Papaya Global Portugal FAQ – Payroll Management 2024

Over the last five or six years …Papaya Global Portugal… roles on the service provider side and likewise on the supplier side from a payroll perspective so actually 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 everybody another number of uh well one of 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 fascinating and I can see it going on currently just to hear where everyone is um it’s nice to to kind of like see where everyone originates from and I really 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 drizzling here it’s really really uninspiring and I wish I was somewhere else at this moment in time fine 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 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 improving papaya Global payroll payments as a tactical possession uh we’ll likewise discuss a recap and that ought to leave his time at the really really end for a q a session so as the title of the webinar suggests payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and International workforces become increasingly more typical and handling them ends up being increasingly more complex Worldwide organizations are looking to discover Solutions and brand-new ways to enhance procedures particularly from a payroll and cross-border payment viewpoint lots of organizations maintain different checking account just for payroll while some have numerous accounts in various countries does it make good sense for business to preserve different savings account in some cases in various nations it does but just for payroll exists a much better method what role do virtual accounts and digital wallets also known as virtual wallets play in assisting multinational companies streamline the episode complex processes of

making payroll payments precisely effectively securely and on time throughout this webinar we’ll walk you through the worldwide pros and cons of a payroll wallet versus a payroll checking account how business precisely forecast their payroll costs to increase working capital and how improving International payroll payments can turn them from a siled pane into a strategic property so payroll can be tough in adequate in one country but when you’re doing it worldwide it’s next level and Beyond it ends up being complicated for a range of factors most significantly policies compliance data security and banking rules then there are the large numbers they include more complexity the worldwide Workforce is currently 3 and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and further 1.1 billion people 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 all over the world in the conventional payroll model there’s often an overwhelming number of different systems resulting in lengthy manual processes and silos the number of Integrations could be non-existent in big quantities and or really really standard there’s no real consistency structure we’re residing in an era of tech however payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper and that simply blows my mind every time I I believe

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 Labor force data in real time that’s another number that gives me sleep deprived nights and quite honestly the more a business spends on global payroll the less of a picture they see an absence of visibility likewise extends to payroll payments and failure to properly track these payments can cause compliance mishaps in the last mile of the deal almost half of international companies have actually expressed that they don’t have the level of standardization they need in their procedures or want and as a result eighty percent of mistakes are due to time reporting bad HCM information information entry mistakes inadequately communicated hires and terminations along with lack management and system setups and then when you round it all off and the data is shipped to the wrong place the typical cost of a global data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money around the globe payroll and payments don’t run efficiently if they rely on the needed multiple processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the challenges service face when they’re making payments to workers or otherwise that’s a great question I constantly toss this back and state what is it what does not need to be consisted of best and what does

https://www.youtube.com/watch?v=pNjMoPeng0A

it require to be thought about 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 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 customer’s own in-country account so there’s complexity anywhere you look best eventually constructing a knowledge base is absolutely critical however all over you look with payroll payment they are like super payments no if but some babies about it you are all superheroes processing payments for payroll if you look at the sort 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 basic and innovation is permitting us to sort of progress with that it also also to contribute to that payroll and finance need to work closer together um with varying Bank Account Details varying banking requirements and setup processes is definitely crucial that payroll and financing teams work better together than ever um I’m constantly impressed when individuals state I have actually split payroll and payment um if you walk down the street and asked anybody what is payroll who does not work in the payroll profession would they divide 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 eventually it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying individuals wherever they are but also paying statutory authorities and on statutory 3rd parties so with the

world we live in and wellness being increasingly more crucial to add to sort of the level of complexity there’s more and more benefits being organ or being used by companies across the world so again you’re simply looking to add increasingly more payments to this already complicated landscape so if you kind of got any experience well I’m from your large experience here and I make sure but have you got any experience in kind of real challenges or genuine tough kind of pay utilizes to play to pay individuals I think yeah I indicate over the last well yeah a number of years I would certainly say that the bigger a company gets the more it tends to segregate the payroll and the payments functions 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 handling the payment side of things but you understand in in my viewpoint and my experience that doesn’t necessarily require to be the case you know long gone are the times where we need to develop additional handoffs at the same times that we operate 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 a period of tech and an era that you know that we are operating in today there is no reason that we are still making this as tough as it needs to be agreed and rightly as you said payroll is the single most significant liability that any service has from a cost perspective from an effect point of view on workers it is definitely important that it’s done correctly and on time so what we imply by that is not a day before not a day after on pay day and payments need to be done right it has the biggest damaging result on people’s well-being and many other aspects if people aren’t paid uh I’ve constantly been astonished coming into this Market sort of the last five to ten years is how little thanks the

