Papaya Global Inc Atlanta Ga FAQ – Payroll Management 2024

Over the last five or 6 years …Papaya Global Inc Atlanta Ga… functions on the service provider side and also on the vendor side from a payroll point of view so actually eagerly anticipating this conversation today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll just give everybody another couple of uh well one of the 30 seconds approximately to join we all work back to back these days so we’ll sort of let them do that so it ‘d be quite fascinating and I can see it going on already simply to hear where everybody is um it’s nice to to sort of like see where everybody originates from and I really do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s raining here it’s extremely extremely uninspiring and I want I was somewhere else at this moment in time fine so let’s get going our program for today is as follows um we are going to be looking at the challenge years of managing International payroll why business keep separate

checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts streamlining papaya Global payroll payments as a strategic possession uh we’ll also discuss a wrap-up and that should 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 Worldwide labor forces end up being a growing number of common and handling them becomes a growing number of complex Global organizations are aiming to find Solutions and brand-new ways to enhance processes especially from a payroll and cross-border payment standpoint numerous organizations maintain separate checking account just for payroll while some have multiple accounts in various countries does it make sense for business to preserve separate bank accounts often in different nations it does but just for payroll is there a better method what function do virtual accounts and digital wallets also referred to as virtual wallets play in helping international business improve the episode complex processes of

Making sure accurate, effective, and prompt payroll payments is a complex challenge for businesses operating globally. Join us for a webinar to explore the benefits and drawbacks of payroll wallets versus payroll savings account, discover how business forecast payroll costs to optimize working capital, and discover how improving worldwide payroll payments can change them from a burdensome task into a tactical asset.

Handling payroll worldwide is a complicated task due to various guidelines, compliance requirements, data security issues, and banking rules. The large number of employees and organizations contributes to the complexity, with an approximated 3.5 billion individuals in the worldwide workforce, 500 million of whom remain in Africa, and 230 million services worldwide.

Standard payroll systems typically lead to manual procedures, information silos, and an absence of combination, resulting in inconsistencies and inefficiencies. Regardless of living in a period of technological advancements, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed by hand, typically utilizing pen and paper. This webinar objectives to provide insights and services to streamline and enhance global payroll payments.

about it to provide you a concept of how far there still is to come according to Deloitte just 11 of organizations state they have Workforce information in real time that’s another number that provides me sleep deprived nights and rather honestly the more a company invests in international payroll the less of a photo they see a lack of presence also extends to payroll payments and failure to accurately track these payments can lead to compliance accidents in the last mile of the transaction almost half of worldwide businesses have actually revealed that they don’t have the level of standardization they need in their procedures or desire and as a result eighty percent of mistakes are because of time reporting poor HCM information information entry mistakes inadequately communicated hires and terminations as well as lack management and system configurations and then when you round all of it off and the information is shipped to the wrong place the average cost of an international data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money around the globe payroll and payments do not run efficiently if they depend on the required several processes systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the difficulties organization face when they’re paying to employees or otherwise that’s an excellent concern I always throw this back and say what is it what does not need to be included right and what does

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it require to be thought of there’s differing 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 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 complexity anywhere you look ideal eventually building a knowledge base is definitely vital but all over you look with payroll payment they resemble incredibly payments no if but some children about it you are all superheroes processing payments for payroll if you look at the sort of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are definitely basic and innovation is allowing us to kind of move on with that it also as well to contribute to that payroll and financing require to work closer together um with varying Savings account Particulars differing banking requirements and setup processes is absolutely important that payroll and financing teams work closer together than ever um I’m constantly amazed when people say I’ve divided payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t work in the payroll occupation 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 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 anywhere they are however likewise paying statutory authorities and on statutory 3rd parties so with the

