Papaya Global Estonia FAQ – Payroll Management 2024

Over the last five or six years …Papaya Global Estonia… functions on the service provider side and likewise on the supplier side from a payroll perspective so actually eagerly anticipating this conversation today um and yeah thank you very much for your time everyone fine thanks Johnny uh we’ll just give everyone another number of uh well one of the 30 seconds or so to join all of us work back to back these days so we’ll type of let them do that so it ‘d be rather interesting and I can see it going on already simply to hear where everyone is um it’s nice to to type of like see where everyone originates from and I truly do hope it’s much sunnier than it remains 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 extremely bleak and I wish I was somewhere else at this moment in time all right so let’s get started our agenda for today is as follows um we are going to be taking a look at the difficulty years of managing Worldwide payroll why business keep different

bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts enhancing papaya International payroll payments as a strategic asset uh we’ll also go over a recap and that needs to leave his time at the really very 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 a growing number of common and handling them becomes increasingly more complex Worldwide organizations are looking to discover Solutions and brand-new ways to improve processes specifically from a payroll and cross-border payment standpoint numerous organizations keep different savings account just for payroll while some have multiple accounts in different nations does it make sense for business to maintain separate bank accounts sometimes in different countries it does but just for payroll exists a better method what role do virtual accounts and digital wallets also known as virtual wallets play in assisting multinational business streamline the episode complex procedures of

making payroll payments properly effectively firmly and on time during this webinar we’ll walk you through the global benefits and drawbacks of a payroll wallet versus a payroll bank account how business properly anticipate their payroll costs to increase working capital and how simplifying International payroll payments can turn them from a siled pane into a tactical asset so payroll can be tough in adequate in one nation but when you’re doing it internationally it’s next level and Beyond it becomes intricate for a range of factors most importantly policies compliance data security and banking rules then there are the sheer numbers they include further complexity the international Labor force is presently three and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and more 1.1 billion people that number is currently 500 million just for for a scale then consider that there are some 230 million services and growing all doing their own thing around the world in the conventional payroll model there’s typically a frustrating variety of different systems leading to lengthy manual processes and silos the variety of Integrations could be non-existent in big quantities and or very very basic there’s no genuine consistency framework we’re residing in a period of tech but payroll has actually 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 just blows my mind every time I I believe

about it to offer you an idea 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 offers me sleep deprived nights and rather honestly the more a company spends on worldwide payroll the less of a picture they see a lack of exposure also extends to payroll payments and inability to properly track these payments can cause compliance incidents in the last mile of the deal almost half of worldwide services 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 errors are due to time reporting bad HCM data data entry errors badly interacted hires and terminations along with absence management and system setups and then when you round everything off and the data is shipped to the wrong location the typical cost of a worldwide information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash all over the world payroll and payments do not run efficiently if they depend on the needed multiple processes 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 challenges organization face when they’re making payments to staff members or otherwise that’s a great question I constantly throw this back and state what is it what doesn’t require to be included best and what does

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it need to be considered there’s differing 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 client’s own in-country account so there’s intricacy anywhere you look ideal ultimately building a knowledge base is definitely important however all over you look with payroll payment they resemble very payments no if but some infants about it you are all superheroes processing payments for payroll if you take a look at the sort 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 definitely basic and innovation is enabling us to sort of progress with that it also also to add to that payroll and financing require to work closer together um with varying Savings account Particulars varying banking requirements and setup processes is absolutely necessary that payroll and financing groups work closer together than ever um I’m always impressed when people state I’ve split payroll and payment um if you walk down the street and asked anyone what is payroll who does not operate in the payroll occupation would they divide 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 anywhere they are however likewise paying statutory authorities and on statutory 3rd parties so with the

world we live in and well-being being increasingly more crucial to contribute to kind of the level of intricacy there’s a growing number of advantages being organ or being provided by companies across the world so once again you’re just aiming to add more and more payments to this already complicated landscape so if you sort of got any experience well I’m from your huge experience here and I’m sure however have you got any experience in kind of real difficulties or real tough kind of pay utilizes to play to pay individuals I think yeah I mean over the last well yeah a couple of years I would certainly state that the bigger an organization gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the task there are teams 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 opinion and my experience that doesn’t necessarily require to be the case you understand long gone are the times where we need to develop additional handoffs at the same times that we operate in they just make them more timely they make them less effective and they do not make them what they require to be in in an age of tech and a period that you know that we are working in today there is no reason we are still making this as difficult as it needs to be agreed and appropriately as you said payroll is the single most significant liability that any business has from an expense point of view from an impact viewpoint on staff members it is absolutely important that it’s done correctly and on time so what we suggest 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 destructive effect on people’s wellness and lots of other aspects if people aren’t paid uh I’ve always been impressed entering this Market kind of the last 5 to 10 years is how little thanks the

The payroll team may not have been thanked for correctly processing payroll during a webinar. If anybody has been thanked, it would be excellent to hear their success story, whether it’s from all employees or not. Payroll is an essential cycle, and individuals only see when things go wrong. Nevertheless, when things go right, it’s seen as just a regular task. This is how it’s viewed externally too. For that reason, it is important to make sure that jobs like Wi-Fi Global and other essential matters are done correctly. Utilizing the very first Worldwide Payments very first payroll payment option is a terrific preliminary action towards supplying a comprehensive payroll option for employees worldwide. Standardization, global processes, and minimizing the variety of tools, platforms, and checking account needed for worldwide payroll are essential consider attaining service success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do occasionally receive a couple of grievances when things don’t go as prepared. Eventually, we don’t do it for the appreciation.

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 easy as possible for everybody that’s associated with those processes and likewise so picture sorry I’m simply I was simply gon na say imagine the quantity of thanks you got if you could cover the amount of individuals that we cover within this webinar I make certain we’re speaking about numerous thousands potentially Millions envision 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 definitely be an intriguing job attempting to clean all those up for sure oh absolutely 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 look through them and really see what was going on and kind of shot to get back to everybody so moving on appearance why do business select to main different savings account there are Papaya Global Estonia companies out there doing exactly this for specific nations and I’ve operated in a service or numerous companies doing exactly that I can state it does not constantly feel efficient and it does develop more work I know we’re not deliberately doing that we’re not producing extra work for any person where we don’t need to and anybody that’s handling 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 quantity that we are I think numerous reasons one is it’s the standard I think individuals have actually got so utilized to we require a brand-new checking account we open an entity and appropriately 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 requirement and the standard individuals have actually adopted and continue to do over years and years passed by to contribute to that individuals have actually taken a look at things like trust accounts and numerous other ways um to to sort of do it so I think there’s a variety I believe this is a process that needs looking at it needs altering however eventually people are extremely stuck with what they recognize

with ideal um change is a tough thing we all do not like modification um so I believe it’s simply type of moving far from the norm as we have actually said so yeah so it keeps a lot of track of stuff um I comprehend obviously the benefits of having maintaining multiple bank accounts however there’s a big quantity of complexity chooses establishing a bank account preserving it guaranteeing it can send out International transfers guaranteeing it’s set up with the best user accesses for specific people so the intricacy is substantial but I think the sincere response is modification um individuals have not been able to alter or haven’t had necessarily the understanding to truly make that change into alternate Solutions aside from opening a bank account I think you’ve 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 constantly done it that way is no real reason for not taking a look at the the advantages and the possibilities of carrying on and moving into you know what could nearly be figured out to be the next Century or two there is a lot to keep an eye on and this technique does present a number of difficulties um so Johnny could you tell us about those challenges yeah obviously so there’s a range 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 Global workers you deserve a corner office with a better parking space since I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Estonia