Papaya Global Full Service FAQ – Payroll Management 2024

Over the last 5 or six years …Papaya Global Full Service… roles on the provider side and also on the supplier side from a payroll viewpoint so actually looking forward to this conversation today um and yeah thank you very much for your time everyone alright thanks Johnny uh we’ll just give everyone another number of uh well one of the 30 seconds or two to join all of us work back to back nowadays so we’ll sort of let them do that so it ‘d be rather 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 actually 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 very very bleak and I wish 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 challenge years of managing Global payroll why companies preserve different

Virtual payroll accounts are an alternative to standard savings account for handling payroll payments. This is particularly helpful for international companies with dispersed and remote labor forces, as it streamlines the intricate procedure of cross-border payments. Instead of keeping different savings account for payroll in various countries, virtual accounts and digital wallets use a more structured solution. In this webinar, we will explore the benefits of using virtual payroll accounts and talk about why they are ending up being a tactical property for payroll executives. We will likewise supply a recap of the bottom lines covered and leave time for a Q&A session at the end.

making payroll payments accurately effectively securely and on time throughout this webinar we’ll walk you through the worldwide 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 improving International payroll payments can turn them from a siled pane into a strategic asset so payroll can be difficult in enough in one nation but when you’re doing it internationally it’s next level and Beyond it ends up being complex for a range of reasons most notably guidelines compliance data security and banking guidelines then there are the large numbers they add further complexity the international Workforce is currently three and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and more 1.1 billion people that number is currently 500 million just for for a scale then consider that there are some 230 million companies and growing all doing their own thing worldwide in the traditional payroll model there’s typically a frustrating variety of different systems resulting in time-consuming manual processes and silos the variety of Integrations could be non-existent in big quantities and or really extremely fundamental there’s no genuine consistency framework we’re living in an era of tech but 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 every time I I believe

about it to give you a concept of how far there still is to come according to Deloitte only 11 of services state they have Workforce information in real time that’s another number that offers me sleepless nights and quite frankly the more a business invests in international payroll the less of a picture they see a lack of presence also extends to payroll payments and inability to precisely track these payments can result in compliance mishaps in the last mile of the transaction almost half of worldwide services have expressed that they don’t have the level of standardization they need in their processes or want and as a result eighty percent of mistakes are because of time reporting poor HCM data data entry errors improperly communicated hires and terminations in addition to absence management and system setups and after that when you round it all off and the data is shipped to the wrong place the typical cost of a global information 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 do not run efficiently if they rely on the necessary several processes 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 challenges organization face when they’re making payments to staff members or otherwise that’s a good concern I always throw this back and state what is it what doesn’t need to be included ideal and what does

it require to be thought of there’s differing Bank information 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 capabilities 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 right eventually building a knowledge base is absolutely vital but all over you look with payroll payment they are like super payments no if but some children about it you are all superheroes processing payments for payroll if you take a look at the kind 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 definitely fundamental and innovation is permitting us to type of move on with that it likewise too to add to that payroll and finance require to work closer together um with differing Savings account Particulars differing banking requirements and setup procedures is definitely necessary that payroll and financing groups work more detailed together than ever um I’m constantly amazed when people state I have actually split payroll and payment um if you walk down the street and asked anyone what is payroll who does not operate in the payroll occupation 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 often split and cut up um ultimately it’s payroll is an end-to-end procedure 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 reside in and well-being being increasingly more essential to contribute to kind of the level of intricacy there’s more and more advantages being organ or being used by services across the world so again you’re just wanting to add more and more 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 certain however have you got any experience in kind of genuine obstacles or real tough kind of pay uses to play to pay individuals I believe yeah I suggest over the last well yeah a couple of years 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 teams doing one part of the task there are groups feeding information into the next function as it were that’s really managing the payment side of things however you know in in my opinion and my experience that does not necessarily require to be the case you know long gone are the times where we require to develop additional handoffs in the processes that we run in they simply make them more prompt they make them less effective and they don’t make them what they need to be in in an era of tech and an era that you understand 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 rightly as you said payroll is the single greatest liability that any company has from a cost perspective from an effect viewpoint on workers it is absolutely critical that it’s done correctly and on time so what we mean by that is not a day before not a day after on pay day and payments have to be done right it has the greatest detrimental impact on individuals’s well-being and numerous other aspects if people aren’t paid uh I’ve constantly been impressed coming into this Market type of the last five to ten years is how little thanks the

payroll team get um so I’m unsure anyone on this kind of webinar has been told thank you for processing my payroll correctly if you have it ‘d be great to hear your success story and whether that’s been from all employees or not um but ultimately payroll is such an essential cycle we all hear about it when it fails everyone jumps up and down when it fails but when it goes right it’s simply a tick box workout and I believe that’s how it’s seen from the external view 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 properly so leveraging the first Global Payments first payroll payment service is a terrific initial step um offering an end-to-end payroll option for your employees internationally again I think is another substantial um procedure once again lining up and ensuring you have standardization International processes all of those things are absolutely key to success success of businesses and reducing the variety of tools platforms and savings account they need for their International 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 ever 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 grievances where things haven’t gone rather where they’re implied to be um I don’t believe any of us are actually doing that for for the thanks

anyhow we know how how crucial a role 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 everybody that’s associated with those processes and also so envision sorry I’m just I was simply gon na state imagine the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I’m sure we’re speaking about hundreds of thousands potentially Millions picture getting that numerous thank you keeps in mind um I indicate it ‘d be interesting to see how many Post-it notes you got but it would certainly be a fascinating job attempting to clean up all those up for sure oh definitely 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 actually see what was going on and kind of shot to return to everybody so carrying on appearance why do companies select to main different savings account there are Papaya Global Full Service organizations out there doing exactly this for particular nations and I’ve operated in a company or lots of businesses doing precisely that I can state it doesn’t always feel effective and it does develop more work I understand we’re not deliberately doing that we’re not creating additional work for anybody where we don’t need to and any person that’s dealing with that process 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 believe many factors one is it’s the requirement I think individuals have actually got so utilized to we need a new checking account we open an entity and rightly so you need it for payroll functions 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 the people have embraced and continue to do over years and years passed by to add to that individuals have actually taken a look at things like trust accounts and lots of other methods um to to kind of do it so I believe there’s a variety I believe this is a process that requires taking a look at it needs altering however eventually people are really stuck to what they recognize

with best um change is a tough thing all of us don’t like change um so I think it’s simply type of moving away from the norm as we’ve said so yeah so it keeps a lot of track of things um I understand undoubtedly the benefits of having keeping several checking account but there’s a huge amount of intricacy chooses establishing a checking account preserving it ensuring it can send out International transfers guaranteeing it’s set up with the ideal user accesses for individual people so the intricacy is big but I think the sincere response is modification um individuals have not been able to change or have not had always the knowledge to actually make that change into alternate Solutions aside from opening a bank account I think you have actually hit the nail on the head I think it is knowledge you understand and there is an aspect of resistance to alter however we have actually always done it that way is no real excuse for not taking a look at the the benefits and the possibilities of carrying on and moving into you understand what could nearly be identified to be the next Century or two there is a lot to keep track of and this technique does present numerous difficulties um so Johnny could you tell us about those difficulties yeah of course so there’s a range 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 jobs 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 workers worldwide. Your commitment to mastering international payroll and payments using Papaya payroll OS is good. You deserve a corner workplace with a parking space that is better, considering your achievements. Papaya Global Full Service