Papaya Global Salary Payments FAQ – Payroll Management 2024

Over the last five or six years …Papaya Global Salary Payments… roles on the service provider side and likewise on the vendor side from a payroll viewpoint so truly eagerly anticipating this discussion today um and yeah thank you quite for your time everyone alright thanks Johnny uh we’ll simply give everyone another number of uh well among the 30 seconds approximately to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be rather fascinating and I can see it going on already simply to hear where everyone is um it’s nice to to kind 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 sunshine is it it’s not no it’s it’s raining here it’s really very bleak and I want I was somewhere else at this moment in time okay so let’s start our program for today is as follows um we are going to be taking a look at the challenge years of handling Worldwide payroll why companies keep separate

Virtual payroll accounts are an option to traditional checking account for handling payroll payments. This is particularly useful for global organizations with dispersed and remote workforces, as it streamlines the complicated process of cross-border payments. Instead of keeping separate bank accounts for payroll in different nations, virtual accounts and digital wallets use a more structured solution. 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 also offer a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.

Ensuring precise, effective, and prompt payroll payments is a complex challenge for services running worldwide. Join us for a webinar to check out the advantages and disadvantages of payroll wallets versus payroll savings account, discover how companies anticipate payroll costs to optimize working capital, and discover how enhancing global payroll payments can change them from a troublesome task into a strategic property.

Managing payroll internationally is an overwhelming task due to different guidelines, compliance requirements, information security issues, and banking rules. The large number of workers and businesses contributes to the intricacy, with an estimated 3.5 billion individuals in the global workforce, 500 million of whom are in Africa, and 230 million companies worldwide.

Traditional payroll systems often lead to manual processes, data silos, and an absence of combination, resulting in inconsistencies and inadequacies. In spite of residing in a period of technological improvements, payroll management has been slow to adjust, with as much as 25% of payroll still processed by hand, frequently utilizing pen and paper. This webinar aims to supply insights and solutions to simplify and enhance global payroll payments.

about it to offer you a concept of how far there still is to come according to Deloitte only 11 of services say they have Labor force data in real time that’s another number that offers me sleep deprived nights and quite honestly the more an organization spends on international payroll the less of an image they see an absence of visibility also extends to payroll payments and inability to accurately track these payments can cause compliance incidents in the last mile of the deal almost half of global organizations have revealed that they do not 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 bad HCM data data entry mistakes inadequately communicated hires and terminations along with absence management and system setups and after that when you round everything off and the information is shipped to the wrong location the typical expense of a global data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash around the globe payroll and payments don’t run efficiently if they rely on the needed multiple processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the difficulties organization face when they’re paying to staff members or otherwise that’s an excellent question I always toss this back and state what is it what doesn’t need to be included best and what does

it need to be thought about there’s differing Bank information so the length of an eye band a swift an account number routing code per nation there’s payment timespan 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 consumer’s own in-country account so there’s intricacy anywhere you look best ultimately building a knowledge base is absolutely important but everywhere you look with payroll payment they are like very payments no if but some children about it you are all superheroes processing payments for payroll if you take a look at the kind of link between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are definitely essential and technology is permitting us to type of move on with that it also also to contribute to that payroll and finance require to work closer together um with varying Savings account Particulars varying banking requirements and setup processes is definitely vital that payroll and finance teams work closer together than ever um I’m constantly surprised when individuals say I’ve divided payroll and payment um if you walk down the street and asked anyone what is payroll who does not operate in the payroll occupation would they divide the payroll payment from computation 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 eventually it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying individuals any place they are but likewise paying statutory authorities and on statutory 3rd parties so with the

world we live in and well-being being a growing number of essential to contribute to sort of the level of intricacy there’s a growing number of advantages being organ or being provided by services throughout the world so once again you’re just wanting to add more and more payments to this already complicated 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 real challenges or real challenging sort of pay uses to play to pay individuals I believe yeah I indicate over the last well yeah a number of years I would absolutely say that the bigger a service 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 groups feeding information into the next function as it were that’s really handling the payment side of things however you understand in in my opinion and my experience that doesn’t always need to be the case you know long gone are the times where we need to create extra handoffs while doing sos that we operate in they simply 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 a period that you understand that we are operating in today there is no reason that we are still making this as tough as it requires to be agreed and rightly as you said payroll is the single greatest liability that any company has from a cost point of view from an effect viewpoint on staff members it is definitely important 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 biggest damaging impact on people’s well-being and numerous other aspects if individuals aren’t paid uh I’ve constantly been surprised coming into this Market kind of the last 5 to ten years is how little thanks the

payroll group get um so I’m not sure anyone 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 workers or not um but ultimately payroll is such a crucial cycle we all 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 absolutely essential that all of this stuff is done properly so leveraging the first International Payments very first payroll payment service is a great first step um providing an end-to-end payroll service for your employees worldwide again I believe is another huge um procedure once again aligning and ensuring you have standardization Worldwide procedures all of those things are absolutely essential to success success of organizations and lowering the number of tools platforms and bank accounts 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 have actually never ever 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 problems where things haven’t gone rather where they’re implied to be um I don’t believe any of us are in fact doing that for for the thanks

anyhow we understand how how important 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 involved in those processes and likewise so picture sorry I’m just I was simply gon na state envision the amount of thanks you got if you might cover the amount of people that we cover within this webinar I make sure we’re speaking about numerous thousands potentially Millions picture getting that many 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 intriguing job 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 check out them and actually see what was going on and kind of try to get back to everybody so carrying on look why do companies pick to primary different checking account there are Papaya Global Salary Payments organizations out there doing exactly this for particular nations and I have actually operated in a company or numerous services doing exactly that I can say it does not constantly feel effective and it does develop more work I understand we’re not deliberately doing that we’re not creating extra work for anybody where we do not need to and any person that’s dealing with that process I ‘d be interested to hear your ideas Johnny why do you believe 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 actually got so utilized to we require a new savings account we open an entity and rightly so you need 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 embraced and continue to do over years and years gone past to add to that individuals have taken a look at things like trust accounts and lots of other ways um to to sort of do it so I believe there’s a range I think this is a process that requires looking at it requires changing however eventually individuals are extremely stuck to what they’re familiar

with best um modification is a hard thing all of us 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 great deal of track of stuff um I comprehend obviously the advantages of having preserving several savings account however there’s a huge quantity of complexity chooses establishing a savings account maintaining it guaranteeing it can send International transfers guaranteeing it’s set up with the ideal user accesses for specific people so the intricacy is big but I believe the truthful answer 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 other than opening a savings 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 but we have actually always done it that way is no genuine reason for not looking at the the benefits and the possibilities of carrying on and moving into you know what might almost be determined to be the next Century or two there is a lot to keep an eye on and this approach does position a number of obstacles um so Johnny could you tell us about those difficulties yeah naturally 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 resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 International staff members you deserve a corner workplace with a more detailed parking space because I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Salary Payments