Papaya Global Amend Pensions FAQ – Payroll Management 2024

Over the last five or six years …Papaya Global Amend Pensions… roles on the provider side and also on the supplier side from a payroll viewpoint so really looking forward to this discussion today um and yeah thank you very much for your time everyone all right thanks Johnny uh we’ll just provide everybody another couple of uh well among the 30 seconds approximately 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 simply to hear where everyone is um it’s nice to to sort of like see where everyone originates from and I truly do hope it’s much sunnier than it is 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 extremely really dreary and I want I was elsewhere at this moment in time okay so let’s get started our program for today is as follows um we are going to be looking at the challenge years of managing International payroll why companies preserve different

checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts improving papaya Worldwide payroll payments as a strategic asset uh we’ll also review a recap and that ought to leave his time at the really really end for a q a session so as the title of the webinar suggests payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and Global workforces become a growing number of common and managing them ends up being increasingly more complicated International companies are seeking to find Solutions and new methods to improve processes specifically from a payroll and cross-border payment standpoint lots of organizations keep different checking account just for payroll while some have several accounts in different nations does it make sense for companies to preserve different bank accounts sometimes in various countries it does however just for payroll is there a much better way what function do virtual accounts and digital wallets also known as virtual wallets play in assisting multinational business streamline the episode complex processes of

Making sure accurate, efficient, and timely payroll payments is a complex challenge for businesses operating worldwide. Join us for a webinar to explore the advantages and downsides of payroll wallets versus payroll checking account, discover how business anticipate payroll costs to optimize working capital, and find how enhancing global payroll payments can change them from a burdensome job into a strategic property.

Handling payroll worldwide is a daunting task due to numerous policies, compliance requirements, data security concerns, and banking guidelines. The sheer variety of workers and services contributes to the intricacy, with an estimated 3.5 billion individuals in the global workforce, 500 million of whom remain in Africa, and 230 million organizations worldwide.

Traditional payroll systems typically lead to manual processes, data silos, and a lack of integration, leading to disparities and inadequacies. Despite residing in an age of technological advancements, payroll management has actually been slow to adapt, with as much as 25% of payroll still processed manually, frequently utilizing pen and paper. This webinar goals to supply insights and services to simplify and enhance global payroll payments.

about it to provide you a concept of how far there still is to come according to Deloitte only 11 of companies state they have Labor force data in real time that’s another number that provides me sleep deprived nights and rather frankly the more an organization spends on worldwide payroll the less of a picture they see a lack of presence likewise encompasses payroll payments and inability to precisely track these payments can cause compliance mishaps in the last mile of the transaction nearly half of worldwide services have expressed that they do not have the level of standardization they require in their procedures or want and as a result eighty percent of mistakes are because of time reporting poor HCM data data entry mistakes inadequately communicated hires and terminations as well as absence management and system setups and then when you round everything off and the data is shipped to the incorrect location the typical cost of a global information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash around the world payroll and payments do not run efficiently if they count on the required several procedures systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the obstacles company face when they’re making payments to staff members or otherwise that’s an excellent question I constantly throw this back and say what is it what does not require to be consisted of ideal and what does

it need to be thought of there’s differing Bank details 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 need to pay from an in-country account do you need to pay from the client’s own in-country account so there’s complexity wherever you look right eventually constructing a knowledge base is absolutely critical but everywhere you look with payroll payment they resemble extremely payments no if however some babies about it you are all superheroes processing payments for payroll if you look at the kind 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 absolutely basic and technology is allowing us to kind of progress with that it also too to add to that payroll and financing require to work closer together um with differing Bank Account Details differing banking requirements and setup procedures is definitely necessary that payroll and financing groups work more detailed together than ever um I’m always amazed when individuals say 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 computation 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 process it’s the point of information collection all the way through to paying individuals wherever they are but likewise paying statutory authorities and on statutory third parties so with the

The contemporary world puts a high value on well-being and the settlement landscape is becoming significantly elaborate. Companies are constantly introducing brand-new benefits and payment choices, which adds to the overall intricacy. Big corporations often divide their payroll and payment processing into separate teams, which can cause ineffectiveness and traffic jams. In my viewpoint, this doesn’t need to hold true. In today’s technically advanced period, there’s no justification for keeping troublesome procedures. Payroll, the business’s biggest expenditure, must be processed correctly and on time. Even minor delays can adversely impact staff members’ wellness and have far-reaching repercussions. Therefore, it’s important to prioritize accurate and timely payments.

payroll group get um so I’m unsure anybody on this sort of webinar has been informed thank you for processing my payroll correctly if you have it ‘d be great to hear your success story and whether that’s been from all employees or not um but ultimately payroll is such an essential cycle all of us hear about it when it fails everyone jumps up and down when it goes wrong however when it goes right it’s simply a tick box exercise and I believe that’s how it’s seen from the external deem well um so yeah it’s also like why WI-Fi Global why all of this stuff is definitely essential that all of this things is done properly so leveraging the first Global Payments very first payroll payment service is an excellent initial step um providing an end-to-end payroll solution for your workers internationally once again I believe is another substantial um procedure again lining up and ensuring you have standardization Worldwide processes all of those things are definitely essential to success success of services and reducing the number of tools platforms and checking account they require for their Worldwide payroll too could not agree with you more and on the the front in terms of of the thank yous for getting payroll done I have actually never ever had a hundred countless them within a payroll cycle don’t expect to you do get the odd five or ten or whatever it might be with the with the the problems where things haven’t gone quite where they’re indicated to be um I don’t think any of us are in fact doing that for for the thanks

anyway we understand how how essential 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 everybody that’s involved in those processes and likewise so imagine sorry I’m simply I was just gon na say envision the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I make certain we’re talking about hundreds of thousands possibly Millions envision getting that lots of thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got however it would definitely 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 attempt to check out them and really see what was going on and sort of shot to return to everyone so proceeding look why do business select to main separate savings account there are Papaya Global Amend Pensions companies out there doing exactly this for specific nations and I have actually worked in a business or lots of businesses doing precisely that I can say it does not always feel efficient and it does produce more work I understand we’re not deliberately doing that we’re not producing extra work for anyone where we do not have to and anybody 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 reasons one is it’s the requirement I believe individuals have got so used to we need a brand-new savings 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 simply been the requirement and the standard the people have actually embraced and continue to do over years and years gone past to contribute to that people have actually looked at things like trust accounts and numerous other methods um to to kind of do it so I believe there’s a range I believe this is a procedure that requires taking a look at it needs altering but eventually individuals are very stuck with what they recognize

with best um modification is a hard thing we all do not like change um so I think it’s just 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 comprehend clearly the advantages of having keeping several savings account however there’s a big amount of complexity goes with establishing a checking account keeping it ensuring it can send International transfers ensuring it’s established with the ideal user accesses for specific people so the complexity is substantial however I believe the truthful response is change um people have not been able to change or have not had always the understanding to actually make that change into alternate Solutions aside from opening a savings account I believe you’ve 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 excuse for not looking at the the benefits and the possibilities of carrying on and moving into you know what could almost be determined to be the next Century or two there is a lot to track and this approach does present a number of difficulties um so Johnny might you tell us about those difficulties yeah obviously so there’s a variety right there is so

I recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It feels like our CFO has gotten another CFO, and with this enhanced ability, I have successfully protected payments for our 10,000 employees worldwide. Your commitment to mastering worldwide payroll and payments using Papaya payroll OS is good. You deserve a corner office with a parking space that is more detailed, considering your achievements. Papaya Global Amend Pensions