Bill Mantovani Papaya Global FAQ – Payroll Management 2024

Over the last 5 or 6 years …Bill Mantovani Papaya Global… functions on the company side and also on the vendor side from a payroll perspective so truly eagerly anticipating this discussion today um and yeah thank you quite for your time everybody fine thanks Johnny uh we’ll simply offer everybody another couple 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 currently simply to hear where everybody is um it’s nice to to sort of like see where everybody comes from and I really 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 extremely bleak and I wish I was elsewhere at this moment in time all right so let’s start our program for today is as follows um we are going to be taking a look at the obstacle years of handling Worldwide payroll why business maintain separate

Virtual payroll accounts are an alternative to standard savings account for managing payroll payments. This is especially useful for global companies with dispersed and remote workforces, as it simplifies the complicated process of cross-border payments. Instead of preserving separate checking account for payroll in different countries, virtual accounts and digital wallets provide a more structured service. In this webinar, we will explore the advantages of using virtual payroll accounts and talk about why they are ending up being a strategic property for payroll executives. We will also supply a wrap-up of the main points covered and leave time for a Q&A session at the end.

making payroll payments properly effectively securely and on time during this webinar we’ll stroll you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll checking account how business accurately anticipate their payroll expenses to increase working capital and how simplifying Worldwide payroll payments can turn them from a siled pane into a tactical property so payroll can be hard in enough in one country but when you’re doing it worldwide it’s next level and Beyond it becomes complex for a range of reasons most significantly regulations compliance information security and banking rules then there are the sheer numbers they include additional complexity the global Labor force is currently 3 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 businesses and growing all doing their own thing around the world in the traditional payroll design there’s typically an overwhelming number of various systems causing lengthy manual procedures and silos the variety of Integrations could be non-existent in large quantities and or very really basic there’s no real consistency framework we’re residing in an era of tech however payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper and that simply blows my mind each time I I think

about it to provide you a concept of how far there still is to come according to Deloitte just 11 of businesses state they have Workforce data in real time that’s another number that offers me sleepless nights and quite honestly the more a company invests in global payroll the less of an image they see an absence of presence also extends to payroll payments and failure to precisely track these payments can lead to compliance mishaps in the last mile of the transaction almost half of worldwide businesses have actually revealed that they do not have the level of standardization they need in their processes or want and as a result eighty percent of mistakes are due to time reporting poor HCM information data entry mistakes inadequately communicated hires and terminations in addition to absence management and system configurations and after that when you round all of it off and the data is shipped to the incorrect place the typical expense of a global data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money around the world payroll and payments do not run smoothly if they rely on the needed several procedures systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the challenges company face when they’re paying to workers or otherwise that’s a good concern I always toss this back and say what is it what doesn’t require to be consisted of 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 country there’s payment time frames there’s payment capabilities 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 client’s own in-country account so there’s complexity anywhere you look best ultimately constructing a knowledge base is definitely important however all over you look with payroll payment they resemble incredibly payments no if however some children about it you are all superheroes processing payments for payroll if you take a look at the type of link between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are definitely essential and technology is permitting us to type of move on with that it likewise as well to contribute to that payroll and finance need to work closer together um with varying Bank Account Details differing banking requirements and setup processes is absolutely crucial that payroll and finance groups work more detailed together than ever um I’m always astonished when individuals state I have actually divided payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t operate in the payroll profession 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 often split and cut up um ultimately it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying people wherever they are however also paying statutory authorities and on statutory 3rd parties so with the

The modern-day world places a high value on well-being and the settlement landscape is becoming increasingly complex. Organizations are constantly introducing brand-new advantages and payment alternatives, which adds to the total intricacy. Big corporations frequently divide their payroll and payment processing into different groups, which can cause inefficiencies and traffic jams. In my viewpoint, this does not have to hold true. In today’s technically innovative period, there’s no validation for preserving troublesome procedures. Payroll, the business’s most significant expenditure, must be processed properly and on time. Even slight delays can adversely affect workers’ well-being and have significant consequences. For that reason, it’s critical to focus on precise and timely payments.

payroll group get um so I’m not sure anyone on this kind of webinar has been told thank you for processing my payroll properly if you have it ‘d be terrific to hear your success story and whether that’s been from all staff members or not um however ultimately payroll is such an essential cycle all of us become aware of it when it fails everybody jumps up and down when it fails however when it goes right it’s simply a tick box exercise and I think that’s how it’s seen from the external view as well um so yeah it’s also like why WI-Fi Global why all of this things is definitely essential that all of this things is done properly so leveraging the very first Global Payments very first payroll payment service is a terrific primary step um offering an end-to-end payroll solution for your employees internationally once again I believe is another substantial um process again aligning and guaranteeing you have standardization Global processes all of those things are definitely key to success success of organizations and lowering the variety of tools platforms and bank accounts they require for their Worldwide payroll too couldn’t agree with you more and on the the front in terms of of the thank yous for getting payroll done I’ve never had a hundred thousand of them within a payroll cycle do not expect to you do get the odd 5 or ten or whatever it might be with the with the the complaints where things haven’t gone quite where they’re implied to be um I do not believe any of us are actually doing that for for the thanks

anyway we know how how essential 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 simple as possible for everybody that’s involved in those procedures and likewise so picture sorry I’m simply I was just gon na say think of the amount of thanks you got if you might cover the amount of individuals that we cover within this webinar I make certain we’re talking about hundreds of thousands possibly Millions envision getting that numerous thank you notes um I indicate it ‘d be interesting to see how many Post-it notes you got but it would definitely be an interesting job trying to clean all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to look through them and really see what was going on and kind of shot to get back to everybody so proceeding appearance why do companies pick to primary separate savings account there are Bill Mantovani Papaya Global services out there doing precisely this for particular countries and I’ve operated in a business or lots of organizations doing exactly that I can say it does not constantly feel effective and it does develop more work I know we’re not deliberately doing that we’re not producing additional work for any person where we do not have to and anyone that’s handling that process I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the amount that we are I believe numerous factors one is it’s the requirement I think individuals have actually got so used to we require a brand-new checking account we open an entity and appropriately so you need it for payroll purposes but there are a number of markets where it’s not a requirement so I think it’s simply been the standard and the norm the people have embraced and continue to do over years and years gone past to contribute to that people 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 procedure that requires taking a look at it needs altering but eventually people are extremely stuck with what they’re familiar

with best um modification is a challenging thing all of us don’t like modification um so I believe it’s simply type of moving away from the standard as we’ve said so yeah so it keeps a great deal of track of things um I understand certainly the advantages of having preserving several bank accounts however there’s a big quantity of intricacy opts for setting up a checking account keeping it ensuring it can send International transfers ensuring it’s established with the best user accesses for private people so the complexity is big however I believe the truthful response is change um individuals haven’t been able to change or have not had necessarily the knowledge to truly make that change into alternate Solutions aside from opening a savings account I believe you’ve struck the nail on the head I think it is knowledge you understand and there is a component of resistance to alter but we’ve 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 understand what might nearly be identified to be the next Century or two there is a lot to keep an eye on and this method does position several difficulties um so Johnny could you tell us about those difficulties yeah obviously 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 seems like our CFO has actually gained another CFO, and with this enhanced ability, I have actually successfully protected payments for our 10,000 staff members worldwide. Your devotion to mastering worldwide payroll and payments using Papaya payroll OS is good. You deserve a corner workplace with a parking space that is closer, considering your achievements. Bill Mantovani Papaya Global