Groupon Papaya Global Course FAQ – Payroll Management 2024

Over the last five or six years …Groupon Papaya Global Course… functions on the supplier side and also on the supplier side from a payroll point of view so truly looking forward to this discussion today um and yeah thank you quite for your time everyone okay thanks Johnny uh we’ll just provide everybody another number of uh well one of the 30 seconds or so 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 everyone is um it’s nice to to sort of like see where everyone 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 drizzling here it’s very really dreary and I wish I was somewhere else at this moment in time all right 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 companies maintain different

checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts streamlining papaya International payroll payments as a strategic property uh we’ll likewise discuss a recap and that needs to leave his time at the very very end for a q a session so as the title of the webinar recommends payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces end up being increasingly more typical and handling them ends up being more and more intricate Global organizations are seeking to find Solutions and new ways to improve procedures especially from a payroll and cross-border payment perspective many organizations preserve separate checking account just for payroll while some have multiple accounts in different nations does it make good sense for business to keep different checking account sometimes in different countries it does but just for payroll exists a much better method what function do virtual accounts and digital wallets likewise called virtual wallets play in helping international companies improve the episode complex processes of

making payroll payments properly effectively safely and on time throughout this webinar we’ll walk you through the international pros and cons of a payroll wallet versus a payroll savings account how companies properly anticipate their payroll costs to increase working capital and how streamlining Worldwide payroll payments can turn them from a siled pane into a tactical asset so payroll can be tough in sufficient in one country however when you’re doing it worldwide it’s next level and Beyond it ends up being complicated for a range of reasons most importantly regulations compliance information security and banking rules then there are the large numbers they add additional intricacy the international Labor force is currently three and a half billion individuals by 2030 it’s approximated 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 organizations and growing all doing their own thing around the world in the conventional payroll design there’s frequently an overwhelming variety of various systems resulting in time-consuming manual processes and silos the variety of Integrations could be non-existent in large amounts and or extremely very fundamental there’s no genuine consistency framework we’re living in an age of tech but 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 just blows my mind whenever I I believe

about it to offer you an idea of how far there still is to come according to Deloitte just 11 of businesses say they have Workforce data in real time that’s another number that offers me sleepless nights and rather frankly the more a service spends on global payroll the less of a photo they see an absence of exposure also encompasses payroll payments and inability to accurately track these payments can result in compliance accidents in the last mile of the transaction almost half of global services have expressed 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 because of time reporting poor HCM information data entry errors poorly interacted hires and terminations as well as lack management and system configurations and after that when you round it all off and the data is delivered to the wrong location the typical cost of a global information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash around the globe payroll and payments do not run smoothly if they count on the needed numerous procedures 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 organization 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 doesn’t require to be included best and what does

it require to be thought about there’s differing Bank details so the length of an eye band a swift an account number routing code per country there’s payment amount of time there’s payment abilities so can you pay it from International or do you need 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 eventually constructing a knowledge base is absolutely critical however all over you look with payroll payment they resemble extremely payments no if but some babies 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 believe there’s now a bit more recognition that payroll payments are definitely basic and innovation is enabling us to sort of move forward with that it likewise also to contribute to that payroll and financing need to work closer together um with differing Savings account Particulars varying banking requirements and setup processes is absolutely vital that payroll and financing teams work closer together than ever um I’m constantly amazed when people say I’ve split payroll and payment um if you walk down the street and asked anybody what is payroll who does not 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 often split and cut up um ultimately it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying people any place they are however also paying statutory authorities and on statutory 3rd parties so with the

