Papaya Global Letmein FAQ – Payroll Management 2024

Over the last five or six years …Papaya Global Letmein… functions on the provider side and likewise on the vendor side from a payroll point of view so truly anticipating this conversation today um and yeah thank you very much for your time everybody all right thanks Johnny uh we’ll simply provide everybody another couple of uh well among 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 intriguing and I can see it going on currently just to hear where everyone is um it’s nice to to sort of like see where everyone originates from and I really 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 drizzling here it’s really really uninspiring 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 looking at the difficulty years of handling Global payroll why companies preserve separate

bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts enhancing papaya International payroll payments as a strategic property uh we’ll likewise discuss a recap and that needs to leave his time at the extremely really 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 Worldwide labor forces end up being more and more common and handling them becomes a growing number of complicated Global organizations are looking to find Solutions and new ways to improve procedures particularly from a payroll and cross-border payment perspective lots of companies maintain different checking account just for payroll while some have multiple accounts in various countries does it make good sense for business to preserve different checking account sometimes in different nations it does however just for payroll exists a better way what role do virtual accounts and digital wallets likewise known as virtual wallets play in helping international business streamline the episode complex procedures of

making payroll payments accurately effectively firmly and on time throughout this webinar we’ll walk you through the international benefits and drawbacks of a payroll wallet versus a payroll savings account how business properly anticipate their payroll costs to increase working capital and how streamlining International payroll payments can turn them from a siled pane into a strategic possession so payroll can be difficult in enough in one country however when you’re doing it worldwide it’s next level and Beyond it becomes intricate for a range of factors most significantly regulations compliance data security and banking rules then there are the large numbers they add additional intricacy the global Labor force is presently 3 and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and further 1.1 billion individuals that number is currently 500 million just for for a scale then factor in that there are some 230 million companies and growing all doing their own thing all over the world in the conventional payroll design there’s typically an overwhelming number of various systems leading to time-consuming manual processes and silos the number of Combinations could be non-existent in large amounts and or very very standard there’s no genuine consistency structure we’re residing in a period of tech however payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper and that just blows my mind whenever I I think

about it to offer you an idea of how far there still is to come according to Deloitte just 11 of services say they have Workforce data in real time that’s another number that offers me sleepless nights and rather honestly the more an organization invests in worldwide payroll the less of an image they see a lack of exposure likewise encompasses payroll payments and failure to properly track these payments can cause compliance mishaps in the last mile of the transaction almost half of worldwide organizations 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 information entry mistakes badly interacted hires and terminations along with absence management and system configurations and after that when you round it all off and the information is shipped to the incorrect place the typical cost of a global data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money around the world payroll and payments do not run smoothly if they rely on the required numerous processes systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the difficulties service face when they’re making payments to staff members or otherwise that’s a good concern I constantly throw this back and say what is it what does not require to be included right and what does

it need to be thought of there’s differing Bank details so the length of an eye band a swift an account number routing code per country there’s payment time frames there’s payment abilities so can you pay it from International or do you have to pay from an in-country account do you need to pay from the consumer’s own in-country account so there’s intricacy anywhere you look best eventually developing a knowledge base is definitely crucial however everywhere you look with payroll payment they are like incredibly payments no if but some babies about it you are all superheroes processing payments for payroll if you look at the type 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 basic and technology is enabling us to sort of progress with that it likewise also to contribute to that payroll and finance require to work closer together um with varying Checking account Particulars varying banking requirements and setup procedures is definitely imperative that payroll and finance teams work closer together than ever um I’m constantly surprised when individuals state I’ve split payroll and payment um if you walk 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 an industry accept that why our payroll and payments so frequently split and cut up um ultimately it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying individuals wherever they are but also paying statutory authorities and on statutory third parties so with the

