Papaya Global Hr 40M 45M FAQ – Payroll Management 2024

Over the last 5 or six years …Papaya Global Hr 40M 45M… functions on the company side and also on the supplier side from a payroll perspective so truly looking forward to this discussion today um and yeah thank you quite for your time everybody fine thanks Johnny uh we’ll simply offer everyone another couple of uh well one of the 30 seconds approximately to join we all work back to back these days so we’ll type of let them do that so it ‘d be quite interesting and I can see it going on currently just to hear where everybody is um it’s nice to to type of like see where everybody originates from and I actually do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s extremely very bleak and I wish I was elsewhere at this moment in time all right so let’s begin our program for today is as follows um we are going to be taking a look at the difficulty years of managing Global payroll why companies preserve separate

bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts improving papaya Global payroll payments as a tactical asset uh we’ll also go over a recap and that should leave his time at the very extremely end for a q a session so as the title of the webinar suggests payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and Global workforces become a growing number of typical and managing them ends up being more and more complicated Global organizations are wanting to discover Solutions and brand-new methods to simplify processes particularly from a payroll and cross-border payment perspective lots of organizations preserve different savings account just for payroll while some have several accounts in various nations does it make good sense for business to maintain different bank accounts in some cases in various nations it does however just for payroll is there a much better way what role do virtual accounts and digital wallets also known as virtual wallets play in helping international companies improve the episode complex procedures of

making payroll payments accurately efficiently firmly and on time during this webinar we’ll walk you through the international pros and cons of a payroll wallet versus a payroll checking account how companies accurately anticipate their payroll costs to increase working capital and how streamlining International payroll payments can turn them from a siled pane into a tactical property 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 intricate for a range of reasons most notably guidelines compliance data security and banking rules then there are the large numbers they add more complexity the global Labor force is currently three and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and more 1.1 billion people 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 all over the world in the standard payroll model there’s often an overwhelming number of various systems resulting in time-consuming manual processes and silos the number of Integrations could be non-existent in large amounts and or really very fundamental there’s no genuine consistency framework we’re residing in an age 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 typically with pen and paper and that just blows my mind whenever I I believe

about it to give you an idea of how far there still is to come according to Deloitte just 11 of services say they have Labor force information in real time that’s another number that gives me sleepless nights and rather frankly the more a company invests in international payroll the less of an image they see a lack of exposure also extends to payroll payments and failure to accurately track these payments can lead to compliance accidents in the last mile of the deal nearly half of international companies have revealed that they do not have the level of standardization they require in their processes or want and as a result eighty percent of mistakes are due to time reporting poor HCM data data entry errors badly interacted hires and terminations along with lack management and system setups and then when you round everything off and the data is delivered to the incorrect location the typical expense of a global information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money all over the world payroll and payments do not run smoothly if they rely on the necessary several procedures 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 service face when they’re paying to employees or otherwise that’s a great question I always throw this back and state what is it what does not need to be consisted of 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 amount of time 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 any place you look best ultimately developing a knowledge base is definitely vital however everywhere you look with payroll payment they are like extremely payments no if however some infants about it you are all superheroes processing payments for payroll if you look at the sort of link in between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are absolutely essential and innovation is permitting us to kind of move on with that it also too to add to that payroll and finance need to work closer together um with differing Savings account Details differing banking requirements and setup procedures is definitely necessary that payroll and finance teams work more detailed together than ever um I’m always amazed when individuals say I have actually split payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t work 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 ultimately it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying people wherever they are but likewise paying statutory authorities and on statutory 3rd parties so with the

world we live in and wellness being increasingly more crucial to add to sort of the level of complexity there’s increasingly more advantages being organ or being used by organizations throughout the world so again you’re just seeking to include increasingly more payments to this currently complex landscape so if you type of got any experience well I’m from your vast experience here and I’m sure but have you got any experience in kind of real challenges or real difficult sort of pay uses to play to pay individuals I believe yeah I suggest over the last well yeah a number of decades I would definitely state that the bigger a company gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the task there are teams feeding info into the next function as it were that’s actually handling the payment side of things however you understand in in my viewpoint and my experience that does not always need to be the case you understand long gone are the times where we require to produce additional handoffs in the processes that we operate in they just make them more timely they make them less effective and they do not make them what they need to be in in a period of tech and a period that you know that we are operating in today there is no reason we are still making this as tough as it needs to be concurred and rightly as you stated payroll is the single biggest liability that any organization has from a cost perspective from an effect point of view on staff members it is definitely vital that it’s done properly and on time so what we imply by that is not a day before not a day after on pay day and payments need to be done right it has the biggest damaging effect on people’s well-being and numerous other elements if people aren’t paid uh I’ve always been surprised coming into this Market sort of the last five to 10 years is how little thanks the

payroll group get um so I’m uncertain anyone on this type of webinar has been informed thank you for processing my payroll correctly if you have it ‘d be fantastic to hear your success story and whether that’s been from all workers or not um but ultimately payroll is such a crucial cycle all of us hear about it when it fails everyone 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 deem well um so yeah it’s also like why WI-Fi Global why all of this stuff is definitely essential that all of this things is done correctly so leveraging the first Global Payments first payroll payment option is a fantastic initial step um providing an end-to-end payroll option for your staff members worldwide once again I believe is another substantial um procedure again lining up and guaranteeing you have standardization Global procedures all of those things are definitely essential to success success of businesses and minimizing the variety of tools platforms and savings account they require for their Global 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 countless 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 grievances where things haven’t gone rather where they’re indicated to be um I do not believe any of us are actually doing that for for the thanks

anyway we know 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 everybody that’s involved in those processes and likewise so envision sorry I’m simply I was just gon na say envision the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I make certain we’re discussing numerous thousands potentially Millions envision getting that numerous thank you keeps in mind um I imply it ‘d be interesting to see the number of Post-it notes you got however it would definitely be a fascinating task attempting to clean all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to check out them and actually see what was going on and type of shot to return to everybody so proceeding appearance why do business select to main different bank accounts there are Papaya Global Hr 40M 45M services out there doing precisely this for particular nations and I’ve operated in a service or numerous businesses doing exactly that I can say it doesn’t constantly feel efficient and it does develop more work I understand we’re not purposely doing that we’re not producing additional work for anyone where we do not have to and anybody that’s dealing with that process I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the amount that we are I think lots of factors one is it’s the requirement I believe people have got so utilized to we need a new savings account we open an entity and appropriately so you require it for payroll functions however there are a variety of markets where it’s not a requirement so I think it’s just been the standard and the standard the people have adopted and continue to do over years and years gone past to contribute to that individuals have taken a look at things like trust accounts and many other methods um to to kind of do it so I believe there’s a range I think this is a process that needs looking at it requires altering however eventually individuals are extremely stuck with what they recognize

with ideal um modification is a challenging thing we all do not like modification um so I believe it’s simply sort of moving away from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend undoubtedly the advantages of having keeping multiple bank accounts but there’s a huge amount of complexity opts for setting up a savings account maintaining it guaranteeing it can send out International transfers ensuring it’s established with the best user accesses for individual people so the intricacy is huge but I think the honest response is change um people haven’t been able to alter or haven’t had always the understanding to actually make that change into alternate Solutions besides 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 alter however we have actually constantly done it that way is no real excuse for not looking at the the advantages and the possibilities of moving on and moving into you know what could almost be identified to be the next Century or so there is a lot to monitor and this approach does posture several challenges um so Johnny might you tell us about those difficulties yeah obviously so there’s a variety 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 staff members you should have a corner workplace with a better parking space because I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Hr 40M 45M