Papaya Global Libya FAQ – Payroll Management 2024

Over the last 5 or six years …Papaya Global Libya… roles on the provider side and likewise on the supplier side from a payroll point of view so truly anticipating this discussion today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll simply provide everyone another number of uh well among 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 intriguing and I can see it going on currently simply to hear where everybody is um it’s nice to to sort of like see where everyone comes from and I really 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 raining here it’s really really dreary and I wish I was somewhere else at this moment in time all right so let’s get going our agenda for today is as follows um we are going to be taking a look at the obstacle years of managing Worldwide payroll why companies maintain different

checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts improving papaya Worldwide payroll payments as a strategic property uh we’ll also go over a wrap-up and that needs to leave his time at the very extremely 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 labor forces become a growing number of typical and managing them becomes a growing number of intricate Worldwide organizations are seeking to find Solutions and new ways to enhance processes especially from a payroll and cross-border payment perspective lots of organizations preserve separate bank account just for payroll while some have numerous accounts in different countries does it make sense for companies to preserve different checking account often in various nations it does but just for payroll exists a better way what role do virtual accounts and digital wallets likewise called virtual wallets play in assisting multinational business improve the episode complex procedures of

making payroll payments accurately efficiently firmly and on time during this webinar we’ll walk you through the international benefits and drawbacks of a payroll wallet versus a payroll savings account how business properly forecast their payroll costs to increase working capital and how streamlining International payroll payments can turn them from a siled pane into a tactical possession so payroll can be challenging in sufficient in one nation however when you’re doing it worldwide it’s next level and Beyond it becomes complicated for a variety of factors most importantly regulations compliance data security and banking rules then there are the sheer numbers they include additional complexity the worldwide Workforce is currently three and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and further 1.1 billion individuals that number is currently 500 million just for for a scale then factor in that there are some 230 million services and growing all doing their own thing around the world in the standard payroll design there’s often an overwhelming number of various systems resulting in lengthy manual processes and silos the variety of Integrations could be non-existent in large amounts and or very really standard there’s no genuine consistency structure we’re residing in an era of tech but payroll has actually been sluggish to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper which simply blows my mind whenever I I think

about it to offer you an idea of how far there still is to come according to Deloitte just 11 of companies state they have Workforce information in real time that’s another number that offers me sleep deprived nights and quite honestly the more a company spends on international payroll the less of a picture they see an absence of visibility also encompasses payroll payments and inability to precisely track these payments can cause compliance incidents in the last mile of the transaction nearly half of global companies have revealed that they don’t have the level of standardization they need in their processes or want and as a result eighty percent of mistakes are due to time reporting bad HCM data data entry mistakes improperly communicated hires and terminations along with lack management and system configurations and after that when you round all of it off and the data is shipped to the wrong location the average cost of an international information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash around the world payroll and payments don’t run smoothly if they rely on the necessary numerous processes systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the obstacles business face when they’re making payments to workers or otherwise that’s a good concern I always throw this back and state what is it what doesn’t need to be consisted of ideal and what does

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it need to be considered there’s varying 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 capabilities 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 consumer’s own in-country account so there’s complexity wherever you look ideal eventually building a knowledge base is definitely important however all over you look with payroll payment they are like super payments no if but some babies 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 think there’s now a bit more acknowledgment that payroll payments are definitely fundamental and innovation is permitting us to kind of move forward with that it also as well to contribute to that payroll and finance require to work closer together um with varying Checking account Details differing banking requirements and setup procedures is absolutely crucial that payroll and financing teams work more detailed together than ever um I’m always astonished when people state I have actually divided payroll and payment um if you stroll down the street and asked anyone what is payroll who does not work in the payroll profession would they split the payroll payment from computation I would say no so why do we as a market accept that why our payroll and payments so frequently 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 people anywhere they are however also paying statutory authorities and on statutory 3rd parties so with the

The modern world places a high value on well-being and the compensation landscape is becoming increasingly elaborate. Companies are continually introducing brand-new benefits and payment options, which adds to the total complexity. Big corporations frequently divide their payroll and payment processing into separate teams, which can cause inadequacies and traffic jams. In my opinion, this does not need to be the case. In today’s technically innovative era, there’s no reason for keeping troublesome treatments. Payroll, the company’s biggest expense, need to be processed properly and on time. Even slight delays can adversely affect workers’ wellness and have significant consequences. Therefore, it’s critical to prioritize accurate and prompt payments.

payroll group get um so I’m not sure anyone on this type of webinar has been informed thank you for processing my payroll correctly if you have it ‘d be excellent to hear your success story and whether that’s been from all employees or not um however ultimately payroll is such an important cycle we all become aware of it when it fails everyone jumps up and down when it goes wrong but when it goes right it’s simply a tick box workout and I think 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 things is definitely crucial that all of this things is done properly so leveraging the first Worldwide Payments very first payroll payment option is an excellent first step um supplying an end-to-end payroll service for your staff members internationally again I believe is another huge um process once again lining up and ensuring you have standardization Worldwide processes all of those things are definitely key to success success of services and reducing the number of tools platforms and savings account 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 have actually never had a hundred thousand of them within a payroll cycle don’t anticipate to you do get the odd 5 or 10 or whatever it might be with the with the the problems where things haven’t gone quite where they’re implied to be um I don’t believe any of us are actually doing that for for the thanks

anyway we understand 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 easy as possible for everyone that’s involved in those processes and also so envision sorry I’m simply I was just gon na state picture the quantity of thanks you got if you could cover the amount of individuals that we cover within this webinar I make certain we’re discussing hundreds of thousands potentially Millions think of getting that many thank you keeps in mind um I indicate it ‘d be interesting to see how many Post-it notes you got however it would certainly be an interesting task attempting to clean up all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to look through them and actually see what was going on and kind of shot to get back to everybody so proceeding look why do business choose to primary separate checking account there are Papaya Global Libya businesses out there doing precisely this for particular nations and I have actually operated in a business or lots of organizations doing precisely that I can state it does not always feel efficient and it does produce more work I know we’re not intentionally doing that we’re not creating extra work for any person where we do not have to and any person that’s dealing with 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 lots of reasons one is it’s the standard I believe individuals have got so used to we require a new checking account we open an entity and rightly so you require 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 many other methods um to to type of do it so I believe there’s a variety I think this is a process that needs looking at it needs altering however eventually people are extremely stuck with what they recognize

with ideal um modification is a challenging thing we all do not like change um so I think it’s just 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 certainly the advantages of having keeping several savings account but there’s a huge amount of intricacy opts for setting up a checking account keeping it guaranteeing it can send out International transfers guaranteeing it’s set up with the right user accesses for specific people so the intricacy is big however I think the sincere response is change um individuals haven’t been able to alter or have not had always the understanding to truly make that change into alternate Solutions besides opening a bank account I think you have actually hit the nail on the head I believe it is knowledge you know and there is an element of resistance to alter but we have actually always done it that way is no genuine reason for not looking at the the benefits and the possibilities of proceeding and moving into you understand what might almost be determined to be the next Century approximately there is a lot to monitor and this technique does pose numerous difficulties um so Johnny could you tell us about those difficulties yeah obviously so there’s a range right there is so

I just recently made a change to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It feels like our CFO has actually gotten another CFO, and with this improved capability, I have successfully protected payments for our 10,000 employees worldwide. Your dedication to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You deserve a corner office with a parking space that is closer, considering your achievements. Papaya Global Libya