world we reside in and wellness being a growing number of crucial to contribute to type of the level of intricacy there’s increasingly more advantages being organ or being offered by businesses throughout the world so once again you’re simply looking to include a growing number of payments to this already complicated landscape so if you sort of got any experience well I’m from your vast experience here and I make certain however have you got any experience in kind of real obstacles or genuine challenging 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 state that the larger a company gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the job there are groups feeding information into the next function as it were that’s in fact handling the payment side of things but you know in in my viewpoint and my experience that does not necessarily require to be the case you know long gone are the times where we need to create additional handoffs in the processes that we run in they simply make them more timely they make them less efficient and they don’t make them what they need to be in in an age of tech and an era that you know that we are operating in today there is no reason why we are still making this as hard as it requires to be concurred and rightly as you stated payroll is the single biggest liability that any organization has from a cost viewpoint from an impact point of view on staff members it is absolutely important that it’s done correctly and on time so what we mean by that is not a day before not a day after on pay day and payments have to be done right it has the biggest detrimental effect on individuals’s wellness and lots of other elements if people aren’t paid uh I’ve constantly been surprised entering this Market kind of the last 5 to ten years is how little thanks the

payroll team get um so I’m not exactly sure anybody on this sort of webinar has been informed 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 employees or not um but eventually payroll is such an important cycle all of us find out about it when it fails everyone jumps up and down when it fails but when it goes right it’s simply a tick box exercise and I think that’s how it’s seen from the external view as well um so yeah it’s likewise like why WI-Fi Global why all of this things is definitely vital that all of this stuff is done correctly so leveraging the first International Payments first payroll payment solution is a great primary step um offering an end-to-end payroll solution for your workers globally once again I think is another big um process once again aligning and guaranteeing you have standardization Worldwide processes all of those things are definitely essential to success success of businesses and minimizing the number of tools platforms and bank accounts they need for their Global payroll too could not agree with you more and on the the front in regards to of the thank yous for getting payroll done I’ve never ever had a hundred countless them within a payroll cycle do not expect 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 meant to be um I don’t think any of us are in fact doing that for for the thanks

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 everybody that’s associated with those processes and likewise so imagine sorry I’m just I was simply gon na say imagine the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make certain we’re speaking about hundreds of thousands potentially Millions imagine getting that many thank you notes um I mean it ‘d be interesting to see how many Post-it notes you got however it would definitely be an intriguing task trying to clean all those up for sure oh definitely I can’t envision 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 try to return to everyone so proceeding look why do companies pick to main separate bank accounts there are Groupon Papaya Global Course companies out there doing exactly this for specific countries and I’ve operated in a service or lots of organizations doing precisely that I can say it doesn’t always feel effective and it does produce more work I understand we’re not deliberately doing that we’re not creating additional work for any person where we do not need to and any person that’s handling 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 many factors one is it’s the requirement I think people have got so used to we need a new bank account we open an entity and appropriately so you require it for payroll functions however there are a number of markets where it’s not a requirement so I think it’s just been the standard and the standard individuals have adopted and continue to do over years and years passed by to add to that people have taken a look at things like trust accounts and lots of other ways um to to sort of do it so I believe there’s a variety I think this is a process that needs taking a look at it needs altering however eventually individuals are very stuck to what they’re familiar

with best um change is a challenging thing all of us don’t like change um so I believe it’s simply sort of moving far from the standard as we’ve said so yeah so it keeps a lot of track of things um I understand obviously the advantages of having maintaining several bank accounts however there’s a big amount of intricacy opts for establishing a savings account preserving it ensuring it can send out International transfers ensuring it’s established with the best user accesses for specific individuals so the intricacy is big however I think the honest response is change um individuals haven’t had the ability to alter or haven’t had always the understanding to truly make that change into alternate Solutions besides opening a checking account I think you have actually struck the nail on the head I believe it is understanding you know and there is an element of resistance to change however 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 understand what could almost be figured out to be the next Century or two there is a lot to keep an eye on and this technique does posture several difficulties um so Johnny could you inform us about those obstacles yeah of course so there’s a variety right there is so

I recently made a change 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 actually gained another CFO, and with this boosted ability, I have actually successfully protected payments for our 10,000 staff members worldwide. Your devotion to mastering international payroll and payments using Papaya payroll OS is commendable. You are worthy of a corner workplace with a parking space that is more detailed, considering your accomplishments. Groupon Papaya Global Course