Papaya Global Opt Out Pension FAQ – Payroll Management 2024

Over the last 5 or 6 years …Papaya Global Opt Out Pension… roles on the provider side and likewise on the vendor side from a payroll point of view so truly 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 everyone another number of uh well one of the 30 seconds or two to join we all work back to back these days so we’ll kind of let them do that so it ‘d be rather fascinating 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 everybody originates from and I actually 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 extremely really gloomy and I want I was elsewhere at this moment in time all right so let’s start our agenda for today is as follows um we are going to be taking a look at the obstacle years of managing International payroll why companies keep different

checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts simplifying papaya Worldwide payroll payments as a tactical possession uh we’ll likewise 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 suggests payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and International labor forces become more and more common and managing them ends up being more and more complex Global companies are aiming to find Solutions and brand-new ways to simplify procedures especially from a payroll and cross-border payment viewpoint many organizations maintain separate bank account just for payroll while some have several accounts in different countries does it make sense for business to maintain different checking account in some cases in various nations it does but just for payroll is there a better method what role do virtual accounts and digital wallets likewise called virtual wallets play in assisting multinational business simplify the episode complex processes of

Ensuring precise, effective, and prompt payroll payments is a complex obstacle for businesses operating worldwide. Join us for a webinar to explore the benefits and drawbacks of payroll wallets versus payroll savings account, learn how business forecast payroll expenses to optimize working capital, and find how enhancing international payroll payments can change them from a burdensome job into a strategic asset.

Managing payroll internationally is an overwhelming job due to different guidelines, compliance requirements, information security concerns, and banking guidelines. The sheer variety of staff members and companies contributes to the intricacy, with an approximated 3.5 billion people in the global workforce, 500 million of whom are in Africa, and 230 million services worldwide.

Standard payroll systems often result in manual processes, data silos, and an absence of combination, resulting in inconsistencies and inadequacies. Despite living in a period of technological advancements, payroll management has been slow to adapt, with as much as 25% of payroll still processed by hand, typically using pen and paper. This webinar aims to provide insights and services to simplify and optimize international payroll payments.

about it to provide you a concept of how far there still is to come according to Deloitte just 11 of companies say they have Workforce data in real time that’s another number that gives me sleep deprived nights and rather honestly the more an organization spends on international payroll the less of a picture they see a lack of presence likewise reaches payroll payments and failure to properly track these payments can result in compliance mishaps in the last mile of the deal almost half of global organizations have 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 due to time reporting bad HCM information data entry errors inadequately communicated hires and terminations along with lack management and system configurations and then when you round all of it off and the information is delivered to the wrong place the typical cost of a global 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 world payroll and payments don’t run smoothly if they depend on the essential multiple procedures systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the challenges business face when they’re paying to workers or otherwise that’s a great question I always throw this back and state what is it what doesn’t need to be consisted of best and what does

it need to be thought about there’s differing Bank details so the length of an eye band a swift an account number routing code per nation there’s payment amount of time 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 consumer’s own in-country account so there’s complexity wherever you look ideal ultimately constructing a knowledge base is definitely vital but all over you look with payroll payment they resemble very payments no if however some children about it you are all superheroes processing payments for payroll if you look at the kind of link between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are definitely essential and innovation is allowing us to kind of move forward with that it likewise also to contribute to that payroll and finance require to work closer together um with differing Bank Account Particulars differing banking requirements and setup processes is definitely necessary that payroll and financing teams work better together than ever um I’m constantly amazed when individuals state I have actually split payroll and payment um if you stroll down the street and asked anyone what is payroll who does not work in the payroll profession 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 frequently split and cut up um eventually it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying people wherever they are however also paying statutory authorities and on statutory third parties so with the

