Papaya Global Palau FAQ – Payroll Management 2024

Over the last five or six years …Papaya Global Palau… functions on the service provider side and likewise on the vendor side from a payroll point of view so actually looking forward to this conversation today um and yeah thank you very much for your time everyone all right thanks Johnny uh we’ll just offer everybody another number of uh well one of the 30 seconds or so 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 currently just to hear where everybody is um it’s nice to to type of like see where everybody originates from and I actually 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 raining here it’s really very gloomy and I want I was elsewhere at this moment in time okay so let’s get going our program for today is as follows um we are going to be looking at the obstacle years of handling International payroll why business keep separate

Virtual payroll accounts are an alternative to standard savings account for handling payroll payments. This is particularly helpful for global companies with dispersed and remote workforces, as it simplifies the intricate procedure of cross-border payments. Instead of keeping separate savings account for payroll in various countries, virtual accounts and digital wallets use a more streamlined option. In this webinar, we will check out the benefits of using virtual payroll accounts and talk about why they are becoming a tactical property for payroll executives. We will likewise supply a recap of the main points covered and leave time for a Q&A session at the end.

making payroll payments precisely efficiently firmly and on time throughout this webinar we’ll stroll you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll checking account how business accurately forecast their payroll costs to increase working capital and how simplifying International payroll payments can turn them from a siled pane into a tactical property so payroll can be difficult in enough in one nation but when you’re doing it worldwide it’s next level and Beyond it becomes complex for a variety of reasons most significantly regulations compliance information security and banking rules then there are the large numbers they include more complexity the international Labor force is presently 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 presently 500 million just for for a scale then consider that there are some 230 million services and growing all doing their own thing around the world in the conventional payroll model there’s frequently a frustrating variety of different systems resulting in time-consuming manual procedures and silos the variety of Combinations could be non-existent in large quantities and or very very standard there’s no real consistency framework we’re living 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 just blows my mind whenever I I think

about it to give you an idea of how far there still is to come according to Deloitte only 11 of services say they have Workforce data in real time that’s another number that provides me sleep deprived nights and quite frankly the more a business invests in international payroll the less of a photo they see an absence of presence likewise encompasses payroll payments and inability to properly track these payments can lead to compliance mishaps in the last mile of the deal nearly half of global companies have actually 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 due to time reporting bad HCM data information entry mistakes inadequately communicated hires and terminations along with absence management and system configurations and then when you round it all 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 once payrolls are done we still need to move the cash around the globe payroll and payments don’t run efficiently if they rely on the required several processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the obstacles business face when they’re making payments to staff members or otherwise that’s an excellent concern I constantly toss this back and state 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 differing Bank information so the length of an eye band a swift an account number routing code per nation 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 need to pay from the consumer’s own in-country account so there’s intricacy anywhere you look best eventually constructing a knowledge base is absolutely vital however everywhere you look with payroll payment they resemble very payments no if however some babies about it you are all superheroes processing payments for payroll if you look at the type 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 fundamental and technology is enabling us to kind of move forward with that it also also to add to that payroll and finance require to work closer together um with differing Savings account Details differing banking requirements and setup procedures is definitely important that payroll and finance groups work better together than ever um I’m constantly amazed when people say I’ve split payroll and payment um if you stroll down the street and asked anybody 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 frequently split and cut up um eventually it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying people wherever they are but likewise paying statutory authorities and on statutory third parties so with the

