Papaya Global Tutorial 2015 FAQ – Payroll Management 2024

Over the last 5 or 6 years …Papaya Global Tutorial 2015… roles on the supplier side and also on the supplier side from a payroll point of view so really anticipating this conversation today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll just offer everyone 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 sort 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 sort of like see where everybody comes from and I actually do hope it’s much sunnier than it is 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 very gloomy and I wish I was elsewhere at this moment in time alright so let’s start our program for today is as follows um we are going to be looking at the difficulty years of managing Worldwide payroll why business keep separate

savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts streamlining papaya International payroll payments as a tactical possession uh we’ll also discuss a wrap-up which should leave his time at the extremely very end for a q a session so as the title of the webinar suggests payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and Global workforces end up being more and more typical and handling them becomes a growing number of intricate Global companies are wanting to find Solutions and new methods to improve procedures particularly from a payroll and cross-border payment standpoint lots of companies keep different checking account just for payroll while some have several accounts in different nations does it make sense for companies to maintain different checking account in some cases in different nations it does however just for payroll exists a better way what function do virtual accounts and digital wallets likewise called virtual wallets play in helping multinational business improve the episode complex procedures of

making payroll payments properly efficiently safely and on time during this webinar we’ll walk you through the global benefits and drawbacks of a payroll wallet versus a payroll bank account how business properly forecast their payroll costs to increase working capital and how simplifying Worldwide payroll payments can turn them from a siled pane into a strategic asset so payroll can be tough in adequate in one nation but when you’re doing it globally it’s next level and Beyond it becomes complicated for a variety of reasons most notably policies compliance information security and banking guidelines then there are the sheer numbers they include additional complexity the international Workforce is currently three and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and further 1.1 billion people that number is presently 500 million just for for a scale then factor in that there are some 230 million services and growing all doing their own thing around the world in the conventional payroll design there’s often a frustrating variety of various systems leading to time-consuming manual procedures and silos the number of Combinations could be non-existent in big amounts and or extremely really fundamental there’s no real consistency structure we’re residing in a period of tech however payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper and that simply blows my mind every time I I think

about it to provide you a concept of how far there still is to come according to Deloitte only 11 of organizations say they have Workforce information in real time that’s another number that provides me sleep deprived nights and quite honestly the more a service spends on international payroll the less of a photo they see an absence of visibility also reaches payroll payments and inability to properly track these payments can cause compliance accidents in the last mile of the transaction nearly half of international businesses have expressed that they don’t have the level of standardization they need in their processes or desire and as a result eighty percent of errors are due to time reporting bad HCM data data entry mistakes inadequately communicated hires and terminations in addition to lack management and system configurations and after that when you round all of it off and the information is shipped to the incorrect location the typical cost of an international data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash worldwide payroll and payments don’t run smoothly if they rely on the required several processes systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the challenges service face when they’re paying to employees or otherwise that’s an excellent question I constantly throw this back and say what is it what does not need to be included right and what does

it require to be thought of 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 need to pay from an in-country account do you need to pay from the client’s own in-country account so there’s intricacy any place you look best ultimately developing a knowledge base is absolutely crucial but everywhere you look with payroll payment they resemble super payments no if however some children about it you are all superheroes processing payments for payroll if you take a look at the sort 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 permitting us to sort of move forward with that it likewise as well to add to that payroll and finance need to work closer together um with varying Bank Account Details varying banking requirements and setup procedures is absolutely imperative that payroll and finance groups work more detailed together than ever um I’m always surprised when individuals state I have actually 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 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 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 anywhere they are but also paying statutory authorities and on statutory 3rd parties so with the

