Papaya Global Data On Server FAQ – Payroll Management 2024

Over the last 5 or 6 years …Papaya Global Data On Server… 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 very much for your time everyone fine thanks Johnny uh we’ll simply provide everyone another couple of uh well among the 30 seconds approximately to join all of us work back to back these days so we’ll kind of let them do that so it ‘d be rather fascinating 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 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 raining here it’s very extremely bleak and I want I was somewhere else at this moment in time all right so let’s begin our program for today is as follows um we are going to be taking a look at the difficulty years of managing Global payroll why business preserve different

bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts enhancing papaya Global payroll payments as a tactical possession uh we’ll also discuss a wrap-up and that ought to leave his time at the extremely very end for a q a session so as the title of the webinar suggests payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and Global workforces end up being more and more typical and handling them becomes increasingly more intricate Worldwide organizations are seeking to discover Solutions and new ways to enhance processes particularly from a payroll and cross-border payment perspective lots of organizations preserve different savings account just for payroll while some have multiple accounts in various countries does it make sense for business to keep different bank accounts often in different nations it does but just for payroll is there a much better way what function do virtual accounts and digital wallets likewise known as virtual wallets play in helping multinational companies streamline the episode complex procedures of

making payroll payments accurately effectively firmly and on time during this webinar we’ll walk you through the worldwide pros and cons of a payroll wallet versus a payroll savings account how companies accurately anticipate their payroll expenses to increase working capital and how improving Worldwide payroll payments can turn them from a siled pane into a tactical property so payroll can be difficult in sufficient in one nation but when you’re doing it worldwide it’s next level and Beyond it ends up being complicated for a range of factors most importantly guidelines compliance information security and banking rules then there are the large numbers they include more complexity the global Workforce is presently 3 and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and further 1.1 billion people that number is currently 500 million just for for a scale then factor in that there are some 230 million services and growing all doing their own thing worldwide in the traditional payroll design there’s frequently a frustrating number of different systems leading to time-consuming manual procedures and silos the number of Combinations could be non-existent in large amounts and or very really fundamental there’s no genuine consistency framework we’re residing in a period of tech but payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper and that just blows my mind whenever I I think

about it to give you an idea of how far there still is to come according to Deloitte only 11 of businesses say they have Labor force information in real time that’s another number that gives me sleepless nights and rather frankly the more a service invests in global payroll the less of an image they see a lack of visibility likewise reaches payroll payments and failure to properly track these payments can cause compliance incidents in the last mile of the deal almost half of international services have actually expressed that they do not 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 data entry mistakes inadequately interacted hires and terminations in addition to absence management and system configurations and then when you round all of it off and the information is shipped to the wrong place the typical expense of a worldwide information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash all over the world payroll and payments don’t run efficiently if they count on the essential numerous procedures systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the obstacles service face when they’re paying to staff members or otherwise that’s an excellent question I always throw this back and say what is it what does not require to be included ideal and what does

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 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 customer’s own in-country account so there’s complexity wherever you look ideal ultimately developing a knowledge base is absolutely crucial but everywhere you look with payroll payment they resemble super payments no if however some infants 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 believe there’s now a bit more recognition that payroll payments are definitely essential and technology is permitting us to type of move forward with that it likewise too to add to that payroll and financing require to work closer together um with varying Savings account Details varying banking requirements and setup procedures is definitely imperative that payroll and finance teams work closer together than ever um I’m always astonished when people say I’ve split payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t work in the payroll occupation would they split the payroll payment from estimation I would say no so why do we as a market 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 wherever they are but likewise paying statutory authorities and on statutory third parties so with the