world we live in and wellness being a growing number of crucial to contribute to kind of the level of intricacy there’s increasingly more advantages being organ or being provided by services throughout the world so again you’re just seeking to include more and more payments to this already complicated landscape so if you sort of got any experience well I’m from your huge experience here and I’m sure but have you got any experience in kind of genuine difficulties or real tough sort of pay uses to play to pay people I think yeah I indicate over the last well yeah a couple of decades I would certainly say that the larger an organization 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 teams feeding info into the next function as it were that’s actually handling the payment side of things but you know in in my opinion and my experience that doesn’t necessarily require to be the case you know long gone are the times where we require to develop additional handoffs while doing sos that we run in they just make them more prompt they make them less efficient and they don’t make them what they require to be in in a period of tech and a period that you know that we are working in today there is no reason that we are still making this as hard as it needs to be agreed and appropriately as you stated payroll is the single greatest liability that any company has from an expense viewpoint from an impact viewpoint on employees it is definitely important that it’s done properly and on time so what we imply by that is not a day before not a day after on pay day and payments need to be done right it has the biggest damaging impact on people’s well-being and numerous other aspects if individuals aren’t paid uh I’ve constantly been amazed entering into this Market type of the last 5 to 10 years is how little thanks the

payroll team get um so I’m not exactly sure anybody on this kind of webinar has actually been told 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 employees or not um but ultimately payroll is such a crucial cycle all of us find out about it when it goes wrong everybody jumps up and down when it fails but when it goes right it’s simply a tick box workout and I believe that’s how it’s seen from the external consider as well um so yeah it’s also like why WI-Fi Global why all of this things is absolutely vital that all of this stuff is done correctly so leveraging the very first Worldwide Payments very first payroll payment service is an excellent primary step um offering an end-to-end payroll option for your workers internationally again I think is another huge um procedure again aligning and ensuring you have standardization Worldwide processes all of those things are definitely essential to success success of services and minimizing the variety of tools platforms and savings account they need for their Global 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 anticipate to you do get the odd five or 10 or whatever it might be with the with the the complaints where things have not gone quite where they’re implied to be um I do not believe any of us are actually doing that for for the thanks

anyhow we know 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 associated with those procedures and likewise so picture sorry I’m simply I was just gon na say picture the amount of thanks you got if you might cover the quantity of people that we cover within this webinar I make sure we’re talking about hundreds of thousands possibly Millions picture getting that numerous 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 a fascinating job 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 need days of the week to attempt to browse them and in fact see what was going on and type of try to return to everybody so carrying on appearance why do business pick to primary separate bank accounts there are Papaya Global Palau businesses out there doing precisely this for specific nations and I have actually worked in a business or lots of companies doing exactly that I can say it doesn’t always feel effective and it does create more work I understand we’re not intentionally doing that we’re not developing extra work for any person where we don’t need to and any person that’s handling 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 amount that we are I think many factors one is it’s the standard I believe people have actually got so utilized to we require a brand-new savings account we open an entity and rightly so you need it for payroll purposes however there are a variety of markets where it’s not a requirement so I think it’s simply been the requirement and the norm the people have actually embraced and continue to do over years and years gone past to add to that people have actually taken a look at things like trust accounts and lots of other ways um to to sort of do it so I believe there’s a variety I think this is a process that requires looking at it needs changing however ultimately individuals are very stuck to what they recognize

with right um change is a tough thing all of us don’t like change um so I think it’s simply kind of moving far from the norm as we have actually said so yeah so it keeps a lot of track of things um I comprehend undoubtedly the benefits of having keeping numerous checking account however there’s a big quantity of intricacy goes with establishing a bank account maintaining it guaranteeing it can send out International transfers ensuring it’s set up with the right user accesses for individual individuals so the intricacy is substantial however I believe the honest response is change um individuals have not had the ability to change or have not had always the understanding to really make that change into alternate Solutions other than opening a checking account I think you’ve hit the nail on the head I think it is understanding you know and there is an element of resistance to change however we’ve constantly done it that way is no genuine reason for not looking at the the advantages and the possibilities of proceeding and moving into you know what might practically be figured out to be the next Century or two there is a lot to keep track of and this approach does pose numerous obstacles um so Johnny could you inform us about those challenges yeah of course so there’s a range 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 resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide workers you should have a corner workplace with a better parking space due to the fact that I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Palau