Papaya Global Nominal Link Report FAQ – Payroll Management 2024

Over the last five or six years …Papaya Global Nominal Link Report… roles on the company side and also on the supplier side from a payroll perspective so really looking forward to this conversation today um and yeah thank you quite for your time everyone all right thanks Johnny uh we’ll just give everyone another couple of uh well among the 30 seconds or two to join all of us work back to back these days so we’ll type of let them do that so it ‘d be rather intriguing 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 comes from and I actually do hope it’s much sunnier than it remains 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 very bleak and I wish I was somewhere else at this moment in time okay so let’s start our agenda for today is as follows um we are going to be taking a look at the difficulty years of managing Global payroll why business keep different

checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts enhancing papaya Global payroll payments as a strategic possession uh we’ll also review a wrap-up which needs to leave his time at the very extremely end for a q a session so as the title of the webinar suggests payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and Global workforces become increasingly more common and handling them becomes a growing number of complex International organizations are wanting to find Solutions and new methods to streamline processes especially from a payroll and cross-border payment standpoint numerous organizations preserve separate savings account just for payroll while some have multiple accounts in different countries does it make good sense for business to preserve separate checking account in some cases in different countries it does however just for payroll is there a better method what function do virtual accounts and digital wallets likewise known as virtual wallets play in assisting multinational business improve the episode complex processes of

Making sure accurate, effective, and prompt payroll payments is a complex challenge for services running worldwide. Join us for a webinar to explore the advantages and downsides of payroll wallets versus payroll checking account, find out how business forecast payroll costs to optimize working capital, and discover how improving international payroll payments can change them from a troublesome job into a strategic possession.

Managing payroll worldwide is a difficult task due to various regulations, compliance requirements, information security concerns, and banking guidelines. The large number of staff members and organizations contributes to the intricacy, with an approximated 3.5 billion people in the worldwide labor force, 500 million of whom remain in Africa, and 230 million companies worldwide.

Traditional payroll systems often lead to manual procedures, information silos, and a lack of integration, resulting in disparities and inefficiencies. Despite residing in a period of technological advancements, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed by hand, often utilizing pen and paper. This webinar objectives to offer insights and solutions to simplify and enhance international payroll payments.

about it to provide 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 an organization invests in global payroll the less of a photo they see a lack of visibility also extends to payroll payments and inability to accurately track these payments can lead to compliance accidents in the last mile of the deal almost half of global businesses have revealed 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 bad HCM data data entry errors improperly interacted hires and terminations along with absence management and system setups and after that when you round all of it off and the information is shipped to the wrong location the typical expense of an international data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money around the globe payroll and payments do not run efficiently if they rely on the necessary multiple processes systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the obstacles organization face when they’re making payments to staff members or otherwise that’s a good question I always toss this back and say what is it what does not require to be consisted of ideal and what does

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it require to be thought about there’s varying Bank details so the length of an eye band a swift an account number routing code per country there’s payment timespan 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 client’s own in-country account so there’s complexity anywhere you look right eventually developing a knowledge base is absolutely vital however everywhere you look with payroll payment they are like very payments no if however some children about it you are all superheroes processing payments for payroll if you look at the sort of link 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 innovation is enabling us to kind of progress with that it likewise also to contribute to that payroll and financing require to work closer together um with differing Savings account Details varying banking requirements and setup procedures is absolutely essential that payroll and finance groups work better together than ever um I’m always amazed when people state I’ve divided payroll and payment um if you walk 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 a market 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 data collection all the way through to paying individuals anywhere they are however also paying statutory authorities and on statutory 3rd parties so with the

