Papaya Global Series A FAQ – Payroll Management 2024

Over the last five or six years …Papaya Global Series A… roles on the provider side and likewise on the vendor side from a payroll point of view so actually anticipating this conversation today um and yeah thank you quite for your time everybody all right thanks Johnny uh we’ll simply provide everybody another number of uh well one of 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 rather intriguing and I can see it going on currently just to hear where everyone is um it’s nice to to kind of like see where everybody 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 very very bleak and I wish I was elsewhere at this moment in time okay so let’s begin our agenda for today is as follows um we are going to be looking at the difficulty years of managing Global payroll why business maintain separate

savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts improving papaya Worldwide payroll payments as a tactical possession uh we’ll also discuss a recap and that needs to leave his time at the really extremely end for a q a session so as the title of the webinar recommends payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces become more and more typical and managing them ends up being increasingly more complex Worldwide organizations are seeking to discover Solutions and brand-new methods to improve procedures particularly from a payroll and cross-border payment standpoint numerous organizations preserve different checking account just for payroll while some have numerous accounts in various nations does it make good sense for business to preserve different bank accounts often in various nations it does however just for payroll is there a much better way what role do virtual accounts and digital wallets likewise referred to as virtual wallets play in assisting multinational business simplify the episode complex procedures of

making payroll payments properly efficiently securely and on time during this webinar we’ll walk you through the international pros and cons of a payroll wallet versus a payroll bank account how business accurately forecast their payroll costs to increase working capital and how streamlining Global payroll payments can turn them from a siled pane into a strategic asset so payroll can be challenging 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 notably policies compliance data security and banking guidelines then there are the large numbers they add further intricacy the international Labor force is presently 3 and a half billion people by 2030 it’s approximated 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 businesses and growing all doing their own thing worldwide in the traditional payroll design there’s frequently a frustrating number of different systems causing time-consuming manual processes and silos the number of Integrations could be non-existent in large quantities and or really extremely fundamental there’s no genuine consistency structure we’re living in an age 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 simply blows my mind each time I I believe

about it to offer you a concept of how far there still is to come according to Deloitte just 11 of services state they have Labor force data in real time that’s another number that offers me sleep deprived nights and quite frankly the more an organization invests in international payroll the less of an image they see an absence of presence also encompasses payroll payments and failure to properly track these payments can cause compliance mishaps in the last mile of the deal nearly half of international companies have actually expressed that they do not have the level of standardization they require in their procedures or desire and as a result eighty percent of mistakes are due to time reporting poor HCM data data entry mistakes improperly interacted hires and terminations in addition to absence management and system configurations and then when you round everything off and the information is shipped to the wrong location the typical cost of a worldwide data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money worldwide payroll and payments do not run smoothly if they count on the required multiple procedures 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 service face when they’re paying to employees or otherwise that’s an excellent question I always throw this back and state what is it what doesn’t need to be consisted of right and what does

it need to be considered there’s varying Bank details so the length of an eye band a swift an account number routing code per country 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 have to pay from the client’s own in-country account so there’s complexity wherever you look right eventually constructing a knowledge base is absolutely important but everywhere 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 type of link between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are absolutely fundamental and innovation is permitting us to sort of move on with that it likewise too to add to that payroll and financing need to work closer together um with varying Bank Account Details varying banking requirements and setup processes is absolutely essential that payroll and finance teams work better together than ever um I’m constantly impressed when individuals say I’ve divided payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t work in the payroll occupation would they split the payroll payment from computation I would say no so why do we as an industry accept that why our payroll and payments so often 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 wherever they are but likewise paying statutory authorities and on statutory 3rd parties so with the

