Papaya Global Denmark FAQ – Payroll Management 2024

Over the last five or six years …Papaya Global Denmark… roles on the supplier side and likewise on the vendor side from a payroll point of view so truly anticipating this discussion today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll simply give everybody another number of uh well among the 30 seconds approximately to join we all work back to back nowadays so we’ll kind of let them do that so it ‘d be rather intriguing and I can see it going on already simply to hear where everybody is um it’s nice to to kind of like see where everybody originates from and I really 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 uninspiring and I wish I was elsewhere at this moment in time alright so let’s get started our program for today is as follows um we are going to be taking a look at the obstacle years of handling Worldwide payroll why companies preserve separate

Virtual payroll accounts are an option to conventional bank accounts for handling payroll payments. This is particularly helpful for worldwide companies with dispersed and remote workforces, as it simplifies the complex process of cross-border payments. Instead of preserving separate checking account for payroll in different nations, virtual accounts and digital wallets offer a more structured solution. In this webinar, we will check out the advantages of using virtual payroll accounts and go over why they are ending up being a strategic possession for payroll executives. We will also provide a wrap-up of the main points covered and leave time for a Q&A session at the end.

making payroll payments properly efficiently firmly and on time during this webinar we’ll walk you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll checking account how business properly forecast their payroll costs to increase working capital and how improving Worldwide payroll payments can turn them from a siled pane into a strategic asset so payroll can be hard in sufficient in one country 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 policies compliance information security and banking rules then there are the sheer numbers they include further 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 further 1.1 billion individuals 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 design there’s frequently a frustrating variety of different systems leading to time-consuming manual procedures and silos the variety of Combinations could be non-existent in big quantities and or extremely extremely standard there’s no real consistency framework we’re living in an age of tech however 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 and that simply blows my mind each time I I think

about it to offer you a concept of how far there still is to come according to Deloitte just 11 of businesses say they have Labor force data in real time that’s another number that offers me sleep deprived nights and quite frankly the more a business spends on international payroll the less of an image they see a lack of visibility likewise encompasses payroll payments and inability to properly track these payments can lead to compliance accidents in the last mile of the deal nearly half of worldwide businesses have actually revealed that they do not have the level of standardization they need in their procedures or want and as a result eighty percent of mistakes are due to time reporting poor HCM data information entry mistakes poorly communicated hires and terminations along with lack management and system configurations and after that when you round all of it off and the data is delivered to the incorrect place the average expense of a worldwide information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash around the globe payroll and payments do not run efficiently if they rely on the needed several processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the challenges service face when they’re paying to workers or otherwise that’s a great question I constantly toss this back and say what is it what doesn’t need to be included right and what does

https://www.youtube.com/watch?v=pNjMoPeng0A

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 need to pay from the consumer’s own in-country account so there’s intricacy any place you look ideal ultimately building a knowledge base is absolutely crucial however all over you look with payroll payment they are like extremely payments no if but some babies about it you are all superheroes processing payments for payroll if you take a look at the type of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are absolutely essential and innovation is enabling us to type of move on with that it likewise also to contribute to that payroll and financing require to work closer together um with varying Bank Account Details varying banking requirements and setup processes is definitely necessary that payroll and financing teams work better together than ever um I’m always surprised when individuals say I’ve split payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t work in the payroll profession would they split the payroll payment from computation I would say no so why do we as a market accept that why our payroll and payments so frequently 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 but also paying statutory authorities and on statutory 3rd parties so with the

world we live in and well-being being more and more essential to contribute to kind of the level of complexity there’s increasingly more benefits being organ or being provided by organizations throughout the world so once again you’re just aiming to add more and more payments to this currently complicated landscape so if you kind of got any experience well I’m from your huge experience here and I make sure but have you got any experience in kind of genuine difficulties or genuine challenging type of pay uses to play to pay people I believe yeah I imply over the last well yeah a number of decades I would definitely state that the larger an organization gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the job there are teams feeding information into the next function as it were that’s really managing the payment side of things however you know in in my opinion and my experience that doesn’t necessarily require to be the case you know long gone are the times where we need to develop additional handoffs while doing sos that we operate in they just make them more timely they make them less efficient and they do not make them what they need to be in in an age of tech and a period that you know that we are operating in today there is no reason that we are still making this as hard as it requires to be concurred and appropriately as you stated payroll is the single most significant liability that any business has from an expense perspective from an effect perspective on workers it is absolutely critical 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 have to be done right it has the biggest damaging result on people’s wellness and numerous other aspects if individuals aren’t paid uh I have actually always been impressed entering into this Market kind of the last 5 to 10 years is how little thanks the

The payroll group might not have actually been thanked for properly processing payroll during a webinar. If anyone has actually been thanked, it would be terrific to hear their success story, whether it’s from all workers or not. Payroll is a crucial cycle, and people only notice when things go wrong. Nevertheless, when things go right, it’s viewed as just a routine task. This is how it’s perceived externally also. Therefore, it is essential to ensure that jobs like Wi-Fi Worldwide and other essential matters are done correctly. Utilizing the very first International Payments very first payroll payment service is a great initial step towards supplying a thorough payroll option for workers worldwide. Standardization, international processes, and lowering the variety of tools, platforms, and bank accounts required for global payroll are key factors in achieving organization success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do sometimes get a couple of grievances when things do not go as prepared. Eventually, we do not do it for the gratitude.

