Papaya Global Pension Refund FAQ – Payroll Management 2024

Over the last 5 or 6 years …Papaya Global Pension Refund… roles on the service provider side and also on the supplier side from a payroll perspective so truly anticipating this discussion today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll simply give everyone another couple of uh well among the 30 seconds or so to join all of us work back to back nowadays so we’ll sort of let them do that so it ‘d be quite interesting and I can see it going on already just to hear where everybody is um it’s nice to to type of like see where everybody comes from and I really do hope it’s much sunnier than it remains 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 extremely really bleak and I wish 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 Worldwide payroll why business preserve separate

savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts simplifying papaya Worldwide payroll payments as a strategic asset uh we’ll likewise discuss a recap which must leave his time at the really really 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 a growing number of typical and handling them becomes a growing number of complicated Worldwide companies are aiming to discover Solutions and new methods to enhance processes particularly from a payroll and cross-border payment perspective lots of organizations keep different checking account just for payroll while some have multiple accounts in different nations does it make good sense for companies to keep different bank accounts often in different nations it does but just for payroll is there a much better method what function do virtual accounts and digital wallets also called virtual wallets play in helping international companies streamline the episode complex procedures of

Ensuring accurate, effective, and timely payroll payments is a complex obstacle for organizations running globally. Join us for a webinar to explore the benefits and drawbacks of payroll wallets versus payroll checking account, discover how business forecast payroll costs to enhance working capital, and discover how improving worldwide payroll payments can transform them from a burdensome job into a strategic property.

Managing payroll worldwide is an overwhelming job due to different regulations, compliance requirements, data security concerns, and banking guidelines. The sheer variety of workers and companies contributes to the intricacy, with an approximated 3.5 billion people in the global labor force, 500 million of whom are in Africa, and 230 million organizations worldwide.

Traditional payroll systems frequently lead to manual processes, data silos, and an absence of combination, resulting in inconsistencies and inadequacies. Despite residing in a period of technological advancements, payroll management has been slow to adjust, with as much as 25% of payroll still processed manually, typically utilizing pen and paper. This webinar goals to supply insights and solutions to streamline and optimize worldwide payroll payments.

about it to give you an idea of how far there still is to come according to Deloitte just 11 of companies say they have Labor force information in real time that’s another number that offers me sleep deprived nights and quite frankly the more a service spends on international payroll the less of a photo they see an absence of exposure also extends to payroll payments and failure to properly track these payments can cause compliance accidents in the last mile of the deal nearly half of international businesses have revealed that they do not have the level of standardization they need in their procedures or want and as a result eighty percent of mistakes are because of time reporting bad HCM data data entry errors inadequately communicated hires and terminations as well as lack management and system setups and then when you round all of it off and the information is delivered to the incorrect location the typical cost of a global information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money around the world payroll and payments don’t run smoothly if they depend on the essential several processes systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the obstacles business face when they’re making payments to employees 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 ideal and what does

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it need to be considered there’s differing Bank details so the length of an eye band a swift an account number routing code per country there’s payment time frames 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 customer’s own in-country account so there’s intricacy any place you look right eventually developing a knowledge base is definitely crucial but 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 sort of link in between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are definitely basic and innovation is permitting us to sort of move forward with that it likewise also to contribute to that payroll and financing need to work closer together um with varying Checking account Particulars varying banking requirements and setup procedures is absolutely crucial that payroll and financing teams work more detailed together than ever um I’m constantly surprised when individuals state I’ve divided payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t work in the payroll profession would they divide the payroll payment from computation I would say no so why do we as a market accept that why our payroll and payments so often 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 anywhere they are however also paying statutory authorities and on statutory 3rd parties so with the

The modern-day world positions a high value on well-being and the settlement landscape is becoming progressively complex. Services are constantly introducing brand-new benefits and payment options, which adds to the overall complexity. Big corporations frequently divide their payroll and payment processing into separate groups, which can lead to inadequacies and bottlenecks. In my opinion, this does not need to hold true. In today’s highly innovative era, there’s no reason for preserving cumbersome procedures. Payroll, the company’s biggest cost, need to be processed correctly and on time. Even minor delays can adversely impact employees’ wellness and have far-reaching effects. Therefore, it’s critical to focus on precise and timely payments.

payroll group get um so I’m not exactly sure anyone on this kind of webinar has been informed thank you for processing my payroll correctly if you have it ‘d be excellent to hear your success story and whether that’s been from all staff members or not um but ultimately payroll is such a crucial cycle all of us find out about it when it goes wrong everybody jumps up and down when it fails however when it goes right it’s simply a tick box exercise and I think 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 properly so leveraging the first Worldwide Payments very first payroll payment solution is a great primary step um providing an end-to-end payroll service for your staff members worldwide again I believe is another big um process again aligning and ensuring you have standardization Worldwide processes all of those things are definitely essential to success success of companies and lowering the variety of tools platforms and bank accounts they require for their International 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’ve never had a hundred thousand of them within a payroll cycle do not anticipate to you do get the odd five or 10 or whatever it might be with the with the the complaints where things have not gone quite where they’re meant to be um I don’t believe any of us are actually doing that for for the thanks

anyhow we understand how how crucial 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 easy as possible for everyone that’s associated with those processes and also so think of sorry I’m simply I was simply gon na state picture the quantity of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make sure we’re discussing numerous thousands possibly Millions envision getting that lots of thank you keeps in mind um I mean it ‘d be interesting to see the number of Post-it notes you got but it would certainly be a fascinating job attempting to clean all those up for sure oh absolutely I can’t picture the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to check out them and in fact see what was going on and type of shot to return to everybody so carrying on look why do companies choose to primary separate savings account there are Papaya Global Pension Refund businesses out there doing exactly this for specific countries and I’ve worked in a company or lots of companies doing exactly that I can say it does not always feel efficient and it does develop more work I understand we’re not intentionally doing that we’re not developing extra work for any person where we do not need to and any person that’s handling that process 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 standard I believe individuals have got so utilized to we need a new savings account we open an entity and appropriately so you need 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 requirement and the standard the people have actually adopted and continue to do over years and years passed by to add to that people have actually looked at things like trust accounts and many other ways um to to kind of do it so I think there’s a variety I think this is a process that requires looking at it needs altering however ultimately people are really stuck with what they recognize

with right um change is a tough thing all of us do not like change um so I believe it’s simply type of moving far from the standard as we have actually said so yeah so it keeps a great deal of track of things um I understand certainly the benefits of having preserving numerous checking account but there’s a substantial quantity of complexity chooses establishing a bank account keeping it guaranteeing it can send International transfers ensuring it’s established with the ideal user accesses for private individuals so the intricacy is huge but I believe the honest response is change um people haven’t had the ability to alter or haven’t had always the understanding to truly make that change into alternate Solutions besides opening a savings account I think you’ve struck the nail on the head I think it is understanding you know and there is an element of resistance to change however we have actually always done it that way is no real reason for not taking a look at the the benefits and the possibilities of moving on and moving into you know what could almost be determined to be the next Century or so there is a lot to keep an eye on and this technique does posture a number of challenges um so Johnny might you tell us about those obstacles yeah obviously so there’s a variety right there is so

I just did you changed our Business 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 International staff members you are worthy of a corner workplace with a more detailed parking space due to the fact that I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Pension Refund