Papaya Global Auto Holidays FAQ – Payroll Management 2024

Over the last five or six years …Papaya Global Auto Holidays… roles on the supplier 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 fine thanks Johnny uh we’ll just provide everyone another number of uh well one of the 30 seconds approximately to join we all work back to back nowadays so we’ll kind of let them do that so it ‘d be quite interesting and I can see it going on already simply to hear where everyone is um it’s nice to to sort of like see where everyone originates from and I actually do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s raining here it’s extremely very dreary and I wish I was somewhere else at this moment in time fine so let’s get going our agenda for today is as follows um we are going to be looking at the challenge years of handling Global payroll why companies keep separate

checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts improving papaya Global payroll payments as a tactical asset uh we’ll also review a recap which ought to leave his time at the really extremely end for a q a session so as the title of the webinar suggests payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces become more and more typical and handling them becomes increasingly more complex Worldwide organizations are looking to find Solutions and new ways to simplify procedures especially from a payroll and cross-border payment perspective numerous organizations maintain different savings account just for payroll while some have numerous accounts in different countries does it make good sense for companies to preserve different checking account sometimes in various nations it does however just for payroll is there a better way what function do virtual accounts and digital wallets likewise referred to as virtual wallets play in assisting multinational business streamline the episode complex processes of

making payroll payments precisely efficiently safely and on time throughout this webinar we’ll stroll you through the global benefits and drawbacks of a payroll wallet versus a payroll bank account how companies accurately forecast their payroll expenses to increase working capital and how streamlining Global payroll payments can turn them from a siled pane into a tactical possession so payroll can be tough in adequate in one nation however when you’re doing it worldwide it’s next level and Beyond it ends up being complex for a variety of factors most significantly guidelines compliance data security and banking rules then there are the large numbers they include further intricacy the international Labor force is currently 3 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 factor in that there are some 230 million businesses and growing all doing their own thing around the world in the conventional payroll design there’s frequently a frustrating number of various systems leading to time-consuming manual processes and silos the number of Integrations could be non-existent in large amounts and or extremely very fundamental there’s no genuine consistency structure we’re residing in an age of tech however payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper which simply blows my mind whenever I I think

about it to offer you a concept of how far there still is to come according to Deloitte only 11 of businesses say they have Workforce data in real time that’s another number that gives me sleep deprived nights and rather honestly the more a business invests in international payroll the less of a photo they see an absence of exposure also extends to payroll payments and failure to accurately track these payments can lead to compliance incidents in the last mile of the transaction nearly half of international businesses have actually revealed that they don’t have the level of standardization they need in their processes or desire and as a result eighty percent of mistakes are due to time reporting bad HCM information data entry mistakes poorly communicated hires and terminations along with lack management and system setups and after that when you round it all off and the information is shipped to the wrong place the average cost of a worldwide information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money around the world payroll and payments do not run efficiently if they rely on the required several procedures 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 obstacles business face when they’re making payments to staff members or otherwise that’s a good concern I constantly toss this back and state what is it what does not need to be included ideal and what does

it require to be considered there’s differing 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 need 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 right ultimately developing a knowledge base is definitely vital but everywhere you look with payroll payment they resemble super payments no if but 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 believe there’s now a bit more acknowledgment that payroll payments are definitely essential and technology is allowing us to type of move forward with that it likewise also to contribute to that payroll and finance require to work closer together um with varying Checking account Particulars differing banking requirements and setup procedures is absolutely necessary that payroll and finance teams work closer together than ever um I’m constantly astonished when individuals state I’ve split payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t work in the payroll occupation would they divide the payroll payment from calculation I would say no so why do we as a market accept that why our payroll and payments so typically 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 people wherever they are however likewise paying statutory authorities and on statutory 3rd parties so with the

