Papaya Global Small Business Payroll FAQ – Payroll Management 2024

Over the last 5 or six years …Papaya Global Small Business Payroll… functions on the company side and likewise on the supplier side from a payroll perspective so truly looking forward to this discussion today um and yeah thank you very much for your time everyone alright thanks Johnny uh we’ll just offer everyone another number of uh well one of the 30 seconds or so to join we all work back to back nowadays so we’ll kind of let them do that so it ‘d be rather interesting and I can see it going on currently just to hear where everybody is um it’s nice to to type of like see where everybody comes from and I truly 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 extremely very bleak and I wish I was somewhere else at this moment in time alright so let’s start our program for today is as follows um we are going to be looking at the challenge years of handling Global payroll why business maintain separate

Virtual payroll accounts are an alternative to traditional bank accounts for managing payroll payments. This is particularly useful for international companies with dispersed and remote labor forces, as it streamlines the complex procedure of cross-border payments. Instead of preserving separate checking account for payroll in various countries, virtual accounts and digital wallets offer a more streamlined option. In this webinar, we will explore the advantages of using virtual payroll accounts and go over why they are becoming a tactical asset for payroll executives. We will likewise provide a wrap-up of the main points covered and leave time for a Q&A session at the end.

making payroll payments precisely efficiently firmly and on time during this webinar we’ll walk you through the global advantages and disadvantages of a payroll wallet versus a payroll savings account how companies properly anticipate their payroll costs to increase working capital and how enhancing Worldwide payroll payments can turn them from a siled pane into a strategic asset so payroll can be tough in adequate in one country but when you’re doing it globally it’s next level and Beyond it ends up being complex for a range of factors most importantly guidelines compliance data security and banking rules then there are the sheer numbers they include more complexity the international Labor force is presently three and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and further 1.1 billion people that number is presently 500 million just for for a scale then consider that there are some 230 million businesses and growing all doing their own thing around the globe in the traditional payroll design there’s typically a frustrating variety of various systems resulting in time-consuming manual processes and silos the variety of Combinations could be non-existent in big quantities and or extremely really basic there’s no genuine consistency framework we’re residing in an age of tech but payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper and that just blows my mind every time I I think

about it to provide you a concept of how far there still is to come according to Deloitte just 11 of businesses state they have Labor force information in real time that’s another number that provides me sleep deprived nights and rather honestly the more a business spends on global payroll the less of a photo they see an absence of exposure likewise reaches payroll payments and failure to precisely track these payments can lead to compliance incidents in the last mile of the deal nearly half of worldwide services 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 because of time reporting poor HCM information information entry mistakes inadequately interacted hires and terminations in addition to absence management and system setups and after that when you round it all off and the information is delivered to the wrong place the average cost of an international data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money worldwide payroll and payments do not run smoothly if they depend on the required multiple processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the challenges service face when they’re making payments to workers or otherwise that’s an excellent question I always throw this back and say what is it what doesn’t require to be included right 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 timespan there’s payment capabilities 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 intricacy anywhere you look ideal ultimately building a knowledge base is absolutely important however all over you look with payroll payment they resemble very payments no if but some babies 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 recognition that payroll payments are absolutely fundamental and technology is allowing us to kind of progress with that it also as well to contribute to that payroll and financing require to work closer together um with differing Checking account Details differing banking requirements and setup procedures is definitely necessary that payroll and finance groups work closer together than ever um I’m always amazed when people say I’ve split payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t work in the payroll occupation would they split 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 ultimately it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying people wherever they are however likewise paying statutory authorities and on statutory 3rd parties so with the

world we reside in and well-being being more and more essential to add to kind of the level of complexity there’s a growing number of benefits being organ or being provided by services throughout the world so once again you’re simply looking to include increasingly more payments to this currently complicated landscape so if you type of got any experience well I’m from your large experience here and I make certain however have you got any experience in kind of real obstacles or real tough sort of pay uses to play to pay individuals I believe yeah I suggest over the last well yeah a couple of years I would certainly say that the larger an organization gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the job there are teams feeding info into the next function as it were that’s actually handling the payment side of things but you know in in my opinion and my experience that does not always require to be the case you understand long gone are the times where we require to create extra handoffs in the processes that we operate in they just make them more prompt they make them less effective and they do not make them what they require to be in in a period of tech and a period that you understand that we are operating in today there is no reason that we are still making this as hard as it requires to be agreed and rightly as you stated payroll is the single greatest liability that any service has from an expense point of view from an effect viewpoint on workers it is definitely important that it’s done properly 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 damaging effect on individuals’s wellness and many other factors if people aren’t paid uh I have actually always been astonished entering this Market kind of the last 5 to 10 years is how little thanks the

The payroll team might not have been thanked for correctly processing payroll throughout a webinar. If anyone has actually been thanked, it would be fantastic to hear their success story, whether it’s from all workers or not. Payroll is a crucial cycle, and individuals only observe when things fail. However, when things go right, it’s seen as just a routine task. This is how it’s viewed externally as well. Therefore, it is important to guarantee that tasks like Wi-Fi Global and other vital matters are done correctly. Utilizing the first Worldwide Payments very first payroll payment option is an excellent preliminary action towards providing a comprehensive payroll solution for staff members worldwide. Standardization, global processes, and lowering the variety of tools, platforms, and bank accounts necessary for worldwide payroll are key consider attaining service success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do occasionally receive a few problems when things don’t go as planned. Eventually, we don’t do it for the appreciation.

anyway we understand how how crucial 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 easy as possible for everyone that’s associated with those procedures and also so think of sorry I’m just I was just gon na state envision the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I’m sure we’re discussing hundreds of thousands possibly Millions think of getting that many thank you keeps in mind um I suggest it ‘d be interesting to see how many Post-it notes you got however it would definitely be an interesting job attempting to clean 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 need days of the week to attempt to check out them and actually see what was going on and type of shot to return to everyone so proceeding look why do business pick to primary different bank accounts there are Papaya Global Small Business Payroll businesses out there doing exactly this for specific nations and I’ve operated in an organization or lots of services doing precisely that I can state it does not constantly feel efficient and it does create more work I understand we’re not deliberately doing that we’re not creating additional work for any person where we don’t have 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 lots of factors one is it’s the requirement I believe individuals have actually got so used to we need a brand-new checking 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 standard and the norm the people have actually adopted and continue to do over years and years gone past to add 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 think this is a procedure that requires taking a look at it needs changing but eventually individuals are really stuck to what they recognize

with right um change is a difficult thing all of us don’t like change um so I think it’s simply kind of moving away from the standard as we have actually said so yeah so it keeps a great deal of track of things um I comprehend obviously the advantages of having keeping multiple checking account but there’s a big amount of intricacy goes with setting up a checking account preserving it ensuring it can send International transfers ensuring it’s established with the best user accesses for individual people so the complexity is big however I think the sincere answer is change um individuals haven’t been able to change or have not had necessarily the understanding to truly make that change into alternate Solutions besides opening a bank account I think you’ve struck the nail on the head I believe it is understanding you understand and there is an element of resistance to alter but we’ve always done it that way is no real excuse for not taking a look at the the benefits and the possibilities of carrying on and moving into you know what might nearly be figured out to be the next Century approximately there is a lot to monitor and this technique does present a number of obstacles um so Johnny might you tell us about those obstacles yeah of course so there’s a range right there is so

I just did you changed our Enterprise to OS so now we can do our payroll and payments operation on a single platform yes it resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global workers you deserve 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 Small Business Payroll