Papaya Global Obline FAQ – Payroll Management 2024

Over the last five or 6 years …Papaya Global Obline… functions on the supplier side and also on the vendor side from a payroll perspective so really anticipating this discussion today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll simply give everybody another couple of uh well among the 30 seconds or two to join we all work back to back nowadays so we’ll kind of let them do that so it ‘d be rather intriguing 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 truly do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s extremely extremely gloomy and I wish I was elsewhere at this moment in time okay so let’s get going our agenda for today is as follows um we are going to be taking a look at the obstacle years of handling Worldwide payroll why business keep separate

checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts enhancing papaya Worldwide payroll payments as a tactical asset uh we’ll likewise go over a wrap-up which must leave his time at the really very end for a q a session so as the title of the webinar recommends payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and International labor forces end up being a growing number of typical and managing them becomes increasingly more complex Global organizations are wanting to discover Solutions and brand-new ways to enhance processes specifically from a payroll and cross-border payment standpoint numerous companies keep different bank account just for payroll while some have several accounts in various nations does it make sense for companies to preserve different savings account often in different nations it does however just for payroll exists a much better way what role do virtual accounts and digital wallets likewise referred to as virtual wallets play in assisting multinational companies improve the episode complex processes of

Guaranteeing precise, efficient, and timely payroll payments is a complex obstacle for companies running worldwide. Join us for a webinar to check out the advantages and downsides of payroll wallets versus payroll savings account, learn how companies forecast payroll expenses to enhance working capital, and find how simplifying global payroll payments can change them from a burdensome task into a tactical property.

Managing payroll internationally is a challenging job due to different guidelines, compliance requirements, information security concerns, and banking rules. The large number of workers and organizations contributes to the intricacy, with an approximated 3.5 billion individuals in the global workforce, 500 million of whom are in Africa, and 230 million businesses worldwide.

Traditional payroll systems typically lead to manual processes, information silos, and an absence of integration, causing inconsistencies and inadequacies. Despite living in an era of technological developments, payroll management has actually been sluggish to adapt, with as much as 25% of payroll still processed by hand, frequently utilizing pen and paper. This webinar goals to offer insights and solutions to streamline and optimize worldwide payroll payments.

about it to provide you a concept of how far there still is to come according to Deloitte just 11 of organizations say they have Workforce data in real time that’s another number that gives me sleep deprived nights and quite frankly the more an organization invests in worldwide payroll the less of a picture they see a lack of visibility also encompasses payroll payments and failure to accurately track these payments can result in compliance mishaps in the last mile of the deal nearly half of global companies have actually expressed that they don’t have the level of standardization they require in their procedures or want and as a result eighty percent of errors are because of time reporting bad HCM information data entry errors inadequately interacted hires and terminations in addition to absence management and system configurations and after that when you round everything off and the data is shipped to the wrong place the typical cost of a global information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money around the world payroll and payments don’t run efficiently if they count on the required numerous procedures systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the challenges organization face when they’re paying to staff members or otherwise that’s a great question I constantly throw this back and say what is it what does not need to be consisted of ideal and what does

it need to be thought about there’s varying Bank details 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 have to pay from the customer’s own in-country account so there’s intricacy wherever you look right ultimately developing a knowledge base is absolutely crucial however everywhere you look with payroll payment they resemble very payments no if however some infants about it you are all superheroes processing payments for payroll if you take a look at the type of link in between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are definitely fundamental and innovation is allowing us to sort of move forward with that it also also to contribute to that payroll and finance need to work closer together um with varying Savings account Details varying banking requirements and setup procedures is definitely vital that payroll and financing teams work closer together than ever um I’m constantly amazed when individuals say I’ve divided payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t work in the payroll profession 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 typically split and cut up um ultimately 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

