Papaya Global Turks And Caicos FAQ – Payroll Management 2024

Over the last 5 or six years …Papaya Global Turks And Caicos… functions on the company side and also on the supplier side from a payroll perspective so truly anticipating this conversation today um and yeah thank you very much for your time everybody all right thanks Johnny uh we’ll just provide everyone another number of uh well one of the 30 seconds approximately to join we all work back to back nowadays so we’ll kind of let them do that so it ‘d be rather intriguing and I can see it going on currently simply to hear where everyone is um it’s nice to to sort 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 extremely very dreary and I want I was somewhere else at this moment in time fine so let’s get going our agenda for today is as follows um we are going to be taking a look at the challenge years of managing Worldwide payroll why companies maintain different

bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts streamlining papaya International payroll payments as a tactical possession uh we’ll likewise review a wrap-up which ought to leave his time at the really really 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 International workforces end up being increasingly more typical and managing them ends up being a growing number of intricate Global organizations are wanting to find Solutions and new methods to simplify 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 various countries does it make sense for business to maintain separate bank accounts in some cases in various nations it does however just for payroll is there a better method what function do virtual accounts and digital wallets likewise known as virtual wallets play in helping international business enhance the episode complex processes of

Guaranteeing accurate, efficient, and timely payroll payments is a complex challenge for businesses operating internationally. Join us for a webinar to explore the advantages and drawbacks of payroll wallets versus payroll checking account, discover how companies anticipate payroll costs to enhance working capital, and find how enhancing international payroll payments can transform them from a burdensome job into a strategic asset.

Managing payroll worldwide is a daunting job due to various policies, compliance requirements, information security issues, and banking guidelines. The sheer variety of employees and services contributes to the complexity, with an estimated 3.5 billion people in the worldwide workforce, 500 countless whom remain in Africa, and 230 million businesses worldwide.

Traditional payroll systems typically lead to manual procedures, information silos, and a lack of combination, leading to inconsistencies and inadequacies. Regardless of residing in a period of technological developments, payroll management has actually been sluggish to adjust, with as much as 25% of payroll still processed manually, typically using pen and paper. This webinar aims to supply insights and services to simplify and optimize worldwide payroll payments.

about it to provide you an idea of how far there still is to come according to Deloitte just 11 of organizations state they have Labor force information in real time that’s another number that provides me sleepless nights and rather frankly the more an organization invests in global payroll the less of an image they see an absence of exposure also extends to payroll payments and failure to precisely track these payments can lead to compliance mishaps in the last mile of the deal nearly half of worldwide services have expressed that they do not have the level of standardization they require in their processes or want and as a result eighty percent of mistakes are due to time reporting bad HCM information information entry errors poorly interacted hires and terminations as well as lack management and system setups and then when you round all of it off and the information is delivered to the wrong place the average expense of a worldwide information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money around the globe payroll and payments do not run efficiently if they rely on the essential numerous procedures systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the obstacles organization face when they’re paying to workers or otherwise that’s a good question I constantly toss this back and state what is it what doesn’t require to be consisted of right 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 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 complexity wherever you look best eventually constructing a knowledge base is definitely important however all over you look with payroll payment they are like extremely payments no if however some infants about it you are all superheroes processing payments for payroll if you take a look at the kind of link between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are definitely essential and innovation is enabling us to sort of move forward with that it also as well to add to that payroll and finance need to work closer together um with varying Bank Account Details varying banking requirements and setup procedures is absolutely imperative that payroll and financing groups work better together than ever um I’m always impressed when people say I’ve split 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 calculation 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 ultimately it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying individuals any place they are however also paying statutory authorities and on statutory 3rd parties so with the

