Papaya Global Rehire FAQ – Payroll Management 2024

Over the last five or 6 years …Papaya Global Rehire… functions on the service provider side and likewise on the vendor side from a payroll point of view so actually anticipating this conversation today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll just give everybody another number of uh well one of the 30 seconds approximately to join all of us work back to back these days so we’ll type of let them do that so it ‘d be quite interesting and I can see it going on currently simply to hear where everybody is um it’s nice to to kind of like see where everyone originates from and I actually do hope it’s much sunnier than it remains 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 really bleak and I want I was elsewhere at this moment in time okay so let’s start our program for today is as follows um we are going to be looking at the difficulty years of handling International payroll why companies keep different

Virtual payroll accounts are an alternative to traditional bank accounts for managing payroll payments. This is particularly beneficial for international organizations with dispersed and remote labor forces, as it streamlines the complicated procedure of cross-border payments. Instead of keeping separate bank accounts for payroll in different nations, virtual accounts and digital wallets offer a more streamlined service. In this webinar, we will check out the advantages of using virtual payroll accounts and go over why they are becoming a strategic property for payroll executives. We will likewise offer a recap of the bottom lines covered and leave time for a Q&A session at the end.

Making sure precise, efficient, and timely payroll payments is a complex obstacle for businesses running internationally. Join us for a webinar to explore the benefits and drawbacks of payroll wallets versus payroll checking account, discover how companies anticipate payroll costs to enhance working capital, and discover how enhancing global payroll payments can change them from a difficult task into a tactical asset.

Managing payroll internationally is a difficult task due to various guidelines, compliance requirements, information security issues, and banking rules. The large number of workers and services adds to the complexity, with an approximated 3.5 billion individuals in the international workforce, 500 million of whom are in Africa, and 230 million organizations worldwide.

Standard payroll systems frequently result in manual processes, information silos, and an absence of integration, resulting in inconsistencies and inefficiencies. Regardless of residing in an era of technological developments, payroll management has actually been slow to adjust, with as much as 25% of payroll still processed manually, often using pen and paper. This webinar objectives to offer insights and solutions to simplify 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 companies state they have Workforce data in real time that’s another number that offers me sleepless nights and rather frankly the more a company spends on worldwide payroll the less of an image they see an absence of visibility likewise reaches payroll payments and inability to properly track these payments can result in compliance accidents in the last mile of the transaction nearly half of global companies 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 errors are because of time reporting bad HCM data information entry mistakes inadequately interacted hires and terminations along with lack management and system setups and after that when you round everything off and the information is shipped to the wrong location the typical cost of a worldwide information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money all over the world payroll and payments don’t run smoothly if they rely on the required several processes systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the challenges business face when they’re paying to employees or otherwise that’s a great concern I constantly throw this back and say what is it what doesn’t require to be included ideal and what does

it need 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 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 customer’s own in-country account so there’s intricacy any place you look right eventually developing a knowledge base is definitely important however everywhere you look with payroll payment they resemble super payments no if but some infants 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 believe there’s now a bit more acknowledgment that payroll payments are absolutely fundamental and innovation is allowing us to type of move on with that it likewise also to contribute to that payroll and financing require to work closer together um with varying Checking account Details varying banking requirements and setup procedures is absolutely necessary that payroll and finance groups work better together than ever um I’m always astonished when individuals say I’ve split payroll and payment um if you walk down the street and asked anybody what is payroll who does not work in the payroll profession would they divide the payroll payment from estimation 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 ultimately it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying people anywhere they are but likewise paying statutory authorities and on statutory 3rd parties so with the

