About Papaya Global FAQ – Payroll Management 2024

Over the last five or six years …About Papaya Global… roles on the company side and also 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 everybody okay thanks Johnny uh we’ll simply provide everybody another couple of uh well among the 30 seconds or two to join we all work back to back nowadays so we’ll sort of let them do that so it ‘d be rather intriguing and I can see it going on already simply to hear where everyone is um it’s nice to to kind of like see where everybody originates from and I really do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s raining here it’s extremely really gloomy and I want I was elsewhere at this moment in time all right so let’s get started our program for today is as follows um we are going to be looking at the challenge years of managing International payroll why business preserve different

Virtual payroll accounts are an alternative to standard bank accounts for managing payroll payments. This is particularly useful for international organizations with dispersed and remote labor forces, as it simplifies the complex process of cross-border payments. Instead of keeping separate savings account for payroll in different countries, virtual accounts and digital wallets provide a more streamlined solution. In this webinar, we will check out the benefits of using virtual payroll accounts and talk about why they are ending up being a strategic asset for payroll executives. We will likewise offer a recap of the bottom lines covered and leave time for a Q&A session at the end.

Ensuring accurate, effective, and prompt payroll payments is a complex challenge for businesses running worldwide. Join us for a webinar to explore the advantages and drawbacks of payroll wallets versus payroll checking account, learn how companies anticipate payroll costs to optimize working capital, and discover how streamlining international payroll payments can transform them from a burdensome job into a tactical possession.

Handling payroll worldwide is a difficult task due to various guidelines, compliance requirements, data security issues, and banking guidelines. The large number of workers and organizations adds to the complexity, with an approximated 3.5 billion individuals in the international labor force, 500 countless whom remain in Africa, and 230 million companies worldwide.

Conventional payroll systems typically lead to manual processes, information silos, and a lack of combination, causing disparities and inadequacies. Regardless of residing in an age of technological advancements, payroll management has been slow to adapt, with as much as 25% of payroll still processed manually, typically utilizing pen and paper. This webinar goals to supply insights and services to streamline and enhance international payroll payments.

about it to provide you a concept of how far there still is to come according to Deloitte only 11 of organizations state they have Workforce information in real time that’s another number that gives me sleepless nights and quite honestly the more an organization invests in international payroll the less of a picture they see an absence of exposure likewise extends to payroll payments and inability to accurately track these payments can cause compliance mishaps in the last mile of the transaction almost half of worldwide services have expressed that they do not have the level of standardization they need in their procedures or desire and as a result eighty percent of errors are because of time reporting poor HCM information data entry mistakes improperly communicated hires and terminations as well as absence management and system setups and after that when you round everything off and the data is shipped to the wrong place the typical expense of a worldwide information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash around the globe payroll and payments don’t run smoothly if they rely on the required numerous processes 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 challenges company face when they’re paying to employees or otherwise that’s an excellent concern I always toss this back and say what is it what doesn’t need to be included best and what does

it need to be thought of there’s differing Bank information 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 client’s own in-country account so there’s intricacy anywhere you look right ultimately developing a knowledge base is definitely important however all over you look with payroll payment they resemble very payments no if but some infants about it you are all superheroes processing payments for payroll if you take a look at the type 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 fundamental and innovation is permitting us to kind of move on with that it likewise as well to contribute to that payroll and finance require to work closer together um with differing Savings account Particulars varying banking requirements and setup processes is definitely vital that payroll and financing groups work more detailed together than ever um I’m always astonished when individuals say I have actually 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 computation I would say no so why do we as an industry accept that why our payroll and payments so often 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 individuals anywhere they are but also paying statutory authorities and on statutory third parties so with the

The modern world places a high value on wellness and the settlement landscape is ending up being significantly detailed. Companies are constantly introducing brand-new advantages and payment choices, which contributes to the overall intricacy. Big corporations often divide their payroll and payment processing into separate groups, which can lead to ineffectiveness and traffic jams. In my viewpoint, this doesn’t have to be the case. In today’s technologically advanced era, there’s no justification for maintaining troublesome treatments. Payroll, the business’s greatest expenditure, should be processed properly and on time. Even minor delays can adversely affect employees’ wellness and have far-reaching repercussions. Therefore, it’s critical to prioritize precise and prompt payments.

payroll team get um so I’m uncertain anybody on this kind of webinar has actually been told 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 fails everybody jumps up and down when it fails but when it goes right it’s just a tick box workout 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 crucial that all of this stuff is done correctly so leveraging the first International Payments very first payroll payment option is a great initial step um supplying an end-to-end payroll service for your employees worldwide again I think is another big um procedure once again aligning and guaranteeing you have standardization Worldwide processes all of those things are absolutely crucial to success success of businesses and minimizing the variety of tools platforms and savings account they need for their International 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 ever had a hundred countless them within a payroll cycle do not anticipate to you do get the odd five or 10 or whatever it might be with the with the the grievances where things have not gone rather where they’re implied to be um I do not think any of us are in fact doing that for for the thanks

anyway we understand how how crucial a function 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 involved in those procedures and likewise so picture sorry I’m just I was simply gon na state imagine the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I’m sure we’re discussing hundreds of thousands potentially Millions envision getting that many thank you notes um I suggest it ‘d be interesting to see how many Post-it notes you got however it would certainly be an intriguing job trying to clean up all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to browse them and in fact see what was going on and type of try to get back to everybody so proceeding appearance why do companies pick to main different checking account there are About Papaya Global businesses out there doing exactly this for particular countries and I have actually operated in an organization or lots of services doing precisely that I can state it doesn’t always feel effective and it does develop more work I know 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 believe that we’re doing that in in the in the quantity that we are I believe lots of reasons one is it’s the standard I think individuals have got so used to we require a new bank account we open an entity and appropriately so you need it for payroll functions but there are a variety of markets where it’s not a requirement so I think it’s just been the standard and the standard the people have embraced and continue to do over years and years passed by to add to that people have looked 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 procedure that needs looking at it needs changing however eventually individuals are very stuck with what they recognize

with best um change is a hard thing we all don’t like change um so I believe it’s just sort of moving far from the norm as we’ve said so yeah so it keeps a lot of track of things um I understand clearly the benefits of having keeping multiple checking account however there’s a big amount of intricacy opts for setting up a savings account preserving it guaranteeing it can send out International transfers ensuring it’s established with the ideal user accesses for individual individuals so the intricacy is huge however I think the honest response is modification um individuals have not been able to alter or haven’t had always the knowledge to really make that change into alternate Solutions other than opening a bank account I believe you have actually hit the nail on the head I believe it is knowledge you know and there is an aspect of resistance to change however we have actually always done it that way is no real excuse for not looking at the the advantages and the possibilities of proceeding and moving into you know what could almost be figured out to be the next Century or two there is a lot to keep track of and this technique does posture a number of difficulties um so Johnny could you tell us about those challenges yeah of course so there’s a variety right there is so

I just recently made a change to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It feels like our CFO has actually acquired another CFO, and with this enhanced capability, I have effectively protected payments for our 10,000 staff members worldwide. Your dedication to mastering global payroll and payments utilizing Papaya payroll OS is good. You are worthy of a corner workplace with a parking space that is more detailed, considering your achievements. About Papaya Global