Papaya Global Pension Module Training FAQ – Payroll Management 2024

Over the last 5 or 6 years …Papaya Global Pension Module Training… roles on the provider side and likewise on the vendor side from a payroll perspective so really looking forward to this discussion today um and yeah thank you quite for your time everyone okay thanks Johnny uh we’ll just offer everybody another couple of uh well among the 30 seconds or two to join we all work back to back these days so we’ll kind of let them do that so it ‘d be quite interesting and I can see it going on currently simply 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 remains 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 very really dreary and I want I was somewhere else at this moment in time all right so let’s start our program for today is as follows um we are going to be taking a look at the challenge years of handling International payroll why companies keep separate

Virtual payroll accounts are an alternative to conventional checking account for handling payroll payments. This is especially useful for global organizations with dispersed and remote workforces, as it simplifies the intricate process of cross-border payments. Instead of keeping different checking account for payroll in different countries, virtual accounts and digital wallets provide a more structured solution. In this webinar, we will explore the advantages of using virtual payroll accounts and discuss why they are ending up being a strategic possession 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.

making payroll payments precisely efficiently firmly and on time throughout this webinar we’ll stroll you through the international benefits and drawbacks of a payroll wallet versus a payroll bank account how companies accurately anticipate their payroll expenses to increase working capital and how simplifying International payroll payments can turn them from a siled pane into a strategic asset so payroll can be tough 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 reasons most importantly regulations compliance data security and banking rules then there are the large numbers they include further complexity the worldwide Labor force is presently three and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and more 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 all over the world in the conventional payroll design there’s often a frustrating number of various systems leading to lengthy manual processes and silos the variety of Integrations could be non-existent in big quantities and or extremely very standard there’s no real consistency structure we’re living in a period of tech but payroll has actually been slow 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 each time I I think

about it to offer you a concept of how far there still is to come according to Deloitte just 11 of businesses state they have Workforce information in real time that’s another number that provides me sleepless nights and rather frankly the more an organization invests in worldwide payroll the less of a picture they see an absence of presence also encompasses payroll payments and inability to accurately track these payments can result in compliance accidents in the last mile of the transaction almost half of global companies have expressed that they do not 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 poor HCM data information entry mistakes improperly communicated hires and terminations along with absence management and system setups and after that when you round everything off and the data is shipped to the incorrect location the average cost of a worldwide information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money around the world payroll and payments don’t run smoothly if they rely on the necessary several 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 obstacles service face when they’re making payments to workers or otherwise that’s a good question I always throw this back and say what is it what does not require to be included best and what does

it require to be thought about 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 capabilities so can you pay it from International or do you need to pay from an in-country account do you need to pay from the customer’s own in-country account so there’s intricacy any place you look best ultimately constructing a knowledge base is absolutely critical but all over you look with payroll payment they are like incredibly payments no if however some children about it you are all superheroes processing payments for payroll if you take a look at the sort of link in between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are absolutely fundamental and technology is permitting us to type of move on with that it also too to add to that payroll and finance need to work closer together um with varying Checking account Details differing banking requirements and setup processes is absolutely imperative that payroll and financing groups work more detailed together than ever um I’m constantly astonished when people say I’ve divided payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t work in the payroll profession would they divide the payroll payment from estimation I would say no so why do we as a market accept that why our payroll and payments so often 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 but also paying statutory authorities and on statutory 3rd parties so with the

The modern-day world places a high value on wellness and the payment landscape is ending up being progressively elaborate. Services are continually presenting new benefits and payment choices, which adds to the general complexity. Big corporations often divide their payroll and payment processing into separate teams, which can cause inefficiencies and bottlenecks. In my viewpoint, this does not need to hold true. In today’s technologically advanced age, there’s no reason for maintaining troublesome treatments. Payroll, the business’s greatest expense, must be processed properly and on time. Even slight delays can adversely impact staff members’ wellness and have significant effects. Therefore, it’s vital to focus on accurate and prompt payments.

The payroll team may not have been thanked for properly processing payroll throughout a webinar. If anybody has actually been thanked, it would be excellent to hear their success story, whether it’s from all employees or not. Payroll is an important cycle, and individuals just notice when things fail. However, when things go right, it’s viewed as simply a regular task. This is how it’s perceived externally as well. Therefore, it is vital to make sure that tasks like Wi-Fi Worldwide and other crucial matters are done properly. Using the first International Payments very first payroll payment solution is an excellent preliminary action towards supplying an extensive payroll option for workers worldwide. Standardization, worldwide processes, and reducing the number of tools, platforms, and savings account required for global payroll are crucial factors in attaining business success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally receive a few grievances when things don’t go as planned. Ultimately, we don’t do it for the thankfulness.

anyhow we know how how crucial a function 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 simple as possible for everybody that’s associated with those processes and also so picture sorry I’m just I was simply gon na say envision the amount of thanks you got if you might cover the amount of people that we cover within this webinar I’m sure we’re talking about hundreds of thousands potentially Millions picture getting that numerous thank you notes um I imply it ‘d be interesting to see the number of Post-it notes you got however it would definitely be an interesting job trying to clean all those up for sure oh absolutely I can’t picture the size of my my Outlook inbox if that held true um you ‘d need days of the week to attempt to check out them and in fact see what was going on and sort of shot to get back to everybody so proceeding look why do business choose to main separate bank accounts there are Papaya Global Pension Module Training businesses out there doing exactly this for specific countries and I’ve operated in an organization or many companies doing precisely that I can state it doesn’t constantly feel effective and it does develop more work I know we’re not purposely doing that we’re not developing additional work for any person where we don’t need to and anyone that’s managing that process I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the amount that we are I believe numerous reasons one is it’s the requirement I believe people have actually got so utilized to we require a brand-new checking 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 believe it’s just been the requirement and the standard the people have actually adopted 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 many other methods um to to type of do it so I think there’s a range I believe this is a procedure that needs taking a look at it requires changing but ultimately people are very stuck with what they recognize

with ideal um change is a difficult thing all of us don’t like modification um so I believe it’s simply sort of moving away from the norm as we’ve said so yeah so it keeps a great deal of track of things um I understand clearly the benefits of having preserving numerous checking account but there’s a substantial amount of intricacy opts for establishing a checking account keeping it ensuring it can send out International transfers guaranteeing it’s set up with the ideal user accesses for individual people so the complexity is big however I believe the honest answer is change um individuals have not been able to alter or have not had always the knowledge to truly make that change into alternate Solutions other than opening a bank account I think you’ve struck the nail on the head I believe it is understanding you understand and there is an aspect of resistance to alter however we’ve always done it that way is no real excuse for not taking a look at the the advantages and the possibilities of carrying on and moving into you know what could practically be figured out to be the next Century or two there is a lot to monitor and this approach does present a number of obstacles um so Johnny could you tell us about those difficulties yeah naturally so there’s a variety right there is so

I just recently made a change to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It seems like our CFO has acquired another CFO, and with this enhanced capability, I have effectively protected payments for our 10,000 staff members worldwide. Your dedication to mastering worldwide payroll and payments using Papaya payroll OS is good. You deserve a corner office with a parking space that is closer, considering your accomplishments. Papaya Global Pension Module Training