the payroll profession would they divide the payroll payment from computation I would say no so why do we as a market accept that why our payroll and payments so often 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 anywhere they are but likewise paying statutory authorities and on statutory third parties so with the

world we reside in and well-being being a growing number of important to add to sort of the level of complexity there’s increasingly more benefits being organ or being used by services throughout the world so again you’re just looking to include more and more payments to this already intricate landscape so if you sort of got any experience well I’m from your vast experience here and I make certain but have you got any experience in kind of real challenges or genuine tough sort of pay uses to play to pay individuals I believe yeah I indicate over the last well yeah a couple of years I would absolutely say that the bigger a business gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the task there are teams feeding info into the next function as it were that’s in fact handling the payment side of things however you know in in my viewpoint and my experience that does not always need to be the case you understand long gone are the times where we need to create extra handoffs at the same times that we operate in they just make them more timely they make them less efficient and they don’t make them what they require to be in in a period of tech and a period that you understand that we are working in today there is no reason we are still making this as hard as it needs to be concurred and rightly as you said payroll is the single greatest liability that any organization has from an expense point of view from an impact perspective on employees it is absolutely vital that it’s done correctly and on time so what we imply by that is not a day before not a day after on pay day and payments have to be done right it has the most significant harmful result on individuals’s well-being and numerous other aspects if individuals aren’t paid uh I’ve constantly been surprised entering into this Market sort of the last 5 to ten years is how little thanks the

payroll group get um so I’m not exactly sure anyone on this sort of webinar has actually been informed thank you for processing my payroll properly 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 eventually payroll is such a crucial cycle we all find out about it when it fails everyone jumps up and down when it goes wrong however when it goes right it’s just a tick box exercise and I think that’s how it’s seen from the external view as well um so yeah it’s also like why WI-Fi Global why all of this things is absolutely vital that all of this stuff is done correctly so leveraging the first Worldwide Payments very first payroll payment service is a great initial step um offering an end-to-end payroll option for your staff members worldwide once again I think is another huge um process once again lining up and guaranteeing you have standardization Global processes all of those things are definitely crucial to success success of companies and minimizing 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 countless them within a payroll cycle do not anticipate to you do get the odd five or ten or whatever it might be with the with the the grievances where things haven’t gone rather 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 function 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 amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I make certain we’re discussing hundreds of thousands potentially Millions imagine getting that many thank you keeps in mind um I indicate it ‘d be interesting to see how many Post-it notes you got but it would certainly be an intriguing task trying to clean up all those up for sure oh definitely I can’t think of 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 really see what was going on and kind of try to get back to everyone so carrying on look why do companies choose to primary separate savings account there are Papaya Global Holy See businesses out there doing precisely this for specific countries and I have actually operated in an organization or lots of organizations doing exactly that I can say it does not constantly feel effective and it does create more work I understand we’re not intentionally doing that we’re not creating extra work for anyone where we don’t have to and anyone 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 amount that we are I think many reasons one is it’s the requirement I think individuals have actually got so utilized to we require a brand-new checking account we open an entity and appropriately so you need it for payroll purposes but there are a variety of markets where it’s not a requirement so I think it’s simply been the requirement and the standard the people have actually adopted and continue to do over years and years passed by to add to that individuals have actually looked at things like trust accounts and many other methods um to to sort of do it so I think there’s a variety I believe this is a procedure that requires looking at it requires changing but ultimately individuals are extremely stuck with what they’re familiar

with right um modification is a difficult thing we all do not like change um so I believe it’s just sort of moving away from the standard as we’ve said so yeah so it keeps a lot of track of things um I comprehend undoubtedly the advantages of having preserving numerous checking account however there’s a substantial amount of complexity chooses setting up a bank account maintaining it ensuring it can send out International transfers ensuring it’s established with the ideal user accesses for individual individuals so the intricacy is big however I think the honest answer is change um people have not had the ability to change or haven’t had necessarily the understanding to truly make that change into alternate Solutions besides opening a savings 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 alter however we have actually always done it that way is no real excuse for not looking at the the benefits and the possibilities of carrying on and moving into you understand what might practically be figured out to be the next Century approximately there is a lot to keep track of and this method does posture a number of challenges um so Johnny could you inform us about those obstacles yeah naturally so there’s a variety right there is so

I simply did you switched our Enterprise 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 Global workers you are worthy of a corner office with a better parking space since I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Holy See