Papaya Global Software Online Account FAQ – Payroll Management 2024

Over the last 5 or 6 years …Papaya Global Software Online Account… functions on the provider side and also on the vendor side from a payroll point of view so actually 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 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 sort of let them do that so it ‘d be quite 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 originates from and I truly do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s raining here it’s really really dreary and I want I was somewhere else at this moment in time okay so let’s start our program for today is as follows um we are going to be taking a look at the difficulty years of handling Worldwide payroll why companies preserve different

checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts enhancing papaya Global payroll payments as a strategic property uh we’ll likewise discuss a recap and that needs to leave his time at the extremely extremely end for a q a session so as the title of the webinar recommends payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces become more and more common and managing them becomes increasingly more complex Global organizations are wanting to discover Solutions and brand-new ways to streamline procedures specifically from a payroll and cross-border payment standpoint many companies maintain different bank account just for payroll while some have multiple accounts in different nations does it make good sense for companies to keep different checking account in some cases in different nations it does however just for payroll exists a better method what function do virtual accounts and digital wallets likewise referred to as virtual wallets play in helping multinational business improve the episode complex procedures of

making payroll payments accurately effectively firmly and on time during this webinar we’ll walk you through the global benefits and drawbacks of a payroll wallet versus a payroll bank account how business precisely forecast their payroll expenses to increase working capital and how streamlining Worldwide payroll payments can turn them from a siled pane into a tactical asset so payroll can be challenging in sufficient in one nation however when you’re doing it worldwide it’s next level and Beyond it ends up being intricate for a variety of factors most notably guidelines compliance information security and banking rules then there are the large numbers they include more complexity the international Workforce is currently 3 and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and additional 1.1 billion individuals that number is currently 500 million just for for a scale then factor in that there are some 230 million businesses and growing all doing their own thing around the world in the conventional payroll model there’s frequently a frustrating variety of different systems causing lengthy manual processes and silos the number of Combinations could be non-existent in large quantities and or extremely very standard there’s no genuine consistency framework we’re living in an era of tech however payroll has actually 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 just blows my mind every time I I believe

about it to give you a concept of how far there still is to come according to Deloitte only 11 of companies say they have Labor force data in real time that’s another number that offers me sleep deprived nights and rather frankly the more a business invests in worldwide payroll the less of a photo they see a lack of presence likewise extends to payroll payments and inability to properly track these payments can cause compliance incidents in the last mile of the transaction almost half of international organizations have revealed that they do not 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 badly communicated hires and terminations along with lack management and system configurations and then when you round it all off and the information is shipped to the incorrect place the average cost of an international information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash around the globe payroll and payments don’t run efficiently if they count on the essential multiple procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the difficulties business face when they’re paying to staff members or otherwise that’s a great concern I always throw this back and say what is it what doesn’t need to be included right and what does

it need to be considered 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 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 complexity wherever you look ideal ultimately developing a knowledge base is definitely critical however everywhere you look with payroll payment they resemble very 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 think there’s now a bit more acknowledgment that payroll payments are definitely fundamental and technology is allowing us to type of move on with that it also also to add to that payroll and financing require to work closer together um with differing Bank Account Details varying banking requirements and setup processes is absolutely vital that payroll and financing teams work better together than ever um I’m constantly astonished when individuals state I’ve split payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t operate in the payroll profession 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 frequently split and cut up um ultimately it’s payroll is an end-to-end procedure 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 3rd parties so with the

world we live in and wellness being increasingly more crucial to add to type of the level of complexity there’s increasingly more benefits being organ or being provided by businesses across the world so once again you’re simply wanting to include increasingly more payments to this already intricate 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 genuine obstacles or genuine difficult type of pay uses to play to pay people I believe yeah I suggest over the last well yeah a number of years I would definitely say that the larger a company gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the job there are teams feeding info into the next function as it were that’s really handling the payment side of things however you know in in my opinion and my experience that does not necessarily need to be the case you understand long gone are the times where we require to create extra handoffs while doing sos that we run in they just make them more timely they make them less efficient and they don’t make them what they need to be in in an age of tech and an era that you understand that we are operating in today there is no reason we are still making this as tough as it requires 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 impact viewpoint on employees it is absolutely critical that it’s done properly 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 people’s wellness and numerous other factors if individuals aren’t paid uh I have actually constantly been impressed entering into this Market type of the last five to 10 years is how little thanks the

payroll group get um so I’m uncertain anyone on this sort of webinar has actually been informed 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 employees or not um however ultimately payroll is such an important cycle all of us find out about it when it fails everybody jumps up and down when it goes wrong but when it goes right it’s just a tick box workout and I believe that’s how it’s seen from the external view as well um so yeah it’s likewise like why WI-Fi Global why all of this things is absolutely essential that all of this stuff is done correctly so leveraging the first Worldwide Payments first payroll payment service is a great first step um supplying an end-to-end payroll option for your workers internationally again I believe is another substantial um process once again lining up and ensuring you have standardization Worldwide processes all of those things are absolutely essential to success success of businesses and minimizing the number of tools platforms and checking account they need for their Worldwide payroll too could not agree with you more and on the the front in terms of of the thank yous for getting payroll done I have actually never 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 complaints where things have not gone rather where they’re suggested to be um I don’t believe any of us are in fact doing that for for the thanks

anyway we understand how how crucial 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 easy as possible for everyone that’s involved in those processes and also so imagine sorry I’m just I was just gon na say envision the amount of thanks you got if you could cover the amount of people that we cover within this webinar I’m sure we’re discussing numerous thousands potentially Millions picture 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 intriguing task attempting to clean all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to browse them and really see what was going on and sort of shot to return to everyone so moving on look why do companies choose to primary separate savings account there are Papaya Global Software Online Account services out there doing precisely this for particular countries and I have actually operated in a business or many companies doing precisely that I can say it doesn’t always feel effective and it does create more work I understand we’re not purposely doing that we’re not producing extra work for anyone where we do not need to and any person that’s handling that procedure I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the amount that we are I believe lots of reasons one is it’s the requirement I think individuals have actually got so utilized to we need a brand-new checking account we open an entity and rightly so you require it for payroll purposes but there are a variety of markets where it’s not a requirement so I believe it’s just been the requirement and the norm individuals have adopted and continue to do over years and years gone past to add to that individuals have actually looked at things like trust accounts and many other ways um to to kind of do it so I think there’s a variety I believe this is a procedure that requires looking at it needs changing however eventually individuals are very stuck to what they recognize

with right um modification is a challenging thing we all do not like modification um so I believe it’s just type of moving away from the norm as we have actually said so yeah so it keeps a lot of track of stuff um I comprehend obviously the benefits of having keeping multiple checking account however there’s a big amount of intricacy chooses setting up a savings account keeping it guaranteeing it can send out International transfers guaranteeing it’s established with the best user accesses for individual people so the complexity is big however I believe the truthful response is change um individuals have not had the ability to alter or haven’t had necessarily the knowledge to actually make that change into alternate Solutions aside from opening a checking account I believe you have actually hit the nail on the head I believe it is understanding you understand and there is a component of resistance to change however we’ve constantly done it that way is no genuine reason for not looking at the the advantages and the possibilities of carrying on and moving into you know what could practically be identified to be the next Century or two there is a lot to track and this method does posture several challenges um so Johnny might you tell us about those obstacles yeah obviously so there’s a range right there is so

I simply did you changed our Business 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 International workers you should have a corner office with a better parking space since I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Software Online Account