Papaya Global Redundancy Pay FAQ – Payroll Management 2024

Over the last five or six years …Papaya Global Redundancy Pay… functions on the company side and likewise on the vendor side from a payroll point of view so really eagerly anticipating this conversation today um and yeah thank you quite for your time everybody all right thanks Johnny uh we’ll just provide everyone another number of uh well among the 30 seconds or two to join we all work back to back nowadays so we’ll sort of let them do that so it ‘d be quite interesting and I can see it going on currently just to hear where everyone 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 definitely not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s really very bleak and I wish I was somewhere else at this moment in time all right so let’s get going our program for today is as follows um we are going to be looking at the difficulty years of managing Global payroll why business keep different

Virtual payroll accounts are an alternative to traditional savings account for handling payroll payments. This is particularly helpful for international organizations with dispersed and remote workforces, as it simplifies the complicated procedure of cross-border payments. Instead of maintaining separate checking account for payroll in different countries, virtual accounts and digital wallets use a more structured option. In this webinar, we will explore the benefits of using virtual payroll accounts and go over why they are ending up being a tactical asset for payroll executives. We will also offer a recap of the main points covered and leave time for a Q&A session at the end.

making payroll payments accurately effectively safely and on time during this webinar we’ll stroll you through the global benefits and drawbacks of a payroll wallet versus a payroll savings account how companies properly forecast their payroll expenses to increase working capital and how enhancing Global payroll payments can turn them from a siled pane into a strategic property so payroll can be challenging in enough in one nation but when you’re doing it globally it’s next level and Beyond it ends up being intricate for a range of factors most importantly regulations compliance information security and banking rules then there are the large numbers they include more 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 additional 1.1 billion people that number is currently 500 million just for for a scale then factor in that there are some 230 million organizations and growing all doing their own thing around the globe in the standard payroll model there’s frequently an overwhelming variety of various systems causing lengthy manual processes and silos the number of Integrations could be non-existent in big amounts and or extremely really standard there’s no real consistency structure we’re residing in a period of tech but payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper and that just blows my mind each time I I believe

about it to provide you an idea of how far there still is to come according to Deloitte only 11 of companies say they have Labor force data in real time that’s another number that provides me sleep deprived nights and quite honestly the more a service spends on global payroll the less of a photo they see a lack of exposure also encompasses payroll payments and failure to accurately track these payments can lead to compliance incidents in the last mile of the deal nearly half of worldwide businesses have actually 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 poor HCM data information entry errors improperly interacted hires and terminations along with absence management and system setups and after that when you round it all off and the information is delivered to the incorrect place the typical expense of a worldwide information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash worldwide payroll and payments don’t run efficiently if they count on the necessary 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 obstacles organization face when they’re paying to employees or otherwise that’s a great question I constantly throw this back and say what is it what doesn’t need to be included right and what does

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it require to be thought of there’s varying Bank information so the length of an eye band a swift an account number routing code per nation there’s payment time frames there’s payment abilities so can you pay it from International or do you need to pay from an in-country account do you have to pay from the consumer’s own in-country account so there’s intricacy wherever you look best ultimately building a knowledge base is absolutely vital however everywhere you look with payroll payment they are like extremely payments no if however 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 absolutely fundamental and technology is allowing us to type of progress with that it likewise also to add to that payroll and finance need to work closer together um with varying Bank Account Particulars differing banking requirements and setup procedures is definitely vital that payroll and finance teams work better together than ever um I’m constantly surprised when individuals say I have actually split payroll and payment um if you walk down the street and asked anyone what is payroll who does not work in the payroll occupation would they divide the payroll payment from computation I would say no so why do we as an industry accept that why our payroll and payments so often 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 people any place they are but also paying statutory authorities and on statutory third parties so with the

The modern-day world places a high value on wellness and the settlement landscape is becoming increasingly detailed. Businesses are constantly presenting new benefits and payment alternatives, which contributes to the general intricacy. Big corporations frequently divide their payroll and payment processing into different groups, which can cause inadequacies and bottlenecks. In my opinion, this does not need to hold true. In today’s highly advanced period, there’s no reason for preserving cumbersome treatments. Payroll, the business’s greatest expense, must be processed correctly and on time. Even minor hold-ups can negatively impact workers’ well-being and have significant consequences. Therefore, it’s crucial to focus on precise and prompt payments.

payroll team get um so I’m unsure anyone on this sort of webinar has actually been informed thank you for processing my payroll correctly if you have it ‘d be terrific to hear your success story and whether that’s been from all workers or not um however ultimately payroll is such an essential 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 think that’s how it’s seen from the external deem well um so yeah it’s also like why WI-Fi Global why all of this things is definitely vital that all of this things is done correctly so leveraging the first Global Payments first payroll payment option is a terrific initial step um supplying an end-to-end payroll solution for your workers globally once again I believe is another huge um procedure again aligning and guaranteeing you have standardization International procedures all of those things are absolutely key to success success of organizations and minimizing the variety of tools platforms and savings account they require 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 have actually never ever had a hundred thousand of them within a payroll cycle don’t expect to you do get the odd five or ten or whatever it might be with the with the the grievances where things have not gone rather where they’re meant to be um I don’t think any of us are in fact doing that for for the thanks

anyhow we understand how how essential 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 everybody that’s involved in those processes and likewise so imagine sorry I’m just I was just gon na state imagine the amount of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make sure we’re speaking about hundreds of thousands possibly Millions think of getting that lots of thank you keeps in mind um I indicate it ‘d be interesting to see how many Post-it notes you got but it would definitely be an intriguing job 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 require days of the week to try to check out them and really see what was going on and kind of shot to return to everybody so carrying on look why do business choose to primary separate bank accounts there are Papaya Global Redundancy Pay businesses out there doing precisely this for specific nations and I have actually operated in a business or many businesses doing exactly that I can say it doesn’t constantly feel efficient and it does create more work I know we’re not purposely doing that we’re not producing extra work for anybody where we don’t need to and anyone that’s handling 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 quantity that we are I believe lots of reasons one is it’s the requirement I think people have actually got so used to we need a brand-new bank account we open an entity and appropriately so you require it for payroll purposes but there are a number of markets where it’s not a requirement so I think it’s simply been the standard and the standard the people have embraced and continue to do over years and years passed by to contribute to that individuals have taken a look at things like trust accounts and many other methods um to to kind of do it so I believe there’s a range I believe this is a procedure that requires looking at it needs changing however ultimately individuals are very stuck with what they recognize

with right um modification is a challenging thing we all don’t like modification um so I think it’s just kind 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 several savings account however there’s a huge quantity of complexity goes with setting up a savings account keeping it guaranteeing it can send out International transfers guaranteeing it’s set up with the right user accesses for specific individuals so the intricacy is huge but I think the truthful answer is change um people haven’t had the ability to change or haven’t had always the understanding to really make that change into alternate Solutions besides opening a savings account I believe you have actually struck the nail on the head I believe it is knowledge you know and there is an element of resistance to change however we’ve 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 know what might practically be figured out to be the next Century or two there is a lot to track and this technique does posture a number of challenges um so Johnny might you inform us about those challenges yeah naturally so there’s a range right there is so

I recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It feels like our CFO has actually gotten another CFO, and with this boosted ability, I have successfully secured payments for our 10,000 employees worldwide. Your commitment to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You are worthy of a corner office with a parking space that is closer, considering your achievements. Papaya Global Redundancy Pay