Papaya Global 50 P6 Entry FAQ – Payroll Management 2024

Over the last 5 or six years …Papaya Global 50 P6 Entry… roles on the company side and likewise on the vendor side from a payroll viewpoint so truly eagerly anticipating this conversation today um and yeah thank you quite for your time everybody alright thanks Johnny uh we’ll simply offer everybody another number of uh well one of the 30 seconds or two to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be rather fascinating and I can see it going on already just to hear where everybody is um it’s nice to to kind of like see where everyone comes from and I really do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s really extremely gloomy and I wish I was elsewhere at this moment in time alright so let’s begin our agenda for today is as follows um we are going to be looking at the difficulty years of managing Worldwide payroll why companies maintain separate

bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts improving papaya International payroll payments as a tactical possession uh we’ll also discuss a wrap-up which ought to leave his time at the extremely extremely end for a q a session so as the title of the webinar suggests payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and International workforces end up being more and more common and managing them becomes increasingly more complicated International organizations are wanting to find Solutions and new ways to streamline processes especially from a payroll and cross-border payment standpoint lots of companies preserve separate savings account just for payroll while some have numerous accounts in different countries does it make good sense for companies to maintain different bank accounts in some cases in different countries it does but just for payroll is there a much better way what function do virtual accounts and digital wallets likewise called virtual wallets play in assisting international companies simplify the episode complex processes of

making payroll payments properly effectively safely and on time during this webinar we’ll walk you through the global benefits and drawbacks of a payroll wallet versus a payroll bank account how business properly forecast their payroll costs to increase working capital and how enhancing Global payroll payments can turn them from a siled pane into a tactical possession so payroll can be hard in enough in one nation however when you’re doing it globally it’s next level and Beyond it becomes intricate for a range of reasons most significantly guidelines compliance data security and banking rules then there are the large numbers they include additional intricacy the worldwide Labor force is presently 3 and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and further 1.1 billion people that number is currently 500 million just for for a scale then factor in that there are some 230 million businesses and growing all doing their own thing all over the world in the standard payroll design there’s frequently an overwhelming variety of different systems resulting in time-consuming manual procedures and silos the number of Combinations could be non-existent in large quantities and or extremely really basic there’s no genuine consistency framework we’re living in a period of tech but payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper which simply blows my mind each time I I think

about it to provide you an idea of how far there still is to come according to Deloitte only 11 of businesses state they have Labor force data in real time that’s another number that gives me sleepless nights and rather honestly the more a company invests in international payroll the less of a picture they see an absence of presence likewise extends to payroll payments and inability to precisely track these payments can cause compliance incidents in the last mile of the transaction nearly half of global businesses have expressed that they don’t 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 data data entry errors improperly interacted hires and terminations as well as absence management and system setups and then when you round everything off and the information is shipped to the incorrect place the average cost of a global information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash worldwide payroll and payments do not run smoothly if they depend on the needed 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 difficulties company face when they’re making payments to employees or otherwise that’s a great concern I always toss this back and state 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 amount of time 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 wherever you look best ultimately building a knowledge base is definitely crucial but 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 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 essential and technology is permitting us to kind of move on with that it likewise too to contribute to that payroll and financing need to work closer together um with varying Savings account Particulars varying banking requirements and setup processes is definitely essential that payroll and financing groups work closer together than ever um I’m always impressed when people say I have actually divided payroll and payment um if you stroll down the street and asked anyone what is payroll who does not work in the payroll profession would they split the payroll payment from estimation 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 any place they are but likewise paying statutory authorities and on statutory third parties so with the

world we reside in and well-being being a growing number of crucial to contribute to type of the level of intricacy there’s more and more advantages being organ or being used by organizations across the world so once again you’re just 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 however have you got any experience in kind of genuine obstacles or genuine challenging type of pay utilizes to play to pay individuals I think yeah I indicate over the last well yeah a couple of decades I would definitely state that the bigger a service gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the job there are groups feeding details into the next function as it were that’s actually managing the payment side of things however you understand in in my opinion 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 prompt they make them less effective and they do not make them what they need to be in in an era of tech and a period that you know that we are working in today there is no reason why we are still making this as difficult as it needs to be agreed and appropriately as you said payroll is the single most significant liability that any service has from a cost point of view from an effect perspective on workers it is definitely important that it’s done correctly and on time so what we imply 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 impact on individuals’s wellness and many other aspects if individuals aren’t paid uh I have actually constantly been amazed coming into this Market sort of the last 5 to ten years is how little thanks the

payroll team get um so I’m unsure anybody on this sort of webinar has actually been informed thank you for processing my payroll properly if you have it ‘d be excellent to hear your success story and whether that’s been from all staff members or not um but eventually payroll is such an essential cycle we all find out about it when it fails everyone jumps up and down when it fails but when it goes right it’s just a tick box exercise and I think that’s how it’s seen from the external deem well um so yeah it’s likewise like why WI-Fi Global why all of this things is absolutely essential that all of this stuff is done properly so leveraging the first International Payments very first payroll payment service is an excellent primary step um supplying an end-to-end payroll service for your staff members globally once again I believe is another big um process again aligning and ensuring you have standardization Worldwide procedures all of those things are definitely essential to success success of businesses and minimizing the variety of tools platforms and savings account they require for their Global payroll too could not 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 don’t anticipate 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 quite where they’re meant to be um I don’t think any of us are in fact doing that for for the thanks

anyhow we understand how how important a function 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 involved in those processes and also so picture sorry I’m just I was just gon na say think of the amount of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make sure we’re talking about hundreds of thousands potentially Millions imagine getting that lots of thank you keeps in mind um I mean it ‘d be interesting to see the number of Post-it notes you got however it would definitely be an intriguing task trying to clean up all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to look through them and really see what was going on and kind of try to get back to everybody so proceeding appearance why do companies select to main different savings account there are Papaya Global 50 P6 Entry services out there doing exactly this for particular countries and I’ve worked in a service or lots of businesses doing exactly that I can say it does not constantly feel efficient and it does create more work I understand we’re not intentionally doing that we’re not creating extra work for anybody 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 think 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 got so utilized to we need a brand-new savings account we open an entity and rightly 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 just been the requirement and the norm individuals have actually adopted and continue to do over years and years gone past to add to that people have looked at things like trust accounts and lots of other ways um to to sort of do it so I believe there’s a variety I think this is a procedure that requires looking at it needs changing but eventually people are really stuck to what they’re familiar

with ideal um modification is a tough thing we all do not like modification um so I think it’s just type of moving far from the standard as we have actually said so yeah so it keeps a lot of track of things um I understand certainly the advantages of having keeping multiple savings account but there’s a substantial amount of intricacy opts for establishing a checking account preserving it ensuring it can send out International transfers guaranteeing it’s set up with the ideal user accesses for private people so the complexity is substantial however I believe the sincere response is modification um people haven’t had the ability to change or haven’t had always the knowledge to actually make that change into alternate Solutions aside from opening a savings account I believe you’ve hit the nail on the head I think it is understanding you know and there is an aspect of resistance to change however we have actually always done it that way is no genuine reason for not taking a look at the the benefits and the possibilities of moving on and moving into you know what might nearly be determined to be the next Century approximately there is a lot to keep track of and this method does present several challenges um so Johnny might you inform us about those challenges 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 Global workers you deserve a corner workplace with a better parking space since I mastered International payroll and payments with Papaya payroll OS did you Papaya Global 50 P6 Entry