Papaya Global Help Guide FAQ – Payroll Management 2024

Over the last five or 6 years …Papaya Global Help Guide… roles on the supplier side and likewise on the vendor side from a payroll point of view so really eagerly anticipating this discussion today um and yeah thank you quite for your time everybody all right thanks Johnny uh we’ll simply provide everyone another number of uh well among the 30 seconds approximately to join all of us work back to back nowadays so we’ll sort of let them do that so it ‘d be rather fascinating and I can see it going on already simply to hear where everyone is um it’s nice to to kind of like see where everybody comes from and I truly 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 really dreary and I want I was somewhere else at this moment in time fine so let’s get started our program for today is as follows um we are going to be looking at the obstacle years of handling Global payroll why business keep different

savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts improving papaya International payroll payments as a tactical 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 recommends payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces become more and more typical and handling them becomes a growing number of complicated Global companies are looking to discover Solutions and new ways to simplify procedures specifically from a payroll and cross-border payment viewpoint lots of organizations preserve separate bank account just for payroll while some have numerous accounts in various nations does it make good sense for business to preserve separate checking account in some cases in different nations it does but just for payroll exists a better way what function do virtual accounts and digital wallets also called virtual wallets play in assisting multinational companies improve the episode complex processes of

Making sure accurate, effective, and timely payroll payments is a complex difficulty for organizations running globally. Join us for a webinar to check out the benefits and drawbacks of payroll wallets versus payroll bank accounts, learn how business forecast payroll expenses to enhance working capital, and find how streamlining global payroll payments can transform them from a troublesome job into a strategic possession.

Handling payroll internationally is a complicated job due to different policies, compliance requirements, information security concerns, and banking rules. The sheer variety of employees and organizations adds to the intricacy, with an estimated 3.5 billion individuals in the worldwide workforce, 500 million of whom are in Africa, and 230 million organizations worldwide.

Standard payroll systems frequently result in manual procedures, information silos, and a lack of integration, resulting in inconsistencies and ineffectiveness. Regardless of living in an age of technological developments, payroll management has actually been slow to adapt, with as much as 25% of payroll still processed by hand, often utilizing pen and paper. This webinar objectives to supply insights and options to streamline and optimize international payroll payments.

about it to offer you an idea of how far there still is to come according to Deloitte just 11 of services state they have Labor force data in real time that’s another number that provides me sleepless nights and rather honestly the more a service invests in worldwide payroll the less of an image they see an absence of visibility also reaches payroll payments and inability to properly track these payments can result in compliance accidents in the last mile of the deal nearly half of global companies have actually expressed that they don’t have the level of standardization they need in their processes or desire and as a result eighty percent of mistakes are because of time reporting poor HCM information data entry errors inadequately communicated hires and terminations as well as lack management and system configurations and then when you round everything off and the data is delivered to the wrong place the typical expense of an international data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money worldwide payroll and payments don’t run smoothly if they rely on the needed 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 service face when they’re making payments to employees or otherwise that’s a good question I constantly toss this back and state what is it what does not need to be consisted of right and what does

it require to be thought of there’s varying 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 capabilities so can you pay it from International or do you need to pay from an in-country account do you have to pay from the customer’s own in-country account so there’s intricacy any place you look best ultimately building a knowledge base is definitely important however all over you look with payroll payment they are like incredibly payments no if however some children 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 allowing 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 Particulars differing banking requirements and setup processes is definitely important that payroll and finance groups work more detailed together than ever um I’m always amazed when people say I have actually divided 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 an industry 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 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 well-being being a growing number of essential to contribute to kind of the level of intricacy there’s increasingly more benefits being organ or being used by services throughout the world so again you’re just looking to include more and 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 make sure however have you got any experience in kind of genuine obstacles or real tough type of pay utilizes to play to pay people I think yeah I suggest over the last well yeah a number of decades I would certainly state that the larger an organization 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 teams feeding information into the next function as it were that’s in fact managing the payment side of things but you know in in my viewpoint and my experience that does not necessarily need to be the case you understand long gone are the times where we require to develop additional handoffs in the processes that we run in they just make them more timely they make them less effective and they do not 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 most significant liability that any organization has from an expense perspective from an impact viewpoint on staff members it is definitely crucial that it’s done properly and on time so what we imply by that is not a day before not a day after on pay day and payments need to be done right it has the greatest detrimental result on individuals’s wellness and many other factors if individuals aren’t paid uh I have actually constantly been astonished coming into this Market kind of the last five to ten years is how little thanks the

The payroll team may not have been thanked for properly processing payroll throughout a webinar. If anyone has actually been thanked, it would be excellent to hear their success story, whether it’s from all employees or not. Payroll is an essential cycle, and people just notice when things go wrong. However, when things go right, it’s seen as simply a regular task. This is how it’s viewed externally also. For that reason, it is necessary to make sure that tasks like Wi-Fi Worldwide and other essential matters are done properly. Utilizing the first Global Payments very first payroll payment solution is an excellent preliminary action towards supplying a detailed payroll service for employees worldwide. Standardization, worldwide processes, and minimizing the number of tools, platforms, and bank accounts needed for worldwide payroll are crucial consider accomplishing service success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do periodically get a few grievances when things do not go as prepared. Ultimately, we don’t do it for the thankfulness.

anyhow we know how how important 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 involved in those procedures and also so picture sorry I’m just I was just gon na state picture the amount of thanks you got if you might cover the amount of individuals that we cover within this webinar I’m sure we’re talking about hundreds of thousands possibly Millions imagine getting that many thank you notes um I imply it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be a fascinating task attempting to clean up all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to look through them and in fact see what was going on and sort of try to get back to everyone so carrying on appearance why do business choose to primary different checking account there are Papaya Global Help Guide companies out there doing exactly this for specific countries and I have actually worked in a business or lots of companies doing precisely 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 producing additional work for anybody where we do not need to and anyone that’s managing that procedure I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the quantity that we are I believe lots of reasons one is it’s the standard I believe people have actually got so used to we require a new checking account we open an entity and rightly so you need it for payroll functions however there are a number of markets where it’s not a requirement so I believe it’s simply been the standard and the norm individuals have embraced and continue to do over years and years gone past to add to that people have actually taken a look at things like trust accounts and many other methods um to to kind of do it so I think there’s a variety I think this is a procedure that needs taking a look at it needs changing however ultimately individuals are extremely stuck with what they’re familiar

with right um modification is a hard thing all of us do not like modification um so I believe it’s simply type of moving away from the norm as we have actually said so yeah so it keeps a great deal of track of things um I understand obviously the advantages of having preserving numerous checking account however there’s a huge quantity of intricacy goes with establishing a savings account preserving it guaranteeing it can send International transfers ensuring it’s established with the best user accesses for private people so the complexity is huge however I think the truthful response is change um people have not been able to change or have not had necessarily the understanding to actually make that change into alternate Solutions aside from opening a checking account I think you’ve struck the nail on the head I believe it is understanding you know and there is an element of resistance to change however we have actually always done it that way is no genuine reason for not taking a look at the the advantages and the possibilities of moving on and moving into you understand what might almost be figured out to be the next Century or two there is a lot to monitor and this technique does present several 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 changed 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 employees 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 Help Guide