Papaya Global Massachusetts FAQ – Payroll Management 2024

Over the last five or 6 years …Papaya Global Massachusetts… functions on the supplier side and also on the supplier side from a payroll point of view so truly looking forward to this discussion today um and yeah thank you quite for your time everybody alright thanks Johnny uh we’ll simply offer everybody 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 sort of like see where everybody 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 raining here it’s very really bleak and I wish I was elsewhere at this moment in time fine so let’s get going our program for today is as follows um we are going to be taking a look at the challenge years of handling Worldwide payroll why companies maintain separate

savings account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts improving papaya Global payroll payments as a tactical possession uh we’ll also review a wrap-up and that ought to leave his time at the really 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 Worldwide workforces become a growing number of common and handling them ends up being more and more complex Global companies are aiming to discover Solutions and brand-new methods to simplify procedures especially from a payroll and cross-border payment viewpoint lots of organizations maintain different checking account just for payroll while some have numerous accounts in different countries does it make good sense for companies to maintain different checking account often in different nations it does but just for payroll exists a much better way what function do virtual accounts and digital wallets also called virtual wallets play in assisting international companies improve the episode complex procedures of

making payroll payments accurately effectively firmly and on time during this webinar we’ll walk you through the international benefits and drawbacks of a payroll wallet versus a payroll checking account how companies precisely forecast their payroll expenses to increase working capital and how streamlining Worldwide payroll payments can turn them from a siled pane into a strategic possession so payroll can be hard in enough in one nation however when you’re doing it globally it’s next level and Beyond it ends up being intricate for a variety of factors most importantly policies compliance data security and banking rules then there are the large numbers they include further intricacy the international Labor force is presently three and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and additional 1.1 billion people that number is presently 500 million just for for a scale then factor in that there are some 230 million organizations and growing all doing their own thing worldwide in the traditional payroll model there’s typically a frustrating number of various systems leading to lengthy manual procedures and silos the variety of Integrations could be non-existent in large quantities and or very extremely fundamental there’s no real consistency structure we’re residing in a period of tech but payroll has actually been slow 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 offer 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 spends on international payroll the less of a picture they see an absence of presence also encompasses payroll payments and inability to properly track these payments can cause compliance mishaps in the last mile of the transaction almost half of international services have revealed that they don’t have the level of standardization they need in their processes or desire and as a result eighty percent of mistakes are because of time reporting poor HCM data information entry errors improperly communicated hires and terminations in addition to absence management and system setups and after that when you round it all off and the data is shipped to the wrong location the average cost of an international information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash all over the world payroll and payments don’t run efficiently if they count on the necessary 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 difficulties organization face when they’re making payments to staff members or otherwise that’s an excellent question I constantly throw this back and say what is it what doesn’t need to be consisted of ideal and what does

it need to be considered there’s differing 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 capabilities 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 consumer’s own in-country account so there’s complexity wherever you look ideal eventually constructing a knowledge base is definitely critical however all over you look with payroll payment they are like extremely payments no if however some children about it you are all superheroes processing payments for payroll if you take a look at the type of link 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 technology is allowing us to kind of progress with that it also as well to contribute to that payroll and finance need to work closer together um with varying Savings account Particulars varying banking requirements and setup processes is absolutely crucial that payroll and finance teams work closer together than ever um I’m always amazed when individuals say I have actually 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 a market accept that why our payroll and payments so typically 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 any place they are but likewise paying statutory authorities and on statutory 3rd parties so with the

