Papaya Global Jrs Module FAQ – Payroll Management 2024

Over the last five or 6 years …Papaya Global Jrs Module… functions on the supplier side and also on the vendor side from a payroll point of view so actually eagerly anticipating this conversation today um and yeah thank you quite for your time everybody all right thanks Johnny uh we’ll just give everyone another couple of uh well one of the 30 seconds or two to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be quite intriguing and I can see it going on currently simply to hear where everybody is um it’s nice to to kind of like see where everyone originates from and I truly do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s really extremely gloomy and I wish 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 taking a look at the obstacle years of handling Global payroll why companies keep separate

checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts streamlining papaya International payroll payments as a strategic asset uh we’ll likewise go over a wrap-up and that needs to leave his time at the really very end for a q a session so as the title of the webinar recommends payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and Global workforces end up being increasingly more typical and managing them ends up being more and more complicated Global organizations are wanting to find Solutions and new methods to enhance processes specifically from a payroll and cross-border payment viewpoint lots of organizations preserve separate savings account just for payroll while some have multiple accounts in different countries does it make sense for business to keep different bank accounts in some cases in different nations it does however just for payroll is there a better method what function do virtual accounts and digital wallets likewise called virtual wallets play in assisting multinational companies simplify the episode complex procedures of

making payroll payments accurately effectively safely and on time throughout this webinar we’ll walk you through the international benefits and drawbacks of a payroll wallet versus a payroll checking account how business accurately anticipate their payroll expenses to increase working capital and how streamlining International payroll payments can turn them from a siled pane into a strategic asset so payroll can be challenging in enough in one country but when you’re doing it worldwide it’s next level and Beyond it ends up being intricate for a variety of factors most significantly policies compliance information security and banking guidelines then there are the sheer numbers they include additional intricacy the international Workforce is currently 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 consider that there are some 230 million businesses and growing all doing their own thing all over the world in the conventional payroll design there’s often an overwhelming variety of different systems resulting in time-consuming manual procedures and silos the number of Combinations could be non-existent in large amounts and or really really fundamental there’s no genuine consistency structure we’re living in an age of tech but payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper which simply blows my mind whenever I I think

about it to give you an idea of how far there still is to come according to Deloitte just 11 of services say they have Workforce information in real time that’s another number that gives me sleepless nights and rather honestly the more a business spends on global payroll the less of an image they see an absence of visibility likewise reaches payroll payments and inability to properly track these payments can result in compliance accidents in the last mile of the transaction almost half of international businesses have expressed that they do not have the level of standardization they require in their procedures or desire and as a result eighty percent of mistakes are because of time reporting poor HCM information data entry errors improperly communicated hires and terminations in addition to absence management and system configurations and then when you round all of it off and the information is delivered to the wrong place the average expense of an international information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash around the globe payroll and payments don’t run efficiently if they depend on the necessary numerous procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the challenges service face when they’re paying to employees or otherwise that’s a great question I constantly throw this back and say what is it what does not require to be consisted of right and what does

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it require to be thought of there’s differing Bank details so the length of an eye band a swift an account number routing code per country there’s payment timespan there’s payment capabilities 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 consumer’s own in-country account so there’s intricacy any place you look best eventually developing a knowledge base is absolutely important however all over you look with payroll payment they are like very payments no if but some babies about it you are all superheroes processing payments for payroll if you look at the sort of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are definitely fundamental and innovation is enabling us to kind of progress with that it likewise as well to contribute to that payroll and finance need to work closer together um with differing Checking account Particulars varying banking requirements and setup procedures is definitely important that payroll and finance groups work closer together than ever um I’m constantly amazed when people state I have actually split payroll and payment um if you walk 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 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 live in and wellness being a growing number of essential to add to kind of the level of complexity there’s a growing number of benefits being organ or being offered by organizations across the world so again you’re just seeking to include a growing number of payments to this currently intricate landscape so if you kind of got any experience well I’m from your huge experience here and I make certain but have you got any experience in kind of genuine difficulties or real tough type of pay utilizes to play to pay individuals I believe yeah I suggest over the last well yeah a number of years I would definitely say that the larger a company gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the task there are teams feeding information into the next function as it were that’s actually managing the payment side of things but you understand in in my viewpoint and my experience that does not necessarily require to be the case you know long gone are the times where we require to create additional handoffs at the same times that we run in they simply make them more timely they make them less effective and they don’t make them what they require to be in in an era of tech and a period that you know that we are working in today there is no reason we are still making this as difficult as it requires to be concurred and appropriately as you stated payroll is the single most significant liability that any organization has from a cost perspective from an impact point of view on workers it is definitely crucial 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 biggest destructive result on individuals’s wellness and many other elements if individuals aren’t paid uh I’ve constantly been astonished coming into this Market type of the last 5 to 10 years is how little thanks the

payroll team get um so I’m uncertain anybody on this kind of webinar has been told 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 workers or not um but eventually payroll is such an essential cycle we all hear about it when it fails everyone jumps up and down when it fails 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 likewise like why WI-Fi Global why all of this things is absolutely important that all of this things is done correctly so leveraging the very first International Payments very first payroll payment service is a terrific primary step um offering an end-to-end payroll solution for your staff members internationally once again I believe is another substantial um procedure again aligning and guaranteeing you have standardization Global processes all of those things are definitely key to success success of organizations and decreasing the number of tools platforms and checking account they need for their Worldwide 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 have actually never had a hundred countless them within a payroll cycle don’t anticipate to you do get the odd five or ten or whatever it might be with the with the the complaints where things have not gone quite where they’re implied to be um I do not think any of us are really doing that for for the thanks

anyhow we know how how essential 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 everyone that’s associated with those procedures and also so imagine sorry I’m just I was just gon na state envision the quantity of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make sure we’re talking about hundreds of thousands possibly Millions picture getting that numerous thank you keeps in mind um I indicate it ‘d be interesting to see how many Post-it notes you got however it would definitely be an intriguing task attempting to clean all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to check out them and really see what was going on and type of try to get back to everybody so moving on look why do companies pick to primary separate bank accounts there are Papaya Global Jrs Module services out there doing precisely this for specific countries and I’ve worked in an organization or lots of businesses doing exactly that I can state it does not constantly feel efficient and it does create more work I understand we’re not purposely doing that we’re not producing additional work for any person where we don’t have to and any person that’s handling 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 many reasons one is it’s the standard I think individuals have got so utilized to we need a new bank account we open an entity and rightly so you require 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 adopted and continue to do over years and years passed by to contribute to that individuals 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 procedure that needs looking at it requires changing but ultimately people are very stuck to what they’re familiar

with right um change is a tough thing all of us do not like modification um so I think it’s just sort of moving far from the standard as we’ve said so yeah so it keeps a great deal of track of things um I comprehend certainly the benefits of having maintaining numerous savings account but there’s a big amount of complexity goes with setting up a checking account keeping it ensuring it can send out International transfers guaranteeing it’s set up with the ideal user accesses for individual people so the complexity is big but I believe the honest answer is change um individuals have not been able to change or haven’t had necessarily the understanding to truly make that change into alternate Solutions aside from opening a bank account I think you’ve hit the nail on the head I believe it is knowledge you know and there is an element of resistance to alter however we’ve constantly done it that way is no real reason for not looking at the the advantages and the possibilities of proceeding and moving into you know what might nearly be figured out to be the next Century approximately there is a lot to monitor and this method does present numerous obstacles um so Johnny could you tell us about those challenges 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 Global staff members you should have a corner workplace with a better parking space due to the fact that I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Jrs Module