Papaya Global 50 Assign Employee Payments FAQ – Payroll Management 2024

Over the last 5 or 6 years …Papaya Global 50 Assign Employee Payments… roles on the company side and also on the supplier side from a payroll viewpoint so actually anticipating this conversation today um and yeah thank you quite for your time everybody alright thanks Johnny uh we’ll just offer everyone another couple of uh well among the 30 seconds or two to join all of us work back to back nowadays so we’ll sort of let them do that so it ‘d be quite fascinating and I can see it going on currently just to hear where everyone is um it’s nice to to type of like see where everyone originates from and I really 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 really gloomy and I want I was somewhere else at this moment in time alright so let’s get started our agenda for today is as follows um we are going to be looking at the challenge years of handling International payroll why companies preserve separate

savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts simplifying papaya Global payroll payments as a strategic property uh we’ll likewise discuss a recap which ought to leave his time at the very extremely 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 workforces end up being increasingly more typical and handling them ends up being a growing number of complex Global companies are seeking to discover Solutions and new methods to improve processes especially from a payroll and cross-border payment perspective many organizations preserve different savings account just for payroll while some have several accounts in different nations does it make good sense for business to preserve separate savings account sometimes in different countries it does however just for payroll is there a much better method what role do virtual accounts and digital wallets likewise referred to as virtual wallets play in assisting multinational business simplify the episode complex processes of

making payroll payments accurately efficiently safely and on time throughout this webinar we’ll stroll you through the international advantages and disadvantages of a payroll wallet versus a payroll checking account how business accurately anticipate their payroll costs to increase working capital and how simplifying International payroll payments can turn them from a siled pane into a tactical asset so payroll can be challenging in enough in one nation however when you’re doing it internationally it’s next level and Beyond it ends up being intricate for a range of factors most notably guidelines compliance information security and banking guidelines then there are the sheer numbers they include more intricacy the global Workforce 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 people that number is presently 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 world in the traditional payroll design there’s often an overwhelming variety of various systems resulting in time-consuming manual processes and silos the variety of Combinations could be non-existent in big quantities and or extremely really basic there’s no real consistency framework we’re living in an age of tech however payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper which simply blows my mind whenever I I believe

about it to give you a concept of how far there still is to come according to Deloitte only 11 of organizations state they have Labor force 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 photo they see a lack of visibility likewise encompasses payroll payments and failure to properly track these payments can result in compliance accidents in the last mile of the transaction almost half of global businesses have revealed that they don’t have the level of standardization they require in their processes or desire and as a result eighty percent of mistakes are due to time reporting poor HCM information data entry errors improperly communicated hires and terminations in addition to absence management and system setups and after that when you round everything off and the information is delivered to the wrong location the average cost of a worldwide information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash around the globe payroll and payments don’t run efficiently if they rely on the required multiple procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the obstacles organization face when they’re making payments to employees or otherwise that’s a great question I constantly throw this back and state what is it what doesn’t require to be included ideal and what does

it need to be thought of there’s varying 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 need to pay from an in-country account do you need to pay from the consumer’s own in-country account so there’s complexity anywhere you look right ultimately developing a knowledge base is definitely critical but all over you look with payroll payment they are like incredibly payments no if but some children about it you are all superheroes processing payments for payroll if you take a look at the kind of link between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are absolutely essential and innovation is permitting us to kind of move forward with that it also as well to add to that payroll and financing require to work closer together um with varying Savings account Details differing banking requirements and setup procedures is definitely necessary that payroll and financing groups work more detailed together than ever um I’m constantly amazed when people state I have actually divided payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t operate in the payroll occupation would they divide the payroll payment from computation 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 eventually it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying individuals wherever they are however likewise paying statutory authorities and on statutory third parties so with the

world we live in and well-being being increasingly more important to contribute to type of the level of complexity there’s increasingly more benefits being organ or being offered by businesses throughout the world so once again you’re simply wanting to include increasingly more payments to this already intricate landscape so if you sort of got any experience well I’m from your huge experience here and I make certain but have you got any experience in kind of genuine difficulties or genuine tough type of pay uses to play to pay individuals I think yeah I imply over the last well yeah a couple of decades I would absolutely state that the larger an organization gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the task there are teams feeding details into the next function as it were that’s actually handling the payment side of things but you understand in in my opinion and my experience that doesn’t always need to be the case you understand long gone are the times where we need to create extra handoffs at the same times that we operate in they simply make them more prompt they make them less efficient and they do not make them what they require to be in in a period of tech and an age that you understand that we are operating in today there is no reason why we are still making this as challenging as it requires to be agreed and rightly as you stated payroll is the single greatest liability that any organization has from a cost perspective from an effect viewpoint on workers it is definitely vital 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 have to be done right it has the most significant damaging impact on individuals’s well-being and numerous other aspects if individuals aren’t paid uh I have actually always been amazed entering into this Market type of the last 5 to ten years is how little thanks the

The payroll group might not have actually been thanked for properly 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 staff members or not. Payroll is an essential cycle, and people just notice when things fail. However, when things go right, it’s viewed as just a regular job. This is how it’s viewed externally also. Therefore, it is important to guarantee that jobs like Wi-Fi Worldwide and other important matters are done properly. Using the very first Global Payments first payroll payment service is a terrific preliminary step towards supplying a comprehensive payroll solution for staff members worldwide. Standardization, international processes, and lowering the variety of tools, platforms, and bank accounts essential for worldwide payroll are key consider accomplishing business success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes receive a few problems when things don’t go as prepared. Ultimately, we do not do it for the thankfulness.

anyhow we know how how crucial 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 likewise so think of sorry I’m simply I was simply gon na say picture 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 discussing hundreds of thousands potentially Millions imagine getting that lots of thank you keeps in mind um I suggest it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be an intriguing 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 try to look through them and actually see what was going on and sort of shot to get back to everyone so moving on look why do business select to main separate bank accounts there are Papaya Global 50 Assign Employee Payments organizations out there doing exactly this for particular countries and I’ve worked in a company or many companies doing exactly that I can state it doesn’t constantly feel efficient and it does develop more work I know we’re not deliberately doing that we’re not developing additional work for anybody where we don’t have to and any person that’s handling that process I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the quantity that we are I think lots of reasons one is it’s the requirement I think people have actually got so utilized to we require a brand-new checking account we open an entity and rightly 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 the people have adopted 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 methods um to to sort of do it so I believe there’s a variety I think this is a process that requires looking at it requires changing however eventually individuals are very stuck with what they’re familiar

with ideal um change is a challenging thing all of us don’t like change um so I think it’s simply type of moving far from the standard as we’ve said so yeah so it keeps a great deal of track of stuff um I understand undoubtedly the benefits of having keeping numerous bank accounts but there’s a substantial quantity of intricacy goes with establishing a bank account preserving it guaranteeing it can send out International transfers ensuring it’s set up with the ideal user accesses for individual individuals so the intricacy is huge but I believe the truthful response is change um people have not had the ability to alter or haven’t had necessarily the knowledge to truly make that change into alternate Solutions besides opening a bank account I believe you have actually struck the nail on the head I think it is understanding you know and there is a component of resistance to change 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 could almost be figured out to be the next Century or two there is a lot to keep track of and this technique does position a number of challenges 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 Business to OS so now we can do our payroll and payments operation on a single platform yes it’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 International staff members you are worthy of a corner office with a closer parking space because I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global 50 Assign Employee Payments