Papaya Global Ssp Band FAQ – Payroll Management 2024

Over the last five or six years …Papaya Global Ssp Band… functions on the company side and likewise on the supplier side from a payroll perspective so actually eagerly 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 couple of uh well one of the 30 seconds or two to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be rather interesting and I can see it going on currently simply to hear where everyone is um it’s nice to to sort of like see where everybody originates from and I actually 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 very very bleak and I wish I was somewhere else at this moment in time alright so let’s start our agenda for today is as follows um we are going to be looking at the difficulty years of managing Worldwide payroll why companies keep separate

bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts streamlining papaya Worldwide payroll payments as a tactical asset uh we’ll also go over a wrap-up and that needs to leave his time at the extremely extremely end for a q a session so as the title of the webinar recommends payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces end up being a growing number of common and handling them becomes a growing number of complex International companies are seeking to find Solutions and new ways to streamline processes especially from a payroll and cross-border payment viewpoint many organizations keep different savings account just for payroll while some have multiple accounts in different countries does it make sense for business to keep separate savings account often in various countries it does but just for payroll exists a better method what function do virtual accounts and digital wallets likewise known as virtual wallets play in assisting multinational business enhance the episode complex procedures of

making payroll payments accurately efficiently securely and on time throughout this webinar we’ll stroll you through the international benefits and drawbacks of a payroll wallet versus a payroll savings account how companies precisely anticipate their payroll expenses to increase working capital and how streamlining International payroll payments can turn them from a siled pane into a tactical possession so payroll can be tough in adequate in one nation however when you’re doing it globally it’s next level and Beyond it ends up being complex for a range of reasons most notably regulations compliance information security and banking rules then there are the sheer numbers they include further complexity the international Workforce is presently 3 and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and additional 1.1 billion individuals that number is presently 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 conventional payroll model there’s frequently an overwhelming number of various systems resulting in time-consuming manual procedures and silos the variety of Integrations could be non-existent in large amounts and or really extremely standard there’s no real consistency framework we’re living 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 frequently with pen and paper which just blows my mind every time I I think

about it to give you a concept of how far there still is to come according to Deloitte only 11 of businesses state they have Workforce data in real time that’s another number that provides me sleep deprived nights and quite frankly the more a company spends on worldwide payroll the less of a photo they see a lack of exposure likewise extends to payroll payments and failure to properly track these payments can lead to compliance incidents in the last mile of the transaction nearly half of worldwide services have revealed that they do not have the level of standardization they need in their procedures or desire and as a result eighty percent of mistakes are due to time reporting bad HCM information information entry errors improperly 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 a worldwide information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash all over the world payroll and payments don’t run smoothly if they count on the necessary multiple procedures 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 organization face when they’re making payments to staff members or otherwise that’s an excellent question I constantly throw this back and state what is it what does not need to be included ideal and what does

it need to be considered there’s varying Bank details 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 need to pay from an in-country account do you have to pay from the client’s own in-country account so there’s complexity wherever you look ideal ultimately constructing a knowledge base is definitely important but all over you look with payroll payment they are like very payments no if however some children about it you are all superheroes processing payments for payroll if you take a look at the type of link in between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are definitely essential and innovation is enabling us to kind of move forward with that it likewise as well to add to that payroll and finance need to work closer together um with differing Savings account Details differing banking requirements and setup processes is definitely vital that payroll and financing groups work closer together than ever um I’m always surprised when people say I have actually split payroll and payment um if you walk down the street and asked anyone 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 process it’s the point of data collection all the way through to paying individuals anywhere they are but likewise paying statutory authorities and on statutory 3rd parties so with the

The modern world positions a high worth on wellness and the compensation landscape is ending up being significantly intricate. Companies are continuously introducing new benefits and payment options, which contributes to the overall complexity. Large corporations often divide their payroll and payment processing into different groups, which can lead to inefficiencies and traffic jams. In my opinion, this does not have to be the case. In today’s technologically sophisticated era, there’s no justification for preserving troublesome procedures. Payroll, the business’s biggest expenditure, should be processed properly and on time. Even slight hold-ups can adversely impact employees’ well-being and have far-reaching consequences. For that reason, it’s important to focus on precise and timely payments.

The payroll group might not have been thanked for properly processing payroll during a webinar. If anybody has been thanked, it would be excellent to hear their success story, whether it’s from all employees or not. Payroll is a crucial cycle, and individuals only see when things go wrong. However, when things go right, it’s seen as just a regular job. This is how it’s viewed externally too. Therefore, it is important to make sure that jobs like Wi-Fi Global and other vital matters are done properly. Using the very first Global Payments very first payroll payment solution is a fantastic initial action towards providing a detailed payroll solution for workers worldwide. Standardization, global processes, and reducing the number of tools, platforms, and bank accounts needed for global payroll are essential factors in achieving business success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally receive a few problems when things don’t go as prepared. Ultimately, we do not do it for the gratitude.

anyway 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 involved in those processes and likewise so envision sorry I’m just 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’m sure we’re discussing hundreds of thousands possibly Millions imagine getting that many thank you keeps in mind um I indicate it ‘d be interesting to see the number of Post-it notes you got but it would definitely be a fascinating task attempting to clean all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to browse them and in fact see what was going on and kind of try to return to everybody so moving on look why do business select to main separate savings account there are Papaya Global Ssp Band businesses out there doing exactly this for particular countries and I have actually operated in a service or lots of businesses doing exactly that I can say it doesn’t constantly feel effective and it does develop more work I understand we’re not intentionally doing that we’re not creating additional work for anyone where we don’t have to and any person that’s handling that process 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 requirement I think individuals have got so utilized to we require a brand-new bank account we open an entity and appropriately so you require it for payroll functions but there are a number of markets where it’s not a requirement so I believe it’s just been the requirement and the norm individuals have actually embraced and continue to do over years and years passed by to contribute to that individuals have actually taken a look at things like trust accounts and lots of other methods um to to type of do it so I think there’s a variety I believe this is a process that needs looking at it requires changing but ultimately individuals are extremely stuck with what they recognize

with right um change is a hard thing we all don’t like change um so I believe it’s just type of moving away from the standard as we have actually said so yeah so it keeps a great deal of track of stuff um I understand undoubtedly the benefits of having maintaining multiple savings account however there’s a big amount of complexity chooses setting up a savings account preserving it ensuring it can send International transfers guaranteeing it’s set up with the best user accesses for private individuals so the complexity is substantial however I believe the sincere response is modification um people have not been able to change or haven’t had necessarily the knowledge to actually make that change into alternate Solutions besides opening a bank account I think you’ve hit the nail on the head I believe it is understanding you understand and there is an aspect of resistance to change however we’ve always done it that way is no real excuse for not taking a look at the the benefits and the possibilities of moving on and moving into you understand what might nearly be determined to be the next Century or so there is a lot to keep track of and this approach does position a number of difficulties um so Johnny might you inform us about those challenges yeah naturally so there’s a range right there is so

I just did you switched our Enterprise 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 Global workers you should have a corner workplace with a more detailed parking space since I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Ssp Band