Http Ppob Bukopin Papaya Globals Id S Oo FAQ – Payroll Management 2024

Over the last five or six years …Http Ppob Bukopin Papaya Globals Id S Oo… roles on the company side and likewise on the supplier side from a payroll point of view so actually eagerly anticipating this discussion today um and yeah thank you quite for your time everyone alright thanks Johnny uh we’ll just provide everybody 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 quite interesting 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 everybody originates from and I really 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 bleak and I want I was elsewhere at this moment in time alright so let’s start our agenda for today is as follows um we are going to be looking at the challenge years of handling Global payroll why business maintain different

bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts streamlining papaya Worldwide payroll payments as a strategic property uh we’ll also review a recap and that needs to leave his time at the very really end for a q a session so as the title of the webinar suggests payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces become a growing number of typical and managing them becomes increasingly more complicated Global companies are aiming to find Solutions and new methods to simplify processes particularly from a payroll and cross-border payment viewpoint many companies preserve different bank account just for payroll while some have numerous accounts in different nations does it make good sense for companies to preserve different checking account in some cases in different nations it does but just for payroll is there a better method what role do virtual accounts and digital wallets likewise known as virtual wallets play in helping international business enhance the episode complex procedures of

making payroll payments precisely efficiently firmly and on time throughout this webinar we’ll walk you through the international benefits and drawbacks of a payroll wallet versus a payroll savings account how companies precisely anticipate their payroll costs to increase working capital and how simplifying International payroll payments can turn them from a siled pane into a strategic asset so payroll can be difficult in sufficient in one nation but when you’re doing it globally it’s next level and Beyond it becomes intricate for a variety of reasons most notably policies compliance information security and banking guidelines then there are the large numbers they add additional complexity the worldwide Labor force is currently 3 and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and additional 1.1 billion individuals 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 globe in the standard payroll design there’s typically a frustrating number of different systems leading to time-consuming manual procedures and silos the number of Integrations could be non-existent in big amounts and or very really fundamental there’s no genuine consistency structure we’re residing in an era of tech however payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper and that just blows my mind every time I I believe

about it to give you a concept of how far there still is to come according to Deloitte just 11 of services say they have Workforce information in real time that’s another number that provides me sleepless nights and rather honestly the more an organization spends on international payroll the less of a photo they see a lack of visibility also reaches payroll payments and failure to properly track these payments can result in compliance accidents in the last mile of the deal nearly half of international services have actually revealed that they do not have the level of standardization they require in their procedures or desire and as a result eighty percent of mistakes are due to time reporting bad HCM information information entry mistakes badly communicated hires and terminations as well as absence management and system setups and then when you round all of it off and the information is shipped to the incorrect location the average expense of a global data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money worldwide payroll and payments don’t run smoothly if they count on the needed numerous processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the difficulties service face when they’re paying to employees or otherwise that’s a good question I always throw this back and state what is it what doesn’t require to be included right and what does

it require to be thought about there’s differing Bank information so the length of an eye band a swift an account number routing code per country there’s payment amount of time there’s payment capabilities 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 client’s own in-country account so there’s complexity wherever you look ideal eventually developing a knowledge base is definitely crucial but 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 take a look at the type of link in between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are absolutely basic and innovation is allowing us to sort of move forward with that it likewise as well to add to that payroll and finance require to work closer together um with varying Bank Account Details differing banking requirements and setup processes is definitely essential that payroll and finance teams work more detailed together than ever um I’m always astonished when individuals say 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 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 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 wherever they are however likewise paying statutory authorities and on statutory third parties so with the

