Papaya Global Setting Ledgers Pension FAQ – Payroll Management 2024

Over the last 5 or 6 years …Papaya Global Setting Ledgers Pension… functions 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 very much for your time everybody okay thanks Johnny uh we’ll just give everyone another number of uh well one of the 30 seconds approximately to join we all work back to back these days so we’ll sort of let them do that so it ‘d be rather intriguing and I can see it going on already just to hear where everyone is um it’s nice to to kind of like see where everybody comes from and I truly 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 drizzling here it’s extremely really bleak and I wish 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 looking at the obstacle years of managing Global payroll why companies keep different

Virtual payroll accounts are an alternative to standard bank accounts for managing payroll payments. This is especially helpful for global organizations with dispersed and remote workforces, as it streamlines the complex process of cross-border payments. Instead of preserving separate checking account for payroll in different countries, virtual accounts and digital wallets provide a more streamlined option. In this webinar, we will check out the advantages of using virtual payroll accounts and talk about why they are becoming a tactical asset for payroll executives. We will also provide a recap of the main points covered and leave time for a Q&A session at the end.

making payroll payments accurately efficiently securely and on time during this webinar we’ll walk you through the international pros and cons of a payroll wallet versus a payroll checking account how business precisely anticipate their payroll expenses to increase working capital and how simplifying Worldwide payroll payments can turn them from a siled pane into a tactical asset so payroll can be difficult in sufficient in one country but when you’re doing it globally it’s next level and Beyond it ends up being complicated for a variety of factors most importantly guidelines compliance information security and banking guidelines then there are the sheer numbers they add additional intricacy the international Workforce is currently 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 presently 500 million just for for a scale then consider that there are some 230 million organizations and growing all doing their own thing around the world in the conventional payroll model there’s typically a frustrating variety of different systems causing lengthy manual processes and silos the variety of Integrations could be non-existent in large quantities and or very really fundamental there’s no real consistency structure we’re living in an era 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 which simply blows my mind every time I I think

about it to give you a concept of how far there still is to come according to Deloitte just 11 of businesses say they have Workforce information in real time that’s another number that provides me sleep deprived nights and rather frankly the more a service spends on international payroll the less of a picture they see a lack of presence likewise reaches payroll payments and failure to precisely track these payments can lead to compliance accidents in the last mile of the deal nearly half of international businesses have revealed that they don’t 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 poor HCM information data entry mistakes inadequately interacted hires and terminations along with absence management and system setups and then when you round everything off and the information is delivered to the incorrect location the typical cost of a global information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash all over the world payroll and payments do not run smoothly if they rely on the essential multiple processes systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the challenges organization face when they’re paying to employees or otherwise that’s a great question I always toss this back and say what is it what doesn’t need to be consisted of right and what does

it require to be thought of there’s differing 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 have to pay from the customer’s own in-country account so there’s complexity anywhere you look best ultimately constructing a knowledge base is definitely crucial but all over you look with payroll payment they are like extremely payments no if but some children about it you are all superheroes processing payments for payroll if you look at the type of link between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are absolutely basic and innovation is permitting us to kind of progress with that it also as well to contribute to that payroll and finance need to work closer together um with differing Bank Account Particulars differing banking requirements and setup processes is definitely imperative that payroll and finance groups work more detailed together than ever um I’m constantly impressed when individuals state I’ve divided payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t work in the payroll profession would they split the payroll payment from estimation I would say no so why do we as a market accept that why our payroll and payments so typically split and cut up um ultimately 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 however likewise paying statutory authorities and on statutory 3rd parties so with the

The contemporary world puts a high worth on wellness and the compensation landscape is ending up being progressively intricate. Services are continually presenting brand-new advantages and payment choices, which adds to the overall complexity. Big corporations typically divide their payroll and payment processing into separate teams, which can result in inefficiencies and bottlenecks. In my viewpoint, this does not need to be the case. In today’s technologically innovative era, there’s no justification for maintaining troublesome treatments. Payroll, the business’s biggest expenditure, need to be processed correctly and on time. Even minor delays can adversely affect workers’ wellness and have far-reaching repercussions. Therefore, it’s vital to prioritize precise and prompt payments.

payroll group get um so I’m uncertain anybody on this kind of webinar has been informed thank you for processing my payroll correctly if you have it ‘d be great to hear your success story and whether that’s been from all staff members or not um but ultimately payroll is such an important cycle we all become aware of it when it goes wrong everyone jumps up and down when it goes wrong however when it goes right it’s just a tick box exercise 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 Global Payments very first payroll payment option is a great initial step um supplying an end-to-end payroll service for your workers globally again I believe is another substantial um process again lining up and guaranteeing you have standardization International processes all of those things are absolutely essential to success success of services and lowering the number of tools platforms and checking account 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 countless them within a payroll cycle don’t anticipate to you do get the odd 5 or ten or whatever it might be with the with the the problems where things haven’t gone quite where they’re indicated to be um I do not think any of us are actually doing that for for the thanks

anyway 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 easy as possible for everybody that’s involved in those processes and also so envision sorry I’m simply I was simply gon na say 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 speaking about hundreds of thousands possibly Millions think of getting that many thank you keeps in mind um I indicate it ‘d be interesting to see how many Post-it notes you got however it would absolutely be an intriguing job trying to clean all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to look through them and actually see what was going on and type of shot to return to everybody so carrying on look why do business pick to primary different savings account there are Papaya Global Setting Ledgers Pension businesses out there doing precisely this for specific nations and I have actually worked in a business or numerous organizations doing precisely that I can state it does not always feel efficient and it does create more work I understand we’re not intentionally doing that we’re not creating additional work for anyone where we don’t have to and anyone that’s dealing with that process I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the quantity that we are I think lots of reasons one is it’s the standard I believe people have actually got so utilized to we need a brand-new bank account we open an entity and appropriately so you need it for payroll purposes however there are a number 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 passed by to add to that people have actually looked at things like trust accounts and numerous other ways um to to sort of do it so I believe there’s a range I believe this is a process that requires taking a look at it needs altering however eventually people are extremely stuck to what they’re familiar

with right um modification is a tough thing all of us do not like change um so I believe it’s simply sort of moving far from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I understand obviously the advantages of having keeping several savings account but there’s a substantial amount of intricacy chooses 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 private individuals so the complexity is substantial however I believe the honest answer is modification um individuals haven’t been able to change or haven’t had necessarily the understanding to really make that change into alternate Solutions other than opening a bank account I believe you’ve hit the nail on the head I think it is understanding you understand and there is a component of resistance to alter however we’ve constantly done it that way is no genuine excuse for not taking a look at the the benefits and the possibilities of carrying on and moving into you understand what might nearly be identified to be the next Century or so there is a lot to monitor and this approach does posture several challenges um so Johnny could you tell us about those challenges yeah naturally so there’s a range 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 tasks on one platform. It seems like our CFO has acquired another CFO, and with this boosted capability, I have actually effectively secured payments for our 10,000 workers worldwide. Your devotion to mastering international payroll and payments utilizing Papaya payroll OS is good. You are worthy of a corner workplace with a parking space that is better, considering your achievements. Papaya Global Setting Ledgers Pension