Papaya Global Journal Employment Allowance FAQ – Payroll Management 2024

Over the last 5 or six years …Papaya Global Journal Employment Allowance… roles on the provider side and likewise on the supplier side from a payroll viewpoint so really anticipating this conversation today um and yeah thank you quite for your time everybody fine thanks Johnny uh we’ll just give everyone another couple of uh well one of 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 already just to hear where everybody is um it’s nice to to type of like see where everyone originates from and I truly do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s very really gloomy and I want I was elsewhere at this moment in time alright so let’s get started our program for today is as follows um we are going to be looking at the challenge years of handling Global payroll why business preserve different

Virtual payroll accounts are an option to traditional checking account for handling payroll payments. This is particularly useful for international organizations with dispersed and remote labor forces, as it streamlines the intricate process of cross-border payments. Instead of keeping different savings account for payroll in different nations, virtual accounts and digital wallets provide a more streamlined service. In this webinar, we will check out the benefits of using virtual payroll accounts and go over why they are becoming a tactical asset for payroll executives. We will also provide a recap of the bottom lines covered and leave time for a Q&A session at the end.

Ensuring precise, efficient, and timely payroll payments is a complex challenge for organizations running worldwide. Join us for a webinar to check out the benefits and disadvantages of payroll wallets versus payroll bank accounts, find out how business forecast payroll expenses to optimize working capital, and find how simplifying worldwide payroll payments can transform them from a challenging job into a strategic property.

Handling payroll globally is a daunting job due to numerous regulations, compliance requirements, information security concerns, and banking rules. The large variety of employees and services contributes to the complexity, with an approximated 3.5 billion individuals in the global workforce, 500 million of whom remain in Africa, and 230 million businesses worldwide.

Conventional payroll systems typically result in manual procedures, data silos, and a lack of integration, causing disparities and inefficiencies. In spite of living in a period of technological developments, payroll management has been slow to adjust, with as much as 25% of payroll still processed by hand, frequently using pen and paper. This webinar goals to provide insights and services to streamline and enhance international payroll payments.

about it to offer you a concept of how far there still is to come according to Deloitte only 11 of organizations state they have Labor force data in real time that’s another number that gives me sleepless nights and quite honestly the more a service invests in international payroll the less of an image they see a lack of presence also encompasses payroll payments and inability to precisely track these payments can result in compliance incidents in the last mile of the deal almost half of international businesses have actually revealed that they do not have the level of standardization they need in their processes or want and as a result eighty percent of errors are because of time reporting bad HCM data information entry mistakes poorly interacted hires and terminations along with absence management and system configurations and after that when you round it all off and the information is shipped to the wrong place the average cost of an international information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money around the world payroll and payments don’t run smoothly if they rely on the needed numerous processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the difficulties organization face when they’re paying to workers or otherwise that’s a good concern I always toss this back and state what is it what does not require to be consisted of right and what does

it require to be thought about 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 abilities 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 customer’s own in-country account so there’s complexity anywhere you look ideal eventually developing a knowledge base is definitely crucial however 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 sort of link between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are definitely fundamental and innovation is allowing us to type of move forward with that it also too to add to that payroll and finance require to work closer together um with varying Checking account Particulars varying banking requirements and setup processes is absolutely crucial that payroll and financing groups work more detailed together than ever um I’m constantly amazed when people state I have actually split payroll and payment um if you stroll down the street and asked anyone what is payroll who does not operate in the payroll profession would they divide the payroll payment from calculation I would say no so why do we as an industry accept that why our payroll and payments so frequently split and cut up um ultimately it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying individuals any place they are but also paying statutory authorities and on statutory 3rd parties so with the

world we reside in and wellness being increasingly more important to contribute to sort of the level of complexity there’s more and more benefits being organ or being provided by organizations throughout the world so again you’re simply aiming to add more and more payments to this already complex landscape so if you kind of got any experience well I’m from your huge experience here and I’m sure however have you got any experience in kind of real obstacles or real challenging type of pay utilizes to play to pay individuals I believe yeah I mean over the last well yeah a couple of decades I would definitely state that the larger a service 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 groups feeding info into the next function as it were that’s really managing the payment side of things however you know in in my opinion and my experience that does not always need to be the case you know long gone are the times where we need to produce extra handoffs while doing sos that we operate in they simply make them more prompt they make them less efficient and they do not make them what they need to be in in an age of tech and a period that you understand that we are operating in today there is no reason why we are still making this as tough as it requires to be agreed and appropriately as you said payroll is the single greatest liability that any business has from a cost viewpoint from an impact viewpoint on staff members it is definitely crucial that it’s done properly and on time so what we indicate by that is not a day before not a day after on pay day and payments need to be done right it has the greatest harmful effect on individuals’s wellness and many other factors if people aren’t paid uh I have actually always been amazed coming into this Market type of the last 5 to 10 years is how little thanks the

payroll group get um so I’m not exactly sure anyone on this kind of webinar has actually been informed thank you for processing my payroll properly if you have it ‘d be excellent to hear your success story and whether that’s been from all workers or not um however ultimately payroll is such an important cycle we all hear about it when it goes wrong everybody jumps up and down when it fails but when it goes right it’s just a tick box workout and I believe that’s how it’s seen from the external view as well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is absolutely vital that all of this things is done properly so leveraging the first Worldwide Payments very first payroll payment option is a great initial step um providing an end-to-end payroll option for your workers internationally once again I believe is another big um procedure again lining up and guaranteeing you have standardization International procedures all of those things are absolutely essential to success success of organizations and decreasing the variety of tools platforms and checking account they require for their Global 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 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 grievances where things have not gone quite where they’re suggested to be um I do not think any of us are in fact doing that for for the thanks

anyway we understand how how crucial 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 simple as possible for everybody that’s involved in those procedures and likewise so imagine sorry I’m just I was simply gon na state 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 talking about numerous thousands potentially Millions picture getting that numerous 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 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 was the case um you ‘d require days of the week to try to check out them and actually see what was going on and type of try to return to everyone so proceeding appearance why do companies choose to primary separate bank accounts there are Papaya Global Journal Employment Allowance businesses out there doing exactly this for specific nations and I have actually operated in a company or lots of companies doing precisely that I can say it doesn’t always feel effective and it does produce more work I understand we’re not purposely doing that we’re not creating additional work for anyone where we do not have to and anybody that’s managing 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 quantity that we are I believe lots of 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 require 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 standard and the standard individuals have actually embraced and continue to do over years and years gone past to contribute to that people have actually taken a look at things like trust accounts and numerous other ways um to to type of do it so I think there’s a range I think this is a procedure that requires taking a look at it needs altering however ultimately individuals are extremely stuck with what they recognize

with right um modification is a hard thing we all don’t like change um so I believe it’s just type of moving far from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend clearly the advantages of having maintaining numerous savings account however there’s a huge amount of intricacy chooses establishing a bank account maintaining it ensuring it can send International transfers guaranteeing it’s established with the ideal user accesses for specific people so the complexity is big however I believe the sincere response is modification um people haven’t been able to change or haven’t had necessarily the understanding to really make that change into alternate Solutions besides opening a checking account I believe you have actually struck the nail on the head I believe it is knowledge you understand and there is an element of resistance to change however we have actually constantly done it that way is no real reason for not taking a look at the the advantages and the possibilities of carrying on and moving into you understand what could practically be determined to be the next Century or two there is a lot to keep track of and this method does present several obstacles um so Johnny could you tell us about those obstacles yeah obviously so there’s a range right there is so

I simply did you changed 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 should have a corner office with a better parking space since I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Journal Employment Allowance