Papaya Global Pension FAQ – Payroll Management 2024

Over the last five or 6 years …Papaya Global Pension… roles on the service provider side and also on the supplier side from a payroll viewpoint so actually eagerly anticipating this discussion today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll simply offer everyone another couple of uh well among the 30 seconds or two to join we all work back to back nowadays so we’ll kind of let them do that so it ‘d be quite intriguing and I can see it going on currently just to hear where everybody is um it’s nice to to type of like see where everyone 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 really really dreary and I wish I was somewhere else at this moment in time all right so let’s begin our agenda for today is as follows um we are going to be looking at the difficulty years of handling Worldwide payroll why business keep separate

checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts streamlining papaya Global payroll payments as a tactical property uh we’ll likewise discuss a recap and that should leave his time at the really extremely end for a q a session so as the title of the webinar recommends payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces become more and more common and managing them becomes more and more complicated International organizations are aiming to discover Solutions and brand-new methods to enhance processes specifically from a payroll and cross-border payment standpoint many organizations maintain different checking account just for payroll while some have multiple accounts in different nations does it make good sense for business to preserve separate bank accounts sometimes in various countries it does but just for payroll is there a better way what role do virtual accounts and digital wallets also known as virtual wallets play in helping international companies streamline the episode complex processes of

Making sure accurate, efficient, and timely payroll payments is a complex difficulty for businesses running internationally. Join us for a webinar to check out the advantages and disadvantages of payroll wallets versus payroll checking account, find out how business anticipate payroll expenses to enhance working capital, and find how enhancing global payroll payments can change them from a troublesome job into a tactical possession.

Handling payroll internationally is an overwhelming task due to different policies, compliance requirements, information security issues, and banking guidelines. The large number of workers and companies adds to the complexity, with an estimated 3.5 billion individuals in the worldwide labor force, 500 countless whom are in Africa, and 230 million businesses worldwide.

Traditional payroll systems often result in manual processes, data silos, and a lack of integration, causing inconsistencies and inadequacies. Regardless of residing in a period of technological developments, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed by hand, frequently utilizing pen and paper. This webinar goals to offer insights and solutions to simplify and enhance worldwide payroll payments.

about it to offer you an idea of how far there still is to come according to Deloitte only 11 of businesses say they have Labor force information in real time that’s another number that gives me sleep deprived nights and rather frankly the more a company spends on international payroll the less of a photo they see an absence of presence likewise extends to payroll payments and inability to accurately track these payments can cause compliance accidents in the last mile of the transaction nearly half of worldwide companies have revealed that they don’t have the level of standardization they require in their procedures or desire and as a result eighty percent of mistakes are because of time reporting bad HCM data information entry mistakes poorly interacted hires and terminations as well as lack management and system setups and then when you round everything off and the data is delivered to the wrong place the average cost of a global data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash worldwide 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 point of view and in your experience what else requires to be factored into the difficulties service face when they’re making payments to workers or otherwise that’s a great question I constantly toss this back and state what is it what doesn’t need to be included right and what does

it require to be thought of there’s varying Bank information so the length of an eye band a swift an account number routing code per country there’s payment amount of time there’s payment capabilities 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 client’s own in-country account so there’s intricacy wherever you look ideal eventually constructing a knowledge base is absolutely vital however everywhere you look with payroll payment they resemble incredibly payments no if but some infants about it you are all superheroes processing payments for payroll if you take a look at the type of link between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are definitely essential and innovation is allowing us to type of move forward with that it likewise also to add to that payroll and financing require to work closer together um with differing Bank Account Details varying banking requirements and setup processes is definitely important that payroll and finance teams work more detailed together than ever um I’m always impressed when individuals state I’ve split payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t operate in the payroll occupation would they divide the payroll payment from estimation 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 ultimately it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying individuals any place they are however also paying statutory authorities and on statutory 3rd parties so with the

