Papaya Global Liberia FAQ – Payroll Management 2024

Over the last 5 or 6 years …Papaya Global Liberia… functions on the supplier side and also on the supplier side from a payroll point of view so truly eagerly anticipating this discussion today um and yeah thank you very much for your time everyone fine thanks Johnny uh we’ll just provide everyone another number of uh well one of the 30 seconds or so to join we all work back to back these days so we’ll sort of let them do that so it ‘d be rather intriguing and I can see it going on already simply to hear where everyone 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 sunlight is it it’s not no it’s it’s raining here it’s very really dreary and I want I was somewhere else at this moment in time fine so let’s start our agenda for today is as follows um we are going to be taking a look at the obstacle years of managing International payroll why business keep different

savings account payroll virtual wallets versus payroll bank accounts 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 review a recap which should leave his time at the extremely very end for a q a session so as the title of the webinar suggests payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and International labor forces become a growing number of common and managing them becomes a growing number of intricate International organizations are wanting to find Solutions and new ways to improve processes especially from a payroll and cross-border payment standpoint lots of organizations preserve separate savings account just for payroll while some have several accounts in various countries does it make good sense for business to keep different savings account often in different nations it does however just for payroll is there a better method what function do virtual accounts and digital wallets also referred to as virtual wallets play in assisting international companies enhance the episode complex processes of

Guaranteeing precise, efficient, and timely payroll payments is a complex challenge for companies operating internationally. Join us for a webinar to check out the benefits and drawbacks of payroll wallets versus payroll checking account, discover how business anticipate payroll expenses to optimize working capital, and discover how streamlining worldwide payroll payments can transform them from a burdensome job into a strategic asset.

Managing payroll globally is a difficult job due to numerous policies, compliance requirements, data security issues, and banking rules. The sheer variety of employees and services adds to the complexity, with an approximated 3.5 billion individuals in the worldwide labor force, 500 countless whom remain in Africa, and 230 million services worldwide.

Standard payroll systems typically result in manual procedures, data silos, and a lack of combination, leading to disparities and inefficiencies. Despite living in an age of technological developments, payroll management has been slow to adapt, with as much as 25% of payroll still processed by hand, typically using pen and paper. This webinar objectives to provide insights and solutions to simplify and enhance global payroll payments.

about it to give you a concept of how far there still is to come according to Deloitte only 11 of organizations say they have Labor force data in real time that’s another number that offers me sleepless nights and quite honestly the more a service invests in global payroll the less of a picture they see an absence of visibility likewise extends to payroll payments and inability to precisely track these payments can lead to compliance accidents in the last mile of the deal almost half of worldwide services 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 due to time reporting bad HCM data information entry errors badly communicated 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 wrong location the typical cost of a worldwide information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money worldwide payroll and payments don’t run efficiently if they depend 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 needs to be factored into the challenges company face when they’re paying to workers or otherwise that’s a good question I constantly throw this back and state what is it what does not require to be included ideal and what does

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it need to be thought of there’s varying Bank information so the length of an eye band a swift an account number routing code per country 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 have to pay from the customer’s own in-country account so there’s complexity any place you look best eventually developing a knowledge base is absolutely important however all over you look with payroll payment they are like super payments no if however some children about it you are all superheroes processing payments for payroll if you look at the type of link in 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 innovation is permitting us to kind of progress with that it also too to contribute to that payroll and finance require to work closer together um with differing Checking account Details differing banking requirements and setup procedures is absolutely essential that payroll and financing groups work more detailed together than ever um I’m always amazed when individuals say I’ve split payroll and payment um if you stroll down the street and asked anybody what is payroll who does not work in the payroll occupation would they split the payroll payment from computation 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 eventually it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying people wherever they are but also paying statutory authorities and on statutory third parties so with the

