Papaya Global Level 3 FAQ – Payroll Management 2024

Over the last 5 or 6 years …Papaya Global Level 3… roles on the provider side and likewise on the supplier side from a payroll viewpoint so really looking forward to this conversation today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll just offer everyone another number of uh well among 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 already simply to hear where everyone is um it’s nice to to sort of like see where everybody comes from and I truly 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 drizzling here it’s very really gloomy and I want I was somewhere else at this moment in time fine so let’s start our program for today is as follows um we are going to be looking at the obstacle years of managing Global payroll why companies preserve different

bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts streamlining papaya Global payroll payments as a strategic possession uh we’ll also go over a wrap-up and that ought to leave his time at the really really end for a q a session so as the title of the webinar suggests payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and Global workforces become increasingly more typical and managing them ends up being a growing number of complicated Global companies are looking to find Solutions and new ways to enhance procedures particularly from a payroll and cross-border payment standpoint many companies maintain separate checking account just for payroll while some have numerous accounts in different nations does it make good sense for companies to preserve different bank accounts in some cases in various nations it does but just for payroll is there a much better way what role do virtual accounts and digital wallets also referred to as virtual wallets play in assisting international business simplify the episode complex processes of

Making sure accurate, effective, and timely payroll payments is a complex challenge for organizations running globally. Join us for a webinar to check out the benefits and drawbacks of payroll wallets versus payroll bank accounts, find out how companies anticipate payroll expenses to optimize working capital, and discover how improving international payroll payments can transform them from a burdensome task into a strategic possession.

Managing payroll internationally is a complicated task due to various policies, compliance requirements, information security issues, and banking guidelines. The sheer variety of workers and companies 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 companies worldwide.

Traditional payroll systems typically lead to manual procedures, information silos, and a lack of integration, resulting in inconsistencies and inadequacies. Despite residing in a period of technological developments, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed by hand, often utilizing pen and paper. This webinar objectives to supply insights and options to simplify and enhance worldwide payroll payments.

about it to give you an idea of how far there still is to come according to Deloitte just 11 of companies say they have Workforce data in real time that’s another number that gives me sleep deprived nights and rather frankly the more a company invests in worldwide payroll the less of a picture they see an absence of presence likewise extends to payroll payments and inability to precisely track these payments can lead to compliance incidents in the last mile of the deal almost half of global companies have actually revealed that they don’t have the level of standardization they require in their processes or want and as a result eighty percent of errors are because of time reporting bad HCM information information entry errors poorly interacted hires and terminations along with lack management and system configurations and after that when you round everything off and the data is delivered to the incorrect place the average cost of a worldwide data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money all over the world payroll and payments do not run efficiently if they rely on the essential multiple procedures 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 challenges organization face when they’re paying to workers or otherwise that’s a great question I constantly throw this back and state what is it what does not need to be consisted of best and what does

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it need to be considered there’s varying Bank details so the length of an eye band a swift an account number routing code per nation there’s payment timespan 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 client’s own in-country account so there’s intricacy anywhere you look right eventually developing a knowledge base is absolutely crucial but all over you look with payroll payment they resemble incredibly payments no if however some babies 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 fundamental and innovation is permitting us to kind of progress with that it likewise as well to contribute to that payroll and financing need to work closer together um with varying Checking account Details varying banking requirements and setup procedures is absolutely imperative that payroll and financing groups work more detailed together than ever um I’m constantly impressed when individuals say I have actually divided payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t operate in the payroll occupation would they divide the payroll payment from estimation I would say no so why do we as a market accept that why our payroll and payments so typically split and cut up um eventually it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying people anywhere they are but also paying statutory authorities and on statutory third parties so with the

The modern world positions a high value on well-being and the payment landscape is becoming increasingly elaborate. Companies are continually introducing brand-new benefits and payment alternatives, which contributes to the general intricacy. Big corporations typically divide their payroll and payment processing into separate teams, which can cause inefficiencies and traffic jams. In my opinion, this does not have to be the case. In today’s technologically sophisticated period, there’s no justification for preserving cumbersome treatments. Payroll, the business’s most significant expenditure, must be processed correctly and on time. Even slight hold-ups can negatively affect workers’ wellness and have far-reaching effects. For that reason, it’s crucial to focus on precise and timely payments.

payroll group get um so I’m not exactly sure anybody on this sort of webinar has actually been informed thank you for processing my payroll properly if you have it ‘d be terrific to hear your success story and whether that’s been from all workers or not um however ultimately payroll is such a crucial cycle we all hear about it when it goes wrong everyone jumps up and down when it fails but when it goes right it’s simply a tick box exercise and I believe that’s how it’s seen from the external deem well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is definitely vital that all of this stuff is done properly so leveraging the very first Global Payments first payroll payment service is a great initial step um offering an end-to-end payroll service for your workers internationally once again I believe is another big um procedure once again aligning and ensuring you have standardization Worldwide procedures all of those things are definitely essential to success success of organizations and decreasing the number of tools platforms and bank accounts they require for their Global payroll too could not agree with you more and on the the front in regards to of the thank yous for getting payroll done I have actually never had a hundred countless them within a payroll cycle do not expect 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 suggested to be um I do not think any of us are really doing that for for the thanks

anyhow we understand 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 easy as possible for everyone that’s associated with those procedures and also so envision sorry I’m simply I was simply gon na state picture the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I’m sure we’re speaking about numerous thousands possibly Millions envision getting that lots of thank you keeps in mind um I suggest it ‘d be interesting to see how many Post-it notes you got but it would absolutely be an interesting job attempting to clean up all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to check out them and actually see what was going on and sort of shot to get back to everyone so proceeding appearance why do companies pick to primary separate checking account there are Papaya Global Level 3 organizations out there doing exactly this for specific nations and I have actually operated in a company or numerous organizations doing exactly that I can say it doesn’t always feel effective and it does create more work I understand we’re not deliberately doing that we’re not producing extra work for anybody where we do not need to and any person that’s managing that process I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the amount that we are I believe many factors one is it’s the standard I believe individuals have got so utilized to we require a new savings account we open an entity and appropriately so you require it for payroll functions but there are a number of markets where it’s not a requirement so I think it’s simply been the requirement and the norm the people have actually 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 ways um to to type of do it so I believe there’s a variety I think this is a process that needs looking at it requires altering but ultimately people are very stuck with what they’re familiar

with ideal um modification is a difficult thing all of us do not like modification um so I believe it’s simply sort of moving far from the norm as we’ve said so yeah so it keeps a great deal of track of things um I comprehend clearly the benefits of having preserving numerous checking account but there’s a substantial quantity of complexity chooses setting up a savings account maintaining it ensuring it can send International transfers ensuring it’s set up with the right user accesses for specific individuals so the complexity is big however I believe the honest response is modification um individuals have not had the ability to change or have not had necessarily the understanding to really make that change into alternate Solutions other than opening a bank account I think you have actually hit the nail on the head I believe it is knowledge you understand and there is a component of resistance to change however we’ve constantly done it that way is no genuine excuse for not looking at the the benefits and the possibilities of moving on and moving into you understand what might practically be identified to be the next Century or so there is a lot to monitor and this method does present several challenges um so Johnny might you inform us about those difficulties yeah obviously so there’s a variety right there is so

I simply 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 workplace with a better parking space because I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Level 3