world we reside in and wellness being more and more essential to add to kind of the level of intricacy there’s increasingly more benefits being organ or being provided by services throughout the world so once again you’re just seeking to add more and more payments to this currently complicated landscape so if you kind of got any experience well I’m from your vast experience here and I make sure but have you got any experience in kind of genuine obstacles or real difficult type of pay uses to play to pay individuals I think yeah I imply over the last well yeah a number of years I would definitely say that the bigger a business 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 info into the next function as it were that’s actually handling the payment side of things but you know in in my viewpoint and my experience that does not necessarily need to be the case you understand long gone are the times where we need to create additional handoffs at the same times that we run in they just make them more timely they make them less efficient and they do not make them what they require to be in in an era of tech and an era that you understand that we are working in today there is no reason that we are still making this as challenging as it requires to be concurred and appropriately as you said payroll is the single biggest liability that any company has from an expense point of view from an effect perspective on staff members it is definitely critical that it’s done correctly and on time so what we suggest by that is not a day before not a day after on pay day and payments have to be done right it has the most significant destructive impact on individuals’s wellness and many other factors if individuals aren’t paid uh I have actually constantly been surprised entering this Market kind of the last 5 to 10 years is how little thanks the

payroll team get um so I’m uncertain anybody on this sort of webinar has been informed thank you for processing my payroll properly if you have it ‘d be excellent to hear your success story and whether that’s been from all employees or not um but ultimately payroll is such a crucial cycle all of us hear about 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 believe that’s how it’s seen from the external deem well um so yeah it’s also like why WI-Fi Global why all of this things is definitely vital that all of this things is done properly so leveraging the first Global Payments very first payroll payment solution is a great initial step um offering an end-to-end payroll option for your staff members worldwide again I believe is another huge um procedure again lining up and ensuring you have standardization International processes all of those things are absolutely essential to success success of services and minimizing the number of tools platforms and bank accounts they require for their International 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’ve never ever 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 problems where things haven’t gone rather where they’re suggested to be um I don’t believe any of us are really doing that for for the thanks

anyway we understand how how essential 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 easy as possible for everybody that’s involved in those processes and likewise so envision sorry I’m just I was simply gon na say think of the amount of thanks you got if you might cover the amount of people that we cover within this webinar I make certain we’re speaking about numerous thousands possibly Millions think of getting that numerous thank you keeps in mind um I suggest it ‘d be interesting to see the number of Post-it notes you got however it would certainly be an intriguing task attempting to clean all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to browse them and actually see what was going on and type of shot to get back to everyone so moving on look why do companies select to main separate checking account there are Papaya Global Massachusetts services out there doing precisely this for specific countries and I have actually worked in a service or numerous services doing precisely that I can say it does not constantly feel efficient and it does create more work I know we’re not deliberately doing that we’re not producing extra work for any person where we do not have to and anybody that’s dealing with that process I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the amount that we are I think many factors one is it’s the standard I think individuals have actually got so used to we need a new bank account we open an entity and rightly so you need it for payroll functions but there are a number of markets where it’s not a requirement so I believe it’s just been the requirement and the standard the people have actually embraced and continue to do over years and years gone past to contribute to that individuals have looked at things like trust accounts and many other methods um to to kind of do it so I think there’s a range I think this is a procedure that needs looking at it requires altering however ultimately individuals are extremely stuck with what they’re familiar

with best um change is a hard thing we all don’t like change um so I think it’s simply kind of moving away from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I understand undoubtedly the advantages of having keeping several bank accounts but there’s a big amount of intricacy chooses setting up a bank account preserving it ensuring it can send International transfers guaranteeing it’s set up with the ideal user accesses for individual people so the intricacy is big however I believe the truthful response is modification um people 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 checking account I think you have actually hit the nail on the head I think it is knowledge you understand and there is a component of resistance to change but we’ve always done it that way is no real excuse for not taking a look at the the advantages and the possibilities of carrying on and moving into you know what could almost be determined to be the next Century approximately there is a lot to keep track of and this method does position numerous difficulties um so Johnny could you inform us about those difficulties yeah obviously so there’s a variety right there is so

I just recently made a change to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It seems like our CFO has actually acquired another CFO, and with this boosted ability, I have actually successfully secured payments for our 10,000 workers worldwide. Your devotion to mastering global payroll and payments utilizing Papaya payroll OS is commendable. You are worthy of a corner workplace with a parking space that is more detailed, considering your achievements. Papaya Global Massachusetts