world we reside in and well-being being more and more crucial to add to sort of the level of intricacy there’s more and more advantages being organ or being offered by companies throughout the world so again you’re simply looking to include increasingly more payments to this currently complicated landscape so if you sort of got any experience well I’m from your vast experience here and I make sure however have you got any experience in kind of real difficulties or real challenging sort of pay utilizes to play to pay people I believe yeah I indicate over the last well yeah a number of decades I would absolutely state that the larger a service 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 info into the next function as it were that’s actually managing the payment side of things but you know in in my opinion and my experience that doesn’t necessarily require to be the case you understand long gone are the times where we need to create additional handoffs in the processes that we operate in they just make them more timely they make them less efficient and they do not make them what they need to be in in an age of tech and an age that you know that we are working in today there is no reason that we are still making this as challenging as it needs to be concurred and rightly as you stated payroll is the single greatest liability that any organization has from a cost point of view from an effect perspective on workers it is absolutely vital 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 biggest damaging impact on individuals’s well-being and lots of other factors if individuals aren’t paid uh I’ve always been impressed entering into this Market kind of the last 5 to ten years is how little thanks the

The payroll team might not have actually been thanked for properly processing payroll during a webinar. If anybody has been thanked, it would be fantastic to hear their success story, whether it’s from all workers or not. Payroll is an important cycle, and people only discover when things go wrong. However, when things go right, it’s seen as just a regular job. This is how it’s perceived externally too. Therefore, it is vital to guarantee that tasks like Wi-Fi Worldwide and other important matters are done correctly. Using the very first Global Payments first payroll payment service is a great preliminary action towards providing an extensive payroll service for staff members worldwide. Standardization, international procedures, and reducing the number of tools, platforms, and checking account necessary for global payroll are key consider accomplishing organization success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do sometimes receive a couple of grievances when things don’t go as prepared. Ultimately, we don’t do it for the appreciation.

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 easy as possible for everybody that’s associated with those procedures and also so picture sorry I’m simply I was just gon na state think of the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I’m sure we’re talking about numerous thousands possibly Millions picture getting that many thank you keeps in mind um I indicate it ‘d be interesting to see the number of Post-it notes you got but it would absolutely be a fascinating job trying to clean up all those up for sure oh definitely 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 attempt to check out them and in fact see what was going on and kind of shot to get back to everyone so carrying on appearance why do companies choose to main different savings account there are Papaya Global Liberia organizations out there doing exactly this for specific nations and I’ve worked in a company or many organizations doing precisely that I can state it does not always feel effective and it does create more work I understand we’re not intentionally doing that we’re not producing extra work for anybody where we don’t have to and any person that’s dealing with that procedure I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the amount that we are I think many factors one is it’s the requirement I think individuals have got so used to we need a new bank account we open an entity and appropriately so you require 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 standard and the norm the people have adopted and continue to do over years and years gone past to contribute to that individuals have actually taken a look at things like trust accounts and numerous other ways um to to kind of do it so I think there’s a range I believe this is a process that needs looking at it needs changing but eventually individuals are very stuck to what they recognize

with ideal um modification is a difficult thing we all don’t like modification um so I believe it’s just type of moving away from the norm as we’ve said so yeah so it keeps a great deal of track of things um I understand clearly the advantages of having maintaining multiple checking account however there’s a huge amount of intricacy chooses setting up a bank account preserving it ensuring it can send out International transfers guaranteeing it’s established with the best user accesses for individual individuals so the complexity is substantial but I believe the truthful response is modification um individuals haven’t had the ability to change or haven’t had always the understanding to truly make that change into alternate Solutions besides opening a bank account I believe you have actually struck the nail on the head I think it is knowledge you know and there is an aspect of resistance to change but we have actually constantly done it that way is no real reason for not taking a look at the the advantages and the possibilities of carrying on and moving into you know what might almost be determined to be the next Century or so there is a lot to keep track of and this approach does present numerous obstacles 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 Business 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 acquired another CFO, and with this improved ability, I have effectively secured payments for our 10,000 staff members worldwide. Your dedication to mastering worldwide payroll and payments using Papaya payroll OS is good. You deserve a corner workplace with a parking space that is better, considering your accomplishments. Papaya Global Liberia