world we live in and well-being being increasingly more crucial to add to type of the level of intricacy there’s increasingly more benefits being organ or being offered by companies across the world so once again you’re simply looking to include increasingly more payments to this already complicated landscape so if you type of got any experience well I’m from your huge experience here and I make sure but have you got any experience in kind of real obstacles or genuine tough type 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 state that the larger a service 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 groups feeding information into the next function as it were that’s actually handling the payment side of things but you know in in my viewpoint and my experience that does not always need to be the case you understand long gone are the times where we require to produce extra handoffs while doing sos that we run in they simply 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 an age 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 concurred and rightly as you said payroll is the single most significant liability that any business has from an expense viewpoint from an effect point of view on workers 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 biggest harmful impact on individuals’s well-being and lots of other elements if individuals aren’t paid uh I have actually always been astonished coming into this Market kind of the last 5 to 10 years is how little thanks the

payroll team get um so I’m uncertain anybody 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 staff members or not um but eventually payroll is such a crucial cycle all of us hear about it when it fails everyone jumps up and down when it fails however when it goes right it’s simply a tick box workout and I think that’s how it’s seen from the external consider as well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is absolutely crucial that all of this things is done correctly so leveraging the first Worldwide Payments first payroll payment option is a terrific initial step um providing an end-to-end payroll solution for your staff members globally again I believe is another huge um process once again aligning and guaranteeing you have standardization Worldwide procedures all of those things are definitely crucial to success success of services and lowering the variety of tools platforms and savings account they require for their Worldwide payroll too couldn’t agree with you more and on the the front in regards to of the thank yous for getting payroll done I have actually never had a hundred thousand of them within a payroll cycle don’t expect to you do get the odd five or ten or whatever it might be with the with the the complaints where things haven’t gone quite where they’re meant to be um I don’t believe any of us are really doing that for for the thanks

anyhow we know 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 associated with those processes and also so picture sorry I’m simply I was simply gon na state think of the quantity of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make sure we’re discussing numerous thousands possibly Millions imagine getting that lots of thank you notes um I suggest it ‘d be interesting to see how many Post-it notes you got but it would definitely be a fascinating task trying to clean up all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to browse them and in fact see what was going on and kind of try to return to everybody so moving on appearance why do business pick to main different bank accounts there are Papaya Global Auto Holidays organizations out there doing precisely this for specific countries and I’ve operated in a business or numerous businesses doing precisely that I can state it does not constantly feel efficient and it does create more work I understand we’re not intentionally doing that we’re not developing additional work for anybody where we do not have to and any person that’s handling that process I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the quantity that we are I believe many factors one is it’s the standard I think people have got so used to we need a new bank account we open an entity and appropriately so you require it for payroll functions however there are a number of markets where it’s not a requirement so I think it’s just been the requirement and the norm the people have embraced and continue to do over years and years gone past to add to that people have looked at things like trust accounts and numerous other methods um to to sort of do it so I believe there’s a range I believe this is a procedure that requires looking at it requires altering however eventually people are very stuck with what they’re familiar

with best um modification is a hard thing all of us don’t like modification um so I believe it’s simply kind of moving far from the standard as we’ve said so yeah so it keeps a great deal of track of things um I comprehend clearly the benefits of having preserving multiple bank accounts but there’s a huge amount of complexity chooses setting up a savings account maintaining it guaranteeing it can send out International transfers ensuring it’s set up with the right user accesses for individual individuals so the intricacy is big however I believe the sincere response is change um individuals have not had the ability to change or haven’t had necessarily the understanding to really make that change into alternate Solutions besides opening a bank account I believe you’ve hit the nail on the head I believe it is knowledge you understand and there is a component of resistance to alter but we have actually constantly done it that way is no real reason for not taking a look at the the benefits and the possibilities of carrying on and moving into you understand what might almost be determined to be the next Century or two there is a lot to track and this method does pose several challenges um so Johnny might you tell us about those obstacles yeah naturally so there’s a variety right there is so

I just did you switched 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 Worldwide employees you should have a corner office with a closer parking space due to the fact that I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Auto Holidays