Papaya Global Natwest Bankline FAQ – Payroll Management 2024

Over the last five or six years …Papaya Global Natwest Bankline… roles on the service provider side and likewise on the vendor side from a payroll point of view so actually looking forward to this discussion today um and yeah thank you quite for your time everyone all right thanks Johnny uh we’ll simply give everybody another couple of uh well one of the 30 seconds or two to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be quite interesting and I can see it going on currently just to hear where everyone is um it’s nice to to type of like see where everyone comes 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 drizzling here it’s very extremely gloomy and I wish I was elsewhere at this moment in time alright so let’s get going our program for today is as follows um we are going to be taking a look at the obstacle years of handling International payroll why companies preserve separate

Virtual payroll accounts are an alternative to traditional checking account for managing payroll payments. This is especially helpful for international organizations with dispersed and remote labor forces, as it simplifies the complicated process of cross-border payments. Instead of keeping separate bank accounts for payroll in various countries, virtual accounts and digital wallets offer a more streamlined service. In this webinar, we will check out the benefits of using virtual payroll accounts and go over why they are becoming a tactical possession for payroll executives. We will also provide a wrap-up of the main points covered and leave time for a Q&A session at the end.

Guaranteeing accurate, efficient, and prompt payroll payments is a complex challenge for companies running worldwide. Join us for a webinar to check out the benefits and downsides of payroll wallets versus payroll checking account, discover how companies forecast payroll expenses to optimize working capital, and discover how streamlining international payroll payments can change them from a burdensome task into a strategic asset.

Handling payroll globally is a challenging job due to different policies, compliance requirements, information security concerns, and banking rules. The sheer number of employees and services adds to the intricacy, with an approximated 3.5 billion individuals in the global workforce, 500 countless whom remain in Africa, and 230 million services worldwide.

Conventional payroll systems often lead to manual processes, data silos, and an absence of integration, causing inconsistencies and inadequacies. Despite residing in a period of technological advancements, payroll management has actually been slow to adapt, with as much as 25% of payroll still processed by hand, often utilizing pen and paper. This webinar goals to offer insights and options to simplify and enhance global payroll payments.

about it to offer you a concept of how far there still is to come according to Deloitte only 11 of organizations say they have Labor force data in real time that’s another number that offers me sleepless nights and rather frankly the more a company invests in international payroll the less of a photo they see a lack of presence likewise reaches payroll payments and failure to accurately track these payments can result in compliance mishaps in the last mile of the transaction nearly half of worldwide companies have actually revealed that they do not have the level of standardization they require in their processes or want and as a result eighty percent of mistakes are because of time reporting poor HCM information data entry errors badly interacted hires and terminations as well as absence management and system configurations and then when you round everything off and the data is delivered to the incorrect place the typical expense of a global data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash worldwide payroll and payments do not run efficiently if they rely on the required several processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the obstacles service face when they’re making payments to workers or otherwise that’s an excellent concern I constantly toss this back and say what is it what doesn’t need to be included right and what does

