Papaya Global Demo Online FAQ – Payroll Management 2024

Over the last five or 6 years …Papaya Global Demo Online… roles on the supplier side and likewise on the vendor side from a payroll viewpoint so truly anticipating this conversation today um and yeah thank you quite for your time everyone okay thanks Johnny uh we’ll simply provide everybody another couple of uh well one of the 30 seconds or two to join all of us work back to back nowadays so we’ll type of let them do that so it ‘d be rather interesting and I can see it going on currently just to hear where everybody is um it’s nice to to type of like see where everybody originates from and I really 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 really very bleak and I want I was elsewhere at this moment in time all right so let’s get going our agenda for today is as follows um we are going to be taking a look at the obstacle years of managing Global payroll why business maintain separate

bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts improving papaya Worldwide payroll payments as a strategic asset uh we’ll likewise discuss a recap which needs to leave his time at the extremely really end for a q a session so as the title of the webinar recommends payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and Global workforces become more and more common and managing them becomes a growing number of complicated Worldwide organizations are seeking to find Solutions and new ways to enhance processes specifically from a payroll and cross-border payment viewpoint many organizations preserve separate savings account just for payroll while some have numerous accounts in different countries does it make sense for business to maintain different bank accounts often in different nations it does but just for payroll exists a better method what role do virtual accounts and digital wallets likewise called virtual wallets play in assisting multinational business streamline the episode complex processes of

Making sure precise, efficient, and prompt payroll payments is a complex obstacle for services running globally. Join us for a webinar to explore the advantages and disadvantages of payroll wallets versus payroll checking account, learn how companies forecast payroll expenses to optimize working capital, and find how improving global payroll payments can transform them from a difficult task into a strategic possession.

Managing payroll internationally is a complicated job due to numerous guidelines, compliance requirements, information security concerns, and banking guidelines. The large number of employees and businesses adds to the complexity, with an estimated 3.5 billion people in the international workforce, 500 countless whom remain in Africa, and 230 million companies worldwide.

Traditional payroll systems typically lead to manual processes, data silos, and a lack of combination, resulting in inconsistencies and inefficiencies. Despite living in a period of technological developments, payroll management has actually been sluggish to adjust, with as much as 25% of payroll still processed manually, often using pen and paper. This webinar aims to provide insights and services to streamline and optimize international payroll payments.

about it to offer you a concept of how far there still is to come according to Deloitte only 11 of organizations say they have Workforce data in real time that’s another number that gives me sleep deprived nights and rather honestly the more an organization invests in worldwide payroll the less of a picture they see a lack of presence also reaches payroll payments and inability to accurately track these payments can cause compliance mishaps in the last mile of the transaction nearly half of global organizations have actually expressed 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 poor HCM information data entry errors inadequately interacted hires and terminations in addition to lack management and system configurations and after that when you round all of it off and the information is delivered to the wrong location the average expense of an international information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash around the world payroll and payments do not run efficiently if they depend on the necessary multiple processes 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 obstacles service face when they’re making payments to workers or otherwise that’s a great question I constantly throw this back and state what is it what does not require 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 nation there’s payment amount of time 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 client’s own in-country account so there’s complexity any place you look best eventually developing a knowledge base is absolutely important however everywhere you look with payroll payment they are like incredibly 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 between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are definitely fundamental and innovation is allowing us to type of move forward with that it likewise also to add to that payroll and finance need to work closer together um with differing Checking account Particulars differing banking requirements and setup procedures is definitely imperative that payroll and finance groups work more detailed together than ever um I’m constantly astonished when people say 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 occupation would they split 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 process it’s the point of information collection all the way through to paying individuals anywhere they are but likewise paying statutory authorities and on statutory third parties so with the

