Papaya Global Pension Auto Enrolment FAQ – Payroll Management 2024

Over the last 5 or six years …Papaya Global Pension Auto Enrolment… functions on the supplier side and likewise on the supplier side from a payroll point of view so really eagerly anticipating this conversation today um and yeah thank you quite for your time everyone all right thanks Johnny uh we’ll simply offer everybody another number of uh well among the 30 seconds or two to join we all work back to back these days so we’ll sort of let them do that so it ‘d be quite intriguing and I can see it going on already simply to hear where everyone is um it’s nice to to sort of like see where everybody originates from and I actually 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 raining here it’s really extremely bleak 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 Worldwide payroll why companies maintain separate

savings account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts enhancing papaya Worldwide payroll payments as a strategic property uh we’ll also go over a recap which should leave his time at the very very end for a q a session so as the title of the webinar recommends payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces end up being increasingly more typical and handling them becomes increasingly more intricate Global organizations are seeking to find Solutions and brand-new ways to streamline procedures especially from a payroll and cross-border payment perspective numerous companies keep separate savings account just for payroll while some have numerous accounts in various countries does it make sense for business to preserve separate savings account in some cases in different nations it does however just for payroll exists a better way what role do virtual accounts and digital wallets also referred to as virtual wallets play in assisting multinational companies improve the episode complex processes of

making payroll payments precisely effectively securely and on time throughout this webinar we’ll stroll you through the international benefits and drawbacks of a payroll wallet versus a payroll checking account how companies precisely anticipate their payroll expenses to increase working capital and how enhancing International payroll payments can turn them from a siled pane into a strategic asset so payroll can be tough in enough in one nation but when you’re doing it worldwide it’s next level and Beyond it becomes intricate for a range of factors most notably policies compliance information security and banking rules then there are the sheer numbers they include more intricacy the international Labor force 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 individuals that number is presently 500 million just for for a scale then consider that there are some 230 million organizations and growing all doing their own thing around the world in the standard payroll model there’s often an overwhelming variety of different systems leading to lengthy manual processes and silos the variety of Integrations could be non-existent in large quantities and or extremely really basic there’s no genuine consistency framework we’re living in a period of tech however payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper and that simply blows my mind whenever I I think

about it to give you an idea of how far there still is to come according to Deloitte only 11 of organizations state they have Workforce data in real time that’s another number that offers me sleepless nights and rather frankly the more a service invests in international payroll the less of an image they see a lack of presence likewise encompasses payroll payments and failure to accurately track these payments can lead to compliance incidents in the last mile of the transaction nearly half of international businesses have revealed that they don’t have the level of standardization they require in their procedures or want and as a result eighty percent of mistakes are due to time reporting bad HCM information data entry errors badly communicated hires and terminations along with absence management and system configurations and then when you round it all off and the information is delivered to the incorrect location the average cost of a worldwide information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money all over the world payroll and payments don’t run efficiently if they rely on the needed several 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 difficulties service face when they’re paying to employees or otherwise that’s a good concern I always toss this back and state what is it what doesn’t require to be included right and what does

it need to be considered there’s varying 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 abilities so can you pay it from International or do you have to pay from an in-country account do you have to pay from the consumer’s own in-country account so there’s complexity wherever you look right eventually constructing a knowledge base is definitely crucial but all over you look with payroll payment they resemble extremely payments no if but some infants about it you are all superheroes processing payments for payroll if you look at the type of link in between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are definitely fundamental and innovation is permitting us to sort of move on with that it also also to contribute to that payroll and financing need to work closer together um with differing Bank Account Particulars varying banking requirements and setup procedures is definitely imperative that payroll and finance groups work better together than ever um I’m always impressed when individuals state I’ve divided payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t work 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 typically split and cut up um eventually it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying individuals any place they are however likewise paying statutory authorities and on statutory 3rd parties so with the

The modern world positions a high value on wellness and the payment landscape is ending up being significantly detailed. Services are continually introducing new advantages and payment alternatives, which adds to the total intricacy. Big corporations often divide their payroll and payment processing into separate teams, which can lead to inadequacies and bottlenecks. In my opinion, this does not have to be the case. In today’s technically sophisticated era, there’s no justification for preserving cumbersome treatments. Payroll, the company’s greatest cost, must be processed properly and on time. Even small delays can adversely affect staff members’ well-being and have significant repercussions. Therefore, it’s important to focus on accurate and timely payments.

The payroll group may not have actually been thanked for correctly processing payroll throughout a webinar. If anyone has been thanked, it would be fantastic to hear their success story, whether it’s from all workers or not. Payroll is an important cycle, and people just see when things fail. Nevertheless, when things go right, it’s viewed as just a regular task. This is how it’s viewed externally too. For that reason, it is necessary to guarantee that tasks like Wi-Fi Worldwide and other essential matters are done properly. Utilizing the very first International Payments very first payroll payment service is a great preliminary action towards supplying a comprehensive payroll service for workers worldwide. Standardization, international processes, and decreasing the variety of tools, platforms, and checking account required for global payroll are essential consider achieving service success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do occasionally receive a couple of complaints when things do not go as planned. Ultimately, we do not do it for the thankfulness.

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 everybody that’s associated with those processes and also so picture sorry I’m simply I was just gon na state picture the amount 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 envision getting that numerous thank you notes um I mean it ‘d be interesting to see how many Post-it notes you got but it would certainly be a fascinating job trying to clean up 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 check out them and actually see what was going on and type of shot to get back to everyone so proceeding appearance why do companies select to main different savings account there are Papaya Global Pension Auto Enrolment businesses out there doing precisely this for particular nations and I have actually worked in a business or lots of organizations doing exactly that I can say it does not constantly feel effective and it does produce more work I know we’re not intentionally doing that we’re not creating 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 amount that we are I think many reasons one is it’s the standard 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 simply been the standard and the norm the people have embraced and continue to do over years and years passed by to contribute to that people have actually looked at things like trust accounts and lots of other ways um to to kind of do it so I think there’s a range I believe this is a procedure that needs taking a look at it needs altering however ultimately individuals are really stuck to what they recognize

with best um change is a challenging thing we all do not like change um so I believe it’s simply sort of moving far from the standard as we’ve said so yeah so it keeps a great deal of track of stuff um I understand certainly the advantages of having keeping multiple checking account but there’s a substantial amount of intricacy opts for setting up a bank account preserving it ensuring it can send out International transfers ensuring it’s established with the ideal user accesses for specific people so the complexity is big however I think the honest answer is change um people haven’t been able to alter or have not had always the knowledge to actually make that change into alternate Solutions besides opening a bank account I believe you’ve hit the nail on the head I believe it is knowledge you understand and there is an element of resistance to change however we’ve constantly done it that way is no genuine excuse for not taking a look at the the benefits and the possibilities of carrying on and moving into you understand what could nearly be identified to be the next Century or two there is a lot to keep track of and this technique does present a number of difficulties um so Johnny might you tell us about those challenges 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 tasks on one platform. It feels like our CFO has gotten another CFO, and with this improved capability, I have effectively protected payments for our 10,000 employees worldwide. Your dedication to mastering worldwide payroll and payments using Papaya payroll OS is good. You should have a corner office with a parking space that is closer, considering your accomplishments. Papaya Global Pension Auto Enrolment