Papaya Global Online Pricing FAQ – Payroll Management 2024

Over the last five or six years …Papaya Global Online Pricing… roles on the service provider side and also on the supplier side from a payroll perspective so actually looking forward to this conversation today um and yeah thank you quite for your time everyone alright thanks Johnny uh we’ll just offer everyone another couple of uh well among the 30 seconds or so to join all of us work back to back these days so we’ll kind of let them do that so it ‘d be rather fascinating and I can see it going on already simply to hear where everybody is um it’s nice to to type 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 sunshine is it it’s not no it’s it’s raining here it’s very extremely bleak and I wish I was somewhere else at this moment in time fine so let’s begin our agenda for today is as follows um we are going to be looking at the challenge years of managing Global payroll why business keep separate

Virtual payroll accounts are an option to conventional bank accounts for handling payroll payments. This is particularly beneficial for worldwide organizations with dispersed and remote workforces, as it simplifies the complicated procedure of cross-border payments. Instead of keeping different savings account for payroll in various countries, virtual accounts and digital wallets use a more streamlined solution. In this webinar, we will check out the benefits of using virtual payroll accounts and go over why they are ending up being a tactical possession for payroll executives. We will also supply a recap of the main points covered and leave time for a Q&A session at the end.

making payroll payments precisely efficiently safely and on time during this webinar we’ll stroll you through the worldwide pros and cons of a payroll wallet versus a payroll checking account how companies precisely forecast their payroll costs to increase working capital and how simplifying International payroll payments can turn them from a siled pane into a strategic property so payroll can be hard in enough in one country but when you’re doing it internationally it’s next level and Beyond it becomes intricate for a range of reasons most significantly policies compliance information security and banking guidelines then there are the sheer numbers they include additional intricacy the global Labor force is currently three and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and further 1.1 billion people that number is currently 500 million just for for a scale then consider that there are some 230 million services and growing all doing their own thing around the world in the traditional payroll model there’s typically an overwhelming number of various systems resulting in time-consuming manual processes and silos the variety of Combinations could be non-existent in large amounts and or very extremely standard there’s no real consistency framework we’re living in an era of tech however 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 simply 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 businesses say they have Workforce information in real time that’s another number that gives me sleepless nights and rather honestly the more a business spends on worldwide payroll the less of an image they see an absence of presence also extends to payroll payments and inability to accurately track these payments can lead to compliance incidents in the last mile of the deal almost half of international businesses have expressed that they don’t have the level of standardization they require in their procedures or want and as a result eighty percent of errors are due to time reporting poor HCM data information entry mistakes poorly interacted hires and terminations as well as lack management and system configurations and after that when you round all of it off and the data is shipped to the wrong location the typical cost of a global data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money around the world payroll and payments do not run efficiently if they count on the required multiple processes systems and partners it is just not possible so Johnny from a payments viewpoint 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 constantly throw this back and state what is it what doesn’t require to be consisted of ideal 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 timespan 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 consumer’s own in-country account so there’s complexity wherever you look right eventually building a knowledge base is absolutely crucial however everywhere you look with payroll payment they are like extremely payments no if but some babies about it you are all superheroes processing payments for payroll if you look at the kind of link between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are definitely essential and technology is permitting us to kind of progress with that it also too to add to that payroll and financing need to work closer together um with differing Bank Account Details differing banking requirements and setup procedures is absolutely imperative that payroll and financing teams work closer together than ever um I’m always impressed when individuals state I have actually divided payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t 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 frequently split and cut up um eventually it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying individuals anywhere they are however likewise paying statutory authorities and on statutory 3rd parties so with the

world we live in and well-being being more and more essential to add to kind of the level of intricacy there’s more and more benefits being organ or being used by businesses throughout the world so again you’re simply aiming to add more and more payments to this already intricate landscape so if you type 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 real obstacles or real challenging type of pay uses to play to pay people I think yeah I indicate over the last well yeah a number of years I would certainly say that the larger a company gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the task there are teams feeding info into the next function as it were that’s in fact handling the payment side of things but you know in in my viewpoint and my experience that doesn’t necessarily need to be the case you know long gone are the times where we need to produce additional handoffs while doing sos that we operate in they just make them more timely they make them less effective and they do not 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 tough as it needs to be concurred and rightly as you stated payroll is the single biggest liability that any service has from a cost point of view from an impact point of view on staff members it is definitely vital 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 most significant destructive result on individuals’s wellness and lots of other factors if people aren’t paid uh I have actually constantly been impressed entering into this Market kind of the last five to 10 years is how little thanks the

payroll team get um so I’m unsure anybody on this sort of webinar has been told thank you for processing my payroll properly if you have it ‘d be fantastic to hear your success story and whether that’s been from all workers or not um however ultimately payroll is such a crucial cycle all of us find out about it when it fails everyone jumps up and down when it fails however when it goes right it’s just a tick box workout and I think that’s how it’s seen from the external view as well um so yeah it’s also like why WI-Fi Global why all of this things is absolutely crucial that all of this things is done properly so leveraging the very first Global Payments first payroll payment solution is a fantastic initial step um offering an end-to-end payroll solution for your staff members internationally once again I think is another huge um procedure again lining up and ensuring you have standardization Worldwide processes all of those things are definitely crucial to success success of businesses and reducing the number of tools platforms and checking account they need for their Worldwide 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’ve never had a hundred thousand of 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 complaints where things haven’t gone quite where they’re suggested to be um I don’t think any of us are really 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 easy as possible for everybody that’s involved in those procedures and likewise so picture sorry I’m simply I was simply gon na say think of the quantity of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make certain we’re talking about numerous thousands potentially Millions picture getting that lots of thank you keeps in mind um I mean it ‘d be interesting to see how many Post-it notes you got however it would definitely be a fascinating 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 require days of the week to try to look through them and really see what was going on and type of try to get back to everyone so moving on appearance why do companies pick to main separate savings account there are Papaya Global Online Pricing services out there doing exactly this for particular countries and I’ve worked in a service or numerous businesses doing precisely that I can say it does not always feel efficient and it does produce more work I know we’re not intentionally doing that we’re not creating extra work for anybody where we don’t need to and any person that’s handling that procedure I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the amount that we are I believe many factors one is it’s the standard I think individuals have got so utilized to we need a new bank account we open an entity and rightly so you require it for payroll purposes but there are a number of markets where it’s not a requirement so I think it’s simply been the requirement and the norm the people have actually adopted and continue to do over years and years gone past to contribute to that people have actually looked at things like trust accounts and lots of other ways um to to kind of do it so I think there’s a variety I think this is a process that requires taking a look at it requires altering however eventually individuals are really stuck to what they’re familiar

with right um change is a tough thing we all don’t like change um so I believe it’s just kind of moving far from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I understand obviously the benefits of having maintaining numerous bank accounts but there’s a substantial amount of intricacy chooses establishing a checking account preserving it guaranteeing it can send International transfers guaranteeing it’s established with the ideal user accesses for private people so the intricacy is huge but I believe the sincere answer is change um individuals haven’t been able to change or haven’t had always the knowledge to truly make that change into alternate Solutions aside from opening a checking account I believe you have actually hit the nail on the head I believe it is understanding you know and there is an aspect of resistance to change however we have actually constantly done it that way is no genuine reason for not looking at the the benefits and the possibilities of moving on and moving into you understand what could nearly be identified to be the next Century or two there is a lot to keep an eye on and this technique does posture numerous obstacles um so Johnny might you inform us about those difficulties yeah obviously so there’s a range 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 deserve a corner office with a better parking space since I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Online Pricing