Papaya Global Pension Letters FAQ – Payroll Management 2024

Over the last five or 6 years …Papaya Global Pension Letters… functions on the supplier side and also on the vendor side from a payroll point of view so really eagerly anticipating this conversation today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll just offer everybody another number of uh well one of the 30 seconds or two to join we all work back to back nowadays so we’ll sort of let them do that so it ‘d be rather intriguing and I can see it going on already just to hear where everybody is um it’s nice to to sort of like see where everyone comes 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 drizzling here it’s extremely extremely bleak and I wish I was somewhere else at this moment in time all right so let’s get started our agenda for today is as follows um we are going to be looking at the obstacle years of managing International payroll why companies keep different

bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts improving papaya International payroll payments as a strategic asset uh we’ll likewise go over a recap which ought to leave his time at the extremely extremely 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 become a growing number of typical and managing them becomes increasingly more complicated Global companies are seeking to find Solutions and brand-new methods to simplify processes especially from a payroll and cross-border payment viewpoint numerous companies keep different savings account just for payroll while some have numerous accounts in various nations does it make sense for companies to preserve separate checking account sometimes in various nations it does however just for payroll is there a much better method what function do virtual accounts and digital wallets likewise called virtual wallets play in assisting international companies enhance the episode complex processes of

Making sure accurate, effective, and timely payroll payments is a complex difficulty for companies running worldwide. Join us for a webinar to explore the benefits and downsides of payroll wallets versus payroll bank accounts, find out how business forecast payroll expenses to enhance working capital, and find how improving international payroll payments can transform them from a challenging job into a tactical asset.

Handling payroll worldwide is a complicated task due to numerous guidelines, compliance requirements, information security issues, and banking rules. The large number of workers and companies adds to the complexity, with an approximated 3.5 billion people in the worldwide workforce, 500 million of whom are in Africa, and 230 million services worldwide.

Conventional payroll systems typically lead to manual procedures, data silos, and a lack of combination, causing disparities and inadequacies. Regardless of residing in an age of technological developments, payroll management has been slow to adapt, with as much as 25% of payroll still processed manually, frequently utilizing pen and paper. This webinar objectives to offer insights and services to streamline and optimize international payroll payments.

about it to give you an idea of how far there still is to come according to Deloitte only 11 of services say they have Labor force data in real time that’s another number that provides me sleepless nights and quite honestly the more a company spends on global payroll the less of a picture they see an absence of visibility also encompasses payroll payments and inability to precisely track these payments can cause compliance mishaps in the last mile of the transaction almost half of international services have revealed that they don’t have the level of standardization they require in their processes or desire and as a result eighty percent of mistakes are due to time reporting poor HCM information data entry errors poorly interacted hires and terminations along with absence management and system configurations and after that when you round it all off and the information is delivered to the wrong place the average expense of a worldwide information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash all over the world payroll and payments do not run smoothly if they rely on the necessary several processes systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the difficulties service face when they’re making payments to workers or otherwise that’s an excellent question I always toss this back and state what is it what doesn’t need to be consisted of ideal and what does

it require to be considered 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 need to pay from an in-country account do you need to pay from the consumer’s own in-country account so there’s intricacy wherever you look right ultimately building a knowledge base is absolutely important however all over you look with payroll payment they resemble super payments no if however some babies 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 absolutely basic and technology is permitting us to type of move on with that it also as well to add to that payroll and finance need to work closer together um with differing Checking account Particulars differing banking requirements and setup processes is absolutely crucial that payroll and finance groups work more detailed together than ever um I’m constantly astonished when people state I’ve split payroll and payment um if you walk down the street and asked anyone what is payroll who does not operate in the payroll occupation would they divide the payroll payment from estimation I would say no so why do we as a market accept that why our payroll and payments so frequently split and cut up um ultimately it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying people anywhere they are however likewise paying statutory authorities and on statutory third parties so with the

