Papaya Global Processing Spp FAQ – Payroll Management 2024

Over the last 5 or six years …Papaya Global Processing Spp… roles on the provider side and likewise on the vendor side from a payroll perspective so really looking forward to this discussion today um and yeah thank you quite for your time everyone fine thanks Johnny uh we’ll simply provide everyone another couple of uh well among the 30 seconds approximately to join all of us work back to back these days so we’ll type of let them do that so it ‘d be quite fascinating and I can see it going on already simply to hear where everybody is um it’s nice to to type of like see where everybody comes from and I actually 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 very really uninspiring and I wish I was elsewhere at this moment in time okay so let’s get started our program for today is as follows um we are going to be taking a look at the challenge years of handling International payroll why companies maintain separate

Virtual payroll accounts are an option to standard checking account for handling payroll payments. This is especially helpful for international organizations with dispersed and remote labor forces, as it streamlines the intricate procedure of cross-border payments. Instead of maintaining separate savings account for payroll in various nations, virtual accounts and digital wallets provide a more structured solution. In this webinar, we will check out the benefits of using virtual payroll accounts and go over why they are becoming a tactical property for payroll executives. We will also provide a wrap-up of the main points covered and leave time for a Q&A session at the end.

Making sure accurate, effective, and timely payroll payments is a complex challenge for businesses operating globally. Join us for a webinar to check out the advantages and drawbacks of payroll wallets versus payroll bank accounts, discover how business forecast payroll expenses to optimize working capital, and find how simplifying worldwide payroll payments can change them from a troublesome job into a strategic property.

Handling payroll globally is an overwhelming task due to different policies, compliance requirements, data security concerns, and banking guidelines. The sheer variety of employees and companies contributes to the intricacy, with an approximated 3.5 billion people in the worldwide workforce, 500 million of whom are in Africa, and 230 million businesses worldwide.

Traditional payroll systems frequently result in manual processes, information silos, and a lack of integration, resulting in inconsistencies and inefficiencies. Regardless of living in an age of technological advancements, payroll management has actually been sluggish to adapt, with as much as 25% of payroll still processed manually, often using pen and paper. This webinar aims to offer insights and options to simplify and enhance global payroll payments.

about it to offer you a concept of how far there still is to come according to Deloitte only 11 of services state they have Labor force data in real time that’s another number that offers me sleep deprived nights and quite honestly the more an organization invests in global payroll the less of a picture they see a lack of visibility also encompasses payroll payments and failure to properly track these payments can cause compliance incidents in the last mile of the deal almost half of worldwide companies have revealed that they do not have the level of standardization they require in their procedures or desire and as a result eighty percent of errors are due to time reporting bad HCM data information entry errors badly interacted hires and terminations as well as lack management and system configurations and after that when you round it all off and the information is delivered to the wrong place the typical expense of a worldwide data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash around the globe payroll and payments do not run efficiently if they rely on the necessary several 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 obstacles service face when they’re paying to workers or otherwise that’s a good concern I always toss this back and state what is it what doesn’t require to be included ideal and what does

it require to be thought about there’s differing 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 abilities so can you pay it from International or do you have to pay from an in-country account do you need to pay from the consumer’s own in-country account so there’s complexity any place you look ideal eventually developing a knowledge base is absolutely critical however all over you look with payroll payment they resemble very payments no if but some children about it you are all superheroes processing payments for payroll if you take a look at the kind 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 enabling us to kind of move forward with that it likewise too to add to that payroll and financing require to work closer together um with varying Savings account Particulars differing banking requirements and setup procedures is definitely important that payroll and finance groups work more detailed together than ever um I’m always surprised when individuals say 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 divide the payroll payment from estimation 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 data collection all the way through to paying individuals anywhere they are but likewise paying statutory authorities and on statutory third parties so with the