world we live in and well-being being a growing number of crucial to add to type of the level of intricacy there’s increasingly more advantages being organ or being offered by companies throughout the world so again you’re simply looking to add a growing number of payments to this already complicated landscape so if you type of got any experience well I’m from your large experience here and I’m sure but have you got any experience in kind of genuine obstacles or real challenging type of pay utilizes to play to pay individuals I believe yeah I indicate over the last well yeah a number of decades I would absolutely say that the bigger a service gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the task there are groups feeding details into the next function as it were that’s really handling the payment side of things however you understand in in my viewpoint and my experience that does not always require to be the case you understand long gone are the times where we need to create additional handoffs at the same times that we run in they simply make them more prompt they make them less efficient and they don’t make them what they require to be in in an age of tech and a period that you understand that we are operating in today there is no reason why we are still making this as challenging as it needs to be agreed and appropriately as you said payroll is the single most significant liability that any company has from a cost viewpoint from an impact perspective on workers it is absolutely important that it’s done correctly and on time so what we indicate by that is not a day before not a day after on pay day and payments need to be done right it has the most significant destructive effect on individuals’s wellness and numerous other factors if individuals aren’t paid uh I have actually always been astonished coming into this Market type of the last five to 10 years is how little thanks the

payroll team get um so I’m unsure anyone on this kind of webinar has been told thank you for processing my payroll correctly if you have it ‘d be terrific to hear your success story and whether that’s been from all staff members or not um but eventually payroll is such a crucial cycle all of us hear about it when it fails everyone jumps up and down when it fails however when it goes right it’s just a tick box workout and I think that’s how it’s seen from the external deem well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is absolutely essential that all of this stuff is done correctly so leveraging the first Global Payments very first payroll payment service is an excellent primary step um offering an end-to-end payroll option for your workers internationally again I think is another huge um procedure once again aligning and ensuring you have standardization International procedures all of those things are absolutely essential to success success of businesses and minimizing the variety of tools platforms and bank accounts they need for their Worldwide 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 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 rather where they’re indicated to be um I do not think any of us are really doing that for for the thanks

anyway 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 think of sorry I’m simply I was just gon na say imagine the amount of thanks you got if you might cover the amount of individuals that we cover within this webinar I make sure we’re discussing hundreds of thousands possibly Millions think of getting that many thank you keeps in mind um I mean it ‘d be interesting to see the number of Post-it notes you got but it would absolutely be an interesting job attempting to clean all those up for sure oh definitely I can’t imagine 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 really see what was going on and kind of try to return to everybody so carrying on look why do business select to primary separate savings account there are Papaya Global Series A organizations out there doing precisely this for specific countries and I have actually worked in a service or numerous services 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 need to and anyone that’s dealing with 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 amount that we are I think lots of reasons one is it’s the standard I think individuals have actually got so utilized to we require a new savings account we open an entity and rightly so you require 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 norm individuals have embraced and continue to do over years and years gone past to add to that people have looked at things like trust accounts and lots of other methods um to to type of do it so I believe there’s a variety I think this is a procedure that requires taking a look at it needs altering but ultimately individuals are extremely stuck to what they recognize

with best um modification is a challenging thing all of us do not like modification um so I think it’s simply 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 comprehend undoubtedly the advantages of having keeping numerous checking account but there’s a substantial amount of intricacy chooses establishing a bank account maintaining it ensuring it can send out International transfers guaranteeing it’s established with the right user accesses for individual individuals so the intricacy is substantial but I think the sincere response is change um individuals have not had the ability to change or haven’t had necessarily the understanding to truly make that change into alternate Solutions besides 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 always done it that way is no real reason for not looking at the the benefits and the possibilities of moving on and moving into you know what could practically be determined to be the next Century or so there is a lot to keep track of and this technique does pose a number of obstacles um so Johnny could you inform us about those challenges yeah naturally so there’s a range right there is so

I just recently made a change to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It feels like our CFO has acquired another CFO, and with this enhanced ability, I have effectively secured payments for our 10,000 workers worldwide. Your commitment to mastering worldwide payroll and payments utilizing Papaya payroll OS is good. You deserve a corner workplace with a parking space that is more detailed, considering your accomplishments. Papaya Global Series A