world we reside in and well-being being a growing number of essential to contribute to kind of the level of intricacy there’s increasingly more advantages being organ or being offered by companies throughout the world so once again you’re simply aiming to include increasingly more payments to this already complicated landscape so if you sort of got any experience well I’m from your vast experience here and I make sure however have you got any experience in kind of real challenges or genuine tough kind of pay utilizes to play to pay individuals I think yeah I imply over the last well yeah a couple of decades I would certainly say that the bigger a company gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the job there are teams feeding info into the next function as it were that’s actually managing the payment side of things however you know in in my opinion and my experience that does not necessarily require to be the case you know long gone are the times where we require to produce extra handoffs in the processes that we run in they simply make them more timely they make them less efficient and they don’t make them what they require to be in in an era of tech and a period that you understand that we are operating in today there is no reason we are still making this as difficult as it needs to be concurred and appropriately as you stated payroll is the single biggest liability that any service has from a cost perspective from an impact perspective on staff members it is absolutely critical that it’s done correctly and on time so what we indicate by that is not a day before not a day after on pay day and payments need to be done right it has the biggest damaging impact on individuals’s well-being and lots of other elements if individuals aren’t paid uh I have actually constantly been surprised entering into this Market type of the last 5 to ten years is how little thanks the

payroll team get um so I’m unsure anybody on this kind of webinar has been told 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 workers or not um but eventually payroll is such an essential 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 simply 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 stuff is absolutely vital that all of this things is done properly so leveraging the very first Worldwide Payments very first payroll payment service is an excellent initial step um supplying an end-to-end payroll option for your workers worldwide once again I believe is another substantial um procedure once again aligning and ensuring you have standardization Global procedures all of those things are absolutely key to success success of services and decreasing the variety of tools platforms and savings 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 thousand of them within a payroll cycle don’t expect to you do get the odd 5 or ten or whatever it might be with the with the the complaints where things haven’t gone quite where they’re meant to be um I don’t believe any of us are really doing that for for the thanks

anyhow we understand how how essential 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 easy as possible for everyone that’s involved in those processes and also so think of sorry I’m just I was simply gon na state envision the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I make sure we’re discussing hundreds of thousands possibly Millions imagine getting that numerous thank you keeps in mind um I indicate it ‘d be interesting to see the number of Post-it notes you got but it would certainly be an interesting task trying to clean all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to check out them and really see what was going on and kind of shot to get back to everyone so proceeding look why do companies pick to main separate checking account there are Papaya Global Turks And Caicos organizations out there doing precisely this for particular countries and I have actually operated in a company or numerous services doing exactly that I can state it doesn’t always feel effective and it does produce more work I understand we’re not purposely doing that we’re not creating extra work for anyone where we do not have to and anybody that’s dealing with 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 amount that we are I think numerous factors one is it’s the standard I believe individuals have actually got so used to we need 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 think it’s just been the requirement and the standard the people have embraced and continue to do over years and years gone past to add to that people have taken a look at things like trust accounts and lots of other methods um to to type of do it so I believe there’s a variety I believe this is a process that needs looking at it needs changing however ultimately individuals are very stuck with what they recognize

with right um change is a hard thing we all don’t like change 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 stuff um I understand obviously the advantages of having maintaining several bank accounts but there’s a substantial amount of complexity chooses establishing a bank account maintaining it ensuring it can send International transfers ensuring it’s set up with the right user accesses for specific individuals so the intricacy is big however I believe the sincere answer is modification um individuals have not been able to alter or haven’t had always the knowledge to actually make that change into alternate Solutions besides opening a checking account I think you’ve hit the nail on the head I believe it is knowledge you know and there is a component of resistance to change however we have actually always done it that way is no genuine reason for not looking at the the benefits and the possibilities of moving on and moving into you understand what could nearly be figured out to be the next Century or so there is a lot to keep an eye on and this approach does present several obstacles um so Johnny might you inform us about those obstacles yeah of course so there’s a range right there is so

I just did you switched our Enterprise 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 workers you should have a corner workplace with a closer parking space due to the fact that I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Turks And Caicos