world we live in and well-being being a growing number of crucial to add 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 simply wanting to include a growing number of payments to this already intricate landscape so if you kind of got any experience well I’m from your vast experience here and I make sure however have you got any experience in kind of genuine challenges or genuine tough type of pay uses to play to pay individuals I believe yeah I mean over the last well yeah a couple of decades I would certainly say that the larger a business gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the task there are teams feeding information into the next function as it were that’s in fact managing the payment side of things however you understand in in my viewpoint and my experience that does not necessarily require to be the case you understand long gone are the times where we need to create additional handoffs at the same times that we operate in they just make them more timely they make them less effective and they don’t make them what they need to be in in a period of tech and a period that you understand that we are working in today there is no reason we are still making this as challenging 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 impact viewpoint on workers it is absolutely important 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 need to be done right it has the most significant detrimental result on people’s wellness and lots of other aspects if people aren’t paid uh I have actually always been surprised entering this Market kind of the last five to 10 years is how little thanks the

payroll team get um so I’m not sure anyone on this type of webinar has actually been informed thank you for processing my payroll properly if you have it ‘d be fantastic to hear your success story and whether that’s been from all workers or not um but eventually payroll is such an important cycle all of us 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 workout and I believe that’s how it’s seen from the external deem well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is definitely vital that all of this things is done correctly so leveraging the first International Payments first payroll payment service is an excellent initial step um offering an end-to-end payroll option for your workers globally once again I believe is another big um process again aligning and guaranteeing you have standardization International procedures all of those things are absolutely crucial to success success of organizations and lowering the number of tools platforms and bank accounts they need for their Global 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’ve never had a hundred thousand of them within a payroll cycle don’t anticipate to you do get the odd 5 or 10 or whatever it might be with the with the the complaints where things haven’t gone rather where they’re meant to be um I don’t think any of us are actually doing that for for the thanks

anyway we know how how crucial 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 easy as possible for everybody that’s associated with those processes and likewise so picture sorry I’m just I was simply gon na state envision the quantity of thanks you got if you might cover the amount of people that we cover within this webinar I’m sure we’re talking about hundreds of thousands potentially Millions envision getting that many thank you notes um I mean it ‘d be interesting to see how many Post-it notes you got but it would definitely be an interesting task trying to clean up all those up for sure oh definitely I can’t imagine 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 really see what was going on and sort of shot to get back to everyone so carrying on appearance why do business pick to main different bank accounts there are Papaya Global Data On Server companies out there doing exactly this for specific countries and I’ve worked in a service or lots of businesses doing precisely that I can say it doesn’t always feel efficient and it does develop more work I know we’re not purposely doing that we’re not producing additional work for anybody where we don’t need to and anyone 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 amount that we are I believe many factors one is it’s the requirement I think individuals have actually got so utilized to we require a brand-new checking account we open an entity and appropriately so you require it for payroll purposes however there are a number of markets where it’s not a requirement so I believe it’s simply been the requirement and the standard the people have adopted and continue to do over years and years gone past to contribute to that individuals have actually 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 think this is a process that needs looking at it requires changing however ultimately individuals are very stuck with what they recognize

with best um modification is a difficult thing we all don’t like change um so I believe it’s simply type of moving far from the norm as we have actually said so yeah so it keeps a lot of track of things um I understand undoubtedly the advantages of having keeping numerous savings account however there’s a substantial amount of complexity opts for setting up a checking account preserving it ensuring it can send International transfers ensuring it’s established with the best user accesses for specific people so the intricacy is substantial however I think the truthful answer is change um individuals have not had the ability to change or haven’t had necessarily the understanding to actually make that change into alternate Solutions aside from opening a bank account I think you’ve struck the nail on the head I believe it is understanding you understand and there is a component of resistance to alter however we have actually always done it that way is no real reason for not looking at the the benefits and the possibilities of proceeding and moving into you understand what could practically be identified to be the next Century or two there is a lot to keep an eye on and this technique does position a number of difficulties um so Johnny could you tell us about those obstacles yeah obviously so there’s a variety right there is so

I just did you changed our Enterprise to OS so now we can do our payroll and payments operation on a single platform yes it resembles 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 workplace with a closer parking space because I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Data On Server