world we reside in and wellness being a growing number of essential to add to kind of the level of complexity there’s increasingly more advantages being organ or being offered by services across the world so again you’re simply aiming to include increasingly more payments to this currently complicated landscape so if you sort of got any experience well I’m from your huge experience here and I make sure but have you got any experience in kind of real challenges or genuine difficult sort of pay utilizes to play to pay people I think yeah I indicate over the last well yeah a couple of decades I would certainly state that the bigger an organization gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the task there are teams feeding details into the next function as it were that’s actually handling the payment side of things however you understand in in my viewpoint and my experience that does not necessarily require to be the case you know long gone are the times where we need to develop extra 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 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 we are still making this as hard as it requires to be agreed and appropriately as you said payroll is the single biggest liability that any service has from an expense perspective from an effect viewpoint on staff members it is definitely 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 have to be done right it has the most significant damaging impact on people’s wellness and numerous other factors if people aren’t paid uh I’ve always been impressed entering this Market type of the last 5 to 10 years is how little thanks the

The payroll team may not have actually been thanked for properly processing payroll throughout a webinar. If anybody has been thanked, it would be excellent to hear their success story, whether it’s from all workers or not. Payroll is an essential cycle, and people just notice when things go wrong. Nevertheless, when things go right, it’s seen as simply a regular task. This is how it’s perceived externally also. Therefore, it is important to guarantee that jobs like Wi-Fi Worldwide and other important matters are done properly. Utilizing the very first International Payments very first payroll payment option is a terrific initial step towards providing a comprehensive payroll service for workers worldwide. Standardization, worldwide processes, and minimizing the number of tools, platforms, and savings account necessary for worldwide payroll are crucial factors in achieving company success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do occasionally receive a couple of problems when things do not go as planned. Eventually, we don’t do it for the thankfulness.

anyway we know how how important 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 just gon na say picture the amount of thanks you got if you could cover the amount of people that we cover within this webinar I make sure we’re discussing hundreds of thousands possibly Millions imagine getting that numerous 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 an interesting job attempting to clean all those up for sure oh definitely I can’t picture 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 really see what was going on and sort of try to return to everybody so moving on look why do business choose to main different checking account there are Papaya Global Obline organizations out there doing exactly this for specific countries and I have actually worked in an organization or many services doing precisely that I can state it does not constantly feel effective and it does develop more work I know we’re not purposely doing that we’re not developing additional work for any person where we don’t have to and anyone that’s handling that procedure I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the quantity that we are I think lots of reasons one is it’s the requirement I believe people have actually got so utilized to we require a brand-new bank account we open an entity and appropriately so you need it for payroll functions but there are a variety of markets where it’s not a requirement so I think it’s simply been the standard and the norm the people have actually adopted and continue to do over years and years passed by to contribute to that people have actually looked at things like trust accounts and many other ways um to to kind of do it so I think there’s a variety I believe this is a procedure that needs looking at it requires changing however ultimately people are extremely stuck with what they’re familiar

with ideal um modification is a challenging thing all of us do not like modification um so I think it’s simply kind of moving away from the standard as we’ve said so yeah so it keeps a lot of track of things um I comprehend clearly the advantages of having maintaining multiple checking account but there’s a big amount of complexity goes with setting up a savings account preserving it ensuring it can send out International transfers ensuring it’s set up with the ideal user accesses for private people so the complexity is huge however I believe the honest answer is modification um people haven’t been able to change or have not had always the understanding to actually make that change into alternate Solutions besides opening a bank account I think you have actually struck the nail on the head I think it is knowledge you understand and there is an element of resistance to alter however we’ve always done it that way is no genuine excuse for not looking at the the benefits and the possibilities of carrying on and moving into you know what could practically be identified to be the next Century or so there is a lot to monitor and this method does posture numerous obstacles um so Johnny could you inform us about those challenges yeah obviously so there’s a range right there is so

I just recently made a modification to our Enterprise 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 gotten another CFO, and with this boosted capability, I have effectively secured payments for our 10,000 workers worldwide. Your devotion to mastering global payroll and payments utilizing Papaya payroll OS is good. You deserve a corner office with a parking space that is more detailed, considering your achievements. Papaya Global Obline