Papaya Global Support Cost FAQ – Payroll Management 2024

Over the last 5 or 6 years …Papaya Global Support Cost… functions on the service provider side and likewise on the vendor side from a payroll viewpoint so truly looking forward to this conversation today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll just provide everyone another number of uh well among the 30 seconds or two to join all of us work back to back nowadays so we’ll kind of let them do that so it ‘d be quite intriguing and I can see it going on currently just to hear where everyone is um it’s nice to to kind of like see where everybody comes from and I really 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 drizzling here it’s extremely really dreary 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 looking at the obstacle years of handling International payroll why companies preserve different

Virtual payroll accounts are an alternative to traditional checking account for handling payroll payments. This is especially helpful for global organizations with dispersed and remote labor forces, as it streamlines the complex process of cross-border payments. Instead of keeping different savings account for payroll in different nations, virtual accounts and digital wallets use a more structured option. In this webinar, we will explore the advantages of using virtual payroll accounts and talk about why they are becoming a strategic 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 effectively securely and on time throughout this webinar we’ll walk you through the global pros and cons of a payroll wallet versus a payroll checking account how business properly forecast their payroll costs to increase working capital and how improving Worldwide payroll payments can turn them from a siled pane into a tactical possession so payroll can be difficult in sufficient in one nation however when you’re doing it globally it’s next level and Beyond it becomes complicated for a range of factors most notably regulations compliance information security and banking rules then there are the large numbers they add more complexity the international Labor force is presently 3 and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and further 1.1 billion individuals that number is currently 500 million just for for a scale then factor in that there are some 230 million companies and growing all doing their own thing worldwide in the conventional payroll design there’s frequently a frustrating variety of different systems causing time-consuming manual processes and silos the variety of Integrations could be non-existent in big quantities and or very very fundamental there’s no genuine consistency framework we’re residing 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 frequently with pen and paper which just blows my mind each time I I think

about it to provide you a concept of how far there still is to come according to Deloitte just 11 of businesses state they have Workforce data in real time that’s another number that offers me sleepless nights and quite frankly the more an organization invests in global payroll the less of an image they see an absence of exposure also encompasses payroll payments and failure to precisely track these payments can result in compliance mishaps in the last mile of the deal nearly half of international organizations have actually revealed that they don’t have the level of standardization they require in their procedures or want and as a result eighty percent of mistakes are due to time reporting poor HCM information data entry mistakes poorly communicated hires and terminations as well as lack management and system setups and then when you round it all off and the information is shipped to the incorrect location the average expense of a worldwide data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money all over the world payroll and payments don’t run efficiently if they count on the essential multiple processes systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the obstacles business face when they’re making payments to workers or otherwise that’s a great concern I always toss this back and state what is it what does not need to be included best 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 timespan there’s payment abilities 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 client’s own in-country account so there’s intricacy wherever you look right ultimately building a knowledge base is definitely vital however everywhere you look with payroll payment they are like incredibly payments no if however 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 recognition that payroll payments are absolutely fundamental and technology is allowing us to type of progress with that it likewise also to contribute to that payroll and financing require to work closer together um with differing Bank Account Particulars differing banking requirements and setup procedures is definitely essential that payroll and finance teams work better together than ever um I’m constantly amazed when individuals say I have actually split 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 a market accept that why our payroll and payments so often split and cut up um eventually 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 also paying statutory authorities and on statutory third parties so with the

The contemporary world positions a high value on wellness and the settlement landscape is ending up being increasingly complex. Companies are continuously introducing new benefits and payment choices, which adds to the overall intricacy. Large corporations often divide their payroll and payment processing into different teams, which can cause inefficiencies and traffic jams. In my viewpoint, this does not need to hold true. In today’s highly advanced period, there’s no reason for maintaining troublesome procedures. Payroll, the company’s greatest expense, must be processed correctly and on time. Even small delays can adversely impact workers’ wellness and have far-reaching repercussions. Therefore, it’s vital to focus on precise and timely payments.

payroll team get um so I’m not exactly sure anyone on this sort of webinar has actually been informed thank you for processing my payroll correctly if you have it ‘d be excellent to hear your success story and whether that’s been from all workers or not um but ultimately payroll is such an essential cycle we all hear about it when it goes wrong everyone jumps up and down when it fails but when it goes right it’s simply 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 stuff is definitely crucial that all of this stuff is done correctly so leveraging the very first International Payments very first payroll payment solution is a fantastic initial step um supplying an end-to-end payroll option for your employees worldwide again I believe is another huge um process once again aligning and ensuring you have standardization Global processes all of those things are definitely crucial to success success of organizations and reducing the variety of tools platforms and savings account they require for their International payroll too couldn’t agree with you more and on the the front in terms of of the thank yous for getting payroll done I’ve never ever 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 complaints where things haven’t gone rather where they’re suggested to be um I do not believe any of us are actually 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 simple as possible for everyone that’s involved in those processes and also so imagine sorry I’m simply I was just gon na state envision the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I’m sure we’re speaking about hundreds of thousands possibly Millions imagine getting that numerous thank you notes um I indicate it ‘d be interesting to see how many Post-it notes you got but it would certainly be an interesting task trying 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 require days of the week to try to check out them and really see what was going on and sort of shot to get back to everybody so carrying on look why do business select to main different bank accounts there are Papaya Global Support Cost businesses out there doing exactly this for particular nations and I’ve operated in a business or numerous businesses doing precisely that I can state it doesn’t always feel efficient and it does create more work I know we’re not purposely doing that we’re not creating extra work for anyone where we do not have to and anyone that’s handling that procedure I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the amount that we are I believe lots of factors one is it’s the standard I believe people have actually got so used to we require a brand-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 embraced and continue to do over years and years gone past to contribute to that individuals have looked at things like trust accounts and numerous other methods um to to sort of do it so I believe there’s a variety I believe this is a procedure that needs looking at it requires altering but eventually people are very stuck to what they recognize

with right um change is a challenging thing we all don’t like change um so I believe it’s just kind of moving away from the standard as we’ve said so yeah so it keeps a lot of track of things um I understand certainly the advantages of having preserving multiple savings account but there’s a substantial quantity of complexity chooses setting up a savings account preserving it guaranteeing it can send International transfers ensuring it’s set up with the best user accesses for specific individuals so the complexity is big but I think the sincere answer is modification um people have not been able to alter or haven’t had always the understanding to truly make that change into alternate Solutions besides opening a checking account I believe you’ve hit the nail on the head I think it is knowledge you understand and there is an element of resistance to alter however we have actually constantly done it that way is no genuine excuse for not taking a look at the the benefits 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 monitor and this method does posture a number of obstacles um so Johnny might you inform us about those challenges yeah naturally so there’s a range right there is so

I simply did you switched 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 workers you are worthy of a corner workplace with a more detailed parking space due to the fact that I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Support Cost