Papaya Global Melbourne FAQ – Payroll Management 2024

Over the last 5 or 6 years …Papaya Global Melbourne… roles on the service provider side and likewise on the vendor side from a payroll perspective so actually anticipating this conversation today um and yeah thank you quite for your time everybody all right thanks Johnny uh we’ll just give everybody another number of uh well among the 30 seconds or two to join we all work back to back nowadays so we’ll kind of let them do that so it ‘d be quite interesting and I can see it going on already simply 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 remains 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 wish I was somewhere else at this moment in time all right so let’s start our agenda for today is as follows um we are going to be looking at the difficulty years of managing Global payroll why companies 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 simplifying papaya Worldwide payroll payments as a strategic asset uh we’ll also go over a wrap-up and that ought to leave his time at the very very end for a q a session so as the title of the webinar recommends payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces end up being a growing number of typical and handling them becomes increasingly more complicated International companies are wanting to find Solutions and new methods to enhance processes particularly from a payroll and cross-border payment viewpoint numerous companies preserve different bank account just for payroll while some have several accounts in various countries does it make good sense for business to maintain different checking account in some cases in different countries it does however just for payroll exists a better method what function do virtual accounts and digital wallets likewise known as virtual wallets play in helping multinational companies simplify the episode complex procedures of

making payroll payments accurately effectively securely and on time during this webinar we’ll stroll you through the international advantages and disadvantages of a payroll wallet versus a payroll checking account how companies accurately forecast their payroll expenses to increase working capital and how improving Worldwide payroll payments can turn them from a siled pane into a strategic possession so payroll can be tough in sufficient in one nation but when you’re doing it internationally it’s next level and Beyond it ends up being complicated for a variety of factors most significantly guidelines compliance data security and banking rules then there are the sheer numbers they include further intricacy the international Labor force 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 currently 500 million just for for a scale then consider that there are some 230 million organizations and growing all doing their own thing all over the world in the traditional payroll model there’s typically a frustrating number of different systems leading to time-consuming manual procedures and silos the variety of Combinations could be non-existent in large amounts and or very extremely 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 typically with pen and paper which just blows my mind every time I I believe

about it to provide you a concept of how far there still is to come according to Deloitte only 11 of businesses state they have Workforce data in real time that’s another number that gives me sleepless nights and quite frankly the more a business invests in international payroll the less of a photo they see an absence of exposure also extends to payroll payments and inability to precisely track these payments can lead to compliance mishaps in the last mile of the deal almost half of international businesses have revealed that they do not have the level of standardization they need in their processes or want and as a result eighty percent of errors are because of time reporting poor HCM information data entry mistakes inadequately interacted hires and terminations in addition to lack management and system configurations and then when you round all of it off and the data is shipped to the incorrect location the typical cost of a worldwide information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money all over the world payroll and payments don’t run efficiently if they rely on the required numerous procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the difficulties organization face when they’re making payments to staff members or otherwise that’s a good concern I always toss this back and state what is it what doesn’t need to be included ideal and what does

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it need to be considered there’s differing Bank information so the length of an eye band a swift an account number routing code per nation 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 customer’s own in-country account so there’s intricacy wherever you look right ultimately building a knowledge base is absolutely vital however all over you look with payroll payment they are like incredibly payments no if however 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 think there’s now a bit more acknowledgment that payroll payments are absolutely basic and technology is enabling us to type of progress with that it likewise too to contribute to that payroll and finance need to work closer together um with differing Bank Account Details varying banking requirements and setup procedures is definitely vital that payroll and finance groups work more detailed together than ever um I’m constantly surprised when individuals state I’ve divided payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t operate in the payroll profession would they split the payroll payment from estimation 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 procedure it’s the point of data 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 world positions a high value on well-being and the compensation landscape is ending up being progressively detailed. Organizations are continually presenting new advantages and payment alternatives, which contributes to the general complexity. Large corporations frequently divide their payroll and payment processing into separate groups, which can result in inefficiencies and bottlenecks. In my viewpoint, this does not need to be the case. In today’s technically innovative age, there’s no justification for maintaining cumbersome procedures. Payroll, the business’s greatest expense, need to be processed properly and on time. Even slight hold-ups can negatively impact employees’ well-being and have far-reaching consequences. For that reason, it’s important to prioritize accurate and prompt payments.

payroll group get um so I’m not exactly sure anybody on this kind of webinar has actually 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 but ultimately payroll is such a crucial cycle all of us 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 workout and I believe that’s how it’s seen from the external view as well um so yeah it’s likewise like why WI-Fi Global why all of this things is absolutely crucial that all of this stuff is done properly so leveraging the first Global Payments very first payroll payment solution is an excellent first step um providing an end-to-end payroll option for your staff members internationally once again I believe is another big um process once again aligning and ensuring you have standardization International procedures all of those things are definitely essential to success success of services and lowering the variety of tools platforms and savings account 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 thousand of them within a payroll cycle do not expect to you do get the odd 5 or 10 or whatever it might be with the with the the problems where things have not gone quite 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 important 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 involved in those procedures and also so think of sorry I’m just I was just gon na state envision the quantity of thanks you got if you might cover the amount of people that we cover within this webinar I’m sure we’re talking about numerous thousands possibly Millions think of 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 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 held true um you ‘d require days of the week to attempt to browse them and in fact see what was going on and type of shot to return to everyone so proceeding appearance why do companies select to primary separate savings account there are Papaya Global Melbourne businesses out there doing precisely this for specific nations and I have actually worked in an organization or lots of companies doing exactly that I can state it does not always feel effective and it does develop more work I know we’re not deliberately doing that we’re not creating extra work for anyone where we do not have to and anybody that’s handling 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 amount that we are I believe many reasons one is it’s the standard I believe people have actually got so utilized to we need a brand-new savings account we open an entity and appropriately so you require it for payroll functions but there are a number of markets where it’s not a requirement so I think it’s just been the requirement and the standard the people have adopted 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 lots of other ways um to to type of do it so I think there’s a range I believe this is a procedure that requires taking a look at it requires changing however eventually people are really stuck with what they’re familiar

with best um modification is a difficult thing we all don’t like change um so I believe it’s just type 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 keeping multiple savings account however there’s a substantial amount of intricacy chooses establishing a bank account preserving it guaranteeing it can send International transfers ensuring it’s established with the ideal user accesses for specific people so the complexity is huge however I think the honest answer is change um people haven’t been able to alter or haven’t had always the knowledge to truly make that change into alternate Solutions besides opening a savings account I believe you’ve hit the nail on the head I think it is understanding you understand and there is an aspect of resistance to change however we have actually constantly done it that way is no genuine excuse for not looking at the the benefits and the possibilities of proceeding and moving into you know what might almost be determined to be the next Century or so there is a lot to monitor and this technique does posture several challenges um so Johnny might you inform us about those difficulties yeah naturally so there’s a range right there is so

I simply did you changed our Enterprise 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 should have a corner workplace with a more detailed parking space since I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Melbourne