Papaya Global Herzliya FAQ – Payroll Management 2024

Over the last 5 or six years …Papaya Global Herzliya… roles on the provider side and also on the supplier side from a payroll point of view so truly eagerly anticipating this discussion today um and yeah thank you quite for your time everybody all right thanks Johnny uh we’ll just give 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 rather fascinating and I can see it going on already just to hear where everyone is um it’s nice to to kind of like see where everyone comes from and I really 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 bleak and I want I was somewhere else at this moment in time fine so let’s get going our agenda for today is as follows um we are going to be taking a look at the challenge years of managing International payroll why business preserve different

checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts enhancing papaya Global payroll payments as a strategic property uh we’ll likewise go over a wrap-up which should leave his time at the very extremely end for a q a session so as the title of the webinar suggests payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces end up being more and more common and handling them ends up being increasingly more complex Worldwide organizations are looking to find Solutions and new ways to improve procedures specifically from a payroll and cross-border payment standpoint numerous companies maintain separate bank account just for payroll while some have numerous accounts in different nations does it make good sense for business to maintain separate checking account often in different countries it does however just for payroll exists a much better way what role do virtual accounts and digital wallets also known as virtual wallets play in assisting international business improve the episode complex procedures of

making payroll payments accurately efficiently securely and on time throughout this webinar we’ll walk you through the global pros and cons of a payroll wallet versus a payroll savings account how business properly forecast their payroll expenses to increase working capital and how enhancing International payroll payments can turn them from a siled pane into a strategic asset so payroll can be difficult in enough in one country however when you’re doing it worldwide it’s next level and Beyond it ends up being complex for a range of reasons most importantly policies compliance information security and banking guidelines then there are the sheer numbers they include further complexity the worldwide Workforce is currently 3 and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and more 1.1 billion individuals that number is presently 500 million just for for a scale then factor in that there are some 230 million businesses and growing all doing their own thing all over the world in the traditional payroll model there’s typically a frustrating number of various systems resulting in lengthy manual processes and silos the number of Integrations could be non-existent in large amounts and or very really basic there’s no genuine consistency framework 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 which just blows my mind each 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 companies say they have Workforce information in real time that’s another number that offers me sleepless nights and rather frankly the more a business invests in worldwide payroll the less of an image they see an absence of presence likewise extends to payroll payments and failure to properly track these payments can lead to compliance incidents in the last mile of the deal nearly half of worldwide services have 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 due to time reporting poor HCM information information entry mistakes poorly interacted hires and terminations along with lack management and system configurations and after that when you round all of it off and the data is shipped to the incorrect place the typical expense of an international data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money worldwide payroll and payments don’t run smoothly if they depend on the required multiple 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 obstacles company face when they’re making payments to workers or otherwise that’s a great question I constantly toss this back and state what is it what does not require to be included right and what does

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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 nation there’s payment timespan there’s payment abilities 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 wherever you look right eventually building a knowledge base is absolutely critical but all over you look with payroll payment they are like extremely payments no if however 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 acknowledgment that payroll payments are definitely basic and technology is allowing us to kind of progress with that it also as well to contribute to that payroll and finance require to work closer together um with varying Checking account Particulars differing banking requirements and setup processes is definitely necessary that payroll and financing teams work closer together than ever um I’m always amazed when people state I have actually split payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t operate in the payroll occupation would they split the payroll payment from calculation 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 eventually it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying individuals wherever they are but likewise paying statutory authorities and on statutory third parties so with the

The modern world places a high worth on well-being and the settlement landscape is becoming progressively elaborate. Companies are continuously introducing new benefits and payment alternatives, which adds to the total complexity. Large corporations frequently divide their payroll and payment processing into different groups, which can lead to ineffectiveness and bottlenecks. In my opinion, this does not need to hold true. In today’s highly sophisticated era, there’s no validation for keeping cumbersome treatments. Payroll, the company’s biggest expense, need to be processed properly and on time. Even small delays can adversely impact workers’ wellness and have significant repercussions. For that reason, it’s critical to focus on precise and timely payments.

payroll group get um so I’m unsure anyone on this type of webinar has actually 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 however ultimately payroll is such a crucial cycle we all become aware of it when it goes wrong everybody jumps up and down when it fails however when it goes right it’s just a tick box exercise and I believe 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 first payroll payment service is a great first step um providing an end-to-end payroll solution for your employees 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 absolutely crucial to success success of businesses and decreasing the variety of tools platforms and savings account they require 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 have actually never had a hundred countless them within a payroll cycle do not expect 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 quite where they’re indicated to be um I do not think any of us are actually doing that for for the thanks

anyhow we know how how crucial a function it is and that’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 associated with those processes and also so envision sorry I’m just I was simply gon na say picture the quantity of thanks you got if you could cover the amount of individuals that we cover within this webinar I make sure we’re speaking about numerous thousands potentially Millions imagine getting that numerous thank you keeps in mind um I indicate it ‘d be interesting to see the number of Post-it notes you got but it would certainly be an interesting task trying to clean up all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to check out them and really see what was going on and kind of try to return to everyone so moving on appearance why do business select to primary separate checking account there are Papaya Global Herzliya organizations out there doing exactly this for particular nations and I have actually operated in an organization or many companies doing exactly that I can say it doesn’t constantly feel efficient and it does create more work I know we’re not intentionally doing that we’re not producing extra work for anybody where we don’t need to and any person that’s dealing with that procedure I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the quantity that we are I think many reasons one is it’s the standard I think 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 purposes but 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 people have taken a look at things like trust accounts and many other methods um to to type of do it so I believe there’s a range I think this is a procedure that requires looking at it requires altering but ultimately people are very stuck to what they’re familiar

with ideal um change is a challenging thing we all don’t like change um so I think it’s just 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 understand clearly the benefits of having maintaining multiple bank accounts but there’s a huge quantity of complexity opts for establishing a bank account keeping it guaranteeing it can send International transfers ensuring it’s set up with the best user accesses for specific individuals so the intricacy is big however I believe the truthful response is change um people haven’t had the ability to change or haven’t had necessarily the understanding to really make that change into alternate Solutions aside from opening a savings account I believe you have actually hit the nail on the head I think it is knowledge you know and there is an element of resistance to change but we have actually always done it that way is no genuine excuse for not taking a look at the the benefits and the possibilities of proceeding and moving into you know what could practically be identified to be the next Century or two there is a lot to keep track of and this method does pose a number of challenges um so Johnny could you tell us about those obstacles yeah naturally so there’s a range right there is so

I recently made a modification 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 acquired another CFO, and with this enhanced ability, I have effectively protected payments for our 10,000 staff members worldwide. Your devotion to mastering global payroll and payments utilizing Papaya payroll OS is good. You should have a corner office with a parking space that is closer, considering your achievements. Papaya Global Herzliya