world we live in and well-being being more and more important to add to type of the level of complexity there’s more and more advantages being organ or being offered by organizations throughout the world so once again you’re just looking 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 but have you got any experience in kind of genuine obstacles or real difficult type of pay uses to play to pay individuals I believe yeah I indicate over the last well yeah a number of years I would definitely state that the bigger an organization gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the job there are teams feeding info into the next function as it were that’s really managing the payment side of things but you understand in in my opinion and my experience that does not always need to be the case you understand long gone are the times where we need to create extra handoffs at the same times that we run in they simply make them more prompt they make them less effective and they don’t make them what they require to be in in a period of tech and an age that you know that we are operating in today there is no reason why we are still making this as difficult as it needs to be agreed and appropriately as you stated payroll is the single most significant liability that any company has from a cost viewpoint from an impact perspective on staff members it is definitely vital 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 most significant detrimental impact on people’s wellness and lots of other aspects if people aren’t paid uh I have actually always been amazed entering this Market type of the last 5 to 10 years is how little thanks the

payroll group get um so I’m unsure anybody on this type of webinar has actually 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 employees or not um but ultimately payroll is such a crucial cycle we all become aware of it when it goes wrong everyone jumps up and down when it goes wrong however when it goes right it’s just a tick box exercise and I think 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 stuff is absolutely important that all of this things is done correctly so leveraging the first International Payments first payroll payment service is an excellent primary step um supplying an end-to-end payroll solution for your staff members worldwide again I believe is another huge um process again lining up and ensuring you have standardization International processes all of those things are absolutely key to success success of businesses and minimizing the number of tools platforms and savings account they require for their International 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 countless them within a payroll cycle do not anticipate to you do get the odd five or 10 or whatever it might be with the with the the grievances where things haven’t gone quite where they’re indicated to be um I do not think any of us are actually doing that for for the thanks

anyhow 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 imagine sorry I’m simply I was just gon na say think of the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I make sure we’re discussing numerous thousands potentially Millions think of 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 certainly be an interesting task trying to clean 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 try to browse them and really see what was going on and kind of shot to return to everybody so carrying on appearance why do business select to main different checking account there are Papaya Global Letmein businesses out there doing exactly this for specific countries and I’ve worked in a company or numerous businesses doing exactly that I can state it doesn’t constantly feel efficient and it does develop more work I know we’re not deliberately doing that we’re not developing extra work for anybody where we don’t 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 amount that we are I think numerous factors one is it’s the requirement I believe individuals have actually got so used to we require a brand-new bank account we open an entity and rightly so you require it for payroll functions however there are a number of markets where it’s not a requirement so I think it’s just been the standard and the standard the people have embraced and continue to do over years and years passed by to contribute to that people have actually taken a look at things like trust accounts and many other methods um to to type of do it so I think there’s a range I believe this is a process that needs taking a look at it requires changing but ultimately individuals are extremely stuck to what they recognize

with right um modification is a difficult thing all of us do not like modification um so I believe it’s just kind of moving far from the standard as we have actually said so yeah so it keeps a lot of track of things um I understand certainly the benefits of having preserving multiple savings account however there’s a huge quantity of complexity opts for setting up a savings account keeping it guaranteeing it can send out International transfers ensuring it’s established with the right user accesses for private individuals so the intricacy is huge but I think the truthful response is modification um people haven’t had the ability to change or haven’t had necessarily the understanding to really make that change into alternate Solutions besides opening a savings account I believe you’ve struck the nail on the head I think it is understanding you know and there is an element of resistance to change however we’ve always done it that way is no real excuse for not taking a look at the the advantages and the possibilities of proceeding and moving into you know what could almost be determined to be the next Century or two there is a lot to keep track of and this technique does posture a number of obstacles um so Johnny might you inform us about those difficulties yeah naturally so there’s a range right there is so

I recently made a change to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It feels like our CFO has actually acquired another CFO, and with this boosted capability, I have actually effectively protected payments for our 10,000 staff members worldwide. Your devotion to mastering international payroll and payments utilizing Papaya payroll OS is commendable. You should have a corner office with a parking space that is closer, considering your achievements. Papaya Global Letmein