Papaya Global Full-service Payroll FAQ – Payroll Management 2024

Over the last five or 6 years …Papaya Global Full-service Payroll… roles on the company side and also on the supplier side from a payroll viewpoint so truly looking forward to this conversation today um and yeah thank you quite for your time everyone okay thanks Johnny uh we’ll simply offer everyone another couple of uh well among the 30 seconds or two to join we all work back to back nowadays so we’ll sort of let them do that so it ‘d be rather intriguing and I can see it going on currently simply to hear where everyone is um it’s nice to to kind of like see where everybody comes from and I truly 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 raining here it’s extremely extremely gloomy and I want I was somewhere else at this moment in time alright so let’s get going our agenda for today is as follows um we are going to be looking at the obstacle years of handling Worldwide payroll why companies keep different

Virtual payroll accounts are an alternative to traditional savings account for handling payroll payments. This is particularly beneficial for international companies with dispersed and remote workforces, as it simplifies the intricate process of cross-border payments. Instead of keeping separate savings account for payroll in different countries, virtual accounts and digital wallets use a more streamlined solution. In this webinar, we will explore the benefits of using virtual payroll accounts and discuss why they are becoming a tactical possession for payroll executives. We will likewise supply a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.

making payroll payments accurately efficiently firmly and on time throughout this webinar we’ll walk you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll checking account how companies precisely anticipate their payroll expenses to increase working capital and how improving Global payroll payments can turn them from a siled pane into a tactical property so payroll can be tough in sufficient in one nation but when you’re doing it worldwide it’s next level and Beyond it becomes complex for a range of reasons most significantly guidelines compliance data security and banking rules then there are the large numbers they include more intricacy the global Workforce is currently three and a half billion individuals by 2030 it’s estimated 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 services and growing all doing their own thing worldwide in the conventional payroll design there’s often a frustrating variety of various systems causing time-consuming manual processes and silos the number of Combinations could be non-existent in large quantities and or really very standard there’s no real consistency framework we’re living in a period of tech but payroll has actually been sluggish to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper which just blows my mind each time I I think

about it to provide you an idea of how far there still is to come according to Deloitte just 11 of businesses say they have Labor force information in real time that’s another number that provides me sleepless nights and quite honestly the more a service spends on worldwide payroll the less of a photo they see a lack of presence also extends to payroll payments and failure to precisely track these payments can cause compliance incidents in the last mile of the transaction nearly half of international businesses have actually revealed that they don’t have the level of standardization they need in their processes or desire and as a result eighty percent of errors are due to time reporting poor HCM information information entry errors badly communicated hires and terminations in addition to absence management and system configurations and after that when you round all of it off and the data is delivered to the wrong location the average expense of a worldwide information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash worldwide payroll and payments do not run efficiently if they count on the required multiple processes systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the difficulties organization face when they’re paying to staff members or otherwise that’s an excellent concern I always throw this back and state what is it what doesn’t need to be consisted of ideal and what does

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

it need to be thought of there’s varying Bank details so the length of an eye band a swift an account number routing code per country there’s payment timespan 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 consumer’s own in-country account so there’s complexity anywhere you look ideal eventually building a knowledge base is absolutely critical however all over you look with payroll payment they are like incredibly 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 in between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are definitely essential and technology is enabling us to kind of progress with that it likewise too to contribute to that payroll and finance need to work closer together um with differing Bank Account Particulars varying banking requirements and setup procedures is absolutely crucial that payroll and finance groups work more detailed 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 anybody 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 data collection all the way through to paying people wherever they are but likewise paying statutory authorities and on statutory 3rd parties so with the

The modern world positions a high value on well-being and the settlement landscape is ending up being progressively elaborate. Companies are continually introducing new advantages and payment choices, which adds to the overall complexity. Big corporations often divide their payroll and payment processing into different teams, which can cause ineffectiveness and bottlenecks. In my viewpoint, this doesn’t need to be the case. In today’s highly advanced period, there’s no justification for maintaining cumbersome treatments. Payroll, the business’s biggest cost, need to be processed correctly and on time. Even small hold-ups can adversely impact workers’ well-being and have far-reaching repercussions. Therefore, it’s vital to prioritize accurate and prompt payments.

