Papaya Global Log4J FAQ – Payroll Management 2024

Over the last five or six years …Papaya Global Log4J… functions on the supplier side and likewise on the vendor side from a payroll point of view so actually anticipating this conversation today um and yeah thank you quite for your time everyone alright thanks Johnny uh we’ll simply provide everybody another number of uh well one of the 30 seconds or two to join all of us work back to back these days so we’ll sort of let them do that so it ‘d be quite interesting and I can see it going on currently just to hear where everyone is um it’s nice to to type of like see where everyone originates 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 really very dreary and I want I was elsewhere at this moment in time fine so let’s get going our agenda for today is as follows um we are going to be taking a look at the obstacle years of handling International payroll why business preserve different

Virtual payroll accounts are an option to conventional checking account for handling payroll payments. This is especially useful for international organizations with dispersed and remote workforces, as it simplifies the complex process of cross-border payments. Instead of preserving separate bank accounts for payroll in various nations, virtual accounts and digital wallets use a more structured service. In this webinar, we will check out the benefits of using virtual payroll accounts and discuss why they are becoming a tactical property for payroll executives. We will likewise offer a recap of the main points covered and leave time for a Q&A session at the end.

making payroll payments precisely 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 business accurately forecast their payroll expenses to increase working capital and how simplifying Worldwide payroll payments can turn them from a siled pane into a strategic asset so payroll can be tough in sufficient in one nation but when you’re doing it internationally it’s next level and Beyond it ends up being complicated for a range of reasons most significantly regulations compliance data security and banking rules then there are the sheer numbers they include further complexity the international Labor force is currently three and a half billion people by 2030 it’s estimated 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 factor in that there are some 230 million organizations and growing all doing their own thing worldwide in the traditional payroll model there’s typically a frustrating number of various systems resulting in time-consuming manual processes and silos the variety of Combinations could be non-existent in big quantities and or extremely very standard there’s no real consistency structure we’re residing in a period 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 typically with pen and paper which just blows my mind whenever I I believe

about it to offer you a concept of how far there still is to come according to Deloitte only 11 of services state they have Labor force information in real time that’s another number that provides me sleep deprived nights and rather frankly the more a business spends on international payroll the less of a photo they see a lack of exposure likewise extends to payroll payments and failure to precisely track these payments can cause compliance mishaps in the last mile of the deal almost half of worldwide organizations have 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 because of time reporting bad HCM information information entry mistakes badly interacted hires and terminations in addition to absence management and system configurations and then when you round everything off and the information is shipped to the incorrect location the typical cost of an international data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money around the globe payroll and payments don’t run smoothly if they count on the essential several processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the difficulties company face when they’re making payments to workers or otherwise that’s a good question I always toss this back and state what is it what doesn’t require to be consisted of right and what does

it require to be thought about there’s varying 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 need to pay from an in-country account do you have to pay from the customer’s own in-country account so there’s complexity any place you look best ultimately building a knowledge base is definitely crucial however everywhere you look with payroll payment they resemble super payments no if however some babies about it you are all superheroes processing payments for payroll if you look at the sort of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are absolutely essential and innovation is allowing us to type of progress with that it likewise also to add to that payroll and finance require to work closer together um with differing Savings account Details varying banking requirements and setup processes is definitely important that payroll and finance teams work better together than ever um I’m constantly 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 doesn’t work in the payroll occupation would they divide the payroll payment from estimation I would say no so why do we as a market accept that why our payroll and payments so typically 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 people wherever they are however likewise paying statutory authorities and on statutory third parties so with the

world we reside in and well-being being a growing number of crucial to contribute to kind of the level of intricacy there’s a growing number of advantages being organ or being used by services across the world so again you’re simply wanting to add increasingly more payments to this already intricate landscape so if you sort 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 genuine obstacles or genuine tough type of pay utilizes to play to pay people I think yeah I indicate over the last well yeah a couple of decades I would certainly state that the larger a company gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the task there are teams feeding details into the next function as it were that’s really handling the payment side of things but you understand in in my viewpoint and my experience that doesn’t always need to be the case you understand long gone are the times where we need to develop additional handoffs while doing sos that we operate in they just make them more timely they make them less effective and they don’t make them what they require to be in in an era of tech and an age 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 concurred and appropriately as you stated payroll is the single most significant liability that any business has from an expense viewpoint from an impact perspective on staff members it is definitely important 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 damaging effect on individuals’s well-being and numerous other factors if individuals aren’t paid uh I have actually constantly been surprised entering this Market sort of the last five to 10 years is how little thanks the

payroll group get um so I’m uncertain anybody on this sort of webinar has actually been told thank you for processing my payroll correctly if you have it ‘d be terrific to hear your success story and whether that’s been from all employees or not um however ultimately payroll is such an important cycle we all become aware of it when it fails everybody jumps up and down when it goes wrong but when it goes right it’s just a tick box exercise and I believe that’s how it’s seen from the external deem well um so yeah it’s likewise like why WI-Fi Global why all of this things is definitely crucial that all of this stuff is done correctly so leveraging the first International Payments first payroll payment option is an excellent initial step um offering an end-to-end payroll option for your workers internationally again I believe is another huge um process once again aligning and guaranteeing you have standardization Worldwide processes all of those things are absolutely crucial to success success of businesses and reducing the variety of tools platforms and checking 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 thousand of them within a payroll cycle do not anticipate to you do get the odd five or ten or whatever it might be with the with the the grievances where things have not gone quite where they’re meant to be um I don’t believe any of us are actually doing that for for the thanks

anyway 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 simple as possible for everybody that’s involved in those procedures and likewise so think of sorry I’m just I was just gon na say think of the amount of thanks you got if you might cover the amount of people that we cover within this webinar I’m sure we’re speaking about hundreds of thousands possibly Millions imagine getting that many thank you keeps in mind um I imply it ‘d be interesting to see how many Post-it notes you got but it would certainly be an intriguing job trying to clean 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 attempt to browse them and really see what was going on and kind of shot to return to everybody so carrying on look why do companies select to primary separate checking account there are Papaya Global Log4J companies out there doing exactly this for specific countries and I have actually operated in an organization or lots of organizations doing precisely that I can say it doesn’t constantly feel efficient and it does produce more work I understand we’re not deliberately doing that we’re not producing additional work for anybody where we do not need to and any person that’s handling that process I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the amount that we are I think many reasons one is it’s the standard I think people have got so used to we require a brand-new bank account we open an entity and rightly so you require it for payroll functions but there are a variety of markets where it’s not a requirement so I think it’s just been the standard and the norm individuals have embraced and continue to do over years and years gone past to contribute 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 think there’s a variety I think this is a procedure that needs looking at it needs changing however ultimately people are extremely stuck to what they’re familiar

with best um modification is a difficult thing we all do not like modification um so I believe it’s just 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 advantages of having keeping multiple checking account however there’s a big amount of complexity goes with setting up a savings account maintaining it guaranteeing it can send out International transfers ensuring it’s established with the ideal user accesses for private people so the complexity is huge but I believe the truthful answer is modification um people have not had the ability to change or have not had always the knowledge to really make that change into alternate Solutions aside from opening a checking account I believe you have actually struck the nail on the head I think it is knowledge you know and there is an aspect of resistance to change however we have actually constantly done it that way is no real reason for not looking at the the advantages and the possibilities of moving on and moving into you understand what could practically be determined to be the next Century or so there is a lot to monitor and this approach does pose a number of difficulties um so Johnny could you inform us about those challenges yeah of course so there’s a variety right there is so

I simply 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 Global employees you should have a corner office with a closer parking space since I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Log4J