Papaya Global Professional FAQ – Payroll Management 2024

Over the last 5 or 6 years …Papaya Global Professional… roles on the supplier side and likewise on the supplier side from a payroll viewpoint so truly looking forward to this conversation today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll just provide everyone another couple of uh well one of the 30 seconds or two to join all of us work back to back these days so we’ll sort of let them do that so it ‘d be quite intriguing 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 everybody originates from and I really 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 raining here it’s extremely very gloomy and I want I was elsewhere at this moment in time fine so let’s begin our program for today is as follows um we are going to be taking a look at the difficulty years of handling International payroll why companies keep different

checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts simplifying papaya International payroll payments as a tactical property uh we’ll also discuss a recap which should leave his time at the extremely extremely end for a q a session so as the title of the webinar suggests payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces become a growing number of common and managing them becomes a growing number of complicated International organizations are looking to find Solutions and brand-new methods to improve procedures especially from a payroll and cross-border payment viewpoint many organizations maintain different checking account just for payroll while some have multiple accounts in various countries does it make good sense for companies to maintain different checking account in some cases in different countries it does but just for payroll exists a better method what role do virtual accounts and digital wallets likewise known as virtual wallets play in helping international business improve the episode complex processes of

Guaranteeing precise, effective, and prompt payroll payments is a complex challenge for businesses running worldwide. Join us for a webinar to check out the advantages and disadvantages of payroll wallets versus payroll checking account, learn how companies anticipate payroll expenses to optimize working capital, and discover how streamlining international payroll payments can transform them from a difficult task into a tactical possession.

Handling payroll globally is a challenging task due to different guidelines, compliance requirements, information security issues, and banking guidelines. The sheer number of workers and businesses adds to the intricacy, with an approximated 3.5 billion individuals in the worldwide labor force, 500 million of whom are in Africa, and 230 million organizations worldwide.

Conventional payroll systems typically lead to manual procedures, data silos, and an absence of integration, causing disparities and inadequacies. In spite of living in a period of technological advancements, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed by hand, typically utilizing pen and paper. This webinar aims to supply insights and solutions to simplify and optimize international payroll payments.

about it to offer you a concept of how far there still is to come according to Deloitte just 11 of services say they have Labor force data in real time that’s another number that offers me sleep deprived nights and rather honestly the more an organization spends on international payroll the less of a photo they see a lack of exposure likewise encompasses payroll payments and inability to properly track these payments can lead to compliance incidents in the last mile of the transaction almost half of worldwide organizations have actually revealed that they don’t 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 poor HCM data data entry mistakes poorly communicated hires and terminations in addition to absence management and system configurations and then when you round everything off and the information is shipped to the incorrect place the typical expense 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 globe payroll and payments don’t run smoothly if they count on the essential multiple processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the challenges service face when they’re paying to staff members or otherwise that’s a great concern I always toss this back and state what is it what doesn’t need to be included best and what does

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it require to be thought about there’s varying Bank details 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 client’s own in-country account so there’s intricacy any place you look best ultimately developing a knowledge base is absolutely crucial however all over you look with payroll payment they resemble super payments no if but some infants about it you are all superheroes processing payments for payroll if you 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 absolutely fundamental and innovation is allowing us to type of move forward with that it also also to add to that payroll and finance need to work closer together um with differing Checking account Particulars varying banking requirements and setup processes is absolutely crucial that payroll and finance groups work better together than ever um I’m constantly astonished when people say I’ve divided payroll and payment um if you walk down the street and asked anyone what is payroll who does not work in the payroll occupation would they split the payroll payment from computation 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 eventually it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying individuals wherever they are however also paying statutory authorities and on statutory third parties so with the

The modern world places a high worth on wellness and the settlement landscape is ending up being progressively intricate. Companies are continuously introducing brand-new benefits and payment choices, which adds to the total intricacy. Big corporations often divide their payroll and payment processing into different groups, which can lead to ineffectiveness and traffic jams. In my opinion, this does not have to hold true. In today’s highly innovative period, there’s no reason for preserving troublesome treatments. Payroll, the company’s greatest expense, should be processed properly and on time. Even slight delays can negatively affect staff members’ well-being and have significant consequences. Therefore, it’s crucial to prioritize precise and prompt payments.

payroll group get um so I’m not exactly sure anybody on this kind of webinar has been informed thank you for processing my payroll properly if you have it ‘d be excellent to hear your success story and whether that’s been from all staff members or not um however 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 but when it goes right it’s simply a tick box workout and I believe that’s how it’s seen from the external consider 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 stuff is done correctly so leveraging the very first International Payments very first payroll payment service is an excellent initial step um providing an end-to-end payroll option for your staff members globally once again I think is another substantial um process once again lining up and guaranteeing you have standardization International procedures all of those things are definitely crucial to success success of businesses and reducing the variety of tools platforms and checking account they need for their Global payroll too couldn’t agree with you more and on the the front in terms of of the thank yous for getting payroll done I’ve never ever had a hundred countless them within a payroll cycle do not expect to you do get the odd 5 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 in fact doing that for for the thanks

anyway we know how how essential a function 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 simple as possible for everyone that’s associated with those processes and likewise so think of sorry I’m just I was simply gon na say think of the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I’m sure we’re discussing hundreds of thousands potentially Millions envision getting that numerous thank you keeps in mind um I indicate it ‘d be interesting to see how many Post-it notes you got but 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 held true um you ‘d need days of the week to try to look through them and really see what was going on and kind of try to return to everyone so carrying on appearance why do business select to primary separate checking account there are Papaya Global Professional companies out there doing precisely this for specific countries and I have actually operated in an organization or numerous organizations doing precisely that I can say it doesn’t always feel efficient and it does create more work I know we’re not intentionally doing that we’re not producing extra work for anyone where we don’t have 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 amount that we are I think many factors one is it’s the requirement I think individuals have got so used to we require a new bank account we open an entity and appropriately so you require it for payroll functions however there are a variety of markets where it’s not a requirement so I think it’s just been the standard and the norm the people have embraced and continue to do over years and years passed by to add to that people have looked at things like trust accounts and lots of other methods um to to sort of do it so I think there’s a variety I believe this is a process that needs looking at it requires altering however eventually people are extremely stuck to what they recognize

with best um modification is a tough thing all of us don’t like change um so I think it’s just type of moving far from the standard as we’ve said so yeah so it keeps a lot of track of things um I understand clearly the benefits of having maintaining several savings account however there’s a substantial quantity of complexity opts for establishing a savings account keeping it guaranteeing it can send out International transfers ensuring it’s set up with the best user accesses for individual individuals so the intricacy is substantial however I think the truthful response is modification um people haven’t had the ability to change or haven’t had always the knowledge to actually make that change into alternate Solutions other than opening a savings account I believe you have actually hit the nail on the head I think it is understanding you know and there is an element of resistance to change however we have actually always 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 could nearly be determined to be the next Century or so there is a lot to keep an eye on and this approach does position numerous challenges um so Johnny might you tell us about those challenges yeah naturally so there’s a range 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 effectively secured payments for our 10,000 workers worldwide. Your devotion to mastering global payroll and payments using Papaya payroll OS is good. You should have a corner workplace with a parking space that is more detailed, considering your achievements. Papaya Global Professional