anyway we know how how crucial 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 involved in those procedures and also so envision sorry I’m simply I was just gon na state think of the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I make sure we’re talking about hundreds of thousands potentially Millions picture getting that numerous thank you notes um I mean it ‘d be interesting to see the number of Post-it notes you got but it would definitely be a fascinating job trying to clean up all those up for sure oh absolutely I can’t picture the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to check out them and really see what was going on and sort of shot to get back to everybody so moving on look why do business select to primary separate savings account there are Papaya Global Denmark services out there doing precisely this for specific nations and I have actually operated in a company or lots of businesses doing exactly that I can say it does not always feel effective and it does produce more work I know we’re not intentionally doing that we’re not producing additional work for anyone where we do not need to and anybody 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 amount that we are I believe many reasons one is it’s the requirement I think individuals have got so utilized to we require a new bank account we open an entity and rightly so you need it for payroll purposes but there are a number of markets where it’s not a requirement so I believe it’s just been the requirement and the norm the people have actually embraced and continue to do over years and years passed by to add to that people have looked at things like trust accounts and lots of other ways um to to type of do it so I believe there’s a variety I believe this is a procedure that needs looking at it requires altering however ultimately individuals are very stuck to what they’re familiar

with best um modification is a challenging thing we all do not like modification um so I think it’s just kind of moving far from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend clearly the advantages of having maintaining multiple bank accounts but there’s a substantial amount of complexity opts for establishing a checking account maintaining it guaranteeing it can send International transfers ensuring it’s established with the right user accesses for private people so the complexity is huge but I believe the sincere response is change um people have not been able to change or have not had always the understanding to actually make that change into alternate Solutions other than opening a bank account I believe you’ve struck the nail on the head I think it is knowledge you understand and there is a component of resistance to change but we’ve always done it that way is no genuine reason for not looking at the the benefits and the possibilities of proceeding and moving into you understand what could practically be identified to be the next Century or two there is a lot to monitor and this method does position several obstacles um so Johnny might you inform us about those obstacles yeah obviously so there’s a variety right there is so

I simply 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 should have a corner workplace with a closer parking space because I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Denmark

Papaya Global Denmark FAQ – Payroll Management 2024

Over the last 5 or 6 years …Papaya Global Denmark… functions on the supplier side and also on the supplier side from a payroll viewpoint so truly eagerly anticipating this discussion today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll simply give everybody another couple of uh well among the 30 seconds approximately 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 just to hear where everybody is um it’s nice to to type 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 sunshine is it it’s not no it’s it’s raining here it’s extremely extremely uninspiring and I wish I was somewhere else at this moment in time alright so let’s get started our agenda for today is as follows um we are going to be taking a look at the challenge years of managing Worldwide payroll why companies preserve different

savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts improving papaya Global payroll payments as a strategic asset uh we’ll also go over a wrap-up which needs to leave his time at the extremely really end for a q a session so as the title of the webinar recommends payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and International labor forces end up being more and more common and handling them becomes increasingly more complex Global organizations are wanting to find Solutions and new ways to improve procedures especially from a payroll and cross-border payment viewpoint numerous organizations maintain different bank account just for payroll while some have several accounts in different nations does it make good sense for companies to keep separate checking account often in different countries it does but just for payroll exists a much better method what role do virtual accounts and digital wallets also called virtual wallets play in helping multinational business enhance the episode complex procedures of

making payroll payments properly efficiently securely and on time throughout this webinar we’ll stroll you through the global advantages and disadvantages of a payroll wallet versus a payroll bank account how companies precisely anticipate their payroll expenses to increase working capital and how simplifying International payroll payments can turn them from a siled pane into a strategic asset so payroll can be difficult in adequate in one country however when you’re doing it worldwide it’s next level and Beyond it ends up being complex for a variety of factors most notably guidelines compliance data security and banking rules then there are the large numbers they add additional intricacy the international Workforce is currently 3 and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and further 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 worldwide in the standard payroll model there’s often a frustrating number of various systems causing lengthy manual processes and silos the variety of Combinations could be non-existent in large amounts and or very extremely basic there’s no real consistency structure we’re residing in a period of tech however payroll has actually been sluggish 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 think

about it to offer you an idea of how far there still is to come according to Deloitte just 11 of businesses state they have Workforce information in real time that’s another number that offers me sleep deprived nights and quite honestly the more a business spends on international payroll the less of an image they see an absence of presence likewise extends to payroll payments and failure to accurately track these payments can cause compliance mishaps in the last mile of the deal nearly half of global 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 mistakes are because of time reporting poor HCM data data entry errors poorly interacted hires and terminations along with absence management and system configurations and after that when you round everything off and the information is delivered to the wrong place the typical cost of an international information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money around the globe payroll and payments don’t run smoothly if they rely on the required 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 difficulties company face when they’re making payments to staff members or otherwise that’s a good question I always throw this back and state what is it what doesn’t require to be included ideal and what does

