Papaya Global New Autoenrolment Bandings FAQ – Payroll Management 2024

Over the last five or 6 years …Papaya Global New Autoenrolment Bandings… roles on the supplier side and also on the supplier side from a payroll perspective so really eagerly anticipating this conversation today um and yeah thank you quite for your time everyone fine thanks Johnny uh we’ll just provide everybody another number of uh well among the 30 seconds approximately to join all of us 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 simply to hear where everybody is um it’s nice to to sort of like see where everybody originates from and I truly do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s raining here it’s extremely extremely bleak and I want I was elsewhere at this moment in time fine so let’s get going our agenda for today is as follows um we are going to be taking a look at the challenge years of handling Worldwide payroll why business maintain separate

bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts streamlining papaya Worldwide payroll payments as a tactical property uh we’ll also go over a recap and that ought to leave his time at the really 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 workforces become a growing number of typical and handling them becomes increasingly more complicated Worldwide companies are aiming to discover Solutions and brand-new methods to enhance processes especially from a payroll and cross-border payment perspective many companies maintain separate bank account just for payroll while some have several accounts in different countries does it make sense for business to preserve separate bank accounts sometimes in various nations it does but just for payroll exists a better method what role do virtual accounts and digital wallets likewise known as virtual wallets play in assisting multinational business simplify the episode complex processes of

making payroll payments properly effectively securely and on time throughout this webinar we’ll stroll you through the international advantages and disadvantages of a payroll wallet versus a payroll checking account how business precisely forecast their payroll costs to increase working capital and how simplifying International payroll payments can turn them from a siled pane into a tactical property so payroll can be challenging in adequate in one nation but when you’re doing it globally it’s next level and Beyond it ends up being complex for a range of factors most importantly guidelines compliance data security and banking rules then there are the large numbers they add additional intricacy the worldwide Workforce is currently 3 and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and more 1.1 billion people that number is presently 500 million just for for a scale then factor in that there are some 230 million organizations and growing all doing their own thing around the world in the standard payroll model there’s typically an overwhelming number of different systems leading to lengthy manual procedures and silos the number of Integrations could be non-existent in large quantities and or very really standard there’s no real consistency structure we’re living in an age of tech but payroll has 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 whenever I I think

about it to provide you an idea of how far there still is to come according to Deloitte only 11 of services say they have Labor force information in real time that’s another number that gives me sleep deprived nights and rather honestly the more a service invests in global payroll the less of an image they see an absence of visibility also reaches payroll payments and inability to properly track these payments can cause compliance incidents in the last mile of the transaction almost half of worldwide organizations have actually expressed that they do not have the level of standardization they need in their processes or want and as a result eighty percent of mistakes are due to time reporting poor HCM information data entry mistakes badly interacted hires and terminations as well as lack management and system setups and after that when you round it all off and the data is delivered to the incorrect location the average cost of an international data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash around the globe payroll and payments do not run efficiently if they rely on the needed several processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the obstacles company face when they’re paying to staff members or otherwise that’s an excellent concern I constantly toss this back and state what is it what doesn’t need to be consisted of right and what does

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it require to be thought of 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 need to pay from the client’s own in-country account so there’s complexity any place you look ideal eventually building a knowledge base is absolutely vital but all over you look with payroll payment they resemble super payments no if but some children about it you are all superheroes processing payments for payroll if you look at the sort of link between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are definitely essential and technology is permitting us to sort of progress with that it also as well to add to that payroll and financing need to work closer together um with varying Bank Account Details differing banking requirements and setup procedures is absolutely important that payroll and finance groups work better together than ever um I’m always surprised when individuals state I have actually split payroll and payment um if you walk down the street and asked anyone 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 a market accept that why our payroll and payments so typically split and cut up um eventually 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 also paying statutory authorities and on statutory 3rd parties so with the

