Papaya Global United States FAQ – Payroll Management 2024

Over the last 5 or six years …Papaya Global United States… roles on the service provider side and likewise on the supplier side from a payroll point of view so actually anticipating this discussion today um and yeah thank you quite for your time everyone fine thanks Johnny uh we’ll just offer everyone another number of uh well one of 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 intriguing and I can see it going on already just to hear where everybody 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 sunshine is it it’s not no it’s it’s drizzling here it’s extremely extremely uninspiring and I want I was elsewhere at this moment in time okay so let’s get going our agenda for today is as follows um we are going to be looking at the difficulty years of handling Global payroll why companies maintain separate

bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts simplifying papaya Global payroll payments as a tactical property uh we’ll also go over a wrap-up which needs 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 International labor forces become increasingly more typical and managing them ends up being increasingly more intricate Global companies are wanting to find Solutions and new methods to enhance procedures particularly from a payroll and cross-border payment perspective numerous companies preserve different bank account just for payroll while some have multiple accounts in various countries does it make good sense for business to preserve separate bank accounts sometimes in various nations it does but just for payroll exists a better way what role do virtual accounts and digital wallets also called virtual wallets play in helping 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 global advantages and disadvantages of a payroll wallet versus a payroll bank account how business precisely forecast their payroll expenses to increase working capital and how enhancing Worldwide payroll payments can turn them from a siled pane into a strategic property so payroll can be challenging in adequate in one country but when you’re doing it internationally it’s next level and Beyond it ends up being complex for a variety of reasons most importantly guidelines compliance information security and banking rules then there are the sheer numbers they include further complexity the global Labor force is presently 3 and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and further 1.1 billion people 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 around the world in the traditional payroll model there’s typically a frustrating variety of various systems leading to time-consuming manual procedures and silos the number of Integrations could be non-existent in big quantities and or really extremely fundamental there’s no real consistency framework 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 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 organizations say they have Labor force information in real time that’s another number that gives me sleepless nights and quite frankly the more an organization spends on worldwide payroll the less of a photo they see an absence of visibility likewise encompasses payroll payments and failure to accurately track these payments can cause compliance incidents in the last mile of the deal almost half of worldwide companies have revealed that they do not 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 data data entry errors inadequately communicated hires and terminations in addition to lack management and system configurations and then when you round everything off and the data is shipped to the incorrect location the average expense of an international information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash around the globe payroll and payments do not run efficiently if they depend on the necessary multiple procedures systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the challenges business face when they’re paying to staff members or otherwise that’s an excellent question I always throw this back and say what is it what doesn’t require to be consisted of best and what does

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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 nation there’s payment time frames there’s payment abilities 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 anywhere you look right ultimately building a knowledge base is absolutely crucial however everywhere 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 type of link in between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are absolutely fundamental and innovation is enabling us to sort of move forward with that it also also to add to that payroll and finance require to work closer together um with differing Bank Account Particulars varying banking requirements and setup procedures is definitely necessary that payroll and finance teams work better together than ever um I’m constantly astonished when people say I’ve split payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t operate 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 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 people anywhere they are however also paying statutory authorities and on statutory third parties so with the

world we live in and wellness being a growing number of essential to add to sort of the level of complexity there’s more and more advantages being organ or being provided by businesses across the world so again you’re just aiming to add a growing number of payments to this currently complicated landscape so if you kind of got any experience well I’m from your huge experience here and I make sure however have you got any experience in kind of genuine challenges or real tough sort of pay utilizes to play to pay people I believe yeah I mean over the last well yeah a number of years I would definitely say that the bigger an organization gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the job there are teams feeding info into the next function as it were that’s really handling the payment side of things but you understand in in my viewpoint and my experience that does not necessarily require to be the case you understand long gone are the times where we need to produce extra handoffs while doing sos that we operate in they just make them more timely they make them less efficient and they do not make them what they need to be in in an era of tech and an era that you know that we are working in today there is no reason why we are still making this as hard as it requires to be concurred and appropriately as you stated payroll is the single most significant liability that any company has from a cost viewpoint from an impact perspective on employees it is definitely vital 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 have to be done right it has the greatest damaging effect on people’s wellness and lots of other aspects if people aren’t paid uh I have actually always been surprised entering this Market kind of the last five to 10 years is how little thanks the

payroll team get um so I’m unsure anybody on this type of webinar has actually 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 employees or not um however eventually payroll is such an essential cycle we all become aware of it when it fails everybody 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 consider as well um so yeah it’s also 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 option is an excellent primary step um providing an end-to-end payroll service for your staff members internationally once again I think is another substantial um process again lining up and guaranteeing you have standardization International procedures all of those things are definitely essential to success success of organizations and reducing the number of tools platforms and bank accounts they require for their Global 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’ve never had a hundred thousand of 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 indicated to be um I don’t believe any of us are really doing that for for the thanks

anyway we know how how essential a role 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 easy as possible for everyone that’s involved in those processes and likewise so think of sorry I’m just I was simply gon na say picture the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I’m sure we’re talking about numerous thousands potentially Millions think of getting that lots of thank you notes um I mean it ‘d be interesting to see how many Post-it notes you got but it would absolutely be a fascinating job trying 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 attempt to look through them and actually see what was going on and type of shot to return to everybody so proceeding appearance why do business select to primary different savings account there are Papaya Global United States organizations out there doing precisely this for particular countries and I have actually operated in a service or many businesses doing exactly that I can state it does not always feel effective and it does develop more work I understand we’re not intentionally doing that we’re not developing additional work for anyone where we don’t have to and anyone 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 numerous reasons one is it’s the standard I believe individuals have got so used to we require a brand-new savings account we open an entity and appropriately so you need it for payroll functions however there are a variety of markets where it’s not a requirement so I believe it’s simply been the requirement and the norm individuals have actually adopted and continue to do over years and years passed by to add to that people have actually taken a look at things like trust accounts and lots of other methods um to to type of do it so I think there’s a range I think this is a process that requires taking a look at it requires changing but eventually people are really stuck with what they’re familiar

with right um change is a tough thing all of us do not like modification um so I think it’s simply sort of moving away from the norm as we have actually said so yeah so it keeps a lot of track of things um I comprehend undoubtedly the advantages of having maintaining multiple bank accounts however there’s a huge quantity of complexity goes with establishing a bank account keeping it ensuring it can send out International transfers ensuring it’s established with the ideal user accesses for individual individuals so the intricacy is substantial but I believe the honest response is change um people have not had the ability to change or have not had necessarily the knowledge to truly make that change into alternate Solutions other than opening a checking account I think you have actually struck the nail on the head I believe it is understanding you understand and there is an element of resistance to alter but we have actually always done it that way is no genuine reason for not looking at the the benefits and the possibilities of carrying on and moving into you understand what could almost be determined to be the next Century or so there is a lot to track and this method does position numerous challenges um so Johnny could you tell us about those challenges yeah naturally so there’s a variety right there is so

I recently made a change to our Enterprise 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 gained another CFO, and with this improved ability, I have actually successfully protected payments for our 10,000 employees worldwide. Your devotion to mastering worldwide payroll and payments utilizing Papaya payroll OS is good. You deserve a corner office with a parking space that is more detailed, considering your achievements. Papaya Global United States