Papaya Global Keeps Shutting Down FAQ – Payroll Management 2024

Over the last 5 or six years …Papaya Global Keeps Shutting Down… roles on the provider side and also on the supplier side from a payroll viewpoint so truly looking forward to this conversation today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll simply give everybody another number of uh well among the 30 seconds or two 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 everyone comes from and I really 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 really dreary and I want I was elsewhere at this moment in time fine so let’s get started 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 business keep different

Virtual payroll accounts are an alternative to traditional checking account for handling payroll payments. This is especially beneficial for global companies with dispersed and remote workforces, as it streamlines the intricate process of cross-border payments. Instead of keeping separate bank accounts for payroll in various countries, virtual accounts and digital wallets offer a more streamlined service. In this webinar, we will check out the advantages of using virtual payroll accounts and go over why they are becoming a strategic possession for payroll executives. We will also supply a wrap-up of the main points covered and leave time for a Q&A session at the end.

Ensuring accurate, efficient, and timely payroll payments is a complex obstacle for companies operating worldwide. Join us for a webinar to check out the advantages and disadvantages of payroll wallets versus payroll bank accounts, learn how business anticipate payroll expenses to enhance working capital, and discover how enhancing global payroll payments can transform them from a burdensome task into a strategic asset.

Handling payroll internationally is a difficult job due to numerous regulations, compliance requirements, information security concerns, and banking guidelines. The sheer number of staff members and organizations contributes to the intricacy, with an approximated 3.5 billion individuals in the worldwide labor force, 500 million of whom remain in Africa, and 230 million services worldwide.

Conventional payroll systems typically result in manual processes, information silos, and an absence of combination, resulting in inconsistencies and inadequacies. Despite living in an age of technological improvements, payroll management has been sluggish to adjust, with as much as 25% of payroll still processed manually, typically using pen and paper. This webinar goals to provide insights and services to simplify and enhance global payroll payments.

about it to provide you a concept of how far there still is to come according to Deloitte only 11 of companies state they have Workforce information in real time that’s another number that provides me sleepless nights and quite honestly the more a business invests in global payroll the less of a photo they see a lack of presence also extends to payroll payments and inability to properly track these payments can result in compliance accidents in the last mile of the deal nearly half of international businesses have actually expressed that they do not have the level of standardization they require in their processes or want and as a result eighty percent of mistakes are because of time reporting bad HCM data information entry errors improperly interacted hires and terminations along with lack management and system configurations and after that when you round it all off and the information is shipped to the incorrect location the average cost of an international data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash worldwide payroll and payments do not run smoothly if they depend on the needed multiple procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the obstacles organization face when they’re paying to employees or otherwise that’s an excellent concern I always toss this back and say what is it what does not need to be consisted of ideal and what does

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it require to be considered there’s differing Bank details 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 abilities 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 any place you look right eventually developing a knowledge base is definitely critical but all over you look with payroll payment they resemble super payments no if however some babies 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 recognition that payroll payments are definitely essential and innovation is enabling us to type of move on with that it likewise too to add to that payroll and financing need to work closer together um with varying Bank Account Particulars differing banking requirements and setup processes is absolutely necessary that payroll and finance teams work more detailed together than ever um I’m constantly impressed when people state I’ve split payroll and payment um if you walk down the street and asked anyone what is payroll who does not operate in the payroll occupation would they split the payroll payment from computation I would say no so why do we as an industry accept that why our payroll and payments so typically 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 but also paying statutory authorities and on statutory third parties so with the

world we reside in and wellness being increasingly more crucial to add to sort of the level of complexity there’s a growing number of advantages being organ or being used by businesses throughout the world so again you’re just looking to add increasingly more payments to this currently complex landscape so if you kind of got any experience well I’m from your large experience here and I make sure but have you got any experience in kind of genuine obstacles or genuine difficult kind of pay utilizes to play to pay people I think yeah I suggest over the last well yeah a number of decades I would absolutely say that the larger a service gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the job there are teams feeding information into the next function as it were that’s really handling the payment side of things however you know in in my opinion and my experience that does not necessarily require to be the case you understand long gone are the times where we require to create additional handoffs while doing sos that we run in they just make them more prompt they make them less effective and they do not make them what they require to be in in a period of tech and an age that you know that we are operating in today there is no reason we are still making this as difficult as it requires to be concurred and rightly as you said payroll is the single greatest liability that any company has from a cost point of view from an effect viewpoint on workers it is absolutely vital that it’s done correctly and on time so what we indicate by that is not a day before not a day after on pay day and payments have to be done right it has the greatest damaging impact on individuals’s well-being and numerous other aspects if individuals aren’t paid uh I have actually constantly been surprised entering into this Market kind of the last five to 10 years is how little thanks the

The payroll team may not have been thanked for correctly processing payroll during a webinar. If anybody has actually been thanked, it would be excellent to hear their success story, whether it’s from all staff members or not. Payroll is an important cycle, and individuals just observe when things go wrong. Nevertheless, when things go right, it’s viewed as just a routine task. This is how it’s viewed externally as well. For that reason, it is vital to make sure that jobs like Wi-Fi Global and other important matters are done properly. Utilizing the very first Global Payments first payroll payment option is a fantastic initial action towards supplying an extensive payroll service for employees worldwide. Standardization, worldwide processes, and lowering the variety of tools, platforms, and bank accounts required for global payroll are essential factors in attaining service success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do periodically get a few complaints when things don’t go as planned. Eventually, we do not do it for the thankfulness.

anyway we understand how how important 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 simple as possible for everybody that’s associated with those processes and likewise so think of sorry I’m simply I was just gon na say 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 talking about numerous thousands possibly Millions envision getting that many thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got but it would absolutely be a fascinating task trying to clean up all those up for sure oh absolutely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to look through them and really see what was going on and type of shot to get back to everyone so proceeding appearance why do companies choose to main separate checking account there are Papaya Global Keeps Shutting Down companies out there doing precisely this for particular nations and I have actually operated in a business or lots of businesses doing precisely that I can state it doesn’t constantly feel effective and it does develop more work I know we’re not intentionally doing that we’re not developing extra work for anybody where we don’t have to and anybody that’s handling 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 quantity that we are I think many factors one is it’s the standard I think people have actually got so utilized to we need a brand-new savings account we open an entity and rightly 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 just been the requirement and the norm 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 lots of other methods um to to kind of do it so I believe there’s a range I think this is a process that needs taking a look at it needs changing but ultimately people are very stuck to what they recognize

with right um change is a challenging thing we all do not like change um so I think it’s simply sort of moving away from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I understand undoubtedly the advantages of having maintaining multiple savings account however there’s a big amount of complexity opts for setting up a bank account keeping it ensuring it can send International transfers ensuring it’s set up with the right user accesses for individual individuals so the complexity is huge but I think the sincere response is change um individuals haven’t been able to change or haven’t had necessarily the understanding to truly make that change into alternate Solutions other than opening a savings account I think you have actually struck the nail on the head I think it is understanding you understand and there is an element of resistance to alter however we have actually always 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 practically be determined to be the next Century or two there is a lot to track and this approach does position numerous difficulties um so Johnny might you tell us about those challenges yeah naturally so there’s a variety right there is so

I just recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It seems like our CFO has actually gotten another CFO, and with this enhanced capability, I have effectively protected payments for our 10,000 employees worldwide. Your devotion to mastering international payroll and payments utilizing Papaya payroll OS is good. You deserve a corner workplace with a parking space that is better, considering your achievements. Papaya Global Keeps Shutting Down