Papaya Global Ownership FAQ – Payroll Management 2024

Over the last 5 or 6 years …Papaya Global Ownership… functions on the supplier side and also on the vendor side from a payroll viewpoint so truly eagerly anticipating this discussion today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll just give everyone another couple of uh well among the 30 seconds or so to join all of us work back to back nowadays so we’ll type of let them do that so it ‘d be rather fascinating and I can see it going on currently just to hear where everybody is um it’s nice to to kind of like see where everybody comes from and I actually do hope it’s much sunnier than it remains 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 extremely dreary and I want I was elsewhere at this moment in time fine so let’s get started our program for today is as follows um we are going to be looking at the challenge years of managing International payroll why business preserve different

bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts improving papaya Global payroll payments as a strategic property uh we’ll also go over a recap which should leave his time at the very very end for a q a session so as the title of the webinar recommends payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and Global workforces end up being a growing number of typical and handling them becomes more and more intricate Global organizations are aiming to discover Solutions and brand-new methods to simplify processes particularly from a payroll and cross-border payment viewpoint many companies preserve separate savings account just for payroll while some have numerous accounts in various nations does it make good sense for companies to maintain separate bank accounts sometimes in different nations it does however just for payroll is there a much better way what function do virtual accounts and digital wallets likewise known as virtual wallets play in assisting multinational business simplify the episode complex processes of

Ensuring precise, efficient, and timely payroll payments is a complex challenge for services running internationally. Join us for a webinar to explore the advantages and downsides of payroll wallets versus payroll checking account, discover how business anticipate payroll expenses to enhance working capital, and discover how enhancing global payroll payments can transform them from a challenging task into a tactical asset.

Handling payroll internationally is a challenging task due to various guidelines, compliance requirements, data security concerns, and banking guidelines. The large variety of staff members and companies contributes to the complexity, with an estimated 3.5 billion individuals in the global labor force, 500 countless whom remain in Africa, and 230 million companies worldwide.

Standard payroll systems often lead to manual procedures, data silos, and an absence of integration, resulting in disparities and ineffectiveness. In spite of residing in an age of technological advancements, payroll management has been sluggish to adjust, with as much as 25% of payroll still processed by hand, typically utilizing pen and paper. This webinar objectives to offer insights and solutions to streamline and enhance international payroll payments.

about it to provide you an idea of how far there still is to come according to Deloitte just 11 of organizations say they have Workforce information in real time that’s another number that gives me sleep deprived nights and quite frankly the more a business spends on international payroll the less of a photo they see an absence of exposure also reaches payroll payments and inability to properly track these payments can result in compliance incidents in the last mile of the deal almost half of international companies have actually expressed that they do not have the level of standardization they require in their procedures or want and as a result eighty percent of mistakes are because of time reporting bad HCM information data entry errors inadequately interacted hires and terminations as well as absence management and system configurations and then when you round everything off and the information is delivered to the incorrect place the typical cost of a global information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash around the world payroll and payments do not run efficiently if they depend on the necessary multiple processes systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the challenges organization face when they’re making payments to staff members or otherwise that’s a good concern I always throw this back and state what is it what doesn’t require to be consisted of best and what does

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it require 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 amount of time there’s payment abilities 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 consumer’s own in-country account so there’s complexity anywhere you look ideal ultimately constructing a knowledge base is absolutely critical but all over you look with payroll payment they resemble very payments no if however some children about it you are all superheroes processing payments for payroll if you look at the type of link 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 enabling us to type of move forward with that it likewise also to add to that payroll and financing require to work closer together um with differing Checking account Details varying banking requirements and setup procedures is absolutely important 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 does not work in the payroll occupation would they divide the payroll payment from computation I would say no so why do we as a market accept that why our payroll and payments so frequently 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 anywhere they are however also paying statutory authorities and on statutory third parties so with the