world we live in and wellness being a growing number of important to add to type of the level of intricacy there’s increasingly more advantages being organ or being used by businesses across the world so again you’re simply wanting to add a growing number of payments to this already intricate landscape so if you kind of got any experience well I’m from your huge experience here and I make certain however have you got any experience in kind of real obstacles or genuine tough kind of pay utilizes to play to pay people I think yeah I imply over the last well yeah a number of decades I would definitely state that the larger a business 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 teams feeding information into the next function as it were that’s really managing the payment side of things but you understand in in my opinion and my experience that does not necessarily need to be the case you understand long gone are the times where we need to create additional handoffs in the processes that we run in they simply make them more prompt they make them less efficient and they don’t make them what they need to be in in an era of tech and an age that you understand that we are working in today there is no reason that we are still making this as tough as it requires to be concurred and appropriately as you said payroll is the single greatest liability that any organization has from a cost point of view from an impact point of view on staff members it is absolutely important that it’s done properly and on time so what we imply by that is not a day before not a day after on pay day and payments have to be done right it has the most significant detrimental effect on individuals’s wellness and many other elements if individuals aren’t paid uh I have actually constantly been astonished entering into this Market kind of the last 5 to 10 years is how little thanks the

The payroll group may not have actually been thanked for correctly processing payroll throughout a webinar. If anybody 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 people only notice when things fail. Nevertheless, when things go right, it’s viewed as just a regular task. This is how it’s viewed externally as well. Therefore, it is essential to make sure that jobs like Wi-Fi Worldwide and other important matters are done properly. Using the very first International Payments first payroll payment service is a great preliminary step towards offering an extensive payroll option for workers worldwide. Standardization, global processes, and decreasing the variety of tools, platforms, and checking account needed for global payroll are essential consider attaining business success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do occasionally get a few problems when things don’t go as prepared. Ultimately, we don’t do it for the gratitude.

anyhow we understand 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 simple as possible for everyone that’s involved in those procedures and also so imagine sorry I’m simply I was just gon na say imagine the amount of thanks you got if you might cover the amount of individuals that we cover within this webinar I make sure we’re talking about numerous thousands potentially Millions picture getting that numerous thank you notes um I indicate it ‘d be interesting to see the number of Post-it notes you got but it would absolutely be a fascinating task attempting to clean up all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to look through them and actually see what was going on and sort of shot to get back to everyone so proceeding appearance why do companies choose to main different savings account there are Papaya Global Pension companies out there doing precisely this for specific nations and I’ve operated in a company or numerous companies doing exactly that I can say it doesn’t always feel effective and it does develop more work I know we’re not purposely doing that we’re not developing extra work for any person where we do not have to and anyone that’s handling 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 amount that we are I think many reasons one is it’s the standard I think individuals have got so used to we require a brand-new checking account we open an entity and rightly so you need it for payroll functions however there are a variety of markets where it’s not a requirement so I think it’s just been the standard and the standard the people have embraced and continue to do over years and years passed by to add to that individuals have actually taken a look at things like trust accounts and lots of other ways um to to type of do it so I think there’s a variety I believe this is a procedure that requires looking at it needs altering however ultimately people are very stuck to what they’re familiar

with best um change is a hard thing all of us do not like change um so I believe it’s just type of moving far from the standard as we’ve said so yeah so it keeps a great deal of track of things um I understand certainly the advantages of having maintaining numerous savings account but there’s a huge amount of complexity opts for setting up a bank account preserving it ensuring it can send International transfers guaranteeing it’s set up with the ideal user accesses for private people so the intricacy is huge however I believe the truthful answer is change um individuals haven’t had the ability to alter or haven’t had necessarily 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 believe it is knowledge you understand and there is a component of resistance to alter however we have actually constantly done it that way is no genuine excuse for not looking at the the benefits and the possibilities of proceeding and moving into you understand what could practically be figured out to be the next Century approximately there is a lot to keep an eye on and this technique does present a number of difficulties um so Johnny could you inform us about those difficulties yeah obviously so there’s a range right there is so

I simply did you switched our Business to OS so now we can do our payroll and payments operation on a single platform yes it resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide employees you deserve a corner office with a closer parking space since I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Pension