Papaya Global Employment Allowance Incorrect FAQ – Payroll Management 2024

Over the last five or 6 years …Papaya Global Employment Allowance Incorrect… functions on the service provider side and likewise on the supplier side from a payroll perspective so really looking forward to this discussion today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll just offer everybody another couple of uh well among 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 already simply to hear where everyone is um it’s nice to to sort of like see where everyone comes from and I truly 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 extremely extremely bleak and I wish I was somewhere else at this moment in time alright so let’s get started 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 different

savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts streamlining papaya Worldwide payroll payments as a tactical asset uh we’ll also review a wrap-up and that ought to leave his time at the really extremely 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 Global workforces become a growing number of common and managing them becomes increasingly more complicated Global companies are wanting to discover Solutions and brand-new methods to improve processes particularly from a payroll and cross-border payment standpoint many organizations maintain different checking account just for payroll while some have numerous accounts in various nations does it make good sense for business to preserve different checking account often in different nations it does however just for payroll is there a much better way what role do virtual accounts and digital wallets likewise referred to as virtual wallets play in helping international companies streamline the episode complex processes of

making payroll payments accurately effectively securely and on time during this webinar we’ll stroll you through the international benefits and drawbacks of a payroll wallet versus a payroll savings account how companies accurately anticipate 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 adequate in one nation but when you’re doing it worldwide it’s next level and Beyond it becomes complex for a variety of factors most notably guidelines compliance information security and banking rules then there are the sheer numbers they include further complexity 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 individuals that number is currently 500 million just for for a scale then consider that there are some 230 million organizations and growing all doing their own thing all over the world in the traditional payroll design there’s frequently a frustrating number of various systems causing time-consuming manual procedures and silos the variety of Integrations could be non-existent in large quantities and or really very standard there’s no real consistency structure we’re residing 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 which just blows my mind every time I I believe

about it to give you a concept of how far there still is to come according to Deloitte just 11 of companies state they have Workforce data in real time that’s another number that provides me sleepless nights and rather frankly the more an organization spends on international payroll the less of an image they see a lack of presence also extends to payroll payments and failure to accurately track these payments can lead to compliance incidents in the last mile of the transaction nearly half of worldwide services have expressed that they do not have the level of standardization they need in their procedures or desire and as a result eighty percent of errors are because of time reporting bad HCM information data entry mistakes improperly interacted hires and terminations in addition to lack management and system configurations and after that when you round it all off and the data is delivered to the wrong location the typical expense of an international data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money all over the world payroll and payments don’t run efficiently if they rely on the essential several procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the difficulties company face when they’re paying to employees or otherwise that’s an excellent concern I constantly throw this back and state what is it what doesn’t require to be included best and what does

it require to be considered 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 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 wherever you look ideal ultimately constructing a knowledge base is definitely critical but everywhere you look with payroll payment they are like very 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 believe there’s now a bit more acknowledgment that payroll payments are absolutely fundamental and technology is permitting us to type of move forward with that it also as well to add to that payroll and financing need to work closer together um with differing Savings account Details varying banking requirements and setup procedures is definitely crucial that payroll and finance groups work more detailed together than ever um I’m always amazed when individuals say I have actually divided payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t work in the payroll profession would they divide the payroll payment from computation 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 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 however likewise paying statutory authorities and on statutory 3rd parties so with the

world we live in and well-being being a growing number of important to add to type of the level of intricacy there’s more and more benefits being organ or being provided by services across the world so again you’re simply wanting to add increasingly more payments to this currently intricate landscape so if you kind of got any experience well I’m from your huge experience here and I’m sure however have you got any experience in kind of real obstacles or genuine tough type of pay uses to play to pay people I believe yeah I indicate over the last well yeah a number of decades I would absolutely say that the larger a service gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the task there are groups feeding details into the next function as it were that’s in fact handling the payment side of things however you understand in in my viewpoint and my experience that does not necessarily require to be the case you know long gone are the times where we require to develop extra handoffs at the same times that we operate in they simply make them more timely they make them less efficient and they don’t make them what they require to be in in a period of tech and an era that you know that we are operating in today there is no reason that we are still making this as tough as it requires to be agreed and rightly as you said payroll is the single greatest liability that any service has from a cost perspective from an impact viewpoint on employees it is definitely critical 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 detrimental impact on individuals’s wellness and numerous other elements if individuals aren’t paid uh I have actually always been astonished coming into this Market type of the last five to ten years is how little thanks the

payroll group get um so I’m unsure anyone on this kind of webinar has been told thank you for processing my payroll properly if you have it ‘d be terrific to hear your success story and whether that’s been from all employees or not um however eventually payroll is such a crucial cycle all of us find out about it when it goes wrong everybody jumps up and down when it fails but when it goes right it’s simply a tick box workout and I think 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 stuff is absolutely essential that all of this things is done properly so leveraging the very first Global Payments first payroll payment option is a great primary step um offering an end-to-end payroll solution for your employees worldwide once again I think is another huge um procedure again lining up and ensuring you have standardization Global processes all of those things are absolutely essential to success success of companies and minimizing the number of tools platforms and checking account they require for their Worldwide payroll too couldn’t agree with you more and on the the front in regards to of the thank yous for getting payroll done I have actually 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 haven’t gone rather where they’re indicated to be um I do not believe any of us are actually doing that for for the thanks

anyway we know how how crucial 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 simple as possible for everybody that’s associated with those procedures and also so think of sorry I’m just I was just gon na say imagine the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I make sure we’re talking about numerous thousands potentially Millions think of getting that numerous thank you notes um I indicate it ‘d be interesting to see the number of Post-it notes you got but it would absolutely be an intriguing task trying to clean up all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to browse them and really see what was going on and sort of try to get back to everyone so proceeding look why do business pick to primary different savings account there are Papaya Global Employment Allowance Incorrect companies out there doing exactly this for specific countries and I have actually worked in a service or lots of businesses doing exactly that I can state it does not constantly feel effective and it does create more work I understand we’re not purposely doing that we’re not producing extra work for anyone where we don’t need to and anybody that’s handling that procedure I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the quantity that we are I think numerous factors one is it’s the requirement I think individuals have actually got so utilized to we require a new savings account we open an entity and rightly so you require it for payroll purposes but there are a variety of markets where it’s not a requirement so I believe it’s simply been the standard and the norm individuals have actually adopted and continue to do over years and years passed by to contribute to that individuals have looked at things like trust accounts and numerous other ways um to to sort of do it so I think there’s a variety I think this is a process that requires looking at it needs altering but eventually individuals are very stuck with what they’re familiar

with best um modification is a tough thing all of us don’t like modification um so I believe 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 stuff um I comprehend undoubtedly the benefits of having keeping multiple bank accounts but there’s a big amount of intricacy goes with establishing a checking account preserving it ensuring it can send out International transfers ensuring it’s established with the ideal user accesses for specific individuals so the intricacy is substantial but I believe the truthful response is change um individuals haven’t had the ability to change or haven’t had always the knowledge to really make that change into alternate Solutions aside from opening a savings account I believe you’ve struck the nail on the head I believe it is understanding you understand and there is a component of resistance to alter however we’ve constantly done it that way is no real reason for not looking at the the benefits and the possibilities of proceeding and moving into you know what might nearly be figured out to be the next Century or two there is a lot to keep an eye on and this method does position numerous challenges um so Johnny might you tell us about those difficulties yeah naturally so there’s a variety 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’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide workers you are worthy of a corner office with a closer parking space because I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Employment Allowance Incorrect