Papaya Global Suriname FAQ – Payroll Management 2024

Over the last 5 or 6 years …Papaya Global Suriname… functions on the supplier side and also on the vendor side from a payroll point of view so truly looking forward to this conversation today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll just give everyone another number of uh well among the 30 seconds or so to join all of us work back to back these days so we’ll type of let them do that so it ‘d be quite interesting and I can see it going on already simply to hear where everybody is um it’s nice to to kind of like see where everybody originates from and I really do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s raining here it’s extremely very gloomy and I want I was somewhere else at this moment in time all right so let’s begin our program for today is as follows um we are going to be looking at the challenge years of handling International payroll why companies maintain different

bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts streamlining papaya International payroll payments as a tactical asset uh we’ll also discuss a recap which must leave his time at the extremely extremely end for a q a session so as the title of the webinar suggests payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces end up being more and more typical and handling them ends up being increasingly more complicated International companies are looking to discover Solutions and new methods to improve procedures specifically from a payroll and cross-border payment perspective many organizations keep different checking account just for payroll while some have several accounts in various countries does it make sense for business to maintain separate checking account sometimes in different nations it does but just for payroll is there a much better way what role do virtual accounts and digital wallets also known as virtual wallets play in assisting international companies streamline the episode complex procedures of

Making sure precise, effective, and timely payroll payments is a complex challenge for companies operating worldwide. Join us for a webinar to explore the benefits and drawbacks of payroll wallets versus payroll bank accounts, discover how companies anticipate payroll expenses to enhance working capital, and find how enhancing international payroll payments can transform them from a challenging task into a tactical asset.

Handling payroll globally is a challenging job due to numerous guidelines, compliance requirements, information security concerns, and banking guidelines. The large variety of employees and services adds to the intricacy, with an approximated 3.5 billion individuals in the worldwide labor force, 500 countless whom remain in Africa, and 230 million businesses worldwide.

Standard payroll systems frequently lead to manual processes, data silos, and an absence of combination, leading to disparities and inadequacies. Regardless of living in an era of technological advancements, payroll management has actually been slow to adjust, with as much as 25% of payroll still processed by hand, often using pen and paper. This webinar aims to provide insights and options to streamline and enhance international payroll payments.

about it to provide you a concept of how far there still is to come according to Deloitte only 11 of companies state they have Workforce information in real time that’s another number that gives me sleepless nights and quite frankly the more a company spends on international payroll the less of a photo they see an absence of visibility also reaches payroll payments and failure to accurately track these payments can cause compliance accidents in the last mile of the transaction nearly half of worldwide companies have expressed that they don’t have the level of standardization they need in their procedures or desire and as a result eighty percent of mistakes are because of time reporting bad HCM information information 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 data is delivered to the incorrect place the average cost of an international data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash worldwide payroll and payments don’t run efficiently if they rely on the needed several procedures systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the obstacles business face when they’re paying to staff members or otherwise that’s an excellent concern I always throw this back and state what is it what doesn’t require to be included ideal and what does

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it need to be thought of there’s varying Bank information so the length of an eye band a swift an account number routing code per country there’s payment time frames there’s payment capabilities 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 consumer’s own in-country account so there’s complexity any place you look ideal ultimately building a knowledge base is definitely important however everywhere you look with payroll payment they resemble extremely payments no if however some children about it you are all superheroes processing payments for payroll if you look at the sort of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are definitely essential and innovation is allowing us to type of move on with that it also as well to contribute to that payroll and finance need to work closer together um with differing Savings account Particulars varying banking requirements and setup processes is definitely necessary that payroll and financing groups work better together than ever um I’m always surprised when people say I’ve divided payroll and payment um if you stroll down the street and asked anyone what is payroll who does not operate in the payroll profession would they split the payroll payment from calculation 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 data collection all the way through to paying people anywhere they are but likewise paying statutory authorities and on statutory 3rd parties so with the

