Papaya Global Cjrs FAQ – Payroll Management 2024

Over the last 5 or six years …Papaya Global Cjrs… functions on the company side and also on the supplier side from a payroll perspective so actually eagerly anticipating this discussion today um and yeah thank you quite for your time everybody fine thanks Johnny uh we’ll just offer everybody another couple of uh well one of the 30 seconds approximately to join all of us work back to back these days so we’ll type of let them do that so it ‘d be rather interesting and I can see it going on currently simply to hear where everyone 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 certainly not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s very very bleak and I want I was elsewhere 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 challenge years of managing Worldwide payroll why companies keep different

bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts streamlining papaya Worldwide payroll payments as a tactical asset uh we’ll likewise go over a recap and that needs 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 moving to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces end up being more and more common and handling them becomes increasingly more complex International companies are wanting to find Solutions and brand-new ways to improve procedures especially from a payroll and cross-border payment perspective many companies preserve different checking account just for payroll while some have multiple accounts in various nations does it make good sense for companies to maintain different bank accounts often in different nations it does however just for payroll is there a better way what role do virtual accounts and digital wallets likewise called virtual wallets play in helping multinational companies enhance the episode complex procedures of

Making sure precise, effective, and timely payroll payments is a complex obstacle for organizations operating globally. Join us for a webinar to check out the advantages and drawbacks of payroll wallets versus payroll savings account, find out how companies forecast payroll expenses to optimize working capital, and find how streamlining worldwide payroll payments can transform them from a difficult job into a tactical asset.

Managing payroll internationally is a daunting task due to various policies, compliance requirements, information security issues, and banking rules. The sheer variety of staff members and services contributes to the complexity, with an approximated 3.5 billion people in the global workforce, 500 million of whom are in Africa, and 230 million businesses worldwide.

Conventional payroll systems often lead to manual processes, data silos, and a lack of integration, leading to disparities and inadequacies. Regardless of living in a period of technological advancements, payroll management has been slow to adjust, with as much as 25% of payroll still processed by hand, typically using pen and paper. This webinar aims to provide insights and services to simplify and enhance worldwide payroll payments.

about it to offer you an idea of how far there still is to come according to Deloitte just 11 of businesses state they have Labor force data in real time that’s another number that offers me sleep deprived nights and rather honestly the more a service spends on worldwide payroll the less of an image they see an absence of presence likewise encompasses payroll payments and failure to properly track these payments can cause compliance accidents in the last mile of the deal nearly half of international companies have actually revealed that they do not have the level of standardization they require 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 interacted 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 expense of a global information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash around the world payroll and payments don’t run efficiently if they rely on the needed several processes systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the obstacles organization face when they’re making payments to employees or otherwise that’s a good question I always toss this back and say what is it what does not need to be included right and what does

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it require to be thought of there’s varying Bank details so the length of an eye band a swift an account number routing code per nation there’s payment time frames there’s payment abilities 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 right eventually building a knowledge base is definitely crucial but all over you look with payroll payment they are like very payments no if but some children 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 recognition that payroll payments are absolutely basic and technology is enabling us to sort of progress with that it also also to add to that payroll and financing require to work closer together um with varying Checking account Details differing banking requirements and setup processes is definitely necessary that payroll and financing teams work better together than ever um I’m always amazed when people say I have actually split payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t work in the payroll profession 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 typically split and cut up um ultimately it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying individuals any place they are but also paying statutory authorities and on statutory 3rd parties so with the

