Papaya Global Courses College FAQ – Payroll Management 2024

Over the last 5 or six years …Papaya Global Courses College… functions on the provider side and also on the vendor side from a payroll perspective so really eagerly anticipating this discussion today um and yeah thank you quite for your time everyone alright thanks Johnny uh we’ll simply provide everybody another number of uh well among the 30 seconds or so to join we all work back to back these days so we’ll sort of let them do that so it ‘d be rather interesting and I can see it going on already just to hear where everyone is um it’s nice to to sort of like see where everyone comes from and I truly do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s raining here it’s very extremely bleak and I want I was elsewhere at this moment in time fine so let’s get started our program for today is as follows um we are going to be looking at the difficulty years of managing Global payroll why business maintain different

checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts enhancing papaya Worldwide payroll payments as a tactical property uh we’ll also discuss a wrap-up which needs to leave his time at the extremely very end for a q a session so as the title of the webinar recommends payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and International workforces become more and more common and handling them becomes a growing number of intricate Worldwide organizations are looking to discover Solutions and brand-new ways to simplify procedures especially from a payroll and cross-border payment standpoint numerous companies keep separate checking account just for payroll while some have numerous accounts in different countries does it make sense for business to maintain separate bank accounts often in various countries it does however just for payroll exists a better way what role do virtual accounts and digital wallets also known as virtual wallets play in helping multinational companies improve the episode complex processes of

making payroll payments accurately effectively safely and on time throughout this webinar we’ll walk you through the global advantages and disadvantages of a payroll wallet versus a payroll savings account how business precisely anticipate their payroll costs to increase working capital and how streamlining Global payroll payments can turn them from a siled pane into a tactical property so payroll can be difficult in adequate in one country however when you’re doing it internationally it’s next level and Beyond it becomes complicated for a variety of factors most significantly guidelines compliance information security and banking guidelines then there are the sheer numbers they include additional complexity the worldwide Workforce is presently 3 and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and additional 1.1 billion individuals 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 worldwide in the conventional payroll model there’s frequently an overwhelming variety of various systems resulting in time-consuming manual procedures and silos the variety of Integrations could be non-existent in large quantities and or really extremely standard there’s no real consistency structure we’re living in a period of tech but payroll has actually been slow to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper which just blows my mind every time I I think

about it to offer you an idea of how far there still is to come according to Deloitte just 11 of businesses say they have Labor force data in real time that’s another number that offers me sleepless nights and rather frankly the more a service invests in global payroll the less of a photo they see a lack of exposure also encompasses payroll payments and failure to accurately track these payments can cause compliance accidents in the last mile of the transaction nearly half of international businesses have expressed 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 because of time reporting bad HCM information information entry errors improperly interacted hires and terminations in addition to lack management and system setups and then when you round everything off and the data is delivered to the incorrect location the average expense of a worldwide data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash around the globe payroll and payments do not run smoothly if they count on the required several procedures systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the challenges business face when they’re making payments to employees or otherwise that’s a good question I constantly toss this back and state what is it what does not need to be consisted of ideal and what does

it need 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 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 any place you look ideal eventually constructing a knowledge base is absolutely crucial but 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 sort 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 essential and technology is permitting us to sort of move forward with that it also as well to add to that payroll and finance require to work closer together um with varying Savings account Particulars differing banking requirements and setup procedures is absolutely essential that payroll and finance groups work closer together than ever um I’m always impressed when people state I’ve divided payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t operate in the payroll profession would they divide 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 eventually it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying people anywhere they are but likewise paying statutory authorities and on statutory third parties so with the

world we live in and well-being being increasingly more essential to contribute to kind of the level of complexity there’s more and more advantages being organ or being offered by companies across the world so again you’re just aiming to include more and more payments to this currently complex landscape so if you kind 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 difficulties or real difficult type of pay uses to play to pay individuals I think yeah I suggest over the last well yeah a number of decades I would definitely say that the larger a business 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 groups feeding details into the next function as it were that’s in fact handling the payment side of things but 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 additional handoffs while doing sos that we operate in they simply make them more prompt 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 know 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 stated payroll is the single biggest liability that any company has from a cost viewpoint from an effect point of view on staff members it is definitely important that it’s done correctly and on time so what we indicate 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 detrimental impact on individuals’s well-being and many other elements if people aren’t paid uh I’ve constantly been astonished coming into this Market type of the last 5 to 10 years is how little thanks the

The payroll team may not have actually been thanked for properly processing payroll throughout a webinar. If anybody has actually been thanked, it would be excellent to hear their success story, whether it’s from all employees or not. Payroll is an essential cycle, and individuals only observe when things go wrong. Nevertheless, when things go right, it’s viewed as just a routine task. This is how it’s viewed externally also. Therefore, it is necessary to guarantee that jobs like Wi-Fi Worldwide and other important matters are done properly. Using the very first Worldwide Payments very first payroll payment service is a great preliminary action towards providing a detailed payroll solution for staff members worldwide. Standardization, worldwide processes, and decreasing the number of tools, platforms, and savings account needed for international payroll are crucial consider attaining company success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally get a couple of grievances when things don’t go as prepared. Ultimately, we don’t do it for the thankfulness.

anyhow we know how how important 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 likewise so think of sorry I’m just I was just gon na say think of the quantity of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make certain we’re discussing hundreds of thousands possibly Millions envision getting that many thank you notes um I mean it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be an interesting task attempting to clean all those up for sure oh absolutely 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 try to check out them and in fact see what was going on and sort of try to return to everybody so proceeding appearance why do business pick to main different bank accounts there are Papaya Global Courses College businesses out there doing exactly this for specific countries and I’ve worked in a company or numerous services doing precisely that I can state it doesn’t always feel effective and it does produce more work I understand we’re not intentionally 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 thoughts Johnny why do you think that we’re doing that in in the in the quantity that we are I believe lots of factors one is it’s the requirement I believe people have 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 number of markets where it’s not a requirement so I think it’s just been the standard and the standard individuals have embraced and continue to do over years and years gone past to add to that individuals have actually looked at things like trust accounts and lots of other methods um to to type of do it so I think there’s a variety I think this is a process that needs looking at it needs changing but eventually people are really stuck with what they recognize

with right um modification is a hard thing all of us don’t like modification um so I think it’s just type 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 understand obviously the benefits of having keeping multiple checking account however there’s a huge quantity of intricacy chooses setting up a checking account preserving it ensuring it can send out International transfers guaranteeing it’s established with the right user accesses for individual individuals so the complexity is huge but I think the truthful answer is change um individuals haven’t had the ability to change or haven’t had always the understanding to actually make that change into alternate Solutions aside from opening a checking account I think you have actually struck the nail on the head I think it is understanding you know and there is a component of resistance to alter but we’ve always done it that way is no genuine excuse for not taking a look at the the benefits and the possibilities of moving on and moving into you know what might nearly be figured out to be the next Century or so there is a lot to keep an eye on and this method does position numerous difficulties 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 changed 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 International employees you deserve a corner office with a more detailed parking space since I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Courses College