https://www.youtube.com/watch?v=pNjMoPeng0A

it require to be thought of 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 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 consumer’s own in-country account so there’s complexity anywhere you look best eventually developing a knowledge base is absolutely vital however all over you look with payroll payment they are like very payments no if however some children about it you are all superheroes processing payments for payroll if you take a look at the kind 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 absolutely fundamental and innovation is allowing us to sort of move forward with that it likewise also to add to that payroll and financing need to work closer together um with varying Savings account Details varying banking requirements and setup processes is definitely crucial that payroll and financing groups work better together than ever um I’m always impressed when people state I have actually divided payroll and payment um if you stroll down the street and asked anybody what is payroll who does not operate in the payroll profession would they divide the payroll payment from estimation I would say no so why do we as a market accept that why our payroll and payments so often split and cut up um eventually it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying people anywhere they are but also paying statutory authorities and on statutory third parties so with the

world we live in and well-being being a growing number of essential to contribute to sort of the level of complexity there’s a growing number of benefits being organ or being used by organizations across the world so once again you’re just seeking to add more and more payments to this currently complex landscape so if you kind of got any experience well I’m from your vast experience here and I make sure but have you got any experience in kind of genuine challenges or genuine tough kind of pay uses to play to pay individuals I believe yeah I imply over the last well yeah a number of decades I would certainly state that the bigger an organization gets the more it tends to segregate the payroll and the payments operates 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 managing 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 know long gone are the times where we require to produce extra handoffs while doing sos 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 challenging as it needs to be concurred and rightly as you said payroll is the single greatest liability that any service has from a cost perspective from an effect point of view on employees it is absolutely crucial 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 destructive effect on people’s well-being and many other factors if individuals aren’t paid uh I have actually constantly been surprised coming into this Market kind of the last 5 to 10 years is how little thanks the

payroll group get um so I’m uncertain anybody on this sort of webinar has actually been told 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 ultimately payroll is such an essential cycle we all hear about it when it fails everybody jumps up and down when it fails however when it goes right it’s simply a tick box exercise and I believe that’s how it’s seen from the external consider as well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is absolutely crucial that all of this stuff is done properly so leveraging the very first Worldwide Payments first payroll payment option is a fantastic initial step um offering an end-to-end payroll service for your employees globally again I believe is another huge um procedure once again aligning and guaranteeing you have standardization Worldwide procedures all of those things are definitely crucial to success success of organizations and decreasing the variety of tools platforms and bank accounts they need for their Global payroll too couldn’t agree with you more and on the the front in terms of of the thank yous for getting payroll done I have actually never ever had a hundred countless them within a payroll cycle don’t anticipate to you do get the odd five or ten or whatever it might be with the with the the complaints where things have not gone quite where they’re implied to be um I don’t believe any of us are really doing that for for the thanks

anyhow we understand how how crucial 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 everybody that’s involved in those procedures and also so envision sorry I’m just I was just gon na say picture the quantity of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make sure we’re talking about numerous thousands potentially Millions picture getting that lots of thank you keeps in mind um I indicate it ‘d be interesting to see how many Post-it notes you got however it would certainly be an intriguing task attempting 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 require days of the week to try to browse them and actually see what was going on and type of shot to return to everybody so moving on look why do business select to primary separate bank accounts there are Papaya Global Denmark organizations out there doing precisely this for specific nations and I have actually operated in an organization or lots of companies doing exactly that I can state it doesn’t always feel efficient and it does develop more work I understand we’re not intentionally doing that we’re not developing extra work for anybody where we do not need to and any person that’s dealing with 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 reasons one is it’s the requirement I believe people have got so used to we require a new bank account we open an entity and appropriately so you require it for payroll purposes however there are a number 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 gone past to add to that people have looked at things like trust accounts and many other ways um to to sort of do it so I believe there’s a range I believe this is a process that requires looking at it needs changing however eventually individuals are very stuck with what they’re familiar

with best um change is a hard thing all of us do not like modification um so I think it’s simply kind 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 undoubtedly the advantages of having preserving numerous checking account however there’s a huge quantity of complexity opts for setting up a bank account keeping it ensuring it can send out International transfers guaranteeing it’s established with the right user accesses for specific people so the complexity is substantial however I believe the truthful answer is modification um people haven’t had the ability to alter or haven’t had necessarily the understanding to actually make that change into alternate Solutions other than 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 a component of resistance to change however we have actually always done it that way is no real excuse for not taking a look at the the benefits and the possibilities of carrying on and moving into you understand what could practically be identified to be the next Century or two there is a lot to keep an eye on and this approach does pose several difficulties um so Johnny might you tell us about those challenges yeah of course so there’s a range right there is so

I just did you switched our Business to OS so now we can do our payroll and payments operation on a single platform yes it’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide staff members you deserve a corner workplace with a closer parking space due to the fact that I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Denmark