Papaya Global Hq FAQ – Payroll Management 2024

Over the last five or six years …Papaya Global Hq… roles on the service provider side and also on the vendor side from a payroll viewpoint so truly anticipating this discussion today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll simply offer everybody another couple of uh well one of 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 fascinating and I can see it going on currently 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 sunshine is it it’s not no it’s it’s raining here it’s really very gloomy and I want I was somewhere else at this moment in time alright so let’s start our program for today is as follows um we are going to be looking at the challenge years of managing International payroll why business preserve different

savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts streamlining papaya Worldwide payroll payments as a strategic property uh we’ll also review a recap which needs to leave his time at the extremely really end for a q a session so as the title of the webinar recommends payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces become increasingly more common and handling them ends up being more and more intricate Worldwide companies are looking to find Solutions and new methods to enhance processes particularly from a payroll and cross-border payment standpoint numerous companies keep different checking account just for payroll while some have multiple accounts in different countries does it make sense for business to maintain separate savings account often in different countries it does but just for payroll is there a better method what function do virtual accounts and digital wallets also referred to as virtual wallets play in assisting multinational companies enhance the episode complex procedures of

making payroll payments accurately efficiently firmly and on time throughout this webinar we’ll stroll you through the international benefits and drawbacks of a payroll wallet versus a payroll bank account how business accurately anticipate their payroll expenses to increase working capital and how enhancing Global payroll payments can turn them from a siled pane into a tactical possession so payroll can be challenging in sufficient in one country however when you’re doing it worldwide it’s next level and Beyond it becomes intricate for a variety of factors most significantly guidelines compliance information security and banking guidelines then there are the sheer numbers they add further intricacy the global Workforce is currently three and a half billion people by 2030 it’s approximated 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 organizations and growing all doing their own thing around the world in the conventional payroll design there’s often an overwhelming number of different systems resulting in lengthy manual processes and silos the number of Integrations could be non-existent in big quantities and or extremely very standard there’s no real consistency framework we’re living in a period 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 often with pen and paper which simply blows my mind whenever 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 gives me sleep deprived nights and rather frankly the more an organization spends on international payroll the less of a photo they see an absence of presence likewise extends to payroll payments and inability to accurately track these payments can cause compliance mishaps in the last mile of the transaction almost half of worldwide businesses have actually expressed that they don’t have the level of standardization they require in their processes or want and as a result eighty percent of mistakes are due to time reporting bad HCM data information entry mistakes inadequately interacted hires and terminations in addition to lack management and system configurations and then when you round it all off and the information is shipped to the wrong place the average cost of a global data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash around the globe payroll and payments don’t run smoothly if they depend on the needed multiple processes systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the obstacles service face when they’re making payments to staff members or otherwise that’s a good question I constantly toss this back and say what is it what does not need to be included right and what does

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it need to be considered there’s differing Bank information 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 capabilities 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 intricacy anywhere you look right ultimately constructing a knowledge base is absolutely vital however all over you look with payroll payment they resemble super payments no if however some children about it you are all superheroes processing payments for payroll if you take a look at the sort of link between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are definitely fundamental and innovation is enabling us to type of move forward with that it also also to contribute to that payroll and financing need to work closer together um with varying Bank Account Details differing banking requirements and setup processes is absolutely important that payroll and finance groups work more detailed together than ever um I’m constantly impressed when individuals say I’ve divided payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t operate in the payroll profession would they divide the payroll payment from calculation 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 information collection all the way through to paying individuals anywhere they are but likewise paying statutory authorities and on statutory third parties so with the

The modern-day world positions a high value on well-being and the settlement landscape is becoming increasingly complex. Organizations are continually presenting brand-new advantages and payment alternatives, which adds to the total complexity. Big corporations typically divide their payroll and payment processing into different teams, which can cause inefficiencies and traffic jams. In my viewpoint, this does not have to hold true. In today’s technically innovative period, there’s no justification for maintaining troublesome procedures. Payroll, the company’s greatest expense, must be processed properly and on time. Even small hold-ups can adversely affect workers’ well-being and have far-reaching effects. Therefore, it’s important to focus on accurate and prompt payments.

The payroll group might not have actually been thanked for properly processing payroll throughout a webinar. If anybody has actually been thanked, it would be terrific to hear their success story, whether it’s from all employees or not. Payroll is an important cycle, and people only notice when things fail. However, when things go right, it’s viewed as simply a routine task. This is how it’s viewed externally too. Therefore, it is vital to ensure that tasks like Wi-Fi Global and other crucial matters are done correctly. Utilizing the first Global Payments very first payroll payment option is an excellent preliminary step towards providing a comprehensive payroll option for staff members worldwide. Standardization, global procedures, and decreasing the variety of tools, platforms, and savings account needed for global payroll are key factors in achieving business success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do periodically receive a few grievances when things don’t go as planned. Eventually, we don’t do it for the appreciation.

anyway we know how how essential 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 involved in those procedures and likewise so imagine sorry I’m simply I was simply gon na say imagine the quantity of thanks you got if you might cover the amount of people that we cover within this webinar I make sure we’re talking about numerous thousands potentially Millions picture getting that numerous thank you notes um I imply it ‘d be interesting to see the number of Post-it notes you got but it would definitely be a fascinating task trying to clean 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 check out them and in fact see what was going on and kind of shot to return to everybody so moving on look why do companies choose to main separate bank accounts there are Papaya Global Hq businesses out there doing exactly this for specific nations and I’ve operated in a service or numerous companies doing exactly that I can state it does not always feel efficient and it does develop more work I understand we’re not intentionally doing that we’re not producing extra work for anybody where we don’t have to and anybody that’s handling 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 think many factors one is it’s the standard I believe individuals have got so used to we need a new bank account we open an entity and appropriately so you need it for payroll functions but there are a number of markets where it’s not a requirement so I think it’s just been the requirement and the standard the people have embraced and continue to do over years and years gone past to add to that people have actually looked at things like trust accounts and many other methods um to to kind of do it so I believe there’s a range I believe this is a process that needs taking a look at it requires altering however ultimately individuals are extremely stuck to what they recognize

with right um change is a difficult thing all of us do not like change um so I think it’s just sort of moving away from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I understand undoubtedly the benefits of having preserving several savings account but there’s a big amount of intricacy goes with setting up a savings account preserving it ensuring it can send International transfers ensuring it’s established with the best user accesses for private individuals so the intricacy is big but I think the honest response is modification um people haven’t had the ability to change or have not had always the understanding to truly make that change into alternate Solutions aside from opening a savings account I believe you’ve hit the nail on the head I believe it is knowledge you know and there is an element of resistance to change however we have actually constantly done it that way is no genuine reason for not taking a look at the the advantages and the possibilities of moving on and moving into you understand what might practically be determined to be the next Century or so there is a lot to keep an eye on and this method does position numerous difficulties um so Johnny might you tell us about those challenges yeah of course so there’s a variety right there is so

I simply did you changed our Enterprise 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 better parking space because I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Hq