world we reside in and wellness being more and more crucial to add to sort of the level of intricacy there’s increasingly more benefits being organ or being used by companies throughout the world so again you’re just aiming to include a growing number of payments to this currently complex landscape so if you kind of got any experience well I’m from your vast experience here and I make certain however have you got any experience in kind of real difficulties or genuine challenging sort of pay uses to play to pay individuals I think yeah I indicate over the last well yeah a number of years I would definitely say that the larger a service 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 info into the next function as it were that’s in fact handling the payment side of things however you know in in my viewpoint and my experience that does not always need to be the case you understand long gone are the times where we need to create extra handoffs in the processes that we run 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 era of tech and an era that you know that we are operating in today there is no reason that we are still making this as tough as it needs to be concurred and appropriately as you said payroll is the single biggest liability that any company has from an expense viewpoint from an impact viewpoint on employees it is definitely critical 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 need to be done right it has the most significant destructive result on people’s wellness and numerous other factors if individuals aren’t paid uh I’ve constantly been amazed entering this Market sort 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 actually been thanked, it would be terrific to hear their success story, whether it’s from all employees or not. Payroll is a crucial cycle, and individuals just notice when things go wrong. Nevertheless, when things go right, it’s seen as just a routine job. This is how it’s viewed externally also. Therefore, it is essential to guarantee that tasks like Wi-Fi International and other crucial matters are done correctly. Using the very first Global Payments first payroll payment service is a fantastic preliminary step towards providing an extensive payroll option for workers worldwide. Standardization, global procedures, and decreasing the number of tools, platforms, and checking account essential for global payroll are key factors in accomplishing business success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do occasionally receive a couple of grievances when things do not go as planned. Eventually, we don’t do it for the thankfulness.

anyway we know 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 easy as possible for everyone that’s associated with those procedures and likewise so think of sorry I’m simply I was just gon na state think of the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I make sure we’re discussing numerous thousands potentially Millions imagine getting that lots of thank you notes um I indicate it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be an intriguing job trying to clean all those up for sure oh definitely 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 try to look through them and actually see what was going on and type of try to return to everybody so carrying on look why do business pick to primary separate checking account there are Papaya Global Pension Letters services out there doing exactly this for specific countries and I’ve operated in a business or many businesses doing exactly that I can say it doesn’t always feel efficient and it does create more work I understand we’re not deliberately doing that we’re not developing extra work for anyone where we don’t need to and any person that’s dealing with that process I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the quantity that we are I believe many reasons one is it’s the standard I believe people have got so used to we require a brand-new bank account we open an entity and appropriately so you need it for payroll functions 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 adopted 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 numerous other methods um to to kind of do it so I think there’s a range I believe this is a process that needs taking a look at it requires altering but eventually individuals are extremely stuck with what they’re familiar

with right um modification is a challenging thing all of us don’t like change um so I think it’s just sort of moving far from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend clearly the benefits of having maintaining numerous checking account however there’s a huge quantity of complexity goes with setting up a savings account maintaining it ensuring it can send out International transfers ensuring it’s set up with the best user accesses for specific people so the intricacy is big however I think the honest response is change um people haven’t been able to alter or have not had necessarily the understanding to truly make that change into alternate Solutions aside from opening a bank account I believe you have actually hit the nail on the head I think it is understanding you understand and there is an element of resistance to alter but we’ve constantly done it that way is no real reason for not looking at the the advantages and the possibilities of proceeding and moving into you know what could almost be figured out to be the next Century approximately there is a lot to keep an eye on and this method does posture several challenges um so Johnny could you inform us about those difficulties yeah naturally so there’s a variety right there is so

I just recently made a change to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It feels like our CFO has gained another CFO, and with this improved ability, I have actually effectively secured payments for our 10,000 workers worldwide. Your devotion to mastering international payroll and payments using Papaya payroll OS is good. You should have a corner workplace with a parking space that is better, considering your accomplishments. Papaya Global Pension Letters