Opt Employee In Pension Papaya Global FAQ – Payroll Management 2024

Over the last 5 or six years …Opt Employee In Pension Papaya Global… functions on the company side and also on the vendor side from a payroll point of view so actually looking forward to this conversation today um and yeah thank you quite for your time everybody fine thanks Johnny uh we’ll just give everybody another number of uh well among the 30 seconds approximately to join we all work back to back nowadays so we’ll sort of let them do that so it ‘d be quite intriguing 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 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 challenge years of managing Worldwide payroll why companies preserve different

savings account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts improving papaya International payroll payments as a tactical asset uh we’ll likewise go over a recap and that should leave his time at the very very 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 Global labor forces become increasingly more common and managing them ends up being a growing number of complicated International companies are seeking to find Solutions and brand-new ways to streamline processes especially from a payroll and cross-border payment standpoint numerous organizations preserve separate checking account just for payroll while some have numerous accounts in different nations does it make sense for companies to preserve separate savings account sometimes in various nations it does however just for payroll is there a much better method what role do virtual accounts and digital wallets also known as virtual wallets play in helping multinational companies enhance the episode complex procedures of

Making sure precise, effective, and timely payroll payments is a complex difficulty for services operating globally. Join us for a webinar to explore the benefits and downsides of payroll wallets versus payroll bank accounts, discover how business forecast payroll costs to enhance working capital, and find how enhancing international payroll payments can transform them from a challenging task into a strategic asset.

Managing payroll globally is a complicated job due to different regulations, compliance requirements, data security issues, and banking rules. The sheer number of workers and services contributes to the intricacy, with an estimated 3.5 billion individuals in the global workforce, 500 countless whom remain in Africa, and 230 million businesses worldwide.

Traditional payroll systems often result in manual processes, information silos, and a lack of integration, leading to inconsistencies and inadequacies. In spite of 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 aims to supply insights and services to streamline and optimize worldwide payroll payments.

about it to give you a concept of how far there still is to come according to Deloitte only 11 of services state they have Workforce data in real time that’s another number that gives me sleepless nights and quite frankly the more a service spends on worldwide payroll the less of an image they see a lack of exposure also extends to payroll payments and inability to precisely track these payments can lead to compliance accidents in the last mile of the transaction almost half of global services have actually 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 due to time reporting poor HCM data information entry errors badly communicated hires and terminations in addition to lack management and system configurations and after that when you round all of it off and the information is shipped to the incorrect place the average cost of a worldwide information breach at this moment is 3.9 billion dollars when 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 essential multiple procedures systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the obstacles company face when they’re making payments to employees or otherwise that’s a great question I constantly throw this back and state what is it what does not require to be included best and what does

it require to be thought about 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 have to pay from an in-country account do you need to pay from the client’s own in-country account so there’s complexity anywhere you look ideal eventually developing a knowledge base is definitely important but everywhere you look with payroll payment they resemble super payments no if but some babies about it you are all superheroes processing payments for payroll if you take a look at the kind of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are definitely essential and innovation is enabling us to kind of move forward with that it likewise as well to contribute to that payroll and financing require to work closer together um with varying Savings account Details differing banking requirements and setup procedures is definitely vital that payroll and financing teams work better together than ever um I’m always amazed when people say I have actually split payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t operate in the payroll profession would they split the payroll payment from calculation I would say no so why do we as a market 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 also paying statutory authorities and on statutory third parties so with the

world we live in and wellness being increasingly more crucial to add to sort of the level of complexity there’s more and more advantages being organ or being provided by businesses across the world so again you’re simply looking to add a growing number of payments to this currently complex landscape so if you type of got any experience well I’m from your vast experience here and I make sure however have you got any experience in kind of genuine difficulties or real difficult type of pay uses to play to pay individuals I think yeah I indicate over the last well yeah a couple of decades I would definitely state that the bigger a service gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the task there are teams feeding information into the next function as it were that’s really handling the payment side of things but you know in in my viewpoint and my experience that doesn’t necessarily require to be the case you understand long gone are the times where we require to develop extra handoffs while doing sos that we run in they simply make them more prompt they make them less efficient and they don’t make them what they require to be in in a period of tech and an age that you understand that we are working in today there is no reason we are still making this as challenging as it needs to be agreed and appropriately as you said payroll is the single greatest liability that any company has from an expense point of view from an effect perspective on workers it is definitely vital 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 greatest damaging impact on people’s well-being and many other elements if individuals aren’t paid uh I have actually always been impressed entering into this Market sort of the last 5 to 10 years is how little thanks the

payroll team get um so I’m not sure anyone on this kind of webinar has actually been told thank you for processing my payroll correctly if you have it ‘d be fantastic to hear your success story and whether that’s been from all staff members or not um however eventually payroll is such an important cycle all of us become aware of it when it fails everybody jumps up and down when it goes wrong however when it goes right it’s just a tick box exercise and I think that’s how it’s seen from the external view as well um so yeah it’s also like why WI-Fi Global why all of this things is absolutely vital that all of this stuff is done correctly so leveraging the very first Worldwide Payments very first payroll payment solution is an excellent primary step um supplying an end-to-end payroll service for your workers globally again I think is another big um process again lining up and guaranteeing you have standardization Global procedures all of those things are absolutely key to success success of businesses and minimizing the variety of tools platforms and checking account they need 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 ten or whatever it might be with the with the the grievances where things haven’t gone rather where they’re implied to be um I do not believe any of us are really doing that for for the thanks

anyhow we know 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 simple as possible for everybody that’s involved in those processes and also so picture sorry I’m simply I was simply gon na state imagine the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I’m sure we’re discussing hundreds of thousands possibly Millions think of getting that many 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 picture the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to look through them and really see what was going on and kind of shot to return to everybody so carrying on appearance why do companies pick to main different bank accounts there are Opt Employee In Pension Papaya Global services out there doing exactly this for specific nations and I’ve operated in an organization or many companies doing precisely that I can state it doesn’t constantly feel effective and it does produce more work I know we’re not intentionally doing that we’re not developing extra work for any person where we do not have to and any person that’s dealing with that process I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the quantity that we are I believe numerous factors one is it’s the standard I think individuals have got so utilized to we require a new bank account we open an entity and appropriately so you need it for payroll purposes however there are a variety of markets where it’s not a requirement so I believe it’s just been the requirement and the standard individuals have embraced and continue to do over years and years gone past to add to that individuals have actually taken a look at things like trust accounts and numerous other ways um to to kind of do it so I believe there’s a variety I think this is a process that requires taking a look at it requires altering but eventually individuals are really stuck to what they recognize

with ideal um modification is a difficult thing we all do not like modification um so I think it’s simply type of moving far from the standard as we have actually said so yeah so it keeps a lot of track of things um I understand obviously the benefits of having keeping several bank accounts but there’s a huge quantity of complexity chooses setting up a bank account keeping it ensuring it can send International transfers guaranteeing it’s set up with the right user accesses for individual individuals so the intricacy is big however I think the truthful response is change um individuals haven’t been able to change or have not had always the knowledge to actually make that change into alternate Solutions aside from opening a savings account I think you have actually struck the nail on the head I think it is knowledge you understand and there is an aspect 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 know what might nearly be determined to be the next Century approximately there is a lot to keep an eye on and this method does posture numerous obstacles um so Johnny might you tell us about those difficulties yeah of course so there’s a variety right there is so

I just did you switched our Enterprise 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 staff members you are worthy of a corner office with a better parking space because I mastered International payroll and payments with Papaya payroll OS did you Opt Employee In Pension Papaya Global