world we reside in and well-being being a growing number of essential to contribute to sort of the level of intricacy there’s increasingly more advantages being organ or being used by companies across the world so once again you’re just aiming to include a growing number of payments to this currently complex landscape so if you sort of got any experience well I’m from your large experience here and I make certain but have you got any experience in kind of real challenges or real difficult type of pay utilizes to play to pay people I think yeah I imply over the last well yeah a couple of decades I would definitely state that the larger an organization gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the task there are groups feeding details into the next function as it were that’s really handling the payment side of things but you understand in in my opinion and my experience that does not necessarily 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 timely they make them less efficient and they don’t make them what they require to be in in a period of tech and an era that you understand that we are working in today there is no reason why we are still making this as tough as it needs to be agreed and rightly as you stated payroll is the single biggest liability that any organization has from an expense viewpoint from an impact perspective on workers it is absolutely vital that it’s done correctly and on time so what we suggest by that is not a day before not a day after on pay day and payments need to be done right it has the biggest damaging effect on people’s well-being and lots of other aspects if people aren’t paid uh I have actually always been surprised entering into this Market kind of the last five to ten years is how little thanks the

payroll group get um so I’m unsure anybody on this kind of webinar has actually been informed 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 a crucial cycle all of us become aware of it when it goes wrong everybody jumps up and down when it goes wrong but when it goes right it’s simply a tick box workout and I believe that’s how it’s seen from the external consider as well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is definitely crucial that all of this stuff is done correctly so leveraging the very first Global Payments very first payroll payment option is a terrific initial step um supplying an end-to-end payroll option for your employees internationally again I believe is another huge um procedure again aligning and guaranteeing you have standardization Global processes all of those things are absolutely crucial to success success of companies and lowering the variety of tools platforms and checking account they need for their Global 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 have actually 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 have not gone rather 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 crucial 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 everyone that’s involved in those processes and also so envision sorry I’m simply I was just gon na say think of the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I make certain we’re talking about hundreds of thousands potentially Millions picture getting that numerous thank you notes um I mean it ‘d be interesting to see how many Post-it notes you got but it would certainly be a fascinating task trying to clean up all those up for sure oh absolutely I can’t envision 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 actually see what was going on and type of try to return to everyone so carrying on appearance why do business choose to main different bank accounts there are Papaya Global Rehire services out there doing exactly this for specific nations and I’ve operated in an organization or numerous companies doing exactly that I can state it doesn’t always feel effective and it does develop more work I understand we’re not intentionally doing that we’re not producing additional work for anyone where we do not need to and any person that’s managing 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 quantity that we are I think many reasons one is it’s the requirement I think individuals have got so used to we require a brand-new checking account we open an entity and rightly so you need it for payroll purposes but there are a variety of markets where it’s not a requirement so I believe it’s just been the requirement and the standard the people have embraced and continue to do over years and years gone past to add to that individuals have actually taken a look at things like trust accounts and lots of other ways um to to kind of do it so I believe there’s a variety I believe this is a process that requires looking at it needs altering but ultimately people are really stuck with what they’re familiar

with best um change is a hard thing we all do not like change um so I believe it’s just type of moving far from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I comprehend undoubtedly the benefits of having maintaining multiple savings account but there’s a substantial amount of complexity opts for setting up a bank account maintaining it guaranteeing it can send out International transfers guaranteeing it’s established with the right user accesses for individual people so the intricacy is substantial however I think the honest answer is change um people have not been able to alter or have not had necessarily the knowledge to really make that change into alternate Solutions aside from opening a checking account I believe you’ve hit the nail on the head I think it is understanding you understand and there is an aspect of resistance to change but we’ve constantly 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 nearly be determined to be the next Century or so there is a lot to keep track of and this approach does posture numerous challenges um so Johnny could you tell us about those difficulties yeah obviously so there’s a range right there is so

I just recently made a change to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It feels like our CFO has actually gotten another CFO, and with this enhanced capability, I have successfully protected payments for our 10,000 workers worldwide. Your dedication to mastering global payroll and payments using Papaya payroll OS is commendable. You should have a corner office with a parking space that is closer, considering your accomplishments. Papaya Global Rehire