payroll team get um so I’m unsure anyone on this kind of webinar has actually been told thank you for processing my payroll properly if you have it ‘d be fantastic to hear your success story and whether that’s been from all workers or not um however ultimately payroll is such a crucial cycle we all hear about it when it fails everybody jumps up and down when it goes wrong however when it goes right it’s simply a tick box workout and I think 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 stuff is definitely crucial that all of this stuff is done properly so leveraging the first International Payments very first payroll payment service is a terrific initial step um providing an end-to-end payroll service for your workers globally again I believe is another big um process once again lining up and ensuring you have standardization International processes all of those things are absolutely key to success success of companies 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 5 or ten or whatever it might be with the with the the problems where things have not gone quite where they’re meant to be um I don’t believe any of us are in fact 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 everyone that’s involved in those procedures and also so think of sorry I’m just I was simply gon na state envision the quantity of thanks you got if you might cover the quantity of people that we cover within this webinar I’m sure we’re speaking about numerous thousands possibly Millions picture getting that numerous thank you notes um I imply it ‘d be interesting to see the number of Post-it notes you got but it would absolutely be a fascinating job attempting to clean all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to browse them and really see what was going on and kind of shot to get back to everyone so proceeding appearance why do companies choose to primary different checking account there are Papaya Global Full-service Payroll services out there doing exactly this for specific countries and I have actually worked in a business or many businesses doing exactly that I can say it does not constantly feel efficient and it does develop more work I know we’re not purposely doing that we’re not creating extra work for anyone where we don’t need to and anybody 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 quantity that we are I believe numerous reasons one is it’s the standard I believe people 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 purposes but there are a variety of markets where it’s not a requirement so I think it’s simply been the standard and the standard the people have actually embraced and continue to do over years and years passed by to contribute to that individuals have taken a look at things like trust accounts and numerous other methods 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 changing however ultimately people are extremely stuck to what they recognize

with ideal um modification is a difficult thing all of us don’t like modification um so I think it’s simply type of moving far from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend undoubtedly the advantages of having preserving several checking account but there’s a huge quantity of intricacy opts for establishing a bank account maintaining it guaranteeing it can send International transfers ensuring it’s established with the right user accesses for specific individuals so the complexity is huge however I believe the sincere answer is change um individuals haven’t had the ability to change or haven’t had necessarily the understanding to actually make that change into alternate Solutions besides opening a bank account I think you have actually hit the nail on the head I think it is understanding you know and there is an element of resistance to change but we’ve constantly done it that way is no genuine reason for not taking a look at the the benefits and the possibilities of proceeding and moving into you understand what could practically be figured out to be the next Century approximately there is a lot to monitor and this method does present a number of challenges um so Johnny might you inform us about those obstacles yeah of course so there’s a range right there is so

I just recently made a modification to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It feels like our CFO has gotten another CFO, and with this improved ability, I have actually effectively protected payments for our 10,000 workers worldwide. Your commitment to mastering international payroll and payments utilizing Papaya payroll OS is good. You are worthy of a corner workplace with a parking space that is closer, considering your achievements. Papaya Global Full-service Payroll

Papaya Global Full Service Payroll FAQ – Payroll Management 2024

Over the last five or six years …Papaya Global Full Service Payroll… functions on the company side and likewise on the supplier side from a payroll point of view so actually eagerly anticipating this conversation today um and yeah thank you quite for your time everyone all right thanks Johnny uh we’ll just provide everyone another number of uh well among the 30 seconds approximately to join all of us work back to back these days so we’ll sort of let them do that so it ‘d be rather interesting and I can see it going on currently simply to hear where everyone is um it’s nice to to sort of like see where everyone originates from and I actually do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s very very uninspiring and I want I was elsewhere at this moment in time alright so let’s begin our program for today is as follows um we are going to be looking at the difficulty years of managing International payroll why business preserve different

Virtual payroll accounts are an option to conventional checking account for managing payroll payments. This is especially useful for global organizations with dispersed and remote labor forces, as it simplifies the complicated process of cross-border payments. Instead of maintaining different savings account for payroll in different countries, virtual accounts and digital wallets offer a more streamlined option. In this webinar, we will explore the benefits of using virtual payroll accounts and talk about why they are becoming a strategic possession for payroll executives. We will also offer a recap of the bottom lines covered and leave time for a Q&A session at the end.

making payroll payments accurately efficiently safely and on time during this webinar we’ll stroll you through the international benefits and drawbacks of a payroll wallet versus a payroll savings account how companies accurately forecast their payroll expenses to increase working capital and how enhancing Global payroll payments can turn them from a siled pane into a strategic property so payroll can be difficult in sufficient in one country but when you’re doing it worldwide it’s next level and Beyond it becomes complex for a variety of factors most notably regulations compliance data security and banking guidelines then there are the large numbers they include more intricacy the worldwide Labor force is presently three and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and additional 1.1 billion individuals that number is currently 500 million just for for a scale then factor in that there are some 230 million services and growing all doing their own thing around the world in the conventional payroll model there’s frequently an overwhelming variety of different systems causing lengthy manual processes and silos the variety of Integrations could be non-existent in large amounts and or extremely extremely basic there’s no genuine consistency structure we’re living in an age of tech but 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 just blows my mind every time I I believe

