Papaya Global App FAQ – Payroll Management 2024

Over the last five or six years …Papaya Global App… functions on the company side and also on the vendor side from a payroll point of view so truly anticipating this conversation today um and yeah thank you very much for your time everybody all right thanks Johnny uh we’ll just provide everyone another couple of uh well among 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 intriguing and I can see it going on already simply to hear where everybody is um it’s nice to to sort of like see where everybody originates from and I actually 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 extremely really gloomy and I want 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 taking a look at the difficulty years of handling International payroll why business preserve separate

bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts streamlining papaya International payroll payments as a tactical property uh we’ll also go over a recap and that must leave his time at the extremely very end for a q a session so as the title of the webinar recommends payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces become increasingly more typical and managing them ends up being a growing number of complicated Worldwide companies are seeking to discover Solutions and brand-new methods to streamline procedures specifically from a payroll and cross-border payment perspective many companies preserve separate savings account just for payroll while some have multiple accounts in different nations does it make good sense for companies to keep separate bank accounts in some cases in different countries it does however just for payroll is there a better way what function do virtual accounts and digital wallets also referred to as virtual wallets play in assisting multinational companies enhance the episode complex procedures of

Making sure precise, efficient, and timely payroll payments is a complex difficulty for services operating internationally. Join us for a webinar to check out the benefits and downsides of payroll wallets versus payroll checking account, discover how business anticipate payroll expenses to enhance working capital, and find how enhancing global payroll payments can change them from a troublesome job into a tactical asset.

Managing payroll globally is a daunting job due to various policies, compliance requirements, information security issues, and banking guidelines. The sheer variety of staff members and businesses adds to the complexity, with an approximated 3.5 billion people in the international workforce, 500 countless whom are in Africa, and 230 million companies worldwide.

Standard payroll systems often result in manual procedures, data silos, and an absence of combination, causing inconsistencies and ineffectiveness. Despite residing in an era of technological developments, payroll management has actually been sluggish to adapt, with as much as 25% of payroll still processed by hand, frequently utilizing pen and paper. This webinar aims to supply insights and services to simplify and enhance international payroll payments.

about it to give you a concept of how far there still is to come according to Deloitte just 11 of organizations say they have Labor force information in real time that’s another number that provides me sleepless nights and rather frankly the more a company invests in global payroll the less of a picture they see a lack of exposure also reaches payroll payments and inability to properly track these payments can cause compliance accidents in the last mile of the deal almost half of international businesses have actually revealed that they do not 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 badly interacted hires and terminations as well as absence management and system setups and after that when you round everything off and the information is shipped to the wrong location the typical cost of a worldwide 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 efficiently if they depend on the necessary numerous processes systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the difficulties service face when they’re making payments to workers or otherwise that’s an excellent question I always toss this back and say what is it what doesn’t need to be included ideal and what does

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it need to be thought of there’s varying Bank information so the length of an eye band a swift an account number routing code per country there’s payment time frames 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 customer’s own in-country account so there’s complexity any place you look right eventually developing a knowledge base is absolutely vital but everywhere 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 take a look at the kind of link between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are definitely essential and technology is enabling us to type of move forward with that it likewise also to contribute to that payroll and financing need to work closer together um with varying Checking account Particulars differing banking requirements and setup processes is definitely imperative that payroll and finance teams work better together than ever um I’m constantly amazed when people say I’ve divided payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t work in the payroll profession would they divide the payroll payment from calculation 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 information collection all the way through to paying people anywhere they are but likewise paying statutory authorities and on statutory third parties so with the

world we reside in and well-being being a growing number of crucial to contribute to type of the level of complexity there’s a growing number of advantages being organ or being provided by services throughout the world so once again you’re just seeking to add increasingly more payments to this currently complicated landscape so if you kind 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 difficult type of pay uses to play to pay people I think yeah I mean over the last well yeah a number of years I would absolutely say that the larger a service gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the task there are groups feeding info into the next function as it were that’s really handling the payment side of things but you understand in in my viewpoint and my experience that doesn’t always require to be the case you understand long gone are the times where we need to develop extra handoffs in the processes that we operate in they simply make them more timely they make them less efficient and they do not make them what they need to be in in an era of tech and a period that you understand that we are working in today there is no reason why we are still making this as challenging as it needs to be agreed and rightly as you stated payroll is the single biggest liability that any business has from an expense viewpoint from an impact point of view on staff members it is definitely 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 most significant harmful impact on individuals’s wellness and numerous other factors if individuals aren’t paid uh I’ve constantly been astonished entering this Market type of the last 5 to ten years is how little thanks the

The payroll team may not have actually been thanked for correctly processing payroll throughout a webinar. If anyone has been thanked, it would be terrific to hear their success story, whether it’s from all staff members or not. Payroll is an important cycle, and people only observe when things go wrong. Nevertheless, when things go right, it’s seen as simply a regular job. This is how it’s viewed externally too. For that reason, it is vital to make sure that tasks like Wi-Fi International and other important matters are done properly. Utilizing the first International Payments very first payroll payment service is a fantastic preliminary step towards providing a comprehensive payroll option for workers worldwide. Standardization, worldwide processes, and decreasing the number of tools, platforms, and checking account essential for global payroll are essential factors in achieving service success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do periodically get a few grievances when things don’t go as prepared. Eventually, we don’t do it for the gratitude.

anyway we understand how how essential a role 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 simple as possible for everyone that’s involved in those processes and also so picture sorry I’m simply I was simply gon na say envision the quantity of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make certain we’re speaking about hundreds of thousands potentially Millions think of getting that numerous thank you keeps in mind um I suggest it ‘d be interesting to see how many Post-it notes you got however it would certainly be an interesting task attempting to clean up all those up for sure oh absolutely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d need 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 proceeding look why do companies pick to main different bank accounts there are Papaya Global App companies out there doing exactly this for particular nations and I’ve operated in an organization or lots of companies doing exactly that I can say it doesn’t always feel effective and it does produce more work I know we’re not intentionally doing that we’re not developing additional work for anyone where we don’t need to and any person that’s managing that process 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 lots of factors one is it’s the standard I believe individuals have actually got so utilized to we require a new bank account we open an entity and rightly so you need 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 norm the people have embraced and continue to do over years and years passed by to add to that individuals have actually looked at things like trust accounts and numerous other methods um to to type of do it so I think there’s a range I think this is a procedure that needs looking at it needs altering but eventually people are really stuck with what they recognize

with best um modification is a tough thing we all don’t like modification um so I think it’s simply kind of moving far from the norm as we have actually said so yeah so it keeps a lot of track of things um I comprehend clearly the advantages of having keeping multiple bank accounts but there’s a substantial quantity of intricacy opts for establishing a bank account keeping it guaranteeing it can send International transfers guaranteeing it’s established with the ideal user accesses for individual people so the complexity is huge however I believe the truthful answer is change um individuals haven’t been able to change or haven’t had always the understanding to actually make that change into alternate Solutions other than opening a bank account I think you have actually struck the nail on the head I think 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 reason for not looking at the the benefits and the possibilities of proceeding and moving into you understand what could almost be figured out to be the next Century or two there is a lot to keep track of and this technique does pose numerous difficulties um so Johnny could you tell us about those difficulties yeah of course so there’s a variety right there is so

I just did you changed our Business 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 Worldwide employees you are worthy of a corner office with a more detailed parking space due to the fact that I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global App