Papaya Global 50 Payslips FAQ – Payroll Management 2024

Over the last five or 6 years …Papaya Global 50 Payslips… roles on the service provider side and likewise on the vendor side from a payroll viewpoint so really eagerly anticipating this discussion today um and yeah thank you very much for your time everyone fine thanks Johnny uh we’ll simply give everybody another number of uh well among the 30 seconds approximately to join all of us work back to back these days so we’ll kind of let them do that so it ‘d be rather intriguing and I can see it going on currently just to hear where everybody is um it’s nice to to kind of like see where everybody originates from and I actually 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 drizzling here it’s very very bleak and I want I was somewhere else 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 International payroll why business keep different

checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts simplifying papaya Global payroll payments as a strategic property uh we’ll also go over a wrap-up and that should leave his time at the really very 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 International labor forces become a growing number of common and managing them ends up being increasingly more intricate Worldwide organizations are aiming to discover Solutions and brand-new ways to streamline procedures specifically from a payroll and cross-border payment standpoint many companies preserve separate savings account just for payroll while some have numerous accounts in various nations does it make good sense for business to maintain separate savings account sometimes in various countries it does however just for payroll exists a better method what role do virtual accounts and digital wallets also called virtual wallets play in assisting international companies improve the episode complex processes of

making payroll payments accurately effectively safely and on time throughout this webinar we’ll walk you through the international pros and cons of a payroll wallet versus a payroll savings account how companies accurately forecast their payroll costs to increase working capital and how improving Worldwide payroll payments can turn them from a siled pane into a strategic property so payroll can be challenging in sufficient in one nation however when you’re doing it internationally it’s next level and Beyond it ends up being intricate for a variety of reasons most significantly regulations compliance data security and banking guidelines then there are the sheer numbers they include further intricacy the international Labor force is presently three and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and further 1.1 billion individuals that number is presently 500 million just for for a scale then consider that there are some 230 million businesses and growing all doing their own thing worldwide in the standard payroll model there’s often a frustrating number of various systems causing lengthy manual procedures and silos the variety of Integrations could be non-existent in large amounts and or very really basic there’s no real consistency structure 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 often with pen and paper and that just blows my mind every time I I think

about it to give you a concept of how far there still is to come according to Deloitte just 11 of companies say they have Workforce data in real time that’s another number that gives me sleepless nights and quite frankly the more a service invests in global payroll the less of a picture they see an absence of presence likewise reaches payroll payments and inability to precisely track these payments can cause compliance incidents in the last mile of the transaction nearly half of worldwide businesses have 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 bad HCM data data entry mistakes inadequately interacted hires and terminations in addition to lack management and system setups and then when you round all of it off and the information is shipped to the incorrect place the average expense of a global information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash all over the world payroll and payments don’t run smoothly if they rely on the needed several processes systems and partners it is just 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 staff members or otherwise that’s a good concern I constantly throw this back and state what is it what doesn’t need to be included ideal and what does

it need to be considered there’s differing 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 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 intricacy wherever you look best ultimately building a knowledge base is definitely vital but everywhere you look with payroll payment they are like very payments no if however some babies about it you are all superheroes processing payments for payroll if you look at the kind of link in 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 technology is enabling us to kind of move on with that it also also to add to that payroll and financing require to work closer together um with differing Savings account Details varying banking requirements and setup procedures is absolutely essential that payroll and financing groups work better together than ever um I’m always amazed when individuals state I have actually divided payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t work in the payroll occupation would they split the payroll payment from computation I would say no so why do we as a market 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 data collection all the way through to paying people anywhere they are but also paying statutory authorities and on statutory 3rd parties so with the

