Papaya Global E Banking Process FAQ – Payroll Management 2024

Over the last five or 6 years …Papaya Global E Banking Process… functions on the provider side and also on the vendor side from a payroll point of view so really looking forward to this discussion today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll just provide everybody another number of uh well among the 30 seconds or two to join all of us work back to back these days so we’ll sort of let them do that so it ‘d be quite interesting 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 sunshine is it it’s not no it’s it’s raining here it’s really really gloomy 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 looking at the obstacle years of managing Worldwide payroll why business preserve separate

savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts streamlining papaya Global payroll payments as a strategic asset uh we’ll likewise review a recap and that should leave his time at the extremely very 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 Global workforces become more and more common and handling them becomes more and more complex Global companies are seeking to find Solutions and new ways to improve procedures particularly from a payroll and cross-border payment perspective lots of companies maintain different savings account just for payroll while some have several accounts in different nations does it make sense for business to maintain separate savings account sometimes in various countries it does however just for payroll is there a much better method what function do virtual accounts and digital wallets also referred to as virtual wallets play in helping international companies enhance the episode complex procedures of

Making sure precise, efficient, and prompt payroll payments is a complex obstacle for services operating internationally. Join us for a webinar to explore the advantages and drawbacks of payroll wallets versus payroll bank accounts, discover how companies forecast payroll expenses to optimize working capital, and discover how simplifying global payroll payments can transform them from a difficult task into a tactical asset.

Managing payroll globally is a complicated task due to various policies, compliance requirements, information security issues, and banking guidelines. The sheer variety of staff members and companies contributes to the complexity, with an estimated 3.5 billion people in the global workforce, 500 million of whom remain in Africa, and 230 million services worldwide.

Traditional payroll systems typically result in manual processes, information silos, and a lack of integration, leading to inconsistencies and inadequacies. Regardless of living in an era of technological advancements, payroll management has actually been sluggish to adjust, with as much as 25% of payroll still processed by hand, often using pen and paper. This webinar goals to supply insights and solutions to streamline and enhance global payroll payments.

about it to provide you a concept of how far there still is to come according to Deloitte only 11 of businesses say they have Labor force data in real time that’s another number that provides me sleepless nights and rather frankly the more an organization invests in global payroll the less of an image they see a lack of visibility likewise extends to payroll payments and inability to precisely track these payments can lead to compliance incidents in the last mile of the deal almost half of international organizations have actually revealed that they do not have the level of standardization they require in their processes or desire and as a result eighty percent of errors are because of time reporting bad HCM data data entry mistakes poorly interacted hires and terminations along with lack management and system setups and then when you round all of it off and the data is delivered to the wrong location the typical expense of a worldwide information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money around the globe payroll and payments don’t run efficiently if they count on the required numerous procedures systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the challenges business face when they’re making payments to employees or otherwise that’s a great concern I always throw this back and state what is it what does not require to be included ideal and what does

it require to be considered there’s varying Bank information 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 ideal ultimately constructing a knowledge base is definitely critical but all over you look with payroll payment they resemble super payments no if however some infants about it you are all superheroes processing payments for payroll if you take a look at the sort of link in between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are absolutely essential and technology is enabling us to kind of move forward with that it also also to contribute to that payroll and finance need to work closer together um with differing Savings account Particulars differing banking requirements and setup processes is definitely essential that payroll and financing teams work better together than ever um I’m always impressed when people state I have actually split payroll and payment um if you stroll down the street and asked anyone what is payroll who does not operate in the payroll occupation would they split the payroll payment from calculation 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 procedure it’s the point of data 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 increasingly more essential to contribute to kind of the level of complexity there’s increasingly more benefits being organ or being provided by services throughout the world so again you’re just aiming to add more and more payments to this already complex landscape so if you type 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 genuine difficulties or genuine difficult type of pay uses to play to pay people I think yeah I mean over the last well yeah a couple 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 groups feeding details into the next function as it were that’s in fact managing the payment side of things however you know in in my opinion and my experience that doesn’t necessarily require to be the case you understand long gone are the times where we need to produce extra handoffs while doing sos that we run in they just make them more timely they make them less effective and they don’t make them what they need to be in in a period of tech and a period that you understand that we are working in today there is no reason why we are still making this as hard as it requires to be agreed and appropriately as you said payroll is the single most significant liability that any business has from an expense viewpoint from an effect perspective on employees it is absolutely important 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 harmful effect on individuals’s wellness and lots of other elements if people aren’t paid uh I have actually constantly been astonished entering into this Market sort of the last five to ten years is how little thanks the

