Papaya Global Level 2 FAQ – Payroll Management 2024

Over the last 5 or six years …Papaya Global Level 2… roles on the service provider side and also on the supplier side from a payroll point of view so actually eagerly anticipating this conversation today um and yeah thank you quite for your time everybody alright thanks Johnny uh we’ll just give everyone another number of uh well among the 30 seconds or so to join all of us work back to back these days so we’ll type of let them do that so it ‘d be rather intriguing and I can see it going on currently simply to hear where everybody is um it’s nice to to type of like see where everyone originates 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 very very uninspiring and I wish I was somewhere else at this moment in time fine so let’s get started our program for today is as follows um we are going to be looking at the difficulty years of handling International payroll why business preserve different

checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts streamlining papaya International payroll payments as a tactical asset 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 transferring to Virtual payroll accounts and here is why as dispersed to remote and Global workforces end up being a growing number of typical and managing them ends up being a growing number of complicated International companies are aiming to find Solutions and brand-new ways to streamline processes especially from a payroll and cross-border payment perspective many companies maintain separate savings account just for payroll while some have numerous accounts in different nations does it make sense for business to preserve different checking account sometimes in various nations it does however just for payroll exists a better method what role do virtual accounts and digital wallets likewise known as virtual wallets play in helping multinational business enhance the episode complex procedures of

Making sure accurate, efficient, and timely payroll payments is a complex difficulty for organizations operating globally. Join us for a webinar to explore the benefits and disadvantages of payroll wallets versus payroll bank accounts, find out how companies anticipate payroll costs to enhance working capital, and discover how simplifying international payroll payments can change them from a difficult task into a strategic asset.

Managing payroll globally is an overwhelming job due to different guidelines, compliance requirements, data security issues, and banking guidelines. The large number of employees and services adds to the intricacy, with an estimated 3.5 billion individuals in the global workforce, 500 million of whom are in Africa, and 230 million services worldwide.

Conventional payroll systems often lead to manual procedures, information silos, and an absence of integration, resulting in disparities and inadequacies. Regardless of residing in an era of technological advancements, payroll management has been sluggish to adjust, with as much as 25% of payroll still processed by hand, frequently using pen and paper. This webinar aims to supply 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 just 11 of businesses state they have Labor force information in real time that’s another number that gives me sleep deprived nights and quite frankly the more a business spends on global payroll the less of a picture they see an absence of exposure also encompasses payroll payments and failure to accurately track these payments can result in compliance accidents in the last mile of the deal almost half of international businesses have revealed that they do not have the level of standardization they need in their procedures or desire and as a result eighty percent of mistakes are due to time reporting poor HCM information information entry mistakes improperly interacted hires and terminations in addition to lack management and system configurations and after that when you round everything off and the information is shipped to the incorrect place the average expense of a global information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money all over the world payroll and payments do not run smoothly if they count on the essential multiple procedures 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 obstacles business face when they’re making payments to workers or otherwise that’s a great concern I always toss this back and state what is it what doesn’t need to be consisted of ideal and what does

it need to be thought about there’s varying 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 need to pay from the consumer’s own in-country account so there’s intricacy anywhere you look ideal eventually developing a knowledge base is definitely crucial but all over you look with payroll payment they resemble extremely payments no if but some infants 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 believe there’s now a bit more acknowledgment that payroll payments are absolutely basic and technology is allowing us to sort of progress with that it likewise too to contribute to that payroll and finance need to work closer together um with differing Checking account Details varying banking requirements and setup processes is absolutely important that payroll and finance teams work closer together than ever um I’m always astonished when individuals say I have actually divided payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t work 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 frequently split and cut up um eventually it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying individuals anywhere they are but also paying statutory authorities and on statutory 3rd parties so with the

The modern-day world places a high value on well-being and the compensation landscape is becoming progressively intricate. Services are constantly presenting new benefits and payment choices, which contributes to the total complexity. Large corporations frequently divide their payroll and payment processing into different teams, which can cause inadequacies and traffic jams. In my opinion, this does not need to be the case. In today’s highly advanced age, there’s no validation for maintaining cumbersome procedures. Payroll, the business’s most significant expense, must be processed correctly and on time. Even small hold-ups can adversely impact workers’ well-being and have far-reaching effects. Therefore, it’s important to focus on precise and timely payments.

payroll group get um so I’m not sure anybody on this kind of webinar has actually been informed thank you for processing my payroll correctly if you have it ‘d be terrific to hear your success story and whether that’s been from all staff members or not um however ultimately payroll is such an essential cycle all of us become aware of it when it goes wrong everybody jumps up and down when it goes wrong but when it goes right it’s simply a tick box workout and I think that’s how it’s seen from the external consider as well um so yeah it’s also like why WI-Fi Global why all of this stuff is absolutely vital that all of this stuff is done properly so leveraging the very first Global Payments first payroll payment service is an excellent primary step um offering an end-to-end payroll service for your staff members globally once again I believe is another huge um procedure once again lining up and ensuring you have standardization Global procedures all of those things are absolutely crucial to success success of companies and lowering the variety of tools platforms and savings account they require for their Global payroll too couldn’t agree with you more and on the the front in terms of of the thank yous for getting payroll done I have actually never ever had a hundred thousand of 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 problems where things haven’t gone quite where they’re indicated to be um I don’t believe any of us are really doing that for for the thanks

anyway we know how how crucial 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 procedures and likewise so envision sorry I’m just I was just gon na say think of 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 talking about hundreds of thousands possibly Millions think of getting that many thank you keeps in mind um I mean it ‘d be interesting to see how many Post-it notes you got but it would certainly be a fascinating task 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 need days of the week to try to browse them and in fact see what was going on and sort of try to return to everybody so proceeding look why do companies select to primary different checking account there are Papaya Global Level 2 organizations out there doing precisely this for specific countries and I have actually worked in a business or numerous companies doing precisely that I can state it does not constantly feel efficient and it does develop more work I understand we’re not purposely doing that we’re not creating additional work for anyone where we don’t need to and anyone 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 numerous factors one is it’s the requirement I think individuals have got so utilized to we require a brand-new savings account we open an entity and appropriately so you require it for payroll purposes but there are a number of markets where it’s not a requirement so I think it’s just been the requirement and the norm the people have adopted and continue to do over years and years passed by to contribute to that people have looked at things like trust accounts and numerous other ways um to to kind of do it so I think there’s a variety I believe this is a procedure that requires taking a look at it requires altering however eventually people are very stuck to what they’re familiar

with best um change is a hard thing we all do not like modification um so I believe it’s simply sort of moving far from the norm as we have actually said so yeah so it keeps a great deal of track of stuff um I understand obviously the benefits of having preserving numerous checking account however there’s a substantial quantity of intricacy goes with establishing a bank account preserving it guaranteeing it can send International transfers ensuring it’s set up with the ideal user accesses for specific individuals so the complexity is big but I believe the sincere answer is modification um people have not been able to alter or haven’t had always the understanding to actually make that change into alternate Solutions aside from opening a savings account I believe you have actually struck the nail on the head I believe it is understanding you understand and there is a component of resistance to change however we’ve constantly done it that way is no real reason for not taking a look at the the benefits and the possibilities of moving on and moving into you know what could almost be determined to be the next Century or so there is a lot to keep an eye on and this method does present several obstacles um so Johnny might you tell us about those challenges yeah obviously so there’s a range right there is so

I just did you changed 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 deserve a corner office with a closer parking space because I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Level 2