The Papaya Global Card FAQ – Payroll Management 2024

Over the last 5 or 6 years …The Papaya Global Card… roles on the company side and also on the vendor side from a payroll viewpoint so truly looking forward to this discussion today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll simply offer everyone another couple of uh well among the 30 seconds approximately to join we all work back to back these days so we’ll sort of let them do that so it ‘d be rather intriguing 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 originates from and I really do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s raining here it’s very extremely bleak and I want I was elsewhere at this moment in time all right so let’s begin our agenda for today is as follows um we are going to be looking at the obstacle years of handling Global payroll why companies preserve separate

Virtual payroll accounts are an option to conventional savings account for handling payroll payments. This is especially beneficial for international companies with dispersed and remote workforces, as it simplifies the complex procedure of cross-border payments. Instead of preserving different checking account for payroll in different countries, virtual accounts and digital wallets offer a more structured service. In this webinar, we will explore the advantages of using virtual payroll accounts and go over why they are becoming a strategic possession for payroll executives. We will also offer a recap of the bottom lines covered and leave time for a Q&A session at the end.

making payroll payments properly efficiently safely and on time during this webinar we’ll stroll you through the international advantages and disadvantages of a payroll wallet versus a payroll savings account how companies precisely anticipate their payroll costs to increase working capital and how enhancing Worldwide payroll payments can turn them from a siled pane into a strategic possession so payroll can be difficult in adequate in one country but when you’re doing it worldwide it’s next level and Beyond it becomes complicated for a variety of reasons most significantly guidelines compliance information security and banking guidelines then there are the large numbers they add more intricacy the worldwide Workforce is presently three and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and additional 1.1 billion people 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 around the world in the conventional payroll design there’s often a frustrating variety of different systems resulting in lengthy manual procedures and silos the variety of Integrations could be non-existent in big quantities and or very very basic there’s no genuine consistency framework we’re residing in an era of tech but payroll has 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 simply blows my mind each time I I think

about it to offer you an idea of how far there still is to come according to Deloitte only 11 of organizations say they have Labor force data in real time that’s another number that offers me sleep deprived nights and rather frankly the more a company invests in worldwide payroll the less of a picture they see an absence of exposure also extends to payroll payments and inability to properly track these payments can cause compliance accidents in the last mile of the transaction nearly half of international organizations have actually expressed that they don’t have the level of standardization they require in their processes or desire and as a result eighty percent of errors are due to time reporting poor HCM data information entry mistakes badly communicated hires and terminations as well as lack management and system setups and after that when you round everything off and the data is delivered to the wrong location the typical expense of a worldwide data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money worldwide payroll and payments do not run smoothly if they depend on the required numerous 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 obstacles business face when they’re paying to employees or otherwise that’s an excellent concern I always toss this back and say what is it what does not need to be consisted of best and what does

it require 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 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 complexity any place you look right ultimately building a knowledge base is definitely important however everywhere you look with payroll payment they resemble super payments no if but some children about it you are all superheroes processing payments for payroll if you look at the type 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 fundamental and innovation is enabling us to type of move forward with that it also as well to contribute to that payroll and finance require to work closer together um with varying Savings account Particulars differing banking requirements and setup procedures is definitely essential that payroll and financing teams work closer together than ever um I’m always surprised when people state I’ve split payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t work in the payroll occupation would they split 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 any place they are but also paying statutory authorities and on statutory 3rd parties so with the

The modern world positions a high value on well-being and the settlement landscape is becoming progressively intricate. Companies are constantly presenting new advantages and payment options, which adds to the general intricacy. Large corporations typically divide their payroll and payment processing into separate groups, which can cause inefficiencies and traffic jams. In my opinion, this doesn’t have to hold true. In today’s technically innovative era, there’s no validation for keeping troublesome treatments. Payroll, the business’s biggest expense, must be processed correctly and on time. Even slight delays can negatively affect employees’ wellness and have significant repercussions. Therefore, it’s important to prioritize accurate and prompt payments.

The payroll group might not have been thanked for properly processing payroll throughout a webinar. If anyone has actually 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 people only notice when things go wrong. Nevertheless, when things go right, it’s seen as simply a regular job. This is how it’s perceived externally as well. Therefore, it is vital to make sure that jobs like Wi-Fi International and other essential matters are done correctly. Utilizing the first Worldwide Payments very first payroll payment option is an excellent preliminary action towards supplying a detailed payroll service for workers worldwide. Standardization, global processes, and minimizing the number of tools, platforms, and bank accounts required for global payroll are key consider accomplishing business success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do occasionally get a few problems when things do not go as prepared. Ultimately, we do not do it for the appreciation.

anyway we understand how how important a function it is which’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 simply I was simply gon na state imagine the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I make certain we’re talking about hundreds of thousands potentially Millions picture getting that numerous thank you keeps in mind um I mean it ‘d be interesting to see how many Post-it notes you got but it would certainly be a fascinating task attempting to clean up all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to look through them and really see what was going on and kind of shot to return to everybody so moving on appearance why do companies pick to primary different checking account there are The Papaya Global Card businesses out there doing exactly this for specific nations and I have actually operated in a business or lots of services doing exactly that I can say it doesn’t constantly feel efficient and it does create more work I understand we’re not deliberately doing that we’re not producing extra work for any person where we do not have to and anyone 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 quantity that we are I think lots of factors one is it’s the requirement I believe people have got so used to we require a new savings account we open an entity and rightly so you require it for payroll functions however there are a variety of markets where it’s not a requirement so I believe it’s simply been the standard and the norm the people have embraced and continue to do over years and years passed by to add to that individuals have looked at things like trust accounts and lots of other methods um to to kind of do it so I think there’s a variety I think this is a process that needs taking a look at it requires changing however ultimately people are extremely stuck to what they’re familiar

with ideal um change is a challenging thing all of us 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 lot of track of stuff um I understand clearly the benefits of having keeping multiple savings account but there’s a huge amount of complexity goes with setting up a bank account maintaining it ensuring it can send International transfers guaranteeing it’s set up with the ideal user accesses for individual people so the complexity is huge but I believe the honest response is change um people have not had the ability to alter or haven’t had necessarily the understanding to truly make that change into alternate Solutions aside from opening a savings account I think you have actually struck the nail on the head I believe it is understanding you understand and there is an element of resistance to change however we have actually constantly done it that way is no real excuse for not looking at the the benefits and the possibilities of proceeding and moving into you understand what might practically be determined to be the next Century or so there is a lot to track and this technique does position numerous difficulties um so Johnny could you inform us about those difficulties yeah obviously so there’s a range right there is so

I just recently made a modification to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It feels like our CFO has gained another CFO, and with this improved capability, I have actually successfully secured payments for our 10,000 staff members worldwide. Your dedication to mastering global payroll and payments using Papaya payroll OS is commendable. You should have a corner workplace with a parking space that is better, considering your accomplishments. The Papaya Global Card