world we live in and wellness being more and more essential to contribute to type of the level of complexity there’s a growing number of advantages being organ or being used by organizations across the world so again you’re just wanting to include increasingly more payments to this currently complicated landscape so if you sort of got any experience well I’m from your vast experience here and I make certain but have you got any experience in kind of genuine challenges or genuine challenging type of pay uses to play to pay people I believe yeah I indicate over the last well yeah a number of years I would absolutely state that the bigger an organization gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the job there are teams feeding details 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 doesn’t always require to be the case you know long gone are the times where we need to produce additional handoffs at the same times that we operate in they simply make them more prompt they make them less efficient 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 operating in today there is no reason that we are still making this as hard as it needs to be concurred and rightly as you said payroll is the single biggest liability that any company has from a cost perspective from an impact viewpoint on employees it is definitely crucial that it’s done properly and on time so what we imply by that is not a day before not a day after on pay day and payments have to be done right it has the greatest harmful effect on individuals’s wellness and many other aspects if people aren’t paid uh I’ve constantly been impressed coming into this Market sort of the last five to ten years is how little thanks the

payroll team get um so I’m unsure anyone on this kind of webinar has actually 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 workers or not um but eventually payroll is such a crucial cycle we all hear about it when it goes wrong everyone jumps up and down when it goes wrong but when it goes right it’s simply a tick box exercise and I think that’s how it’s seen from the external deem well um so yeah it’s also like why WI-Fi Global why all of this stuff is absolutely essential that all of this stuff is done correctly so leveraging the first Global Payments first payroll payment option is a great primary step um providing an end-to-end payroll solution for your staff members internationally once again I believe is another substantial um procedure again aligning and guaranteeing you have standardization International procedures all of those things are absolutely essential to success success of businesses and reducing the variety of tools platforms and checking account they require for their Global 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 ever had a hundred countless them within a payroll cycle don’t expect to you do get the odd five or 10 or whatever it might be with the with the the problems where things haven’t gone quite where they’re meant to be um I do not think any of us are actually doing that for for the thanks

anyhow we know 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 everybody that’s involved in those processes and likewise so envision sorry I’m just I was simply gon na say envision the quantity of thanks you got if you might cover the amount of people that we cover within this webinar I make certain we’re speaking about hundreds of thousands possibly Millions picture getting that lots of thank you notes um I imply it ‘d be interesting to see the number of Post-it notes you got but it would absolutely be a fascinating task attempting 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 attempt to look through them and actually see what was going on and kind of shot to get back to everybody so carrying on appearance why do companies pick to primary different checking account there are Papaya Global Cjrs companies out there doing exactly this for specific countries and I’ve operated in a service or numerous companies doing precisely that I can say it does not always feel effective and it does produce more work I know we’re not deliberately doing that we’re not producing extra work for anybody where we don’t have to and any person that’s dealing with that procedure 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 numerous reasons one is it’s the requirement I think people have actually got so utilized to we need a new bank account we open an entity and rightly so you require it for payroll functions but there are a variety of markets where it’s not a requirement so I believe it’s just been the standard and the norm the people have embraced and continue to do over years and years passed by to contribute to that individuals have looked at things like trust accounts and lots of other ways um to to kind of do it so I believe there’s a variety I believe this is a procedure that needs taking a look at it requires changing but ultimately individuals are extremely stuck to what they’re familiar

with best um change is a tough thing all of us do not like change um so I think it’s simply sort 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 obviously the benefits of having keeping numerous savings account however there’s a big amount of complexity opts for establishing a savings account preserving it ensuring it can send out International transfers guaranteeing it’s established with the best user accesses for private individuals so the intricacy is big however I believe the sincere answer is modification um people haven’t been able to alter or have not had necessarily the understanding to truly make that change into alternate Solutions besides opening a bank account I believe you’ve struck the nail on the head I think it is understanding you understand and there is an element of resistance to alter however we have actually constantly done it that way is no real excuse for not taking a look at the the benefits and the possibilities of moving on and moving into you know what could practically be figured out to be the next Century or so there is a lot to track and this method does pose numerous obstacles um so Johnny might you tell us about those difficulties yeah naturally so there’s a variety right there is so

I simply did you switched our Enterprise 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 staff members you should have a corner workplace with a closer parking space since I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Cjrs