Papaya Global For Clients FAQ – Payroll Management 2024

Over the last five or six years …Papaya Global For Clients… roles on the company side and also on the vendor side from a payroll point of view so truly anticipating this conversation today um and yeah thank you very much for your time everyone alright thanks Johnny uh we’ll just give everybody another number of uh well one of the 30 seconds or so to join we all work back to back these days so we’ll type of let them do that so it ‘d be rather fascinating and I can see it going on currently just to hear where everybody is um it’s nice to to sort of like see where everybody originates from and I truly do hope it’s much sunnier than it remains 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 very really uninspiring and I want I was elsewhere at this moment in time all right so let’s get going our agenda for today is as follows um we are going to be taking a look at the difficulty years of managing Worldwide payroll why companies maintain different

Virtual payroll accounts are an option to standard checking account for managing payroll payments. This is especially beneficial for international companies with dispersed and remote workforces, as it streamlines the complex process of cross-border payments. Instead of preserving separate bank accounts for payroll in various nations, virtual accounts and digital wallets offer a more streamlined service. In this webinar, we will check out the advantages of using virtual payroll accounts and go over why they are becoming a strategic property for payroll executives. We will also offer a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.

making payroll payments properly effectively safely and on time throughout this webinar we’ll stroll you through the global advantages and disadvantages of a payroll wallet versus a payroll bank account how companies precisely anticipate their payroll expenses to increase working capital and how simplifying Worldwide payroll payments can turn them from a siled pane into a tactical possession so payroll can be tough in adequate in one nation but when you’re doing it internationally it’s next level and Beyond it becomes complicated for a variety of factors most significantly guidelines compliance data security and banking guidelines then there are the large numbers they add additional complexity the global Labor force is presently three and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and more 1.1 billion individuals that number is currently 500 million just for for a scale then consider that there are some 230 million companies and growing all doing their own thing around the globe in the standard payroll model there’s typically a frustrating variety of different systems resulting in lengthy manual processes and silos the variety of Combinations could be non-existent in large quantities and or really really standard there’s no real consistency structure we’re residing in an era 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 often with pen and paper which just blows my mind each time I I believe

about it to provide you an idea of how far there still is to come according to Deloitte just 11 of services say they have Labor force information in real time that’s another number that provides me sleep deprived nights and rather frankly the more an organization spends on global payroll the less of an image they see a lack of presence likewise reaches payroll payments and failure to properly track these payments can cause compliance incidents in the last mile of the transaction almost half of global services have actually revealed that they do not have the level of standardization they need in their procedures or desire and as a result eighty percent of mistakes are due to time reporting poor HCM data data entry mistakes inadequately interacted hires and terminations along with lack management and system configurations and then when you round it all off and the information is shipped to the wrong place the average expense of a global data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money around the globe payroll and payments don’t run smoothly if they rely on the essential several processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the obstacles service face when they’re paying to workers or otherwise that’s an excellent concern I constantly toss this back and state what is it what doesn’t require to be included best and what does

it need 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 amount of time there’s payment abilities so can you pay it from International or do you need to pay from an in-country account do you have to pay from the customer’s own in-country account so there’s intricacy any place you look ideal ultimately developing a knowledge base is definitely critical 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 kind of link between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are definitely fundamental and innovation is permitting us to sort of move on with that it also too to contribute to that payroll and financing need to work closer together um with varying Savings account Details differing banking requirements and setup processes is absolutely imperative that payroll and financing groups work better together than ever um I’m always amazed when individuals say 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 occupation would they split the payroll payment from calculation 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 eventually it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying individuals any place they are however also paying statutory authorities and on statutory 3rd parties so with the

The modern world puts a high value on wellness and the compensation landscape is becoming significantly intricate. Services are constantly introducing brand-new benefits and payment choices, which adds to the total intricacy. Large corporations frequently divide their payroll and payment processing into different groups, which can cause ineffectiveness and traffic jams. In my viewpoint, this does not have to be the case. In today’s technologically advanced era, there’s no justification for maintaining cumbersome treatments. Payroll, the business’s most significant expense, should be processed properly and on time. Even minor delays can adversely affect employees’ wellness and have significant repercussions. For that reason, it’s important to focus on accurate and prompt payments.

The payroll group may not have actually been thanked for correctly processing payroll during a webinar. If anyone has actually been thanked, it would be fantastic to hear their success story, whether it’s from all employees or not. Payroll is a crucial cycle, and individuals just observe when things go wrong. However, when things go right, it’s seen as just a regular task. This is how it’s viewed externally also. Therefore, it is necessary to ensure that tasks like Wi-Fi Worldwide and other important matters are done correctly. Using the very first Worldwide Payments very first payroll payment solution is an excellent preliminary step towards providing a comprehensive payroll solution for employees worldwide. Standardization, global processes, and reducing the number of tools, platforms, and checking account required for international payroll are essential consider attaining business success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do periodically receive a few grievances when things don’t go as prepared. Ultimately, we do not do it for the thankfulness.

anyway we know how how essential 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 everybody that’s involved in those processes and likewise so picture sorry I’m just I was just gon na state picture the amount of thanks you got if you could cover the amount of people that we cover within this webinar I make sure we’re talking about hundreds of thousands possibly Millions envision getting that numerous thank you keeps in mind um I imply it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be an interesting job trying to clean all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to browse them and in fact see what was going on and type of try to get back to everybody so proceeding look why do companies select to main separate bank accounts there are Papaya Global For Clients services out there doing precisely this for particular nations and I have actually operated in a business or many services doing precisely that I can say it doesn’t always feel efficient and it does produce more work I understand we’re not purposely doing that we’re not creating extra work for anyone where we don’t have to and anyone that’s managing 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 think many reasons one is it’s the requirement I believe individuals have actually got so used to we require a new bank account we open an entity and appropriately so you need it for payroll functions however there are a number of markets where it’s not a requirement so I think it’s simply been the requirement and the standard individuals have embraced and continue to do over years and years passed by to contribute to that individuals have taken a look at things like trust accounts and many other ways um to to kind of do it so I believe there’s a variety I believe this is a process that needs taking a look at it needs altering however eventually people are really stuck to what they recognize

with best um change is a tough thing we all do not like modification um so I think it’s simply kind of moving far from the norm as we have actually said so yeah so it keeps a lot of track of stuff um I comprehend clearly the advantages of having keeping multiple bank accounts however there’s a huge quantity of intricacy chooses establishing a savings account preserving it ensuring it can send out International transfers guaranteeing it’s established with the best user accesses for specific individuals so the intricacy is big however I believe the honest answer is modification um people have not had the ability to change or haven’t had necessarily the understanding to really make that change into alternate Solutions other than opening a bank account I think you’ve hit the nail on the head I think it is understanding you know and there is a component of resistance to alter but we’ve constantly done it that way is no real reason for not looking at the the advantages and the possibilities of moving on and moving into you know what might practically be determined to be the next Century approximately there is a lot to track and this method does position several challenges um so Johnny could you inform us about those challenges yeah naturally 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 are worthy of a corner office with a more detailed parking space because I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global For Clients