Papaya Global Hibob FAQ – Payroll Management 2024

Over the last five or 6 years …Papaya Global Hibob… roles on the company side and likewise on the supplier side from a payroll point of view so really eagerly anticipating this discussion today um and yeah thank you very much for your time everyone all right thanks Johnny uh we’ll just give everyone another number of uh well one of the 30 seconds or two to join all of us work back to back nowadays so we’ll type of let them do that so it ‘d be rather intriguing and I can see it going on currently simply to hear where everybody 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 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 really really bleak and I want I was elsewhere at this moment in time all right so let’s start 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 keep separate

checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts simplifying papaya Worldwide payroll payments as a tactical possession uh we’ll likewise review a recap and that ought to leave his time at the extremely very 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 Global workforces become more and more common and handling them ends up being more and more complicated Worldwide companies are seeking to discover Solutions and new ways to streamline processes especially from a payroll and cross-border payment standpoint many organizations preserve separate bank account just for payroll while some have several accounts in various nations does it make good sense for companies to keep separate checking account often in various countries it does but just for payroll is there a better method what role do virtual accounts and digital wallets likewise called virtual wallets play in helping international business simplify the episode complex procedures of

Making sure precise, efficient, and prompt payroll payments is a complex challenge for organizations operating worldwide. Join us for a webinar to explore the advantages and disadvantages of payroll wallets versus payroll bank accounts, discover how companies anticipate payroll costs to optimize working capital, and discover how improving global payroll payments can change them from a burdensome job into a tactical asset.

Managing payroll internationally is a difficult job due to different regulations, compliance requirements, data security issues, and banking guidelines. The large variety of employees and companies adds to the intricacy, with an estimated 3.5 billion people in the international workforce, 500 countless whom are in Africa, and 230 million businesses worldwide.

Traditional payroll systems often lead to manual procedures, information silos, and an absence of integration, leading to inconsistencies and inefficiencies. Despite residing in an age of technological developments, payroll management has been slow to adapt, with as much as 25% of payroll still processed by hand, typically using pen and paper. This webinar goals to supply insights and options to streamline and enhance worldwide payroll payments.

about it to provide you a concept of how far there still is to come according to Deloitte only 11 of organizations say they have Labor force information in real time that’s another number that gives me sleepless nights and quite frankly the more a company spends on global payroll the less of a photo they see an absence of exposure also extends to payroll payments and failure to accurately track these payments can lead to compliance incidents in the last mile of the transaction almost half of worldwide organizations have expressed that they don’t 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 information entry errors poorly interacted hires and terminations along with absence management and system setups and after that when you round all of it off and the information is delivered to the wrong place the average cost of a worldwide data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money around the globe payroll and payments don’t run smoothly if they depend on the needed numerous procedures systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the challenges organization face when they’re paying to employees or otherwise that’s an excellent question I always toss this back and say 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 about there’s varying Bank information 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 customer’s own in-country account so there’s intricacy wherever you look best ultimately building a knowledge base is definitely important however all over you look with payroll payment they are like super 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 fundamental and innovation is permitting us to kind of progress with that it also also to add to that payroll and finance need to work closer together um with varying Bank Account Particulars differing banking requirements and setup procedures is absolutely essential that payroll and financing groups work closer together than ever um I’m always astonished when people say I’ve divided payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t work in the payroll occupation would they divide 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 ultimately it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying individuals anywhere they are however also paying statutory authorities and on statutory third parties so with the

The modern-day world positions a high worth on well-being and the settlement landscape is becoming significantly elaborate. Organizations are continually presenting brand-new benefits and payment alternatives, which adds to the overall intricacy. Large corporations frequently divide their payroll and payment processing into different groups, which can result in inadequacies and bottlenecks. In my viewpoint, this does not need to be the case. In today’s highly sophisticated age, there’s no validation for maintaining troublesome procedures. Payroll, the business’s greatest expense, must be processed properly and on time. Even slight delays can adversely impact staff members’ well-being and have far-reaching repercussions. Therefore, it’s vital to focus on precise and prompt payments.

payroll group get um so I’m uncertain anybody on this type of webinar has been informed thank you for processing my payroll properly if you have it ‘d be great to hear your success story and whether that’s been from all staff members or not um but ultimately payroll is such a crucial cycle all of us hear about it when it goes wrong everyone jumps up and down when it goes wrong but 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 absolutely important that all of this things is done properly so leveraging the very first Worldwide Payments first payroll payment service is a great initial step um offering an end-to-end payroll solution for your employees worldwide once again I believe is another huge um procedure again lining up and guaranteeing you have standardization Global processes all of those things are absolutely crucial to success success of companies and decreasing the number of tools platforms and savings account they need for their International payroll too could not agree with you more and on the the front in regards to 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 5 or ten or whatever it might be with the with the the problems where things haven’t gone rather where they’re implied to be um I don’t believe any of us are really doing that for for the thanks

anyhow we know how how important 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 involved in those processes and also so imagine sorry I’m just I was just gon na state imagine 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 hundreds of thousands potentially Millions imagine getting that lots of thank you keeps in mind um I indicate it ‘d be interesting to see the number of Post-it notes you got however it would certainly be a fascinating job attempting to clean all those up for sure oh definitely I can’t imagine 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 in fact see what was going on and type of try to get back to everybody so proceeding appearance why do companies choose to main separate bank accounts there are Papaya Global Hibob businesses out there doing exactly this for particular countries and I have actually worked in an organization or lots of services doing precisely that I can state it doesn’t constantly feel effective and it does produce more work I understand we’re not deliberately doing that we’re not developing extra work for any person where we don’t need to and any person that’s handling that process 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 believe many reasons one is it’s the requirement I think people have actually got so used to we need a new checking account we open an entity and appropriately so you require 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 the people have actually adopted and continue to do over years and years passed by to contribute to that individuals have actually looked at things like trust accounts and many other methods um to to type of do it so I believe there’s a range I believe this is a procedure that needs taking a look at it needs changing however ultimately 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 think it’s just kind of moving far from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend obviously the benefits of having keeping multiple checking account however there’s a big quantity of complexity goes with setting up a checking account preserving it guaranteeing it can send International transfers ensuring it’s set up with the best user accesses for individual people so the complexity is huge but I think the truthful answer is change um individuals have not 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 an aspect of resistance to alter however we have actually constantly done it that way is no real reason for not looking at the the advantages and the possibilities of proceeding and moving into you understand what might almost be identified to be the next Century approximately there is a lot to keep track of and this method does pose several challenges um so Johnny might you tell us about those difficulties yeah naturally so there’s a range right there is so

I just recently made a modification to our Enterprise 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 gotten another CFO, and with this enhanced ability, I have successfully protected payments for our 10,000 employees worldwide. Your dedication to mastering global payroll and payments utilizing Papaya payroll OS is good. You are worthy of a corner office with a parking space that is better, considering your achievements. Papaya Global Hibob