world we reside in and well-being being increasingly more important to add to type of the level of complexity there’s increasingly more advantages being organ or being used by services across the world so again you’re simply aiming to include a growing number of payments to this currently intricate landscape so if you sort of got any experience well I’m from your vast experience here and I make sure however have you got any experience in kind of real obstacles or genuine challenging sort of pay uses to play to pay people I think yeah I mean over the last well yeah a couple of decades I would absolutely state that the larger a company gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the task there are groups feeding details into the next function as it were that’s in fact handling the payment side of things however you understand in in my opinion and my experience that does not necessarily need to be the case you know long gone are the times where we need to create extra handoffs at the same times that we operate in they simply make them more prompt they make them less efficient and they don’t make them what they need to be in in an age of tech and an era that you understand that we are working in today there is no reason why we are still making this as challenging as it needs to be agreed and rightly as you stated payroll is the single most significant liability that any service has from a cost point of view from an impact viewpoint on workers it is absolutely crucial that it’s done correctly and on time so what we imply by that is not a day before not a day after on pay day and payments have to be done right it has the biggest damaging result on people’s wellness and lots of other aspects if people aren’t paid uh I have actually constantly been surprised entering this Market kind of the last five to 10 years is how little thanks the

The payroll team may not have been thanked for correctly processing payroll during a webinar. If anyone has been thanked, it would be terrific to hear their success story, whether it’s from all workers or not. Payroll is an important cycle, and individuals only discover when things go wrong. However, when things go right, it’s seen as just a routine task. This is how it’s perceived externally as well. Therefore, it is important to make sure that jobs like Wi-Fi Global and other crucial matters are done properly. Utilizing the very first Worldwide Payments first payroll payment solution is a fantastic initial action towards offering a thorough payroll solution for employees worldwide. Standardization, worldwide processes, and decreasing the number of tools, platforms, and bank accounts necessary for worldwide payroll are essential consider attaining service success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally get a few problems when things don’t go as prepared. Eventually, we don’t do it for the appreciation.

anyway we understand how how crucial 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 simple as possible for everybody that’s involved in those procedures and likewise so picture sorry I’m simply I was just gon na state think of the amount of thanks you got if you might cover the amount of people that we cover within this webinar I’m sure we’re discussing hundreds of thousands potentially Millions think of getting that lots of thank you notes um I suggest 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 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 try to look through them and really see what was going on and sort of try to get back to everybody so proceeding appearance why do companies select to primary separate bank accounts there are Papaya Global Inc Atlanta Ga organizations out there doing exactly this for specific nations and I’ve worked in a business or numerous organizations doing precisely that I can say it does not always feel efficient and it does produce more work I know we’re not deliberately doing that we’re not developing additional work for anybody where we don’t have to and anyone that’s handling that procedure I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the quantity that we are I think lots of factors one is it’s the requirement I believe people have got so utilized to we require a new checking account we open an entity and rightly 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 simply been the requirement and the norm the people have actually embraced and continue to do over years and years passed by to add to that individuals have taken a look at things like trust accounts and lots of other methods um to to kind 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 but ultimately individuals are really stuck with what they’re familiar

with ideal um modification is a challenging thing we all don’t like change um so I believe it’s simply sort of moving away from the norm as we’ve said so yeah so it keeps a lot of track of things um I understand undoubtedly the advantages of having preserving multiple bank accounts however there’s a substantial quantity of complexity chooses setting up a savings account maintaining it ensuring it can send out International transfers ensuring it’s established with the ideal user accesses for individual people so the intricacy is big however I think the honest answer is change um people haven’t 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 believe you’ve hit the nail on the head I believe it is knowledge you know and there is an element of resistance to change however we have actually always done it that way is no genuine reason for not taking a look at the the benefits and the possibilities of carrying on and moving into you understand what might practically be identified to be the next Century or two there is a lot to keep track of and this approach does present several obstacles um so Johnny could you inform us about those obstacles yeah obviously so there’s a variety right there is so

I just did you switched our Enterprise to OS so now we can do our payroll and payments operation on a single platform yes it’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide employees you are worthy of a corner office with a more detailed parking space because I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Inc Atlanta Ga