payroll group get um so I’m unsure anybody on this kind of webinar has actually been told thank you for processing my payroll correctly if you have it ‘d be fantastic to hear your success story and whether that’s been from all workers or not um but ultimately payroll is such an important cycle all of us become aware of it when it fails 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 view as well um so yeah it’s also like why WI-Fi Global why all of this stuff is definitely important that all of this things is done properly so leveraging the first International Payments first payroll payment option is an excellent primary step um providing an end-to-end payroll option for your staff members worldwide again I think is another huge um procedure again aligning and ensuring you have standardization Global procedures all of those things are definitely key to success success of companies and reducing 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 do not anticipate to you do get the odd five or ten or whatever it might be with the with the the problems where things have not gone rather where they’re implied to be um I don’t think any of us are actually doing that for for the thanks

anyhow we know 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 everybody that’s associated with those processes and likewise so think of sorry I’m just I was just gon na say imagine the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I make certain we’re talking about hundreds of thousands possibly Millions imagine getting that many thank you notes um I indicate it ‘d be interesting to see how many Post-it notes you got however it would definitely be a fascinating task trying to clean up all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that held true 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 companies pick to primary separate savings account there are Papaya Global Portugal services out there doing exactly this for specific nations and I have actually operated in a service or numerous services doing precisely that I can say it does not always feel effective and it does develop more work I understand we’re not purposely doing that we’re not producing extra work for anybody where we don’t need to and any person that’s managing that process I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the quantity that we are I believe numerous factors one is it’s the requirement I think people have actually got so used to we require a brand-new bank account we open an entity and appropriately so you require it for payroll purposes but there are a number of markets where it’s not a requirement so I believe it’s just been the standard and the norm the people have adopted and continue to do over years and years passed by to add to that individuals have actually taken a look at things like trust accounts and lots of other methods um to to kind of do it so I believe there’s a variety I think this is a procedure that needs looking at it requires changing but ultimately individuals are really stuck to what they recognize

with right um modification is a challenging thing we all do not like change um so I think it’s simply type 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 clearly the benefits of having maintaining numerous savings account however there’s a big amount of intricacy goes with establishing a savings account preserving it ensuring it can send out International transfers guaranteeing it’s established with the ideal user accesses for specific individuals so the intricacy is huge but I believe the sincere answer is modification um individuals haven’t been able to change or have not had always the knowledge to truly make that change into alternate Solutions aside from opening a checking account I think you’ve hit the nail on the head I believe it is understanding you know and there is a component of resistance to change but we have actually always 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 almost be determined to be the next Century approximately there is a lot to track and this technique does position a number of difficulties um so Johnny could you tell us about those obstacles yeah naturally so there’s a range right there is so

I just recently made a change to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It feels like our CFO has actually gained another CFO, and with this enhanced ability, I have actually effectively protected payments for our 10,000 employees worldwide. Your devotion to mastering worldwide payroll and payments utilizing Papaya payroll OS is commendable. You are worthy of a corner office with a parking space that is better, considering your accomplishments. Papaya Global Portugal

Papaya Global Portugal FAQ – Payroll Management 2024

Over the last five or 6 years …Papaya Global Portugal… functions on the company side and also on the vendor side from a payroll viewpoint so really eagerly anticipating this discussion today um and yeah thank you quite for your time everybody fine thanks Johnny uh we’ll simply offer everyone another couple of uh well among the 30 seconds or two to join all of us 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 currently just to hear where everybody is um it’s nice to to kind of like see where everyone originates 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 really gloomy and I want I was elsewhere at this moment in time alright so let’s begin our agenda for today is as follows um we are going to be taking a look at the obstacle years of managing Global payroll why companies maintain different

Virtual payroll accounts are an option to conventional checking account for handling payroll payments. This is especially useful for international companies with dispersed and remote labor forces, as it simplifies the intricate process of cross-border payments. Instead of keeping separate bank accounts for payroll in different nations, virtual accounts and digital wallets provide a more streamlined solution. In this webinar, we will explore the benefits of using virtual payroll accounts and talk about why they are ending up being a tactical property for payroll executives. We will also provide a recap of the main points covered and leave time for a Q&A session at the end.

Guaranteeing precise, efficient, and timely payroll payments is a complex obstacle for companies operating globally. Join us for a webinar to explore the benefits and drawbacks of payroll wallets versus payroll savings account, find out how business anticipate payroll expenses to enhance working capital, and find how streamlining international payroll payments can transform them from a difficult task into a strategic property.

Handling payroll internationally is an overwhelming task due to different guidelines, compliance requirements, data security concerns, and banking rules. The large variety of staff members and organizations adds to the intricacy, with an estimated 3.5 billion individuals in the worldwide workforce, 500 countless whom remain in Africa, and 230 million companies worldwide.

