Papaya Global In Easy Ste FAQ – Payroll Management 2024

Over the last five or 6 years …Papaya Global In Easy Ste… functions on the provider side and also on the vendor side from a payroll perspective so actually anticipating this discussion today um and yeah thank you very much for your time everyone fine thanks Johnny uh we’ll just give everyone another couple of uh well one of the 30 seconds or two to join we all work back to back nowadays so we’ll sort of let them do that so it ‘d be quite fascinating and I can see it going on currently just to hear where everybody is um it’s nice to to sort of like see where everybody comes from and I actually do hope it’s much sunnier than it is 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 extremely bleak and I wish I was elsewhere at this moment in time okay so let’s get going our program for today is as follows um we are going to be looking at the challenge years of managing International payroll why business maintain separate

Virtual payroll accounts are an option to standard savings account for handling payroll payments. This is especially helpful for global companies with dispersed and remote workforces, as it streamlines the intricate procedure of cross-border payments. Instead of maintaining separate bank accounts for payroll in various nations, virtual accounts and digital wallets use a more structured option. In this webinar, we will explore the benefits of using virtual payroll accounts and discuss why they are becoming a strategic property for payroll executives. We will also provide a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.

making payroll payments precisely efficiently firmly and on time during this webinar we’ll walk you through the global pros and cons of a payroll wallet versus a payroll bank account how business precisely forecast their payroll costs to increase working capital and how improving Global payroll payments can turn them from a siled pane into a tactical property so payroll can be tough in sufficient in one nation however when you’re doing it internationally it’s next level and Beyond it ends up being complex for a range of factors most importantly policies compliance data security and banking guidelines then there are the sheer numbers they include more intricacy the global Labor force is currently three and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and further 1.1 billion individuals that number is presently 500 million just for for a scale then factor in that there are some 230 million businesses and growing all doing their own thing worldwide in the standard payroll model there’s frequently a frustrating number of various systems resulting in lengthy manual processes and silos the variety of Integrations could be non-existent in large quantities and or very really fundamental there’s no genuine consistency structure we’re living in an age of tech but payroll has actually been sluggish to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper and that simply blows my mind every time I I believe

about it to offer you a concept of how far there still is to come according to Deloitte only 11 of companies say they have Labor force information in real time that’s another number that gives me sleep deprived nights and rather honestly the more a company invests in international payroll the less of an image they see a lack of visibility likewise encompasses payroll payments and failure to accurately track these payments can lead to compliance incidents in the last mile of the deal nearly half of international businesses have actually expressed that they do not have the level of standardization they require in their processes or want and as a result eighty percent of mistakes are due to time reporting bad HCM data information entry mistakes poorly interacted hires and terminations in addition to absence management and system setups and then when you round all of it off and the data is shipped to the wrong place the typical expense of a global information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash around the world payroll and payments don’t run efficiently if they count on the necessary numerous processes systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the obstacles service face when they’re making payments to employees or otherwise that’s an excellent question I constantly toss this back and state what is it what does not need to be included ideal and what does

it require to be considered there’s differing 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 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 complexity anywhere you look right ultimately building a knowledge base is definitely important however all over you look with payroll payment they resemble incredibly payments no if but some infants about it you are all superheroes processing payments for payroll if you look at the sort of link between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are definitely fundamental and innovation is enabling us to sort of move forward with that it also too to add to that payroll and finance require to work closer together um with differing Savings account Particulars varying banking requirements and setup processes is definitely necessary that payroll and finance teams work closer together than ever um I’m always amazed when people say I’ve divided payroll and payment um if you stroll down the street and asked anyone what is payroll who does not work in the payroll occupation would they split 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 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

The modern world positions a high value on well-being and the settlement landscape is becoming significantly detailed. Companies are continually presenting new advantages and payment alternatives, which adds to the total intricacy. Big corporations frequently divide their payroll and payment processing into different groups, which can cause inefficiencies and bottlenecks. In my opinion, this does not need to hold true. In today’s highly advanced period, there’s no validation for keeping troublesome treatments. Payroll, the business’s greatest cost, need to be processed correctly and on time. Even slight hold-ups can adversely affect staff members’ well-being and have far-reaching repercussions. Therefore, it’s important to focus on precise and timely payments.

payroll group get um so I’m uncertain anybody on this sort of webinar has been informed 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 employees or not um but ultimately payroll is such an important cycle we all become aware of it when it fails everyone jumps up and down when it fails however when it goes right it’s simply a tick box exercise 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 definitely essential that all of this things is done properly so leveraging the first International Payments very first payroll payment service is a great initial step um offering an end-to-end payroll service for your staff members globally once again I think is another huge um procedure once again aligning and ensuring you have standardization Worldwide procedures all of those things are definitely key to success success of services and decreasing the number of tools platforms and bank accounts they need for their Global 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 don’t expect to you do get the odd five or ten or whatever it might be with the with the the problems where things have not gone rather where they’re suggested to be um I don’t think any of us are actually doing that for for the thanks

anyway we know how how essential 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 easy as possible for everybody that’s associated with those processes and also so think of sorry I’m simply I was just gon na state picture the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I make certain we’re talking about hundreds of thousands possibly Millions imagine getting that numerous thank you notes um I suggest it ‘d be interesting to see how many Post-it notes you got however it would absolutely be an interesting task attempting 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 check out them and actually see what was going on and kind of try to return to everybody so moving on look why do companies select to primary separate savings account there are Papaya Global In Easy Ste services out there doing exactly this for particular nations and I have actually operated in an organization or numerous businesses doing exactly that I can say it doesn’t constantly feel efficient 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 don’t have to and anybody that’s handling that process I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the amount that we are I think lots of factors one is it’s the standard I think people have actually got so utilized to we require a new bank 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 believe it’s simply been the requirement and the standard the people have adopted 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 ways um to to type of do it so I think there’s a variety I think this is a procedure that needs looking at it requires changing however ultimately people are very stuck with what they’re familiar

with ideal um change is a difficult thing we all 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 stuff um I comprehend clearly the benefits of having keeping multiple bank accounts but there’s a substantial quantity of complexity goes with establishing a bank account maintaining it ensuring it can send out International transfers guaranteeing it’s established with the right user accesses for individual people so the intricacy is big but I believe the sincere answer is modification um people haven’t had the ability to change or have not had always the understanding to actually make that change into alternate Solutions besides opening a checking account I think you’ve struck the nail on the head I think it is understanding you know and there is an aspect of resistance to change but we have actually 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 could almost be determined to be the next Century approximately there is a lot to keep track of and this method does present a number of challenges um so Johnny could you inform us about those difficulties yeah obviously so there’s a range right there is so

I simply did you changed our Business 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 Global staff members you deserve a corner workplace with a better parking space since I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global In Easy Ste