it need to be thought about there’s varying Bank details so the length of an eye band a swift an account number routing code per country there’s payment timespan there’s payment abilities so can you pay it from International or do you need to pay from an in-country account do you have to pay from the consumer’s own in-country account so there’s complexity anywhere you look ideal ultimately developing a knowledge base is absolutely critical however all over you look with payroll payment they resemble very payments no if however some infants about it you are all superheroes processing payments for payroll if you look at the type of link between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are absolutely essential and technology is enabling us to type of move on with that it likewise also to add to that payroll and finance require to work closer together um with varying Bank Account Details varying banking requirements and setup processes is definitely essential that payroll and financing groups work better together than ever um I’m always surprised when people say I’ve divided payroll and payment um if you stroll down the street and asked anybody what is payroll who does not work in the payroll occupation would they split the payroll payment from calculation 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 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 reside in and well-being being more and more crucial to contribute to type of the level of intricacy there’s a growing number of advantages being organ or being offered by organizations throughout the world so again you’re simply wanting to add more and more payments to this currently complicated landscape so if you kind of got any experience well I’m from your huge experience here and I’m sure however have you got any experience in kind of real challenges or real tough sort of pay utilizes to play to pay individuals I think yeah I suggest over the last well yeah a number of years I would absolutely say that the bigger a company 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 details into the next function as it were that’s in fact handling the payment side of things but you understand in in my viewpoint and my experience that doesn’t necessarily need to be the case you know long gone are the times where we need to create additional handoffs at the same times that we run in they just make them more prompt they make them less effective and they do not make them what they need to be in in an era of tech and a period that you know that we are operating in today there is no reason why we are still making this as challenging as it needs to be concurred and appropriately as you stated payroll is the single greatest liability that any service has from a cost perspective from an effect perspective on staff members it is absolutely critical 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 biggest detrimental result on people’s wellness and numerous other factors if individuals aren’t paid uh I’ve constantly been amazed coming into this Market kind of the last five to ten years is how little thanks the

The payroll team might not have actually been thanked for correctly processing payroll during a webinar. If anyone has been thanked, it would be excellent to hear their success story, whether it’s from all staff members or not. Payroll is an important cycle, and people only notice when things fail. Nevertheless, when things go right, it’s seen as simply a regular job. This is how it’s perceived externally too. For that reason, it is necessary to ensure that jobs like Wi-Fi International and other essential matters are done correctly. Utilizing the very first Worldwide Payments first payroll payment service is a great initial step towards supplying an extensive payroll service for employees worldwide. Standardization, international procedures, and lowering the variety of tools, platforms, and bank accounts required for international payroll are key consider achieving company success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do periodically get a couple of complaints when things don’t go as planned. Ultimately, we don’t do it for the gratitude.

anyway we understand 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 everyone that’s associated with those procedures and likewise so imagine sorry I’m simply I was just 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 make certain we’re speaking about numerous thousands possibly Millions picture getting that many thank you notes um I indicate it ‘d be interesting to see the number of Post-it notes you got however it would definitely be an intriguing 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 attempt to check out them and actually see what was going on and sort of try to return to everyone so proceeding look why do companies pick to main separate bank accounts there are Papaya Global Natwest Bankline businesses out there doing exactly this for particular nations and I’ve worked in a company or many organizations doing precisely that I can state it does not constantly feel effective and it does create more work I understand we’re not intentionally doing that we’re not developing additional work for anybody where we do not have to and anyone that’s managing 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 factors one is it’s the requirement I believe individuals have actually got so used to we require a brand-new savings account we open an entity and rightly so you need 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 norm individuals have actually embraced and continue to do over years and years passed by to contribute to that individuals have actually taken a look at things like trust accounts and lots of other ways um to to kind of do it so I think there’s a variety I believe this is a process that requires taking a look at it needs altering but ultimately people are very stuck to what they’re familiar

with ideal um modification is a difficult thing we all do not like modification um so I think 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 things um I understand undoubtedly the advantages of having keeping several checking account but there’s a big quantity of complexity chooses setting up a bank account maintaining it ensuring it can send International transfers guaranteeing it’s established with the right user accesses for individual individuals so the intricacy is substantial but I believe the honest response is change um individuals haven’t had the ability to change or have not had always the understanding to truly make that change into alternate Solutions aside from opening a checking account I think you have actually hit the nail on the head I think it is understanding you know and there is an element of resistance to change however we’ve constantly done it that way is no genuine excuse for not looking at the the advantages and the possibilities of proceeding and moving into you understand what might almost be figured out to be the next Century approximately there is a lot to keep an eye on and this approach does posture several obstacles um so Johnny could you tell us about those obstacles yeah of course so there’s a variety right there is so

I simply did you switched 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 International staff members you deserve a corner workplace with a closer parking space since I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Natwest Bankline