Papaya Global Bermuda FAQ – Payroll Management 2024

Over the last five or 6 years …Papaya Global Bermuda… functions on the supplier side and also on the supplier side from a payroll perspective so truly looking forward to this discussion today um and yeah thank you quite for your time everyone alright thanks Johnny uh we’ll simply give everybody another number of uh well one of the 30 seconds or two to join all of us work back to back nowadays so we’ll sort of let them do that so it ‘d be rather fascinating and I can see it going on already simply to hear where everybody is um it’s nice to to type of like see where everybody originates from and I really do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s raining here it’s really really bleak and I wish I was somewhere else at this moment in time alright so let’s get going our agenda for today is as follows um we are going to be looking at the challenge years of managing Global payroll why companies preserve different

Virtual payroll accounts are an alternative to traditional checking account for managing payroll payments. This is particularly useful for international organizations with dispersed and remote workforces, as it simplifies the complicated process of cross-border payments. Instead of keeping separate savings account for payroll in various countries, virtual accounts and digital wallets provide a more streamlined solution. In this webinar, we will explore the advantages of using virtual payroll accounts and discuss why they are becoming a strategic property for payroll executives. We will also provide a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.

Guaranteeing precise, efficient, and prompt payroll payments is a complex obstacle for organizations operating worldwide. Join us for a webinar to explore the benefits and downsides of payroll wallets versus payroll bank accounts, learn how companies forecast payroll expenses to enhance working capital, and find how streamlining global payroll payments can change them from a troublesome task into a tactical asset.

Managing payroll worldwide is a difficult task due to numerous regulations, compliance requirements, data security issues, and banking guidelines. The large variety of staff members and companies adds to the intricacy, with an approximated 3.5 billion people in the global workforce, 500 countless whom remain in Africa, and 230 million businesses worldwide.

Traditional payroll systems often result in manual procedures, information silos, and a lack of combination, leading to inconsistencies and inadequacies. Regardless of living in an age of technological developments, payroll management has actually been sluggish to adapt, with as much as 25% of payroll still processed by hand, typically utilizing pen and paper. This webinar objectives to offer insights and solutions to simplify and optimize global payroll payments.

about it to provide you an idea of how far there still is to come according to Deloitte only 11 of services state they have Labor force data in real time that’s another number that provides me sleepless nights and quite frankly the more an organization invests in global payroll the less of a photo they see a lack of presence also reaches payroll payments and inability to accurately track these payments can lead to compliance mishaps in the last mile of the deal nearly half of worldwide 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 errors are because of time reporting poor HCM data data entry mistakes badly communicated hires and terminations as well as lack management and system setups and after that when you round everything off and the information is shipped to the incorrect place the average cost of an international data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash all over the world payroll and payments don’t run efficiently if they rely on the necessary numerous procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the difficulties service face when they’re paying to employees or otherwise that’s a great concern I always toss this back and say what is it what does not require to be consisted of best 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 nation 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 have to pay from the customer’s own in-country account so there’s complexity anywhere you look best ultimately building a knowledge base is absolutely important but all over you look with payroll payment they resemble incredibly payments no if however some children about it you are all superheroes processing payments for payroll if you take a look at the type 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 absolutely basic and innovation is permitting us to kind of progress with that it likewise as well to add to that payroll and financing need to work closer together um with differing Savings account Details differing banking requirements and setup procedures is absolutely important that payroll and finance groups work better together than ever um I’m constantly surprised when individuals say I have actually split payroll and payment um if you walk down the street and asked anybody what is payroll who does not operate in the payroll occupation would they split the payroll payment from estimation 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 ultimately 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 3rd parties so with the

The modern-day world places a high worth on wellness and the compensation landscape is becoming significantly elaborate. Services are continually introducing new benefits and payment options, which adds to the overall intricacy. Large corporations often divide their payroll and payment processing into different groups, which can lead to ineffectiveness and bottlenecks. In my opinion, this doesn’t need to be the case. In today’s technically advanced era, there’s no reason for keeping cumbersome treatments. Payroll, the business’s greatest expense, need to be processed properly and on time. Even small delays can adversely impact staff members’ wellness and have far-reaching repercussions. For that reason, it’s vital to focus on precise and timely payments.

payroll team get um so I’m unsure anybody on this kind of webinar has actually been told thank you for processing my payroll properly if you have it ‘d be terrific to hear your success story and whether that’s been from all employees or not um but eventually payroll is such an important cycle we all find out about it when it fails everyone jumps up and down when it fails but when it goes right it’s simply a tick box workout and I think 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 vital that all of this stuff is done correctly so leveraging the very first International Payments very first payroll payment service is an excellent primary step um providing an end-to-end payroll option for your employees internationally again I believe is another big um procedure again aligning and ensuring you have standardization Global procedures all of those things are definitely crucial to success success of businesses and reducing the number of tools platforms and bank accounts they need for their Global payroll too could not agree with you more and on the the front in regards to of the thank yous for getting payroll done I’ve never ever had a hundred thousand of them within a payroll cycle do not expect to you do get the odd five or ten or whatever it might be with the with the the grievances where things have not gone quite where they’re suggested to be um I do not believe any of us are in fact doing that for for the thanks

anyhow we understand how how essential 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 associated with those processes and also so imagine sorry I’m just I was simply gon na say picture the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I make certain we’re speaking about numerous thousands possibly Millions imagine getting that lots of thank you keeps in mind um I suggest it ‘d be interesting to see how many Post-it notes you got however it would certainly be an interesting job trying to clean all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to browse them and in fact see what was going on and type of shot to get back to everyone so carrying on appearance why do business choose to main separate checking account there are Papaya Global Bermuda companies out there doing precisely this for particular nations and I’ve operated in a company or numerous organizations doing exactly that I can say it doesn’t always feel effective and it does create more work I understand we’re not purposely doing that we’re not developing extra work for anybody where we do not need to and anyone that’s dealing with 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 requirement I think people have actually got so used to we require a new checking account we open an entity and appropriately so you need it for payroll functions but there are a variety of markets where it’s not a requirement so I think it’s simply been the standard and the norm individuals have actually embraced and continue to do over years and years passed by to add to that people have taken a look at things like trust accounts and numerous other methods um to to sort of do it so I think there’s a range I believe this is a procedure that requires looking at it needs altering but ultimately individuals are really stuck with what they’re familiar

with ideal um modification is a tough thing we all don’t like change um so I think it’s simply type of moving far from the norm as we’ve said so yeah so it keeps a lot of track of things um I understand obviously the advantages of having maintaining multiple checking account however there’s a substantial quantity of complexity chooses setting up a checking account preserving it guaranteeing it can send out International transfers guaranteeing it’s set up with the best user accesses for private people so the complexity is big but I believe the honest response is modification um people have not been able to alter or haven’t had necessarily the knowledge to truly make that change into alternate Solutions besides opening a checking account I think you have actually struck the nail on the head I think it is understanding you know and there is an element of resistance to alter however we have actually constantly done it that way is no genuine excuse for not taking a look at the the advantages and the possibilities of moving on and moving into you understand what might practically be identified to be the next Century approximately there is a lot to keep an eye on and this approach does position a number of obstacles um so Johnny might you tell us about those difficulties yeah of course so there’s a variety right there is so

I simply did you switched our Enterprise 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 Global workers you are worthy of a corner office with a better parking space since I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Bermuda