world we live in and wellness being a growing number of crucial to add to kind of the level of intricacy there’s a growing number of advantages being organ or being used by companies across the world so again you’re simply aiming to include more and more payments to this currently intricate landscape so if you sort of got any experience well I’m from your vast experience here and I’m sure but have you got any experience in kind of genuine difficulties or real difficult kind of pay uses to play to pay individuals I believe yeah I imply over the last well yeah a number of decades I would definitely state that the larger a business gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the task there are groups feeding details into the next function as it were that’s really handling the payment side of things but you know in in my opinion and my experience that doesn’t always need to be the case you understand long gone are the times where we need to produce extra handoffs while doing sos that we operate in they simply make them more prompt they make them less effective and they don’t make them what they require to be in in an age of tech and a period that you understand that we are working in today there is no reason why we are still making this as challenging as it needs to be concurred and appropriately as you stated payroll is the single biggest liability that any service has from an expense perspective from an impact perspective on workers it is definitely important that it’s done properly and on time so what we suggest 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 detrimental impact on individuals’s wellness and lots of other aspects if individuals aren’t paid uh I have actually always been surprised coming into this Market kind of the last five to ten years is how little thanks the

The payroll group may not have actually been thanked for properly processing payroll during a webinar. If anyone has actually been thanked, it would be excellent to hear their success story, whether it’s from all workers or not. Payroll is an essential cycle, and individuals only observe when things go wrong. Nevertheless, when things go right, it’s seen as just a routine job. This is how it’s viewed externally too. For that reason, it is vital to ensure that tasks like Wi-Fi Worldwide and other vital matters are done correctly. Using the first Global Payments first payroll payment service is a fantastic preliminary action towards offering an extensive payroll service for staff members worldwide. Standardization, global procedures, and decreasing the number of tools, platforms, and savings account necessary for international payroll are essential consider achieving company success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes get a few grievances when things don’t go as prepared. Eventually, we do not do it for the gratitude.

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 everyone that’s associated with those procedures and likewise so envision sorry I’m just I was just gon na state think of the amount of thanks you got if you might cover the amount of people that we cover within this webinar I make certain we’re discussing numerous thousands possibly Millions picture getting that lots of thank you notes um I suggest it ‘d be interesting to see the number of Post-it notes you got but it would definitely 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 held true um you ‘d require days of the week to attempt to look through them and really see what was going on and type of shot to get back to everyone so proceeding look why do companies pick to primary different checking account there are Http Ppob Bukopin Papaya Globals Id S Oo organizations out there doing precisely this for specific countries and I’ve worked in a service or many organizations doing exactly that I can state it does not always feel efficient and it does develop more work I know we’re not deliberately doing that we’re not creating additional work for anybody where we don’t need to and anybody that’s dealing with 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 think numerous factors one is it’s the requirement I think individuals have got so used to we require a new bank account we open an entity and rightly so you need it for payroll functions but there are a number of markets where it’s not a requirement so I think it’s simply been the requirement and the norm individuals have adopted and continue to do over years and years gone past to add to that individuals have actually looked at things like trust accounts and lots of other methods um to to sort of do it so I believe there’s a variety I think this is a procedure that requires looking at it needs altering however ultimately people are very stuck to what they’re familiar

with right um modification is a tough thing all of us do not like change um so I think it’s just type of moving far from the standard as we’ve said so yeah so it keeps a lot of track of things um I understand certainly the advantages of having keeping multiple bank accounts however there’s a huge quantity of complexity chooses establishing a savings account maintaining it ensuring it can send out International transfers ensuring it’s established with the best user accesses for specific individuals so the intricacy is substantial however I believe the honest response is modification um individuals have not had the ability to alter or haven’t had necessarily the understanding to actually make that change into alternate Solutions besides opening a savings account I think you’ve struck the nail on the head I think it is knowledge you understand and there is an element of resistance to change but we’ve 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 might nearly be determined to be the next Century or two there is a lot to keep an eye on and this approach does pose numerous difficulties um so Johnny might you tell us about those obstacles yeah naturally so there’s a variety right there is so

I simply did you changed our Business to OS so now we can do our payroll and payments operation on a single platform yes it resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global employees you deserve a corner office with a better parking space since I mastered International payroll and payments with Papaya payroll OS did you Http Ppob Bukopin Papaya Globals Id S Oo