world we reside in and wellness being a growing number of essential to add to type of the level of intricacy there’s a growing number of benefits being organ or being used by services across the world so once again you’re simply aiming 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 vast experience here and I make certain however have you got any experience in kind of real obstacles or genuine tough kind of pay uses to play to pay people I believe yeah I imply over the last well yeah a couple of years I would absolutely state that the larger a business gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the job there are groups feeding info into the next function as it were that’s in fact handling the payment side of things but you understand in in my viewpoint and my experience that doesn’t necessarily require to be the case you know long gone are the times where we need to develop extra handoffs at the same times that we operate in they just make them more timely they make them less efficient and they don’t make them what they need to be in in a period of tech and an age that you understand that we are operating in today there is no reason that we are still making this as tough as it requires to be concurred and appropriately as you stated payroll is the single greatest liability that any service has from a cost viewpoint from an effect perspective on workers it is absolutely vital that it’s done properly 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 biggest destructive impact on people’s wellness and many other elements if people aren’t paid uh I have actually constantly been surprised entering into this Market type of the last five to 10 years is how little thanks the

payroll group get um so I’m unsure anybody on this kind of webinar has been informed thank you for processing my payroll properly if you have it ‘d be great to hear your success story and whether that’s been from all employees or not um however ultimately payroll is such an essential cycle we all become aware of it when it fails everyone jumps up and down when it goes wrong but when it goes right it’s just a tick box workout and I believe that’s how it’s seen from the external consider 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 correctly so leveraging the first Worldwide Payments very first payroll payment service is a fantastic first step um supplying an end-to-end payroll service for your workers worldwide again I think is another huge um procedure again lining up and ensuring you have standardization Worldwide procedures all of those things are absolutely crucial to success success of companies and decreasing the variety of tools platforms and checking 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’ve never had a hundred thousand of them within a payroll cycle do not expect to you do get the odd five or 10 or whatever it might be with the with the the problems where things have not gone quite where they’re suggested to be um I don’t think any of us are actually doing that for for the thanks

anyway we understand how how essential 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 everyone that’s involved in those procedures and also so envision sorry I’m simply I was simply gon na state imagine the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I’m sure we’re speaking about hundreds of thousands potentially Millions imagine getting that lots of thank you keeps in mind 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 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 need days of the week to attempt to look through them and really see what was going on and sort of try to get back to everybody so proceeding appearance why do business pick to main different bank accounts there are Papaya Global 50 Payslips organizations out there doing exactly this for particular countries and I have actually operated in a company or numerous organizations doing precisely that I can say it does not constantly feel efficient and it does develop more work I know we’re not purposely doing that we’re not creating additional work for anyone where we do not need to and anybody 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 think many reasons one is it’s the standard I think people have got so used to we need a brand-new checking 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 simply been the requirement and the norm individuals have embraced and continue to do over years and years passed by to contribute to that people have taken a look at things like trust accounts and numerous other ways um to to kind of do it so I think there’s a variety I believe this is a process that needs looking at it requires altering however ultimately individuals are really stuck to what they recognize

with right um change is a hard thing all of us do not like modification um so I think it’s just sort of moving away from the standard as we have actually said so yeah so it keeps a great deal of track of stuff um I understand clearly the advantages of having keeping several checking account but there’s a substantial amount of complexity opts for setting up a savings account maintaining it ensuring it can send out International transfers ensuring it’s set up with the ideal user accesses for individual people so the complexity is big but I believe the truthful response is change um people have not had the ability to change or have not had necessarily the knowledge to actually make that change into alternate Solutions besides opening a checking account I believe you’ve hit the nail on the head I believe it is understanding you understand and there is an element of resistance to alter but we’ve constantly done it that way is no genuine reason for not taking a look at the the benefits and the possibilities of carrying on and moving into you know what might practically be determined to be the next Century approximately there is a lot to keep an eye on and this method does position several difficulties um so Johnny could you inform us about those obstacles yeah naturally so there’s a range right there is so

I just recently made a change to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It feels like our CFO has actually gained another CFO, and with this improved capability, I have successfully secured payments for our 10,000 staff members worldwide. Your commitment to mastering global payroll and payments utilizing Papaya payroll OS is commendable. You should have a corner office with a parking space that is closer, considering your accomplishments. Papaya Global 50 Payslips