Papaya Global Network FAQ – Payroll Management 2024

Over the last five or six years …Papaya Global Network… roles on the company side and also on the vendor side from a payroll viewpoint so really anticipating this conversation today um and yeah thank you quite for your time everyone all right thanks Johnny uh we’ll just give everybody another couple of uh well one of the 30 seconds or so to join all of us work back to back these days so we’ll kind of let them do that so it ‘d be quite 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 everyone comes from and I truly do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s raining here it’s really really gloomy and I wish I was elsewhere at this moment in time all right so let’s get going our program for today is as follows um we are going to be looking at the challenge years of handling Worldwide payroll why business preserve different

checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts enhancing papaya International payroll payments as a strategic possession uh we’ll also review a wrap-up and that needs to leave his time at the really really end for a q a session so as the title of the webinar suggests payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces become more and more typical and handling them ends up being more and more complicated International organizations are wanting to discover Solutions and new ways to improve processes particularly from a payroll and cross-border payment viewpoint many organizations keep different savings account just for payroll while some have numerous accounts in different countries does it make sense for companies to preserve separate checking account in some cases in various nations it does however just for payroll exists a better method what function do virtual accounts and digital wallets likewise referred to as virtual wallets play in assisting international business improve the episode complex procedures of

Guaranteeing precise, effective, and timely payroll payments is a complex difficulty for services operating globally. Join us for a webinar to explore the advantages and drawbacks of payroll wallets versus payroll bank accounts, learn how business forecast payroll expenses to enhance working capital, and find how simplifying worldwide payroll payments can change them from a difficult job into a tactical possession.

Managing payroll globally is a complicated job due to different guidelines, compliance requirements, information security issues, and banking rules. The sheer number of workers and businesses contributes to the intricacy, with an estimated 3.5 billion individuals in the international labor force, 500 countless whom remain in Africa, and 230 million companies worldwide.

Traditional payroll systems often result in manual procedures, data silos, and an absence of integration, resulting in inconsistencies and inadequacies. Despite residing in a period of technological developments, payroll management has actually been sluggish to adjust, with as much as 25% of payroll still processed by hand, typically using pen and paper. This webinar objectives to supply insights and services to simplify and optimize worldwide payroll payments.

about it to offer 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 sleepless nights and quite honestly the more a company spends on worldwide payroll the less of a picture they see an absence of visibility also encompasses payroll payments and inability to properly track these payments can result in compliance mishaps in the last mile of the transaction almost half of worldwide companies have actually expressed that they don’t have the level of standardization they require in their procedures or desire and as a result eighty percent of errors are due to time reporting bad HCM data information entry mistakes poorly communicated hires and terminations as well as absence management and system configurations and after that when you round everything off and the information is shipped to the wrong place the typical cost of a global data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash worldwide payroll and payments do not run smoothly if they depend on the needed numerous processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the obstacles organization face when they’re making payments to employees or otherwise that’s an excellent concern I constantly throw this back and state what is it what does not need to be consisted of ideal and what does

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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 country 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 need to pay from the client’s own in-country account so there’s complexity any place you look right eventually building a knowledge base is absolutely vital but all over you look with payroll payment they resemble very payments no if however some infants about it you are all superheroes processing payments for payroll if you look at the type 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 definitely basic and technology is permitting us to kind of move forward with that it likewise as well to add to that payroll and financing require to work closer together um with varying Bank Account Details varying banking requirements and setup procedures is definitely necessary that payroll and financing groups work more detailed together than ever um I’m constantly surprised when individuals state I have actually divided payroll and payment um if you stroll down the street and asked anyone what is payroll who does not work in the payroll profession 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 often 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 individuals anywhere they are however also paying statutory authorities and on statutory third parties so with the

The modern-day world places a high value on wellness and the payment landscape is becoming significantly elaborate. Services are constantly presenting brand-new benefits and payment choices, which adds to the overall complexity. Large corporations frequently divide their payroll and payment processing into separate teams, which can cause ineffectiveness and traffic jams. In my viewpoint, this doesn’t have to be the case. In today’s highly advanced period, there’s no justification for maintaining cumbersome procedures. Payroll, the business’s most significant expense, should be processed properly and on time. Even small hold-ups can adversely impact employees’ wellness and have significant consequences. Therefore, it’s important to prioritize accurate and timely payments.

payroll group get um so I’m unsure anybody on this kind 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 an essential cycle all of us hear about it when it goes wrong everyone jumps up and down when it goes wrong however when it goes right it’s simply a tick box exercise and I believe that’s how it’s seen from the external view 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 International Payments first payroll payment service is an excellent first step um offering an end-to-end payroll option for your employees globally again I believe is another huge um process once again lining up and ensuring you have standardization Global processes all of those things are definitely key to success success of services and lowering the number of tools platforms and checking 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’ve never had a hundred countless them within a payroll cycle don’t anticipate to you do get the odd five or 10 or whatever it might be with the with the the complaints where things have not gone quite where they’re indicated to be um I don’t think any of us are really doing that for for the thanks

anyway 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 easy as possible for everyone that’s involved in those processes and also so envision sorry I’m just I was simply gon na state think of the quantity of thanks you got if you might cover the quantity of people that we cover within this webinar I make sure we’re speaking about numerous thousands possibly Millions think of getting that lots of thank you notes um I mean it ‘d be interesting to see the number of Post-it notes you got but it would certainly be a fascinating task trying to clean up all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to browse them and really see what was going on and type of try to return to everybody so carrying on look why do companies choose to main separate bank accounts there are Papaya Global Network businesses out there doing precisely this for particular nations and I have actually operated in a company or lots of businesses doing exactly that I can state it doesn’t constantly feel effective and it does create more work I understand we’re not purposely doing that we’re not creating extra work for anyone where we do not have to and any person that’s managing 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 think numerous factors one is it’s the requirement I think people have actually got so used to we need a brand-new checking account we open an entity and rightly so you require it for payroll purposes but 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 actually adopted and continue to do over years and years gone past to contribute to that people have taken a look at things like trust accounts and numerous other methods um to to kind of do it so I think there’s a variety I believe this is a procedure that requires looking at it needs altering but eventually individuals are extremely stuck with what they’re familiar

with best um change is a hard thing all of us don’t like modification um so I think it’s simply sort of moving away from the standard as we’ve said so yeah so it keeps a lot of track of things um I understand clearly the advantages of having maintaining numerous bank accounts but there’s a big quantity of complexity chooses setting up a checking account maintaining it ensuring it can send International transfers guaranteeing it’s established with the ideal user accesses for individual individuals so the intricacy is big but I believe the honest response is change um people have not been able to change or haven’t had always the knowledge to truly make that change into alternate Solutions besides opening a bank account I think you have actually hit the nail on the head I believe it is knowledge you understand and there is an aspect of resistance to alter but we have actually always done it that way is no real reason for not taking a look at the the advantages and the possibilities of moving on and moving into you know what could nearly be identified to be the next Century or so there is a lot to monitor and this technique does posture several obstacles um so Johnny could you tell us about those difficulties yeah obviously so there’s a range right there is so

I recently made a modification to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It seems like our CFO has gotten another CFO, and with this enhanced capability, I have effectively secured payments for our 10,000 staff members worldwide. Your commitment to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You are worthy of a corner office with a parking space that is better, considering your achievements. Papaya Global Network