world we live in and wellness being increasingly more important to add to type of the level of complexity there’s a growing number of advantages being organ or being provided by organizations throughout the world so again you’re simply wanting to include more and more payments to this already intricate landscape so if you type of got any experience well I’m from your huge experience here and I’m sure but have you got any experience in kind of real challenges or real difficult kind of pay utilizes to play to pay individuals I think yeah I imply over the last well yeah a couple of decades I would definitely say that the bigger a business gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the task there are groups feeding information into the next function as it were that’s actually handling the payment side of things however you understand in in my opinion and my experience that doesn’t necessarily require to be the case you know long gone are the times where we need to produce additional handoffs at the same times that we run in they simply make them more prompt they make them less effective and they don’t make them what they need to be in in an era of tech and an age that you know that we are working in today there is no reason why we are still making this as hard as it requires to be concurred and rightly as you said payroll is the single most significant liability that any company has from an expense viewpoint from an effect viewpoint on staff members it is absolutely vital that it’s done correctly and on time so what we indicate by that is not a day before not a day after on pay day and payments have to be done right it has the biggest harmful result on individuals’s wellness and many other aspects if individuals aren’t paid uh I’ve constantly been impressed entering into this Market type of the last five to 10 years is how little thanks the

The payroll team might not have actually been thanked for correctly processing payroll during a webinar. If anybody has been thanked, it would be terrific to hear their success story, whether it’s from all workers or not. Payroll is a crucial cycle, and people only observe when things fail. Nevertheless, when things go right, it’s seen as just a regular job. This is how it’s viewed externally too. For that reason, it is necessary to make sure that jobs like Wi-Fi Global and other important matters are done properly. Using the very first Worldwide Payments very first payroll payment service is a fantastic preliminary action towards offering a comprehensive payroll service for workers worldwide. Standardization, worldwide processes, and reducing the number of tools, platforms, and checking account essential for worldwide payroll are key factors in accomplishing organization success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do periodically get a couple of problems when things do not go as planned. Ultimately, we don’t do it for the thankfulness.

anyway we know how how important 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 everyone that’s associated with those procedures and likewise so imagine sorry I’m just I was simply gon na state think of the amount of thanks you got if you might cover the amount of people that we cover within this webinar I make sure we’re speaking about hundreds of thousands potentially Millions envision getting that lots of thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got but it would definitely be an intriguing job attempting to clean all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to look through them and really see what was going on and type of try to get back to everybody so carrying on appearance why do business choose to main different savings account there are Papaya Global Ownership services out there doing precisely this for particular countries and I’ve operated in a company or lots of organizations doing exactly that I can say it does not always feel effective and it does develop more work I understand we’re not intentionally doing that we’re not developing extra work for any person where we don’t need to and anybody that’s managing that process I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the quantity that we are I believe many factors one is it’s the requirement I think people have actually got so utilized to we need a brand-new savings account we open an entity and appropriately so you require it for payroll functions however there are a number of markets where it’s not a requirement so I believe it’s simply been the standard and the norm individuals have embraced and continue to do over years and years passed by to contribute to that individuals have looked at things like trust accounts and lots of other methods um to to kind of do it so I think there’s a range I believe this is a process that requires taking a look at it needs changing however ultimately individuals are really stuck with what they recognize

with best um change is a hard thing we all don’t like change um so I believe it’s simply sort of moving away from the standard as we’ve said so yeah so it keeps a lot of track of things um I comprehend obviously the benefits of having keeping several bank accounts however there’s a big quantity of intricacy opts for establishing a checking account maintaining it guaranteeing it can send International transfers guaranteeing it’s established with the ideal user accesses for private individuals so the complexity is huge however I think the sincere answer is change um individuals have not had the ability to alter or haven’t had always the knowledge to really make that change into alternate Solutions aside from opening a savings account I believe you’ve hit the nail on the head I think it is understanding you know and there is a component of resistance to change but we have actually constantly done it that way is no genuine reason for not taking a look at the the advantages and the possibilities of proceeding and moving into you understand what might almost be figured out to be the next Century or two there is a lot to track and this approach does present a number of obstacles um so Johnny might you tell us about those difficulties yeah naturally so there’s a variety right there is so

I recently made a modification to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It seems like our CFO has gotten another CFO, and with this improved ability, I have actually successfully protected payments for our 10,000 workers worldwide. Your commitment to mastering global payroll and payments utilizing Papaya payroll OS is good. You deserve a corner office with a parking space that is better, considering your achievements. Papaya Global Ownership