Papaya Global Online Small Business FAQ – Payroll Management 2024

Over the last 5 or six years …Papaya Global Online Small Business… functions on the company side and also on the supplier side from a payroll perspective so actually eagerly anticipating this discussion today um and yeah thank you quite for your time everyone alright thanks Johnny uh we’ll just give everyone another couple of uh well among the 30 seconds or so 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 currently simply to hear where everybody is um it’s nice to to sort of like see where everybody originates from and I really do hope it’s much sunnier than it is 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 extremely uninspiring and I wish I was elsewhere at this moment in time all right so let’s get started our agenda for today is as follows um we are going to be taking a look at the difficulty years of handling Global payroll why business maintain separate

checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts streamlining papaya International payroll payments as a strategic asset uh we’ll also go over a recap which needs to leave his time at the extremely extremely 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 Global workforces become a growing number of common and handling them becomes increasingly more complicated Global companies are looking to discover Solutions and new methods to enhance procedures especially from a payroll and cross-border payment perspective numerous organizations preserve separate savings account just for payroll while some have several accounts in different nations does it make good sense for companies to keep separate savings account sometimes in various nations it does however just for payroll exists a much better method what role do virtual accounts and digital wallets also referred to as virtual wallets play in assisting multinational companies streamline the episode complex processes of

making payroll payments accurately efficiently securely and on time during this webinar we’ll stroll you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll checking account how business accurately forecast their payroll expenses to increase working capital and how streamlining International payroll payments can turn them from a siled pane into a tactical asset so payroll can be tough in enough in one nation but when you’re doing it globally it’s next level and Beyond it becomes complicated for a variety of factors most notably regulations compliance data security and banking guidelines then there are the large numbers they include additional intricacy the global Workforce is currently three and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and more 1.1 billion individuals that number is currently 500 million just for for a scale then factor in that there are some 230 million companies and growing all doing their own thing around the world in the traditional payroll design there’s typically an overwhelming number of various systems leading to lengthy manual processes and silos the variety of Integrations could be non-existent in big quantities and or very very standard there’s no genuine consistency structure we’re living in a period of tech but payroll has 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 believe

about it to give you an idea of how far there still is to come according to Deloitte just 11 of organizations say they have Labor force data in real time that’s another number that gives me sleepless nights and rather frankly the more a service spends on international payroll the less of a photo they see an absence of visibility likewise reaches payroll payments and failure to precisely track these payments can result in compliance incidents in the last mile of the deal almost half of global businesses have expressed that they do not 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 data information entry errors improperly interacted hires and terminations along with absence management and system configurations and after that when you round all of it off and the information is shipped to the incorrect place the typical expense of a global data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money around the globe payroll and payments don’t run smoothly if they depend on the necessary numerous 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 obstacles company face when they’re making payments to employees or otherwise that’s a good concern I constantly toss this back and say what is it what doesn’t require to be included ideal and what does

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 nation 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 any place you look best ultimately constructing a knowledge base is definitely vital but all over you look with payroll payment they resemble incredibly payments no if but some infants 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 believe there’s now a bit more acknowledgment that payroll payments are definitely essential and innovation is permitting us to sort of move on with that it likewise too to contribute to that payroll and finance need to work closer together um with differing Checking account Particulars varying banking requirements and setup procedures is definitely crucial that payroll and financing groups work closer together than ever um I’m always amazed when individuals state I have actually divided payroll and payment um if you stroll down the street and asked anyone what is payroll who does not work in the payroll profession would they split the payroll payment from calculation 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 process it’s the point of data collection all the way through to paying people anywhere they are however likewise paying statutory authorities and on statutory 3rd parties so with the

The modern-day world puts a high value on well-being and the settlement landscape is ending up being increasingly intricate. Organizations are continuously introducing brand-new advantages and payment choices, which contributes to the overall complexity. Big corporations typically divide their payroll and payment processing into separate teams, which can result in inefficiencies and traffic jams. In my viewpoint, this does not have to be the case. In today’s highly sophisticated period, there’s no justification for preserving cumbersome treatments. Payroll, the company’s biggest expense, need to be processed properly and on time. Even minor hold-ups can adversely affect staff members’ well-being and have far-reaching consequences. For that reason, it’s critical to focus on precise and timely payments.

payroll team get um so I’m uncertain anybody on this kind of webinar has been informed thank you for processing my payroll correctly if you have it ‘d be terrific to hear your success story and whether that’s been from all employees or not um but eventually payroll is such an important cycle all of us find out 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 things is absolutely vital that all of this stuff is done properly so leveraging the very first Global Payments very first payroll payment option is a great initial step um providing an end-to-end payroll solution for your employees globally again I believe is another substantial um procedure once again lining up and ensuring you have standardization Global procedures all of those things are absolutely essential to success success of services and minimizing the variety of tools platforms and bank accounts they require for their Global 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 have actually never ever 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 grievances where things have not gone rather where they’re implied to be um I do not think any of us are really doing that for for the thanks

anyhow we know 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 simple as possible for everyone that’s associated with those procedures and likewise so imagine sorry I’m just I was simply gon na say think of the quantity of thanks you got if you might cover the quantity of people that we cover within this webinar I make certain we’re talking about hundreds of thousands possibly Millions picture getting that lots of thank you keeps in mind um I imply it ‘d be interesting to see how many Post-it notes you got however it would certainly be an interesting task trying to clean up 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 require days of the week to try to check out them and in fact see what was going on and type of shot to get back to everybody so proceeding appearance why do business select to primary separate bank accounts there are Papaya Global Online Small Business companies out there doing exactly this for specific countries and I’ve operated in a business or many organizations doing precisely that I can state it doesn’t always feel effective and it does create more work I understand we’re not intentionally doing that we’re not creating extra work for any person where we do not need to and anybody 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 numerous reasons one is it’s the requirement I believe individuals have got so used 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 standard the people have actually embraced and continue to do over years and years passed by to add to that individuals have actually looked at things like trust accounts and many other ways um to to sort of do it so I believe there’s a variety I think this is a process that needs looking at it needs altering but ultimately individuals are really stuck with what they’re familiar

with right um modification is a difficult thing all of us don’t like change um so I believe it’s simply sort of moving away from the standard as we have actually said so yeah so it keeps a great deal of track of stuff um I comprehend undoubtedly the benefits of having keeping several savings account but there’s a substantial quantity of complexity chooses setting up a checking account keeping it guaranteeing it can send out International transfers guaranteeing it’s established with the best user accesses for specific people so the intricacy is big however I believe the truthful answer is change um people haven’t been able to alter or have not had always the knowledge to truly make that change into alternate Solutions aside from opening a bank account I think you’ve struck the nail on the head I think it is understanding you know and there is an element of resistance to change but we have actually constantly done it that way is no genuine excuse for not taking a look at the the advantages and the possibilities of proceeding 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 technique does pose a number of challenges um so Johnny could you tell us about those difficulties yeah naturally so there’s a variety right there is so

I 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 gotten another CFO, and with this enhanced ability, I have successfully secured payments for our 10,000 staff members worldwide. Your commitment to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You are worthy of a corner office with a parking space that is closer, considering your accomplishments. Papaya Global Online Small Business