Papaya Global Issues FAQ – Payroll Management 2024

Over the last 5 or six years …Papaya Global Issues… roles on the service provider side and also on the supplier side from a payroll point of view so truly looking forward to this discussion today um and yeah thank you very much for your time everybody all right thanks Johnny uh we’ll simply offer everyone another number of uh well among the 30 seconds approximately to join we all work back to back nowadays so we’ll sort of let them do that so it ‘d be rather intriguing and I can see it going on currently just to hear where everyone is um it’s nice to to kind of like see where everybody originates from and I actually do hope it’s much sunnier than it remains 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 extremely really gloomy and I wish I was somewhere else 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 handling International payroll why companies keep separate

Virtual payroll accounts are an option to standard bank accounts for handling payroll payments. This is particularly helpful for global companies with dispersed and remote workforces, as it streamlines the intricate process of cross-border payments. Instead of maintaining different bank accounts for payroll in different nations, virtual accounts and digital wallets offer a more structured solution. In this webinar, we will explore the benefits of using virtual payroll accounts and talk about why they are ending up being a tactical asset for payroll executives. We will also provide a wrap-up of the main points covered and leave time for a Q&A session at the end.

Ensuring precise, efficient, and prompt payroll payments is a complex obstacle for companies operating globally. Join us for a webinar to explore the benefits and drawbacks of payroll wallets versus payroll checking account, find out how business forecast payroll costs to optimize working capital, and find how simplifying international payroll payments can change them from a difficult task into a strategic possession.

Managing payroll internationally is a challenging job due to different policies, compliance requirements, data security issues, and banking guidelines. The sheer variety of workers and businesses adds to the intricacy, with an approximated 3.5 billion individuals in the international workforce, 500 million of whom are in Africa, and 230 million organizations worldwide.

Standard payroll systems often result in manual procedures, information silos, and an absence of integration, leading to disparities and inadequacies. Regardless of residing in a period of technological improvements, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed manually, often utilizing pen and paper. This webinar objectives to provide insights and services to simplify and enhance international payroll payments.

about it to offer you a concept of how far there still is to come according to Deloitte only 11 of companies state they have Labor force data in real time that’s another number that gives me sleepless nights and quite honestly the more a business spends on worldwide payroll the less of a picture they see a lack of presence likewise encompasses payroll payments and inability to accurately track these payments can cause compliance mishaps in the last mile of the transaction almost half of global companies have 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 poorly interacted hires and terminations as well as lack management and system setups and then when you round all of it off and the information is delivered to the incorrect place the typical expense of a global data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money around the globe payroll and payments don’t run efficiently if they depend on the essential 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 obstacles business face when they’re paying to workers or otherwise that’s a good concern I always toss this back and say what is it what does not need to be included ideal and what does

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it require to be considered there’s varying Bank information so the length of an eye band a swift an account number routing code per country there’s payment time frames 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 customer’s own in-country account so there’s complexity anywhere you look best eventually developing a knowledge base is definitely vital but everywhere you look with payroll payment they resemble super payments no if but 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 think there’s now a bit more acknowledgment that payroll payments are definitely fundamental and innovation is allowing us to sort of move forward with that it also too to add to that payroll and finance need to work closer together um with varying Savings account Details differing banking requirements and setup procedures is absolutely important that payroll and finance teams work more detailed 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 anybody what is payroll who doesn’t operate in the payroll occupation would they split the payroll payment from calculation 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 wherever they are however likewise paying statutory authorities and on statutory 3rd parties so with the

world we reside in and well-being being a growing number of crucial to add to sort of the level of complexity there’s more and more advantages being organ or being offered by companies across the world so again you’re simply aiming to include a growing number of payments to this currently complicated landscape so if you type of got any experience well I’m from your large experience here and I’m sure but have you got any experience in kind of genuine difficulties or real challenging kind of pay uses to play to pay individuals I believe yeah I mean over the last well yeah a number of years I would certainly say 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 details into the next function as it were that’s really handling the payment side of things however you understand 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 in the processes that we operate in they simply make them more prompt they make them less efficient and they do not make them what they require to be in in a period of tech and an era that you understand that we are working in today there is no reason that we are still making this as hard as it requires to be concurred and appropriately as you said payroll is the single most significant liability that any service has from an expense viewpoint from an effect viewpoint on staff members it is definitely crucial that it’s done properly and on time so what we mean by that is not a day before not a day after on pay day and payments need to be done right it has the greatest damaging impact on people’s well-being and many other elements if individuals aren’t paid uh I’ve constantly been astonished coming into this Market kind of the last 5 to 10 years is how little thanks the

The payroll team may not have been thanked for correctly processing payroll throughout a webinar. If anybody has been thanked, it would be fantastic to hear their success story, whether it’s from all employees or not. Payroll is an essential cycle, and people only see when things fail. Nevertheless, when things go right, it’s viewed as just a routine task. This is how it’s perceived externally too. Therefore, it is important to make sure that tasks like Wi-Fi Global and other important matters are done correctly. Utilizing the very first Global Payments very first payroll payment service is a terrific initial step towards supplying a detailed payroll service for staff members worldwide. Standardization, global procedures, and reducing the number of tools, platforms, and bank accounts necessary for worldwide payroll are key factors in achieving service success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do sometimes receive a few problems when things don’t go as planned. Ultimately, we don’t do it for the appreciation.

anyway we know how how crucial 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 easy as possible for everybody that’s associated with those processes and also so envision sorry I’m simply I was simply gon na say think of the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I’m sure we’re talking about numerous thousands potentially Millions think of getting that many thank you notes um I suggest it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be a fascinating job trying to clean all those up for sure oh absolutely I can’t picture 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 actually see what was going on and sort of shot to return to everyone so proceeding look why do business pick to main different savings account there are Papaya Global Issues services out there doing exactly this for specific countries and I have actually operated in a company or many businesses doing exactly that I can state it doesn’t constantly feel effective and it does develop more work I know we’re not deliberately doing that we’re not creating extra work for anybody where we don’t need to and anybody that’s dealing with that procedure I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the quantity that we are I think lots of factors one is it’s the requirement I believe people have actually got so used to we require a new bank account we open an entity and appropriately so you require it for payroll functions 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 gone past to contribute to that people have actually looked at things like trust accounts and many other ways um to to type of do it so I believe there’s a variety I believe this is a procedure that needs taking a look at it needs changing but eventually individuals are really stuck with what they’re familiar

with ideal um modification is a challenging thing all of us do not like modification um so I believe it’s simply type of moving away from the norm as we have actually said so yeah so it keeps a lot of track of stuff um I understand certainly the advantages of having preserving numerous bank accounts however there’s a huge amount of complexity chooses setting up a checking account preserving it ensuring it can send International transfers guaranteeing it’s set up with the right user accesses for private people so the complexity is huge however I believe the sincere answer is modification um individuals have not been able to alter or have not had necessarily the understanding to actually make that change into alternate Solutions besides opening a checking account I believe you have actually struck the nail on the head I believe it is knowledge you understand and there is an aspect of resistance to change however we have actually always done it that way is no real reason for not looking at the the benefits and the possibilities of proceeding and moving into you understand what might practically be determined to be the next Century approximately there is a lot to keep an eye on and this approach does pose a number of obstacles um so Johnny could you inform us about those obstacles yeah obviously so there’s a variety right there is so

I just did you switched our Business 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 Worldwide staff members you are worthy of a corner office with a more detailed parking space since I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Issues