Papaya Global Western Sahara FAQ – Payroll Management 2024

Over the last five or 6 years …Papaya Global Western Sahara… roles on the service provider side and likewise on the supplier side from a payroll point of view so truly eagerly anticipating this conversation today um and yeah thank you quite for your time everyone okay thanks Johnny uh we’ll simply provide everybody another couple of uh well among the 30 seconds approximately to join we all work back to back these days so we’ll kind of let them do that so it ‘d be rather intriguing and I can see it going on already simply to hear where everybody is um it’s nice to to kind of like see where everyone originates from and I actually do hope it’s much sunnier than it is 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 extremely bleak 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 looking at the challenge years of managing International payroll why companies preserve different

Virtual payroll accounts are an alternative to conventional checking account for handling payroll payments. This is particularly helpful for global companies with dispersed and remote labor forces, as it streamlines the complex procedure of cross-border payments. Instead of keeping different savings account for payroll in various nations, virtual accounts and digital wallets offer a more streamlined service. In this webinar, we will explore the benefits of using virtual payroll accounts and discuss why they are becoming a strategic asset for payroll executives. We will likewise supply a recap of the main points covered and leave time for a Q&A session at the end.

making payroll payments accurately effectively firmly and on time during this webinar we’ll walk you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll savings account how companies properly anticipate their payroll costs to increase working capital and how improving Global payroll payments can turn them from a siled pane into a tactical asset so payroll can be challenging in sufficient in one country but when you’re doing it globally it’s next level and Beyond it becomes complicated for a range of factors most importantly guidelines compliance data security and banking guidelines then there are the sheer numbers they add additional intricacy the global Workforce is presently 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 companies and growing all doing their own thing worldwide in the traditional payroll design there’s often an overwhelming number of various systems causing lengthy manual processes and silos the number of Integrations could be non-existent in big amounts and or really very basic there’s no real consistency framework we’re living in a period 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 each time I I believe

about it to give you an idea of how far there still is to come according to Deloitte only 11 of services say they have Workforce data in real time that’s another number that offers me sleepless nights and rather frankly the more a company spends on international payroll the less of a photo they see an absence of visibility also reaches payroll payments and failure to properly track these payments can cause compliance accidents in the last mile of the transaction almost half of international services have expressed 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 due to time reporting bad HCM data information entry errors inadequately interacted hires and terminations in addition to absence management and system configurations and then when you round it all off and the information is delivered to the wrong place the typical expense of an international information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash worldwide payroll and payments do not run efficiently if they count on the required numerous processes 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 challenges organization face when they’re paying to workers or otherwise that’s a great concern I constantly toss this back and say what is it what does not require to be included ideal and what does

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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 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 customer’s own in-country account so there’s complexity anywhere you look right eventually building a knowledge base is absolutely vital however all over you look with payroll payment they are like extremely payments no if however some children about it you are all superheroes processing payments for payroll if you look at the kind of link between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are definitely basic and innovation is enabling us to kind of progress with that it also also to contribute to that payroll and financing require to work closer together um with differing Savings account Details varying banking requirements and setup procedures is definitely imperative that payroll and finance teams work better together than ever um I’m always surprised when people state I’ve divided payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t operate in the payroll occupation would they divide the payroll payment from estimation 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 individuals any place they are however likewise paying statutory authorities and on statutory third parties so with the

world we reside in and wellness being a growing number of important to add to type of the level of complexity there’s a growing number of advantages being organ or being provided by services across the world so once again you’re just aiming to add more and 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’m sure but have you got any experience in kind of genuine difficulties or real difficult kind of pay utilizes to play to pay individuals I believe yeah I indicate over the last well yeah a couple of years I would definitely state that the bigger an organization gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the task there are groups feeding details into the next function as it were that’s really handling the payment side of things but you know in in my opinion and my experience that doesn’t 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 efficient and they do not make them what they need to be in in an era of tech and a period that you understand that we are working in today there is no reason why we are still making this as difficult as it needs to be agreed and rightly as you said payroll is the single biggest liability that any service has from an expense viewpoint from an effect point of view on employees it is definitely crucial that it’s done correctly and on time so what we suggest 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 detrimental impact on individuals’s wellness and many other elements if people aren’t paid uh I’ve always been astonished coming into this Market kind of the last five 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 been thanked, it would be excellent to hear their success story, whether it’s from all workers or not. Payroll is an essential cycle, and people only notice when things fail. However, when things go right, it’s viewed as just a regular task. This is how it’s viewed externally also. For that reason, it is important to ensure that tasks like Wi-Fi International and other crucial matters are done correctly. Utilizing the first Global Payments very first payroll payment option is a fantastic initial step towards supplying a thorough payroll option for workers worldwide. Standardization, global procedures, and minimizing the variety of tools, platforms, and bank accounts needed for global payroll are crucial factors in achieving service success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes receive a couple of problems when things do not go as prepared. Ultimately, we do not do it for the thankfulness.

anyhow we understand how how important 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 everyone that’s involved in those processes and also so imagine sorry I’m simply I was simply gon na state think of 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 discussing hundreds of thousands possibly Millions think of getting that many thank you keeps in mind um I indicate it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be an intriguing job trying to clean up all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to look through them and actually see what was going on and type of shot to return to everybody so carrying on appearance why do companies select to main different checking account there are Papaya Global Western Sahara businesses out there doing exactly this for specific countries and I have actually operated in an organization or numerous services doing exactly that I can state it doesn’t always feel effective and it does produce more work I understand we’re not purposely doing that we’re not developing 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 numerous reasons one is it’s the requirement I think individuals have actually got so used to we need a new bank account we open an entity and rightly so you need it for payroll purposes however there are a variety of markets where it’s not a requirement so I think it’s simply been the requirement and the norm individuals have embraced and continue to do over years and years passed by to add to that people have actually looked at things like trust accounts and lots of other ways um to to sort of do it so I think there’s a variety I think this is a procedure that requires taking a look at it needs altering however ultimately people are very stuck to what they’re familiar

with best um modification is a challenging thing we all do not like change um so I think it’s simply kind of moving far from the standard as we have actually said so yeah so it keeps a lot of track of things um I comprehend certainly the benefits of having maintaining multiple bank accounts however there’s a substantial amount of intricacy goes with setting up a bank account keeping it ensuring it can send International transfers guaranteeing it’s set up with the right user accesses for specific people so the complexity is big however I think the honest response is change um individuals haven’t been able to alter or haven’t had always the knowledge to really make that change into alternate Solutions besides opening a savings account I think you’ve hit the nail on the head I think it is knowledge you know and there is an aspect of resistance to alter however we’ve constantly done it that way is no real excuse for not looking at the the benefits and the possibilities of moving on and moving into you know what might nearly be determined to be the next Century or so there is a lot to monitor and this method does posture a number of difficulties um so Johnny could you inform us about those obstacles yeah obviously so there’s a variety right there is so

I just recently made a change 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 acquired another CFO, and with this boosted ability, I have successfully protected payments for our 10,000 staff members worldwide. Your devotion to mastering international payroll and payments using Papaya payroll OS is good. You should have a corner office with a parking space that is more detailed, considering your accomplishments. Papaya Global Western Sahara