world we live in and wellness being increasingly more essential to add to kind of the level of complexity there’s a growing number of benefits being organ or being used by organizations across the world so again you’re simply seeking to add increasingly more payments to this currently complicated landscape so if you sort of got any experience well I’m from your huge experience here and I’m sure but have you got any experience in kind of real difficulties or genuine challenging sort of pay uses to play to pay people I think yeah I indicate over the last well yeah a couple of decades I would certainly say 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 details into the next function as it were that’s actually handling the payment side of things however 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 create additional handoffs at the same times that we operate in they just make them more prompt they make them less efficient and they do not make them what they need to be in in an era of tech and an age that you know that we are operating in today there is no reason why we are still making this as difficult as it requires to be agreed and rightly as you stated payroll is the single greatest liability that any business has from a cost viewpoint from an effect perspective on employees it is absolutely vital 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 need to be done right it has the most significant harmful result on individuals’s wellness and many other factors if individuals aren’t paid uh I’ve always been surprised coming into this Market type of the last five to 10 years is how little thanks the

The payroll group might not have actually been thanked for correctly processing payroll during a webinar. If anybody has actually been thanked, it would be great to hear their success story, whether it’s from all staff members or not. Payroll is an essential cycle, and people just see when things go wrong. Nevertheless, when things go right, it’s viewed as simply a regular task. This is how it’s viewed externally as well. For that reason, it is necessary to make sure that tasks like Wi-Fi Worldwide and other crucial matters are done correctly. Using the first Worldwide Payments first payroll payment option is an excellent preliminary action towards offering an extensive payroll option for workers worldwide. Standardization, global processes, and lowering the variety of tools, platforms, and bank accounts needed for global payroll are essential consider accomplishing organization success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do sometimes get a few complaints when things don’t go as planned. Ultimately, we do not do it for the gratitude.

anyway we know how how essential 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 easy as possible for everyone that’s involved in those processes and also so picture sorry I’m just I was just gon na state envision the amount of thanks you got if you might cover the amount of individuals that we cover within this webinar I make certain we’re talking about hundreds of thousands potentially Millions envision getting that numerous thank you keeps in mind um I imply it ‘d be interesting to see the number of Post-it notes you got but it would certainly be an interesting job trying to clean up all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to look through them and really see what was going on and kind of shot to return to everyone so carrying on appearance why do companies pick to main separate savings account there are Papaya Global Demo Online organizations out there doing precisely this for particular countries and I’ve operated in an organization or many companies doing exactly that I can say it doesn’t always feel effective and it does create more work I know we’re not purposely doing that we’re not creating extra work for anyone where we don’t have to and anybody 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 amount that we are I think numerous factors one is it’s the requirement I think individuals have actually got so used to we require a brand-new savings account we open an entity and appropriately so you need it for payroll purposes however there are a variety of markets where it’s not a requirement so I believe it’s simply been the requirement and the standard individuals have actually adopted and continue to do over years and years passed by to add to that individuals have looked at things like trust accounts and many other ways um to to type of do it so I think there’s a variety I think this is a procedure that requires taking a look at it requires altering but eventually people are extremely stuck with what they recognize

with best um change is a difficult thing all of us don’t like modification um so I believe it’s just kind of moving far from the standard as we’ve said so yeah so it keeps a great deal of track of things um I understand clearly the advantages of having keeping several bank accounts but there’s a big quantity of complexity chooses setting up a savings account maintaining it guaranteeing it can send out International transfers ensuring it’s established with the right user accesses for private people so the complexity is big but I believe the honest response is modification um individuals have not been able to alter or haven’t had always the knowledge to really make that change into alternate Solutions besides opening a savings account I believe you have actually struck the nail on the head I believe it is knowledge you know and there is an aspect of resistance to change but we’ve always done it that way is no real excuse for not taking a look 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 or so there is a lot to keep an eye on and this approach does position a number of challenges um so Johnny could you tell us about those obstacles yeah obviously so there’s a range right there is so

I just did you switched our Enterprise 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 employees you deserve a corner workplace with a more detailed parking space because I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Demo Online