Papaya Global Set Up Nominal Link FAQ – Payroll Management 2024

Over the last five or six years …Papaya Global Set Up Nominal Link… functions on the service provider side and also on the vendor side from a payroll point of view so truly eagerly anticipating this discussion today um and yeah thank you very much for your time everyone fine thanks Johnny uh we’ll simply offer 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 just to hear where everyone is um it’s nice to to kind of like see where everyone 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 really dreary and I want I was elsewhere at this moment in time fine so let’s begin our program for today is as follows um we are going to be taking a look at the obstacle years of managing Worldwide payroll why business preserve separate

savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts streamlining papaya Worldwide payroll payments as a strategic possession uh we’ll also discuss a wrap-up which must leave his time at the really extremely end for a q a session so as the title of the webinar recommends payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces become increasingly more common and handling them becomes a growing number of complicated International companies are looking to find Solutions and brand-new methods to improve processes particularly from a payroll and cross-border payment standpoint numerous companies maintain separate bank account just for payroll while some have numerous accounts in different countries does it make sense for business to preserve separate checking account sometimes in various nations it does however just for payroll is there a much better method what function do virtual accounts and digital wallets likewise called virtual wallets play in helping international companies streamline the episode complex processes of

making payroll payments properly effectively firmly and on time throughout this webinar we’ll walk you through the global advantages and disadvantages of a payroll wallet versus a payroll checking account how business properly forecast their payroll costs to increase working capital and how simplifying Worldwide payroll payments can turn them from a siled pane into a strategic possession so payroll can be difficult in sufficient in one country however when you’re doing it internationally it’s next level and Beyond it becomes complex for a range of factors most significantly regulations compliance information security and banking guidelines then there are the large numbers they add more complexity the global Workforce is presently 3 and a half billion individuals by 2030 it’s approximated 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 consider that there are some 230 million companies and growing all doing their own thing around the world in the standard payroll model there’s typically an overwhelming variety of various systems causing time-consuming manual procedures and silos the variety of Integrations could be non-existent in big quantities and or very really fundamental there’s no real consistency structure we’re residing in an age of tech however payroll has 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 simply blows my mind every time I I believe

about it to provide you a concept of how far there still is to come according to Deloitte just 11 of organizations say they have Labor force data in real time that’s another number that gives me sleepless nights and rather frankly the more a company spends on worldwide payroll the less of a photo they see a lack of visibility also reaches payroll payments and inability to accurately track these payments can cause compliance accidents in the last mile of the transaction nearly half of global businesses have actually revealed that they do not have the level of standardization they need in their processes or desire and as a result eighty percent of mistakes are due to time reporting poor HCM information data entry errors poorly communicated hires and terminations along with absence management and system configurations and then when you round all of it off and the information is delivered to the incorrect place the average expense of a worldwide 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 smoothly if they count on the essential numerous procedures 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 challenges business face when they’re making payments to workers or otherwise that’s a great concern I constantly toss this back and state what is it what doesn’t require to be consisted of best and what does

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it require to be considered there’s varying Bank information so the length of an eye band a swift an account number routing code per country there’s payment timespan 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 customer’s own in-country account so there’s intricacy anywhere you look right ultimately building a knowledge base is absolutely vital but all over you look with payroll payment they resemble extremely payments no if however some infants about it you are all superheroes processing payments for payroll if you take a 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 definitely fundamental and technology is allowing us to kind of move on with that it also also to add to that payroll and finance require to work closer together um with varying Bank Account Particulars differing banking requirements and setup processes is definitely essential that payroll and finance teams work better together than ever um I’m constantly astonished when individuals state I’ve split 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 an industry accept that why our payroll and payments so typically split and cut up um eventually 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 however also paying statutory authorities and on statutory third parties so with the

The contemporary world puts a high value on well-being and the settlement landscape is becoming significantly complex. Services are continuously presenting brand-new benefits and payment choices, which contributes to the general complexity. Big corporations typically divide their payroll and payment processing into different teams, which can lead to inadequacies and traffic jams. In my opinion, this doesn’t need to be the case. In today’s highly sophisticated era, there’s no justification for maintaining troublesome procedures. Payroll, the business’s biggest expense, need to be processed correctly and on time. Even slight delays can adversely affect workers’ well-being and have far-reaching effects. Therefore, it’s important to prioritize accurate and prompt payments.

payroll team get um so I’m not exactly sure anyone on this sort of webinar has been informed thank you for processing my payroll properly if you have it ‘d be terrific to hear your success story and whether that’s been from all employees or not um however eventually payroll is such an essential cycle we all hear about it when it fails everybody jumps up and down when it goes wrong but when it goes right it’s just a tick box workout and I believe that’s how it’s seen from the external consider as well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is definitely essential that all of this stuff is done correctly so leveraging the very first International Payments very first payroll payment solution is a great primary step um offering an end-to-end payroll solution for your employees worldwide again I believe is another big um procedure again aligning and guaranteeing you have standardization International processes all of those things are definitely crucial to success success of organizations and decreasing the number of tools platforms and bank accounts they need for their Worldwide payroll too couldn’t agree with you more and on the the front in regards to of the thank yous for getting payroll done I’ve never ever had a hundred thousand of them within a payroll cycle do not expect to you do get the odd five or ten or whatever it might be with the with the the problems where things haven’t gone rather where they’re suggested to be um I do not think any of us are really doing that for for the thanks

anyhow we understand how how important 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 involved in those processes and likewise so envision sorry I’m simply I was just gon na state imagine the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I make certain we’re discussing hundreds of thousands possibly Millions envision getting that numerous thank you keeps in mind um I imply it ‘d be interesting to see how many Post-it notes you got but it would certainly be an intriguing 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 need days of the week to try to browse them and actually see what was going on and type of try to return to everyone so proceeding appearance why do business pick to primary different checking account there are Papaya Global Set Up Nominal Link organizations out there doing exactly this for particular countries and I have actually worked in an organization or many companies doing exactly that I can state it does not constantly feel efficient and it does create more work I know we’re not intentionally doing that we’re not creating additional work for any person where we do not have to and anybody that’s managing 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 quantity that we are I believe many reasons one is it’s the requirement I think individuals have got so utilized to we require a new bank 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 requirement and the norm the people have embraced and continue to do over years and years gone past to add to that individuals have taken a look at things like trust accounts and lots of other methods um to to sort of do it so I believe there’s a range I believe this is a procedure that requires taking a look at it requires changing however eventually individuals are really stuck to what they recognize

with best um modification is a hard thing all of us do not like modification um so I think it’s simply sort of moving away from the norm as we’ve said so yeah so it keeps a lot of track of things um I understand certainly the benefits of having preserving numerous bank accounts however there’s a big amount of complexity chooses setting up a savings account preserving it guaranteeing it can send International transfers ensuring it’s established with the best user accesses for private individuals so the complexity is substantial but I believe the honest response is modification um people have not been able to change or haven’t had necessarily the knowledge to truly make that change into alternate Solutions besides opening a savings 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 alter however we have actually always done it that way is no real excuse for not taking a look at the the advantages and the possibilities of proceeding and moving into you know what could practically be determined to be the next Century or so there is a lot to track and this approach does posture several challenges um so Johnny might you tell us about those challenges yeah of course so there’s a range right there is so

I just did you switched 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 International employees you deserve a corner office with a more detailed parking space since I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Set Up Nominal Link