about it to give you an idea of how far there still is to come according to Deloitte only 11 of businesses state they have Labor force data in real time that’s another number that gives me sleepless nights and quite honestly the more a service spends on worldwide payroll the less of a picture they see an absence of presence also extends to payroll payments and failure to accurately track these payments can cause compliance accidents in the last mile of the deal nearly half of global businesses have 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 poor HCM data information entry mistakes improperly communicated hires and terminations as well as lack management and system setups and then when you round everything off and the data is shipped to the incorrect place the typical cost of an international data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money around the globe payroll and payments don’t run smoothly if they depend on the needed multiple procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the difficulties organization face when they’re making payments to workers or otherwise that’s a good concern I always toss this back and say what is it what does not require to be consisted of best 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 country there’s payment timespan there’s payment capabilities 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 intricacy any place you look ideal ultimately building a knowledge base is definitely critical however all over you look with payroll payment they are like super payments no if but some children about it you are all superheroes processing payments for payroll if you take a look at the sort of link between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are definitely essential and innovation is enabling us to type of move on with that it likewise as well to contribute to that payroll and finance need to work closer together um with varying Checking account Details differing banking requirements and setup processes is absolutely important that payroll and finance groups work better together than ever um I’m constantly astonished 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 operate in the payroll profession would they split the payroll payment from calculation I would say no so why do we as an industry accept that why our payroll and payments so frequently split and cut up um ultimately it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying people any place they are but also paying statutory authorities and on statutory third parties so with the

The contemporary world places a high worth on well-being and the settlement landscape is becoming progressively detailed. Services are constantly introducing new advantages and payment options, which contributes to the general complexity. Big corporations frequently divide their payroll and payment processing into separate groups, which can result in inadequacies and traffic jams. In my viewpoint, this does not have to hold true. In today’s technically sophisticated age, there’s no validation for keeping cumbersome procedures. Payroll, the business’s greatest cost, must be processed properly and on time. Even slight hold-ups can adversely affect employees’ well-being and have significant effects. For that reason, it’s vital to focus on accurate and prompt payments.

payroll team get um so I’m not exactly sure anyone on this sort of webinar has been told thank you for processing my payroll properly if you have it ‘d be terrific to hear your success story and whether that’s been from all employees or not um however ultimately payroll is such an important cycle all of us find out about it when it goes wrong everyone jumps up and down when it goes wrong however when it goes right it’s just 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 things is definitely vital that all of this things is done properly so leveraging the very first Worldwide Payments very first payroll payment service is a terrific first step um supplying an end-to-end payroll solution for your employees globally once again I believe is another big um procedure once again lining up and ensuring you have standardization International procedures all of those things are definitely crucial to success success of businesses and reducing the variety of tools platforms and checking account they need for their Worldwide 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’ve never had a hundred thousand of them within a payroll cycle do not anticipate to you do get the odd five or ten or whatever it might be with the with the the grievances where things haven’t gone rather where they’re implied to be um I don’t think any of us are really doing that for for the thanks

anyhow we know 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 everyone that’s involved in those procedures and also so imagine sorry I’m just I was just gon na state imagine the amount of thanks you got if you might cover the amount of individuals that we cover within this webinar I make certain we’re talking about hundreds of thousands potentially Millions think of getting that numerous thank you notes um I suggest it ‘d be interesting to see how many Post-it notes you got however it would definitely be an intriguing job attempting 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 need days of the week to try to browse them and really see what was going on and kind of shot to get back to everybody so proceeding look why do business pick to primary different bank accounts there are Papaya Global Full Service Payroll companies out there doing exactly this for particular countries and I’ve worked in an organization or many businesses doing exactly that I can state it does not always feel efficient and it does create more work I know we’re not purposely doing that we’re not creating extra work for any person where we don’t have to and anybody 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 quantity that we are I think numerous reasons one is it’s the standard I believe individuals have actually got so used to we need a new checking 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 think it’s simply been the standard and the standard individuals have embraced 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 kind of do it so I believe there’s a variety I think this is a procedure that needs looking at it needs changing but eventually people are very stuck to what they recognize

with best um change is a challenging thing all of us do not like change um so I think it’s just kind of moving far from the standard as we’ve said so yeah so it keeps a great deal of track of things um I comprehend clearly the advantages of having maintaining numerous bank accounts but there’s a substantial amount of complexity chooses establishing a checking account keeping it guaranteeing it can send out International transfers guaranteeing it’s established with the right user accesses for individual people so the intricacy is huge however I think the honest response is modification um people haven’t had the ability to change or haven’t had always 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 a component 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 carrying on and moving into you know what could practically be determined to be the next Century or two there is a lot to monitor and this technique does position several difficulties um so Johnny could you inform us about those difficulties yeah obviously 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 manage our payroll and payment tasks on one platform. It seems like our CFO has actually gotten another CFO, and with this enhanced ability, I have successfully secured payments for our 10,000 employees worldwide. Your dedication to mastering global payroll and payments utilizing Papaya payroll OS is good. You deserve a corner workplace with a parking space that is more detailed, considering your achievements. Papaya Global Full Service Payroll