world we live in and wellness being a growing number of crucial to add to sort of the level of intricacy there’s a growing number of advantages being organ or being offered by companies across the world so again you’re just seeking to add more and 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’m sure however have you got any experience in kind of real challenges or real difficult kind of pay utilizes to play to pay individuals I believe yeah I mean over the last well yeah a number of decades I would certainly say that the bigger an organization 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 teams feeding information into the next function as it were that’s actually 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 understand long gone are the times where we require to develop extra handoffs while doing sos that we operate in they just make them more timely they make them less efficient and they don’t make them what they require to be in in an era of tech and an era that you understand that we are working in today there is no reason why we are still making this as challenging as it requires to be concurred and appropriately as you said payroll is the single biggest liability that any service has from a cost viewpoint from an effect point of view on employees it is absolutely important 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 need to be done right it has the greatest destructive impact on individuals’s well-being and lots of other factors if people aren’t paid uh I have actually constantly been amazed entering this Market type of the last five to 10 years is how little thanks the

The payroll group might not have actually been thanked for properly processing payroll throughout a webinar. If anyone has been thanked, it would be terrific to hear their success story, whether it’s from all staff members or not. Payroll is an essential cycle, and people just notice when things fail. However, when things go right, it’s seen as simply a regular task. This is how it’s viewed externally also. Therefore, it is necessary to ensure that tasks like Wi-Fi Worldwide and other vital matters are done correctly. Using the first Global Payments very first payroll payment service is a great initial step towards offering a comprehensive payroll service for workers worldwide. Standardization, international processes, and lowering the variety of tools, platforms, and savings account necessary for international payroll are essential factors in achieving business success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do periodically get a few problems when things don’t go as prepared. Ultimately, we don’t do it for the gratitude.

anyway we understand how how essential a role 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 everybody that’s associated with those procedures and likewise so think of sorry I’m just I was just gon na say think of the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make sure we’re talking about numerous thousands potentially Millions picture getting that numerous thank you notes um I imply it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be an interesting task trying 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 need days of the week to try to check out them and really see what was going on and sort of shot to return to everybody so moving on look why do companies select to main different bank accounts there are Papaya Global Processing Spp businesses out there doing precisely this for specific nations and I have actually operated in a business or lots of organizations doing precisely that I can say it does not always feel effective and it does produce more work I understand we’re not deliberately doing that we’re not creating extra work for anyone where we do not have to and any person that’s dealing with 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 think numerous factors one is it’s the standard I believe individuals have actually got so utilized to we require a brand-new bank account we open an entity and rightly so you need it for payroll purposes but there are a variety of markets where it’s not a requirement so I think it’s simply been the requirement and the norm the people have actually adopted and continue to do over years and years gone past to contribute to that people have actually taken a look at things like trust accounts and many other methods um to to sort of do it so I think there’s a variety I think this is a process that needs taking a look at it needs altering however ultimately people are very stuck to what they’re familiar

with best um change is a challenging thing all of us don’t like change um so I believe 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 understand obviously the benefits of having keeping multiple checking account but there’s a big quantity of intricacy chooses establishing a bank account preserving it ensuring it can send International transfers ensuring it’s set up with the right user accesses for private individuals so the complexity is substantial however I think the sincere answer is modification um people haven’t had the ability to change or have not had necessarily the knowledge to truly make that change into alternate Solutions other than opening a checking account I believe you’ve struck the nail on the head I think it is understanding you know and there is an aspect of resistance to alter however we have actually always done it that way is no genuine excuse for not looking at the the benefits and the possibilities of moving on and moving into you understand what could almost be figured out to be the next Century or so there is a lot to keep track of and this approach does posture a number of difficulties um so Johnny might you tell us about those obstacles yeah naturally so there’s a variety right there is so

I just recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It feels like our CFO has actually gained another CFO, and with this improved ability, I have actually effectively secured payments for our 10,000 workers worldwide. Your commitment to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You should have a corner workplace with a parking space that is closer, considering your achievements. Papaya Global Processing Spp