Papaya Global 50 Payroll FAQ – Payroll Management 2024

Over the last five or 6 years …Papaya Global 50 Payroll… functions on the provider side and likewise on the supplier side from a payroll perspective so really looking forward to this conversation today um and yeah thank you very much for your time everyone fine thanks Johnny uh we’ll simply give everyone 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 quite interesting and I can see it going on currently just to hear where everyone is um it’s nice to to sort of like see where everybody comes from and I truly do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s extremely extremely gloomy 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 difficulty years of managing Worldwide payroll why business maintain different

Virtual payroll accounts are an option to conventional bank accounts for handling payroll payments. This is particularly helpful for worldwide companies with dispersed and remote workforces, as it simplifies the complicated procedure of cross-border payments. Instead of maintaining separate bank accounts for payroll in various nations, virtual accounts and digital wallets use a more streamlined solution. In this webinar, we will explore the benefits of using virtual payroll accounts and talk about why they are ending up being a strategic asset for payroll executives. We will likewise supply a wrap-up of the main points covered and leave time for a Q&A session at the end.

making payroll payments precisely effectively securely and on time during this webinar we’ll stroll you through the global pros and cons of a payroll wallet versus a payroll savings account how companies precisely forecast their payroll expenses to increase working capital and how streamlining Worldwide payroll payments can turn them from a siled pane into a strategic possession so payroll can be hard in adequate in one country however when you’re doing it worldwide it’s next level and Beyond it becomes complicated for a variety of reasons most notably policies compliance information 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 people 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 organizations and growing all doing their own thing worldwide in the conventional payroll model there’s typically an overwhelming variety of different systems resulting in time-consuming manual processes and silos the variety of Integrations could be non-existent in big amounts and or very very fundamental there’s no genuine consistency structure we’re living in an era of tech however payroll has actually 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 just blows my mind each time I I think

about it to offer you a concept of how far there still is to come according to Deloitte only 11 of organizations state they have Workforce information in real time that’s another number that gives me sleep deprived nights and quite honestly the more a company invests in international payroll the less of a photo they see an absence of exposure likewise extends to payroll payments and inability to precisely track these payments can result in compliance incidents in the last mile of the transaction almost half of worldwide organizations have actually expressed that they don’t have the level of standardization they need in their procedures or want and as a result eighty percent of errors are because of time reporting bad HCM information information entry mistakes badly interacted hires and terminations in addition to absence management and system setups and after that when you round everything off and the information is shipped to the incorrect place the average expense of a global data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash around the world payroll and payments don’t run smoothly if they count on the essential numerous procedures systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the difficulties company face when they’re making payments to employees or otherwise that’s an excellent concern I always throw this back and state what is it what doesn’t require to be consisted of ideal and what does

it require to be considered there’s differing 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 have 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 ideal eventually developing a knowledge base is definitely crucial however all over you look with payroll payment they resemble very payments no if however some babies 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 believe there’s now a bit more acknowledgment that payroll payments are absolutely fundamental and technology is permitting us to type of move on with that it also as well to contribute to that payroll and financing require to work closer together um with varying Checking account Details varying banking requirements and setup procedures is definitely crucial that payroll and financing teams work more detailed together than ever um I’m always astonished when individuals state I have actually split payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t work 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 information collection all the way through to paying individuals wherever they are but also paying statutory authorities and on statutory 3rd parties so with the

world we reside in and wellness being increasingly more essential to add to type of the level of intricacy there’s more and more advantages being organ or being used by companies across the world so once again you’re just looking to add a growing number of payments to this already complicated landscape so if you sort of got any experience well I’m from your large experience here and I make sure but have you got any experience in kind of real challenges or genuine difficult sort of pay uses to play to pay individuals I think yeah I imply over the last well yeah a number of decades I would certainly state that the bigger a company gets the more it tends to segregate the payroll and the payments works um there are teams 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 know in in my viewpoint and my experience that does not always need to be the case you understand long gone are the times where we need to create extra handoffs while doing sos that we run in they simply make them more prompt they make them less efficient and they don’t make them what they need to be in in an era of tech and a period that you know that we are operating in today there is no reason why we are still making this as hard as it requires to be agreed and appropriately as you stated payroll is the single biggest liability that any company has from a cost perspective from an impact viewpoint on staff members it is definitely critical that it’s done correctly and on time so what we suggest 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 detrimental effect on individuals’s wellness and many other aspects if individuals aren’t paid uh I have actually always been astonished coming into this Market type of the last five to 10 years is how little thanks the

The payroll team may not have actually been thanked for correctly processing payroll throughout 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 a crucial cycle, and people only discover when things fail. However, when things go right, it’s seen as just a regular task. This is how it’s viewed externally too. For that reason, it is important to ensure that tasks like Wi-Fi International and other important matters are done correctly. Using the very first Global Payments first payroll payment service is an excellent preliminary action towards offering a thorough payroll solution for workers worldwide. Standardization, global processes, and minimizing the variety of tools, platforms, and checking account required for global payroll are key factors in attaining service success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally get a couple of complaints when things don’t go as prepared. Ultimately, we don’t do it for the thankfulness.

anyhow we understand how how crucial 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 everyone that’s involved in those processes and also so envision sorry I’m just I was simply gon na say picture the quantity of thanks you got if you could cover the amount of individuals that we cover within this webinar I make sure we’re discussing numerous thousands possibly Millions picture getting that many thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got but it would definitely be a fascinating job attempting to clean up all those up for sure oh absolutely 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 attempt to look through them and in fact see what was going on and type of shot to get back to everyone so moving on appearance why do companies choose to primary separate bank accounts there are Papaya Global 50 Payroll organizations out there doing precisely this for specific countries and I’ve operated in an organization or many organizations doing exactly that I can say it does not always feel efficient and it does create more work I know we’re not purposely doing that we’re not developing additional work for anyone where we don’t need to and anyone 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 think numerous reasons one is it’s the standard I think people have actually got so utilized to we require a brand-new savings 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 simply been the requirement and the norm individuals have actually embraced and continue to do over years and years passed by to add to that people have looked at things like trust accounts and lots of other methods um to to type of do it so I think there’s a range I believe this is a process that requires looking at it requires changing but ultimately people are extremely stuck to what they’re familiar

with best um change is a difficult thing we all don’t like modification um so I believe it’s simply sort 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 maintaining multiple checking account however there’s a huge amount of complexity opts for setting up a bank account keeping it guaranteeing it can send out International transfers ensuring it’s set up with the ideal user accesses for private individuals so the intricacy is huge however I believe the honest response is modification um people haven’t been able to change or have not had necessarily the understanding to truly make that change into alternate Solutions besides opening a checking account I think you have actually struck the nail on the head I think it is knowledge you understand and there is a component of resistance to change however we have actually constantly done it that way is no real reason for not looking at the the advantages and the possibilities of carrying on and moving into you know what could practically be figured out to be the next Century approximately there is a lot to monitor and this approach does posture a number of difficulties um so Johnny could you tell us about those difficulties yeah naturally so there’s a variety right there is so

I simply 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 International staff members you deserve a corner office with a closer parking space due to the fact that I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global 50 Payroll