Account Office Reference Papaya Global FAQ – Payroll Management 2024

Over the last five or six years …Account Office Reference Papaya Global… roles on the service provider side and also on the vendor side from a payroll perspective so really looking forward to this discussion today um and yeah thank you quite for your time everyone okay thanks Johnny uh we’ll simply give everybody another couple of uh well one of the 30 seconds or two to join all of us work back to back these days so we’ll type of let them do that so it ‘d be quite fascinating and I can see it going on currently simply to hear where everybody is um it’s nice to to sort of like see where everybody originates from and I actually 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 extremely gloomy and I wish I was somewhere else at this moment in time all right so let’s get started our agenda for today is as follows um we are going to be looking at the difficulty years of handling Global payroll why companies keep different

checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts simplifying papaya Worldwide payroll payments as a strategic asset uh we’ll also go over a recap which ought to leave his time at the really really end for a q a session so as the title of the webinar recommends payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces become a growing number of common and managing them ends up being increasingly more complicated Global companies are wanting to find Solutions and brand-new methods to improve procedures especially from a payroll and cross-border payment perspective lots of organizations preserve different bank account just for payroll while some have numerous accounts in different countries does it make good sense for companies to maintain different savings account often in different countries it does but just for payroll exists a better method what function do virtual accounts and digital wallets likewise called virtual wallets play in helping international companies improve the episode complex processes of

Guaranteeing accurate, efficient, and prompt payroll payments is a complex challenge for organizations running globally. Join us for a webinar to explore the benefits and drawbacks of payroll wallets versus payroll bank accounts, discover how companies forecast payroll costs to enhance working capital, and discover how simplifying global payroll payments can change them from a difficult job into a strategic possession.

Handling payroll internationally is an overwhelming task due to various regulations, compliance requirements, information security concerns, and banking guidelines. The large variety of staff members and organizations contributes to the intricacy, with an approximated 3.5 billion individuals in the international workforce, 500 countless whom remain in Africa, and 230 million services worldwide.

Conventional payroll systems often lead to manual procedures, data silos, and an absence of integration, resulting in disparities and inadequacies. Regardless of living in an age of technological advancements, payroll management has been slow to adapt, with as much as 25% of payroll still processed manually, frequently using pen and paper. This webinar objectives to offer insights and solutions to simplify and enhance global payroll payments.

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 gives me sleep deprived nights and quite frankly the more a business spends on global payroll the less of a picture they see an absence of exposure likewise reaches payroll payments and inability to properly track these payments can result in compliance accidents in the last mile of the deal almost half of international companies have actually expressed that they do not 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 poor HCM information information entry mistakes badly interacted hires and terminations in addition to absence management and system configurations and then when you round it all off and the data is delivered to the wrong place the average cost of a global information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money all over the world payroll and payments do not run smoothly if they rely on the needed several processes 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 difficulties business face when they’re paying to workers or otherwise that’s an excellent question I always throw this back and state what is it what does not require to be consisted of right and what does

it require to be considered there’s differing Bank details so the length of an eye band a swift an account number routing code per country 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 wherever you look best ultimately developing a knowledge base is absolutely vital however all over you look with payroll payment they are like extremely payments no if however some children about it you are all superheroes processing payments for payroll if you take a look at the sort of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are absolutely fundamental and technology is allowing us to sort of progress with that it also also to contribute to that payroll and financing need to work closer together um with varying Bank Account Details varying banking requirements and setup processes is definitely necessary that payroll and financing teams work better together than ever um I’m constantly surprised when individuals say I have actually divided payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t operate in the payroll profession 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 process it’s the point of data collection all the way through to paying people any place they are but likewise paying statutory authorities and on statutory third parties so with the

The contemporary world puts a high worth on wellness and the payment landscape is becoming progressively intricate. Services are continuously introducing new advantages and payment alternatives, which adds to the general complexity. Big corporations typically divide their payroll and payment processing into different teams, which can result in ineffectiveness and traffic jams. In my viewpoint, this doesn’t need to hold true. In today’s highly sophisticated period, there’s no justification for preserving troublesome treatments. Payroll, the company’s most significant cost, must be processed correctly and on time. Even minor hold-ups can adversely impact staff members’ wellness and have far-reaching consequences. For that reason, it’s vital to prioritize precise and timely payments.

payroll team get um so I’m not exactly sure anybody on this sort of webinar has actually been informed thank you for processing my payroll correctly if you have it ‘d be great to hear your success story and whether that’s been from all staff members or not um but ultimately payroll is such an essential cycle all of us become aware of it when it fails everyone jumps up and down when it goes wrong however when it goes right it’s simply a tick box workout and I believe that’s how it’s seen from the external consider as well um so yeah it’s also like why WI-Fi Global why all of this stuff is absolutely vital that all of this stuff is done properly so leveraging the very first International Payments first payroll payment solution is a great first step um providing an end-to-end payroll solution for your staff members globally again I believe is another substantial um procedure once again aligning and guaranteeing you have standardization International procedures all of those things are absolutely key to success success of organizations and reducing the number of tools platforms and checking account they require for their Worldwide 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 expect to you do get the odd 5 or ten or whatever it might be with the with the the grievances where things haven’t gone rather 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 essential a role 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 associated with those procedures and likewise so picture sorry I’m simply I was simply gon na state imagine the quantity of thanks you got if you might cover the quantity of people that we cover within this webinar I make sure we’re speaking about hundreds of thousands potentially Millions imagine getting that lots of thank you keeps in mind um I suggest it ‘d be interesting to see how many Post-it notes you got however it would definitely be an intriguing task attempting to clean up all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to check out them and actually see what was going on and type of try to return to everybody so carrying on appearance why do business choose to main separate bank accounts there are Account Office Reference Papaya Global services out there doing exactly this for specific countries and I’ve worked in a company or lots of companies doing precisely that I can say it does not always feel efficient and it does develop more work I understand we’re not deliberately doing that we’re not producing extra work for any person where we don’t have to and anybody that’s managing that process I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the quantity that we are I believe many factors one is it’s the standard I think individuals have actually got so utilized to we need a brand-new checking account we open an entity and appropriately so you need it for payroll purposes but there are a variety of markets where it’s not a requirement so I think it’s just been the standard and the norm individuals have embraced and continue to do over years and years passed by to contribute to that individuals have actually taken a look at things like trust accounts and numerous other ways um to to kind of do it so I think there’s a variety I believe this is a procedure that needs taking a look at it requires changing however eventually people are very stuck to what they’re familiar

with ideal um modification is a difficult thing all of us do not like change um so I think it’s simply kind of moving away from the standard as we’ve said so yeah so it keeps a great deal of track of things um I comprehend certainly the benefits of having preserving several bank accounts but there’s a substantial quantity of intricacy chooses establishing a checking account maintaining it guaranteeing it can send International transfers guaranteeing it’s set up with the ideal user accesses for private individuals so the complexity is big but I think the truthful answer is modification um individuals have not been able to alter or have not had necessarily the understanding to really make that change into alternate Solutions besides opening a savings account I believe you have actually hit the nail on the head I think it is knowledge 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 taking a look at the the advantages and the possibilities of moving on and moving into you know what could almost be figured out to be the next Century approximately there is a lot to keep an eye on and this technique does pose a number of difficulties um so Johnny might you inform us about those obstacles yeah naturally so there’s a range right there is so

I just did you switched 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 staff members you should have a corner office with a closer parking space since I mastered Global payroll and payments with Papaya payroll OS did you Account Office Reference Papaya Global