payroll team get um so I’m not exactly sure anybody on this type of webinar has been told thank you for processing my payroll correctly if you have it ‘d be excellent to hear your success story and whether that’s been from all workers or not um but eventually payroll is such a crucial cycle all of us find out about it when it goes wrong everyone jumps up and down when it fails but when it goes right it’s just a tick box exercise and I believe that’s how it’s seen from the external consider as well um so yeah it’s also like why WI-Fi Global why all of this things is absolutely crucial that all of this things is done properly so leveraging the very first International Payments first payroll payment service is a great initial step um providing an end-to-end payroll option for your employees internationally once again I believe is another big um procedure once again aligning and ensuring you have standardization International processes all of those things are definitely essential to success success of organizations and minimizing the number of tools platforms and savings account they need for their Global payroll too could not agree with you more and on the the front in terms of of the thank yous for getting payroll done I’ve never had a hundred thousand of them within a payroll cycle do not anticipate to you do get the odd 5 or 10 or whatever it might be with the with the the problems where things have not gone quite where they’re indicated to be um I don’t think any of us are really doing that for for the thanks

anyway 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 easy as possible for everybody that’s associated with those processes and likewise so think of sorry I’m simply I was simply gon na say envision the amount of thanks you got if you might cover the amount of people that we cover within this webinar I make certain we’re talking about numerous thousands potentially Millions imagine getting that numerous thank you notes um I suggest it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be an interesting job attempting 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 need days of the week to try to look through them and in fact see what was going on and kind of try to get back to everybody so moving on look why do business pick to main separate checking account there are Papaya Global E Banking Process services out there doing precisely this for particular nations and I’ve operated in an organization or many businesses doing precisely that I can state it does not constantly feel effective and it does produce more work I understand we’re not purposely doing that we’re not creating extra work for any person where we do not have to and anyone that’s managing that procedure 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 factors one is it’s the requirement I think people have actually got so used to we need a brand-new checking account we open an entity and appropriately so you require it for payroll functions however there are a variety of markets where it’s not a requirement so I think it’s simply been the standard and the norm the people have actually embraced and continue to do over years and years passed by to add to that people have taken a look at things like trust accounts and numerous other methods um to to type of do it so I think there’s a variety I think this is a process that requires looking at it needs changing however eventually individuals are extremely stuck to what they’re familiar

with ideal um modification is a tough thing all of us don’t like change um so I think it’s simply 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 comprehend certainly the advantages of having maintaining numerous checking account however there’s a big amount of intricacy chooses establishing a checking account preserving it ensuring it can send International transfers guaranteeing it’s set up with the right user accesses for individual people so the complexity is huge however I think the honest response is change um individuals haven’t been able to change or have not had always the knowledge to actually make that change into alternate Solutions aside from opening a checking account I think you’ve hit the nail on the head I believe it is knowledge you understand and there is an element of resistance to alter but we’ve constantly done it that way is no real excuse for not looking at the the benefits and the possibilities of proceeding and moving into you know what might practically be identified to be the next Century approximately there is a lot to monitor and this method does present a number of challenges um so Johnny might you tell us about those difficulties yeah of course so there’s a variety right there is so

I recently made a modification to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It seems like our CFO has gotten another CFO, and with this improved capability, I have successfully protected payments for our 10,000 employees worldwide. Your devotion to mastering international payroll and payments using Papaya payroll OS is good. You should have a corner workplace with a parking space that is more detailed, considering your achievements. Papaya Global E Banking Process