Papaya Global Negative Gross Pay FAQ – Payroll Management 2024

Over the last 5 or six years …Papaya Global Negative Gross Pay… roles on the supplier side and likewise on the vendor side from a payroll point of view so truly looking forward to this conversation today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll just offer everyone another number of uh well among the 30 seconds or two to join all of us work back to back nowadays so we’ll type of let them do that so it ‘d be rather interesting and I can see it going on already just to hear where everyone is um it’s nice to to type of like see where everyone comes from and I actually do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s raining here it’s very very dreary and I want I was elsewhere at this moment in time okay so let’s start our program for today is as follows um we are going to be taking a look at the obstacle years of handling International payroll why companies preserve different

Virtual payroll accounts are an alternative to standard savings account for managing payroll payments. This is particularly beneficial for international organizations with dispersed and remote labor forces, as it streamlines the complicated procedure of cross-border payments. Instead of preserving separate savings account for payroll in different countries, virtual accounts and digital wallets offer a more streamlined solution. In this webinar, we will explore the benefits of using virtual payroll accounts and discuss why they are becoming a strategic asset for payroll executives. We will also supply a recap of the bottom lines covered and leave time for a Q&A session at the end.

making payroll payments precisely effectively safely and on time throughout this webinar we’ll walk you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll checking account how companies properly forecast their payroll expenses to increase working capital and how simplifying Worldwide payroll payments can turn them from a siled pane into a strategic property so payroll can be challenging in enough in one country but when you’re doing it internationally it’s next level and Beyond it becomes complex for a range of reasons most importantly guidelines compliance data security and banking guidelines then there are the large numbers they include more intricacy the global Workforce is presently three and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and additional 1.1 billion people that number is currently 500 million just for for a scale then factor in that there are some 230 million organizations and growing all doing their own thing around the globe in the traditional payroll design there’s typically an overwhelming number of various systems leading to time-consuming manual processes and silos the number of Integrations could be non-existent in large quantities and or extremely really fundamental there’s no real consistency structure we’re residing in a period of tech but payroll has actually been sluggish to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper and that simply blows my mind whenever I I think

about it to give you an idea of how far there still is to come according to Deloitte only 11 of businesses say they have Workforce information in real time that’s another number that offers me sleepless nights and rather frankly the more a business invests in global payroll the less of a photo they see a lack of visibility likewise reaches payroll payments and inability to properly track these payments can result in compliance mishaps in the last mile of the transaction nearly half of global organizations have actually expressed that they do not have the level of standardization they require in their processes or desire and as a result eighty percent of mistakes are because of time reporting bad HCM information data entry errors badly communicated hires and terminations along with absence management and system configurations and then when you round all of it off and the information is shipped to the incorrect location the average expense of a global information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money worldwide payroll and payments do not run efficiently if they rely 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 difficulties service face when they’re making payments to workers or otherwise that’s a good concern I constantly toss this back and state what is it what does not require to be included right and what does

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it need to be thought about there’s differing 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 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 customer’s own in-country account so there’s intricacy wherever you look best ultimately developing a knowledge base is absolutely important however 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 kind of link between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are absolutely basic and innovation is allowing us to type of move forward with that it likewise as well to contribute to that payroll and financing require to work closer together um with differing Checking account Details differing banking requirements and setup processes is absolutely necessary that payroll and finance teams work closer together than ever um I’m always amazed when people say I have actually split payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t work in the payroll occupation would they split the payroll payment from calculation I would say no so why do we as an industry 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 individuals wherever they are however likewise paying statutory authorities and on statutory third parties so with the

world we reside in and well-being being more and more important to contribute to type of the level of intricacy there’s increasingly more benefits being organ or being used by businesses across the world so once again you’re simply aiming to add more and more payments to this currently complex landscape so if you sort of got any experience well I’m from your huge experience here and I’m sure however have you got any experience in kind of genuine obstacles or genuine challenging sort of pay uses to play to pay individuals I think yeah I imply over the last well yeah a couple of years I would definitely state that the larger an organization 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 in fact managing the payment side of things but you understand 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 require to develop extra handoffs in the processes that we run in they simply make them more prompt they make them less effective and they do not make them what they require to be in in an age of tech and a period 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 agreed and appropriately as you stated payroll is the single greatest liability that any service has from a cost point of view from an effect viewpoint on employees it is absolutely crucial 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 most significant damaging impact on people’s well-being and many other aspects if people aren’t paid uh I’ve constantly been surprised coming into this Market kind of the last 5 to ten years is how little thanks the

payroll group get um so I’m uncertain anyone on this sort of webinar has actually been informed thank you for processing my payroll correctly if you have it ‘d be excellent to hear your success story and whether that’s been from all employees or not um but eventually payroll is such an essential cycle all of us find out about it when it goes wrong everyone jumps up and down when it goes wrong however 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 definitely essential that all of this stuff is done properly so leveraging the very first Global Payments very first payroll payment solution is a fantastic first step um providing an end-to-end payroll solution for your employees internationally once again I think is another huge um process once again lining up and guaranteeing you have standardization Worldwide processes all of those things are absolutely crucial to success success of services and minimizing the variety of tools platforms and checking account they need for their International payroll too couldn’t 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 do not anticipate to you do get the odd 5 or ten or whatever it might be with the with the the complaints where things have not gone quite where they’re indicated to be um I do not think any of us are really doing that for for the thanks

anyway we understand how how crucial 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 everyone that’s associated with those procedures and likewise so envision sorry I’m simply I was just gon na state picture the amount of thanks you got if you might cover the amount of individuals that we cover within this webinar I make sure we’re talking about numerous thousands potentially Millions think of getting that numerous thank you notes um I indicate it ‘d be interesting to see how many Post-it notes you got but it would definitely be an intriguing job trying to clean 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 require days of the week to try to check out them and really see what was going on and sort of shot to get back to everyone so carrying on appearance why do companies pick to primary different bank accounts there are Papaya Global Negative Gross Pay businesses out there doing precisely this for particular countries and I’ve operated in a company or numerous companies doing exactly that I can state it does not constantly feel effective and it does develop more work I understand we’re not intentionally doing that we’re not creating extra work for any person where we don’t have to and anybody that’s handling that procedure I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the quantity that we are I believe lots of reasons one is it’s the requirement I think individuals have actually got so utilized to we require a new checking account we open an entity and rightly so you require it for payroll purposes however there are a variety of markets where it’s not a requirement so I think it’s simply been the requirement and the standard individuals have embraced and continue to do over years and years passed by to add to that people have actually taken a look at things like trust accounts and numerous other ways um to to type 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 but eventually individuals are very stuck to what they’re familiar

with ideal um modification is a hard thing all of us do not like change um so I think it’s just kind of moving far from the norm as we have actually said so yeah so it keeps a great deal of track of things um I understand undoubtedly the benefits of having keeping several bank accounts but there’s a substantial amount of complexity goes with setting up a savings account keeping it guaranteeing it can send International transfers ensuring it’s established with the ideal user accesses for private individuals so the intricacy is substantial but I believe the truthful response is change um individuals haven’t been able to alter or have not had always the understanding to actually make that change into alternate Solutions other than opening a bank account I believe you’ve struck the nail on the head I believe it is knowledge you know and there is a component of resistance to change but we’ve constantly done it that way is no genuine excuse for not taking a look at the the advantages and the possibilities of carrying on and moving into you understand what might nearly be determined to be the next Century approximately there is a lot to track and this method does pose several difficulties um so Johnny might you tell us about those challenges yeah of course 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 International workers you should have a corner office with a more detailed parking space because I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Negative Gross Pay