The modern world positions a high worth on well-being and the settlement landscape is becoming significantly intricate. Organizations are constantly presenting new advantages and payment alternatives, which contributes to the total complexity. Big corporations typically divide their payroll and payment processing into separate teams, which can result in ineffectiveness and bottlenecks. In my opinion, this does not have to hold true. In today’s technically advanced period, there’s no validation for preserving troublesome procedures. Payroll, the business’s most significant expenditure, must be processed correctly and on time. Even slight delays can negatively impact staff members’ wellness and have far-reaching effects. Therefore, it’s important to prioritize accurate and prompt payments.

payroll team get um so I’m uncertain anyone on this sort of webinar has been informed thank you for processing my payroll properly if you have it ‘d be great to hear your success story and whether that’s been from all employees or not um however ultimately payroll is such an essential cycle we all hear about it when it goes wrong everyone jumps up and down when it fails however when it goes right it’s simply a tick box exercise 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 things is absolutely crucial that all of this things is done properly so leveraging the very first International Payments first payroll payment option is a fantastic first step um supplying an end-to-end payroll solution for your employees worldwide once again I think is another substantial um process once again aligning and guaranteeing you have standardization Worldwide processes all of those things are absolutely key to success success of businesses and reducing the number of tools platforms and bank accounts they require for their International 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 have actually never ever had a hundred thousand of them within a payroll cycle don’t anticipate to you do get the odd 5 or 10 or whatever it might be with the with the the problems where things have not gone quite where they’re meant to be um I don’t think any of us are actually doing that for for the thanks

anyhow we know how how important a function 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 simple as possible for everyone that’s involved in those procedures and likewise so imagine sorry I’m just I was just gon na state picture the quantity of thanks you got if you might cover the quantity of people that we cover within this webinar I’m sure we’re talking about numerous thousands possibly Millions think of getting that many thank you keeps in mind um I suggest it ‘d be interesting to see the number of Post-it notes you got however it would certainly be an interesting job attempting to clean up all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to look through them and actually see what was going on and kind of shot to return to everybody so carrying on look why do business choose to main different checking account there are Papaya Global Suriname organizations out there doing exactly this for specific countries and I’ve worked in a company or many services doing exactly that I can say it does not always feel effective and it does create more work I know we’re not purposely doing that we’re not producing additional work for anybody where we do not have to and anybody that’s handling that process I ‘d be interested to hear your ideas 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 believe people have got so used to we require a brand-new savings account we open an entity and appropriately so you require 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 standard and the norm the people have embraced and continue to do over years and years gone past to contribute to that individuals 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 variety I believe this is a procedure that requires looking at it needs changing but ultimately people are really stuck to what they’re familiar

with best um change is a hard thing we all don’t like modification um so I believe it’s just kind of moving away from the standard as we have actually said so yeah so it keeps a great deal of track of things um I comprehend undoubtedly the advantages of having preserving numerous savings account however there’s a huge amount of intricacy opts for setting up a checking account keeping it guaranteeing it can send out International transfers guaranteeing it’s set up with the best user accesses for individual people so the complexity is big but I believe the sincere response is modification um individuals have not been able to change or haven’t had necessarily the understanding to truly make that change into alternate Solutions besides opening a bank account I believe you have actually hit the nail on the head I think it is understanding you know and there is a component of resistance to alter however we’ve constantly done it that way is no real reason for not looking at the the benefits and the possibilities of carrying on and moving into you understand what might practically be identified to be the next Century approximately there is a lot to monitor and this approach does posture numerous difficulties um so Johnny could you inform us about those challenges yeah naturally so there’s a variety right there is so

I recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It feels like our CFO has gained another CFO, and with this boosted ability, I have actually effectively protected payments for our 10,000 workers worldwide. Your devotion to mastering global payroll and payments utilizing Papaya payroll OS is good. You deserve a corner workplace with a parking space that is more detailed, considering your accomplishments. Papaya Global Suriname