world we live in and wellness being a growing number of crucial to contribute to kind of the level of intricacy there’s increasingly more benefits being organ or being provided by companies throughout the world so once again you’re simply aiming to include increasingly more payments to this currently complex landscape so if you type of got any experience well I’m from your huge experience here and I make certain but have you got any experience in kind of real obstacles or real tough sort of pay utilizes to play to pay people I think yeah I suggest over the last well yeah a couple of years I would absolutely say that the larger a company gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the job there are teams feeding details into the next function as it were that’s really managing the payment side of things but you know in in my opinion and my experience that doesn’t necessarily need to be the case you understand long gone are the times where we need to produce extra handoffs at the same times that we run in they simply make them more prompt 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 we are still making this as difficult as it requires to be concurred and rightly as you stated payroll is the single most significant liability that any service has from a cost point of view from an effect perspective on staff members it is definitely important that it’s done properly 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 greatest destructive effect on people’s wellness and many other aspects if individuals aren’t paid uh I’ve always been amazed coming into this Market sort of the last 5 to ten years is how little thanks the

payroll group get um so I’m not exactly sure anybody on this type of webinar has actually been told thank you for processing my payroll correctly if you have it ‘d be great to hear your success story and whether that’s been from all staff members or not um but eventually payroll is such an essential cycle we all find out about it when it fails everyone jumps up and down when it goes wrong however when it goes right it’s simply a tick box workout and I think that’s how it’s seen from the external consider as well um so yeah it’s also like why WI-Fi Global why all of this things is definitely important that all of this things is done properly so leveraging the first Global Payments first payroll payment option is an excellent primary step um providing an end-to-end payroll service for your staff members worldwide once again I think is another big um procedure once again lining up and guaranteeing you have standardization International processes all of those things are definitely crucial to success success of companies and lowering the number of tools platforms and savings account 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 had a hundred thousand of them within a payroll cycle don’t anticipate to you do get the odd 5 or ten or whatever it might be with the with the the grievances where things haven’t gone rather where they’re implied to be um I do not think any of us are really doing that for for the thanks

anyhow we understand 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 likewise so envision sorry I’m just I was just gon na say picture 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 discussing hundreds of thousands possibly Millions envision getting that many thank you keeps in mind um I imply it ‘d be interesting to see how many Post-it notes you got however it would absolutely be a fascinating task attempting to clean all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to look through them and actually see what was going on and type of shot to get back to everyone so moving on look why do companies choose to main different bank accounts there are Papaya Global Tutorial 2015 organizations out there doing precisely this for specific nations and I have actually worked in a business or many businesses doing precisely that I can say it does not always feel efficient and it does develop more work I know we’re not deliberately doing that we’re not creating additional work for anybody where we don’t need to and anybody that’s handling that procedure I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the amount that we are I believe lots of reasons one is it’s the requirement I believe people have got so utilized to we need a brand-new bank account we open an entity and appropriately so you require it for payroll purposes however there are a number of markets where it’s not a requirement so I believe it’s just been the standard and the standard individuals have embraced and continue to do over years and years gone past to contribute to that people have looked at things like trust accounts and lots of other methods um to to type of do it so I believe there’s a variety I believe this is a process that requires looking at it needs changing however eventually people are really stuck to what they recognize

with best um change is a difficult thing all of us don’t like change um so I believe it’s simply kind of moving far from the norm as we’ve said so yeah so it keeps a great deal of track of things um I understand clearly the benefits of having preserving numerous savings account but there’s a huge quantity of complexity opts for setting up a checking account maintaining it ensuring it can send International transfers guaranteeing it’s set up with the ideal user accesses for individual individuals so the intricacy is substantial however I believe the truthful response is modification um people haven’t been able to alter or haven’t had always the understanding to really make that change into alternate Solutions other than opening a bank account I think you’ve struck the nail on the head I think it is knowledge you know and there is an aspect of resistance to change however we have actually constantly done it that way is no genuine excuse for not taking a look at the the advantages and the possibilities of moving on and moving into you understand what might nearly be determined to be the next Century or two there is a lot to track and this approach does position a number of difficulties um so Johnny could you inform us about those challenges yeah naturally so there’s a variety right there is so

I just did you changed 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 International employees you deserve 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 Tutorial 2015