Standard payroll systems frequently lead to manual processes, information silos, and a lack of integration, resulting in inconsistencies and ineffectiveness. In spite of residing in a period of technological improvements, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed manually, typically utilizing pen and paper. This webinar objectives to offer insights and options to simplify and optimize international payroll payments.

about it to give you an idea of how far there still is to come according to Deloitte only 11 of organizations say they have Workforce information in real time that’s another number that offers me sleep deprived nights and rather frankly the more a service invests in worldwide payroll the less of a picture they see a lack of visibility also encompasses payroll payments and inability to precisely track these payments can result in compliance incidents in the last mile of the transaction almost half of global businesses have actually expressed that they do not have the level of standardization they require in their procedures or desire and as a result eighty percent of mistakes are because of time reporting bad HCM information information entry errors badly communicated hires and terminations in addition to lack management and system setups and after that when you round it all off and the data is shipped to the incorrect location the typical expense of a global information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash all over the world payroll and payments do not run smoothly if they count on the essential multiple processes systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the challenges organization face when they’re paying to workers or otherwise that’s an excellent question I always toss this back and say what is it what doesn’t require to be consisted of ideal and what does

https://www.youtube.com/watch?v=pNjMoPeng0A

it require to be thought about there’s varying 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 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 client’s own in-country account so there’s complexity wherever you look right eventually 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 type of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are absolutely fundamental and innovation is enabling us to kind of progress with that it also too to add to that payroll and financing need to work closer together um with differing Bank Account Particulars differing banking requirements and setup procedures is definitely essential that payroll and finance teams work closer together than ever um I’m constantly impressed when individuals state I’ve 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 estimation 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 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 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 contribute to kind of the level of intricacy there’s increasingly more advantages being organ or being offered by businesses throughout the world so again you’re just looking to include increasingly more payments to this already complex landscape so if you sort of got any experience well I’m from your large experience here and I’m sure however have you got any experience in kind of real challenges or real difficult kind of pay uses to play to pay people I think yeah I imply over the last well yeah a number of decades I would absolutely state 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 groups feeding information into the next function as it were that’s in fact handling the payment side of things however you know in in my viewpoint and my experience that doesn’t always need to be the case you understand long gone are the times where we require to produce additional handoffs while doing sos that we operate in they just make them more prompt they make them less efficient and they don’t make them what they require to be in in a period of tech and an age that you know 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 stated payroll is the single most significant liability that any business has from an expense perspective from an impact viewpoint on employees it is absolutely vital that it’s done correctly 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 greatest destructive result on individuals’s well-being and many other aspects if individuals aren’t paid uh I have actually always been surprised entering into this Market kind of the last 5 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 actually been thanked, it would be terrific to hear their success story, whether it’s from all workers or not. Payroll is an important cycle, and people just discover when things go wrong. However, when things go right, it’s viewed as just a routine job. This is how it’s viewed externally also. For that reason, it is necessary to ensure that jobs like Wi-Fi International and other crucial matters are done correctly. Utilizing the very first International Payments very first payroll payment solution is a fantastic initial action towards providing an extensive payroll service for workers worldwide. Standardization, global procedures, and minimizing the number of tools, platforms, and bank accounts needed for global payroll are essential consider attaining service success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do periodically get a couple of complaints when things do not go as planned. Ultimately, we don’t do it for the gratitude.

anyhow we know 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 everyone that’s involved in those procedures and likewise so imagine sorry I’m simply I was just gon na say picture the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I make sure we’re talking about hundreds of thousands potentially Millions think of getting that lots of thank you keeps in mind um I imply it ‘d be interesting to see the number of Post-it notes you got but it would certainly be an interesting 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 held true um you ‘d need days of the week to attempt to browse them and really see what was going on and type of try to return to everybody so moving on appearance why do companies choose to primary different savings account there are Papaya Global Portugal companies out there doing precisely this for specific nations and I have actually operated in a business or lots of services doing exactly that I can say it does not constantly feel effective and it does create more work I understand we’re not intentionally doing that we’re not creating 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 thoughts Johnny why do you believe that we’re doing that in in the in the quantity that we are I think many factors one is it’s the requirement I think people have actually got so utilized to we require a new bank account we open an entity and rightly so you need 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 standard individuals have adopted 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 many other ways um to to type of do it so I think there’s a range I believe this is a procedure that needs looking at it needs altering but eventually individuals are really stuck with what they’re familiar

with best um change is a hard thing all of us don’t like modification um so I think it’s simply sort of moving far from the norm as we have actually said so yeah so it keeps a great deal of track of stuff um I understand clearly the advantages of having keeping numerous checking account but there’s a huge amount of intricacy goes with setting up a bank account keeping it ensuring it can send International transfers guaranteeing it’s established with the ideal user accesses for private individuals so the complexity is big but I believe the truthful response is change um people haven’t had the ability to alter or haven’t had always the understanding to really make that change into alternate Solutions aside from opening a savings account I believe you have actually hit the nail on the head I think it is knowledge you understand and there is an element of resistance to alter but we’ve constantly done it that way is no genuine reason for not taking a look at the the advantages and the possibilities of moving on and moving into you understand what might nearly be figured out to be the next Century approximately there is a lot to track and this method does present numerous challenges um so Johnny could you inform us about those challenges yeah obviously so there’s a variety right there is so

I simply did you switched our Enterprise to OS so now we can do our payroll and payments operation on a single platform yes it’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global staff members you are worthy of a corner office with a more detailed parking space due to the fact that I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Portugal