Instant Papaya Global FAQ – Payroll Management 2024

Over the last 5 or six years …Instant Papaya Global… functions on the company side and likewise on the supplier side from a payroll viewpoint so actually anticipating this conversation today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll just offer everybody another number of uh well one of the 30 seconds approximately to join we all work back to back these days so we’ll kind 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 type of like see where everyone comes from and I truly 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 really gloomy and I wish I was somewhere else at this moment in time all right so let’s start our agenda for today is as follows um we are going to be taking a look at the challenge years of managing International payroll why business maintain different

Virtual payroll accounts are an option to conventional checking account for managing payroll payments. This is particularly beneficial for international organizations with dispersed and remote labor forces, as it streamlines the intricate procedure of cross-border payments. Instead of maintaining different checking account for payroll in various nations, virtual accounts and digital wallets offer a more streamlined solution. In this webinar, we will check out the advantages of using virtual payroll accounts and talk about why they are becoming a tactical property for payroll executives. We will also provide a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.

making payroll payments precisely 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 savings account how companies properly anticipate their payroll costs to increase working capital and how simplifying International payroll payments can turn them from a siled pane into a tactical possession so payroll can be tough in adequate in one nation however when you’re doing it globally it’s next level and Beyond it ends up being intricate for a variety of factors most significantly guidelines compliance data security and banking rules then there are the sheer numbers they include further intricacy the global Workforce is currently three and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and additional 1.1 billion people that number is presently 500 million just for for a scale then consider that there are some 230 million services and growing all doing their own thing all over the world in the conventional payroll model there’s often a frustrating number of various systems resulting in lengthy manual processes and silos the number of Integrations could be non-existent in large amounts and or really very fundamental there’s no real consistency framework we’re living in a period 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 every time I I believe

about it to give you a concept of how far there still is to come according to Deloitte just 11 of businesses say they have Workforce information in real time that’s another number that offers me sleep deprived nights and quite honestly the more an organization spends on global payroll the less of a photo they see an absence of visibility also reaches payroll payments and failure to properly track these payments can cause compliance accidents in the last mile of the transaction almost half of global organizations have actually revealed that they do not have the level of standardization they require in their procedures or desire and as a result eighty percent of errors are due to time reporting poor HCM information information entry mistakes poorly communicated hires and terminations as well as lack management and system configurations and then when you round everything off and the information is shipped to the incorrect location the average 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 money around the globe payroll and payments don’t run smoothly if they count on the needed multiple processes 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 obstacles organization face when they’re paying to employees or otherwise that’s a good question I always throw this back and state what is it what does not require to be included best and what does

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it need to be thought of 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 capabilities so can you pay it from International or do you have to pay from an in-country account do you have to pay from the customer’s own in-country account so there’s intricacy wherever you look best ultimately constructing a knowledge base is absolutely critical but all over you look with payroll payment they are like 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 in between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are definitely basic and innovation is permitting us to sort of move forward with that it also also to contribute to that payroll and finance need to work closer together um with differing Bank Account Particulars differing banking requirements and setup procedures is absolutely important that payroll and finance teams work more detailed together than ever um I’m always surprised when individuals say I’ve split payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t operate in the payroll occupation would they divide 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 people any place they are however likewise paying statutory authorities and on statutory third parties so with the

world we reside in and well-being being more and more essential to contribute to sort of the level of intricacy there’s more and more benefits being organ or being used by services throughout the world so again you’re simply wanting to add increasingly more payments to this currently complex 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 real challenges or real challenging kind of pay utilizes to play to pay individuals I think yeah I indicate over the last well yeah a number of decades I would absolutely state that the bigger a company gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the job there are teams feeding information into the next function as it were that’s in fact handling the payment side of things however you understand in in my viewpoint and my experience that does not necessarily need to be the case you know long gone are the times where we require to create extra handoffs in the processes that we run in they simply make them more timely they make them less efficient and they do not make them what they require to be in in an era of tech and an age that you understand that we are working in today there is no reason why we are still making this as tough as it needs to be agreed and appropriately as you said payroll is the single greatest liability that any organization has from a cost viewpoint from an effect point of view on employees it is definitely critical that it’s done properly and on time so what we mean 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 harmful result on individuals’s well-being and lots of other factors if individuals aren’t paid uh I’ve always been astonished entering into this Market sort of the last 5 to ten years is how little thanks the

payroll team get um so I’m unsure anyone on this sort 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 however ultimately payroll is such a crucial cycle we all 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 believe that’s how it’s seen from the external view as well um so yeah it’s likewise like why WI-Fi Global why all of this things is absolutely crucial that all of this stuff is done properly so leveraging the very first Global Payments first payroll payment option is a fantastic initial step um supplying an end-to-end payroll service for your workers internationally again I think is another big um procedure again lining up and ensuring you have standardization Global procedures all of those things are absolutely key to success success of services and minimizing the variety of tools platforms and savings account they require for their Global 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 have actually never had a hundred countless them within a payroll cycle don’t anticipate to you do get the odd five or ten or whatever it might be with the with the the complaints where things have not gone rather where they’re implied to be um I do not think any of us are really doing that for for the thanks

anyhow we know how how important 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 everyone that’s involved in those procedures and also so picture sorry I’m simply I was just gon na say think of the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I’m sure we’re speaking about numerous thousands potentially Millions imagine getting that many thank you notes um I indicate it ‘d be interesting to see the number of Post-it notes you got but it would certainly be a fascinating job trying to clean up all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that held true um you ‘d require 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 everyone so proceeding appearance why do companies choose to primary different checking account there are Instant Papaya Global businesses out there doing exactly this for particular nations and I’ve worked in a business or lots of services doing exactly that I can state it doesn’t constantly feel effective and it does produce more work I know we’re not deliberately doing that we’re not developing additional work for anyone where we do not 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 believe lots of reasons one is it’s the requirement I think individuals have actually got so used to we need a new savings account we open an entity and rightly so you need it for payroll purposes however there are a number of markets where it’s not a requirement so I think it’s simply been the standard and the norm individuals have embraced and continue to do over years and years gone past to add to that people have looked at things like trust accounts and numerous other methods um to to kind of do it so I believe there’s a variety I believe this is a procedure that requires taking a look at it needs altering however ultimately individuals are really stuck with what they recognize

with ideal um change is a hard thing all of us don’t like change um so I believe it’s simply type of moving away from the norm as we’ve said so yeah so it keeps a great deal of track of things um I comprehend obviously the benefits of having keeping multiple savings account however there’s a huge amount of intricacy chooses setting up a checking account keeping it guaranteeing it can send out International transfers guaranteeing it’s set up with the right user accesses for private people so the complexity is substantial however I think the honest answer is change um individuals haven’t had the ability to change or have not had necessarily the knowledge to truly make that change into alternate Solutions aside from opening a bank account I believe you’ve hit the nail on the head I believe it is understanding you understand and there is an aspect of resistance to change however we’ve constantly done it that way is no real excuse for not looking at the the benefits and the possibilities of moving on and moving into you understand what could almost be figured out to be the next Century or two there is a lot to track and this approach does present numerous difficulties um so Johnny might you inform us about those obstacles yeah obviously so there’s a variety right there is so

I just did you switched our Business 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 Global employees you are worthy of a corner office with a more detailed parking space due to the fact that I mastered Worldwide payroll and payments with Papaya payroll OS did you Instant Papaya Global