world we live in and wellness being increasingly more essential to add to kind of the level of complexity there’s increasingly more advantages being organ or being provided by organizations throughout the world so again you’re simply aiming to add a growing number of payments to this already intricate landscape so if you type of got any experience well I’m from your vast experience here and I’m sure however have you got any experience in kind of genuine difficulties or genuine difficult kind of pay utilizes to play to pay people I think yeah I imply 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 functions um there are teams doing one part of the job there are groups feeding details 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 know long gone are the times where we require to produce additional handoffs in the processes that we operate in they simply make them more timely they make them less effective and they do not make them what they need to be in in an age of tech and a period that you know that we are working in today there is no reason that we are still making this as tough as it requires to be agreed and appropriately as you stated payroll is the single biggest liability that any business has from an expense point of view from an effect point of view on employees it is definitely vital 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 greatest destructive effect on individuals’s wellness and many other factors if individuals aren’t paid uh I’ve always been impressed entering into this Market kind of the last five to ten years is how little thanks the

payroll team get um so I’m not sure anyone on this sort of webinar has been informed thank you for processing my payroll properly if you have it ‘d be great to hear your success story and whether that’s been from all employees or not um but ultimately payroll is such an important cycle we all find out about it when it fails everyone jumps up and down when it goes wrong however when it goes right it’s simply a tick box workout and I believe 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 things is definitely crucial that all of this stuff is done correctly so leveraging the very first International Payments very first payroll payment option is a fantastic first step um supplying an end-to-end payroll solution for your workers globally once again I think is another big um process again aligning and ensuring you have standardization International processes all of those things are absolutely crucial to success success of organizations and lowering the number of tools platforms and checking account they need for their Global payroll too couldn’t agree with you more and on the the front in terms of of the thank yous for getting payroll done I have actually never ever had a hundred thousand of them within a payroll cycle do not expect to you do get the odd 5 or 10 or whatever it might be with the with the the complaints where things haven’t gone quite where they’re indicated to be um I don’t believe any of us are in fact doing that for for the thanks

anyhow we understand how how important a function 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 everyone that’s involved in those procedures and also so imagine sorry I’m simply I was just gon na state think of 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 speaking about numerous thousands possibly Millions imagine getting that lots of thank you notes um I mean it ‘d be interesting to see how many Post-it notes you got however it would definitely be a fascinating task trying to clean all those up for sure oh absolutely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to check out them and really see what was going on and kind of try to return to everybody so carrying on look why do business pick to main different savings account there are Papaya Global Opt Out Pension services out there doing exactly this for particular nations and I have actually worked in a company or lots of businesses doing exactly that I can say it doesn’t constantly feel effective and it does produce more work I understand we’re not deliberately doing that we’re not creating extra work for any person where we do not have to and any person that’s dealing with 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 quantity that we are I believe lots of factors one is it’s the requirement I think people have got so used to we need a brand-new checking account we open an entity and appropriately so you need it for payroll functions but there are a variety of markets where it’s not a requirement so I think it’s just been the standard and the standard individuals have embraced and continue to do over years and years gone past to contribute to that people have taken a look at things like trust accounts and many other ways um to to type of do it so I think there’s a range I think this is a process that needs looking at it requires changing however ultimately individuals are very stuck to what they’re familiar

with right um modification is a challenging thing we all do not like change um so I believe it’s just kind of moving far from the norm as we have actually said so yeah so it keeps a great deal of track of things um I understand undoubtedly the advantages of having preserving multiple bank accounts however there’s a huge amount of intricacy opts for setting up a savings account maintaining it guaranteeing it can send out International transfers ensuring it’s set up with the ideal user accesses for private people so the complexity is big but I believe the truthful answer is change um individuals haven’t had the ability to alter or haven’t had always the understanding to actually make that change into alternate Solutions besides opening a checking account I think you have actually struck the nail on the head I think it is knowledge you know and there is an element of resistance to change but we’ve constantly done it that way is no genuine reason for not taking a look at the the advantages and the possibilities of proceeding and moving into you understand what might nearly be identified to be the next Century or so there is a lot to keep an eye on and this technique does pose a number of challenges um so Johnny could you inform us about those difficulties yeah obviously so there’s a range right there is so

I just recently made a modification to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It feels like our CFO has actually gotten another CFO, and with this enhanced capability, I have effectively protected payments for our 10,000 employees worldwide. Your dedication to mastering global payroll and payments using Papaya payroll OS is commendable. You are worthy of a corner workplace with a parking space that is more detailed, considering your achievements. Papaya Global Opt Out Pension