world we live in and wellness being more and more essential to contribute to kind of the level of intricacy there’s more and more advantages being organ or being offered by companies throughout the world so again you’re just seeking to add more and more payments to this currently intricate landscape so if you sort of got any experience well I’m from your huge experience here and I make sure but have you got any experience in kind of real difficulties or real challenging kind of pay uses to play to pay people I think yeah I indicate over the last well yeah a couple of decades I would absolutely say that the larger a service gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the task there are groups feeding info into the next function as it were that’s in fact managing the payment side of things however you know in in my opinion and my experience that doesn’t necessarily require to be the case you understand long gone are the times where we need to create extra handoffs in the processes that we run in they just make them more prompt they make them less effective and they do not make them what they require to be in in a period of tech and an era that you know that we are operating in today there is no reason that we are still making this as tough as it requires to be agreed and rightly as you said payroll is the single most significant liability that any organization has from an expense point of view from an impact perspective on employees it is definitely crucial that it’s done properly and on time so what we suggest by that is not a day before not a day after on pay day and payments have to be done right it has the most significant harmful impact on people’s wellness and many other factors if people aren’t paid uh I have actually always been amazed entering this Market type of the last 5 to ten years is how little thanks the

payroll group get um so I’m not exactly sure anyone on this type of webinar has actually been informed thank you for processing my payroll properly 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 ultimately payroll is such an essential cycle all of us find out about it when it fails everybody jumps up and down when it fails but when it goes right it’s just a tick box workout 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 essential that all of this stuff is done correctly so leveraging the first Worldwide Payments very first payroll payment service is an excellent first step um supplying an end-to-end payroll option for your employees worldwide again I think is another substantial um process once again aligning and ensuring you have standardization Worldwide processes all of those things are absolutely key to success success of organizations and reducing 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 ever had a hundred countless them within a payroll cycle do not expect to you do get the odd 5 or ten or whatever it might be with the with the the grievances where things have not gone rather where they’re implied to be um I don’t believe any of us are in fact doing that for for the thanks

anyhow we understand how how important a role it is and that’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 associated with those processes and likewise so imagine sorry I’m simply I was simply gon na say think of the amount of thanks you got if you might cover the quantity of people that we cover within this webinar I’m sure we’re speaking about hundreds of thousands potentially Millions envision getting that many 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 certainly be a fascinating task trying to clean all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to browse them and actually see what was going on and type of shot to get back to everybody so proceeding appearance why do business choose to primary different checking account there are Papaya Global Nominal Link Report organizations out there doing precisely this for particular nations and I have actually operated in a service or many companies doing precisely that I can state it does not always feel efficient and it does produce more work I know we’re not deliberately doing that we’re not creating additional work for any person where we don’t have to and anyone that’s managing that procedure I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the amount that we are I think many reasons one is it’s the requirement I think individuals have got so utilized to we need a new checking account we open an entity and appropriately 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 simply been the standard and the norm individuals have actually embraced and continue to do over years and years passed by to contribute to that individuals have actually looked at things like trust accounts and numerous other ways um to to kind of do it so I believe there’s a variety I believe this is a process that requires taking a look at it needs altering but ultimately individuals are very stuck with what they’re familiar

with best um modification is a challenging thing we all don’t like modification um so I think it’s just kind of moving away from the norm as we have actually said so yeah so it keeps a great deal of track of stuff um I understand obviously the advantages of having preserving multiple checking account but there’s a substantial quantity of complexity opts for establishing a bank account preserving it guaranteeing it can send out International transfers guaranteeing it’s established with the best user accesses for private people so the complexity is substantial but I believe the sincere answer is change um individuals have not been able to alter or haven’t had always the understanding to really make that change into alternate Solutions aside from opening a checking account I believe you’ve hit the nail on the head I think it is knowledge you understand and there is an element of resistance to alter but 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 proceeding and moving into you understand what could nearly be identified to be the next Century approximately there is a lot to track and this technique does position several difficulties um so Johnny might you inform us about those difficulties yeah of course so there’s a variety right there is so

I just did you changed our Business 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 employees you should have a corner office with a more detailed parking space due to the fact that I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Nominal Link Report