world we live in and well-being being increasingly more important to contribute to type of the level of complexity there’s more and more advantages being organ or being provided by businesses throughout the world so once again you’re just aiming to add a growing number of payments to this currently intricate landscape so if you kind of got any experience well I’m from your large experience here and I make sure however have you got any experience in kind of real challenges or genuine challenging type of pay uses to play to pay individuals I think yeah I suggest over the last well yeah a couple of years I would certainly state that the larger an organization gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the job there are teams feeding info into the next function as it were that’s actually handling the payment side of things but you understand in in my opinion and my experience that does not necessarily require to be the case you understand long gone are the times where we require to produce extra handoffs at the same times that we operate in they simply make them more timely they make them less effective and they don’t make them what they need to be in in an age of tech and an age that you know that we are working in today there is no reason that we are still making this as difficult as it requires to be concurred and rightly as you said payroll is the single biggest liability that any business has from an expense viewpoint from an effect point of view on workers it is absolutely important that it’s done properly and on time so what we mean by that is not a day before not a day after on pay day and payments need to be done right it has the biggest damaging effect on individuals’s wellness and numerous other factors if people aren’t paid uh I have actually constantly been amazed entering this Market type of the last five to ten years is how little thanks the

The payroll group might not have been thanked for correctly processing payroll during a webinar. If anyone has been thanked, it would be great to hear their success story, whether it’s from all staff members or not. Payroll is an important cycle, and individuals just see when things go wrong. However, when things go right, it’s viewed as just a regular task. This is how it’s perceived externally as well. For that reason, it is essential to ensure that tasks like Wi-Fi Global and other vital matters are done properly. Utilizing the first Global Payments first payroll payment service is a fantastic preliminary action towards supplying an extensive payroll solution for employees worldwide. Standardization, worldwide processes, and lowering the variety of tools, platforms, and bank accounts required for global payroll are essential factors in accomplishing organization success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do sometimes receive a few complaints when things don’t go as planned. Eventually, we don’t do it for the appreciation.

anyhow 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 everybody that’s associated with those processes and likewise so picture sorry I’m just I was simply gon na state picture the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I make certain we’re discussing numerous thousands possibly Millions think of getting that many thank you notes um I mean it ‘d be interesting to see the number of Post-it notes you got but it would definitely be an intriguing job trying to clean all those up for sure oh definitely I can’t think of 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 really see what was going on and kind of shot to return to everyone so moving on look why do companies choose to primary separate checking account there are Papaya Global New Autoenrolment Bandings companies out there doing precisely this for particular countries and I’ve worked in a company or lots of companies doing exactly that I can state it does not constantly feel effective and it does create more work I understand we’re not deliberately doing that we’re not developing extra work for anybody where we do not need to and any person that’s handling that process 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 many factors one is it’s the standard I think people have actually got so used to we need a brand-new bank account we open an entity and appropriately so you require it for payroll purposes however there are a number of markets where it’s not a requirement so I believe it’s just been the standard and the standard the people have embraced and continue to do over years and years gone past to contribute to that individuals have actually looked at things like trust accounts and many other ways um to to sort of do it so I believe there’s a variety I believe this is a procedure that requires looking at it requires changing but ultimately people are extremely stuck with what they recognize

with right um change is a tough thing we all do not like change um so I believe it’s just sort of moving away from the norm as we have actually said so yeah so it keeps a great deal of track of things um I understand clearly the advantages of having preserving several checking account however there’s a huge amount of intricacy goes with establishing a bank account maintaining it ensuring it can send out International transfers guaranteeing it’s established with the ideal user accesses for private individuals so the complexity is huge however I think the sincere answer is modification um individuals have not been able to alter or have not had necessarily the knowledge to actually make that change into alternate Solutions other than opening a savings account I think you’ve hit the nail on the head I think it is understanding you understand and there is an aspect of resistance to alter but we have actually constantly done it that way is no genuine reason for not looking at the the advantages and the possibilities of proceeding and moving into you know what could nearly be figured out to be the next Century or two there is a lot to keep an eye on and this approach does posture several obstacles um so Johnny could you inform us about those obstacles yeah obviously 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’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide workers you deserve a corner office with a more detailed parking space since I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global New Autoenrolment Bandings