Ive Missed A Pension Payment On Papaya Global FAQ – Payroll Management 2024

Over the last five or 6 years …Ive Missed A Pension Payment On Papaya Global… roles on the service provider side and likewise on the supplier side from a payroll perspective so truly eagerly anticipating this discussion today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll simply provide everybody another couple of uh well among the 30 seconds approximately to join we all work back to back these days so we’ll kind of let them do that so it ‘d be quite fascinating and I can see it going on already just 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 sunlight is it it’s not no it’s it’s drizzling here it’s really very dreary and I wish I was elsewhere at this moment in time fine so let’s start our agenda for today is as follows um we are going to be looking at the obstacle years of handling International payroll why business preserve different

bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts simplifying papaya Global payroll payments as a strategic possession uh we’ll likewise discuss a recap and that should leave his time at the extremely very 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 International labor forces end up being increasingly more typical and handling them ends up being increasingly more complicated Worldwide organizations are looking to find Solutions and new ways to enhance processes specifically from a payroll and cross-border payment standpoint many organizations keep different checking account just for payroll while some have numerous accounts in various nations does it make good sense for business to keep separate savings account in some cases in various countries it does but just for payroll is there a much better method what role do virtual accounts and digital wallets also called virtual wallets play in assisting multinational business improve the episode complex procedures of

Making sure precise, effective, and timely payroll payments is a complex difficulty for services operating worldwide. Join us for a webinar to check out the benefits and drawbacks of payroll wallets versus payroll checking account, learn how business forecast payroll expenses to enhance working capital, and find how improving global payroll payments can transform them from a troublesome job into a tactical asset.

Handling payroll globally is a complicated task due to different policies, compliance requirements, data security issues, and banking guidelines. The sheer variety of employees and organizations adds to the intricacy, with an approximated 3.5 billion people in the global labor force, 500 countless whom are in Africa, and 230 million organizations worldwide.

Traditional payroll systems frequently result in manual procedures, information silos, and a lack of integration, resulting in disparities and inefficiencies. Despite living in a period of technological developments, payroll management has actually been slow to adapt, with as much as 25% of payroll still processed by hand, often using pen and paper. This webinar objectives to offer insights and options to streamline and enhance global payroll payments.

about it to provide you a concept of how far there still is to come according to Deloitte only 11 of businesses say they have Labor force information in real time that’s another number that provides me sleep deprived nights and quite honestly the more a service spends on global payroll the less of a picture they see a lack of exposure likewise encompasses payroll payments and inability to properly track these payments can lead to compliance mishaps in the last mile of the transaction nearly half of international companies have actually revealed that they do not have the level of standardization they require in their processes or want and as a result eighty percent of errors are because of time reporting poor HCM information information entry errors inadequately communicated hires and terminations along with lack management and system setups and then when you round everything off and the information is shipped to the wrong location the typical cost of an international information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money around the globe payroll and payments don’t run smoothly if they count on the required numerous 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 challenges business face when they’re making payments to workers or otherwise that’s a great concern I constantly toss this back and say what is it what does not require to be included best and what does

it need to be considered there’s varying Bank details so the length of an eye band a swift an account number routing code per nation there’s payment amount of time 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 client’s own in-country account so there’s intricacy wherever you look right ultimately building a knowledge base is absolutely vital but everywhere you look with payroll payment they resemble incredibly payments no if but some children 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 absolutely fundamental and innovation is enabling us to kind of move on with that it likewise too to contribute to that payroll and financing require to work closer together um with differing Checking account Details differing banking requirements and setup processes is absolutely important that payroll and financing teams work better together than ever um I’m constantly astonished when people say I have actually 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 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 information collection all the way through to paying people any place they are however likewise paying statutory authorities and on statutory 3rd parties so with the

world we reside in and wellness being a growing number of important to add to type of the level of complexity there’s more and more advantages being organ or being used by businesses throughout the world so once again you’re simply seeking to add increasingly more payments to this already complicated landscape so if you sort of got any experience well I’m from your large experience here and I make sure but have you got any experience in kind of genuine difficulties or genuine challenging sort of pay uses to play to pay individuals I believe yeah I mean over the last well yeah a couple of decades I would definitely say that the larger an organization gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the job there are groups feeding information into the next function as it were that’s in fact managing 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 know long gone are the times where we need to create extra handoffs at the same times 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 a period of tech and a period that you know that we are operating in today there is no reason that we are still making this as hard as it needs to be concurred and appropriately as you said payroll is the single biggest liability that any organization has from an expense point of view from an impact point of view on employees it is definitely important that it’s done properly and on time so what we mean 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 destructive result on people’s well-being and lots of other elements if individuals aren’t paid uh I have actually always been impressed entering this Market sort of the last five to ten years is how little thanks the

payroll team get um so I’m not sure anyone on this sort of webinar has been told 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 workers or not um however ultimately payroll is such an important cycle all of us hear about it when it goes wrong everybody jumps up and down when it fails but when it goes right it’s simply a tick box exercise and I think 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 first Worldwide Payments very first payroll payment solution is a great primary step um offering an end-to-end payroll solution for your staff members worldwide again I believe is another huge um process again lining up and guaranteeing you have standardization Worldwide procedures all of those things are definitely essential to success success of companies 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 terms of of the thank yous for getting payroll done I’ve never 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 grievances where things have not gone rather where they’re indicated to be um I do not think any of us are in fact doing that for for the thanks

anyway we know how how important 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 simple as possible for everybody that’s involved in those procedures and likewise so think of sorry I’m just I was just gon na state think of the quantity of thanks you got if you might cover the amount of people that we cover within this webinar I make certain we’re talking about hundreds of thousands possibly Millions think of getting that lots of thank you keeps in mind um I imply it ‘d be interesting to see how many Post-it notes you got however it would certainly be a fascinating task trying 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 attempt to browse them and actually see what was going on and sort of try to get back to everyone so proceeding appearance why do companies choose to primary separate savings account there are Ive Missed A Pension Payment On Papaya Global organizations out there doing exactly this for specific countries and I have actually operated in a service or many businesses doing precisely that I can say it does not constantly feel effective and it does produce more work I know we’re not intentionally doing that we’re not producing additional work for any person where we don’t need to and any person that’s managing 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 believe numerous factors one is it’s the requirement I believe people have got so utilized to we require a new checking account we open an entity and appropriately so you require it for payroll functions however there are a variety of markets where it’s not a requirement so I believe it’s just been the requirement and the norm the people have actually embraced and continue to do over years and years gone past to add to that people have actually looked at things like trust accounts and numerous other ways um to to kind of do it so I believe there’s a variety I believe this is a process that needs taking a look at it needs altering however eventually individuals are extremely stuck with what they’re familiar

with best um change is a hard thing all of us do not like modification um so I think it’s just sort of moving away from the norm as we have actually said so yeah so it keeps a lot of track of things um I understand obviously the benefits of having maintaining multiple checking account but there’s a huge amount of complexity goes with setting up a bank account preserving it ensuring it can send International transfers guaranteeing it’s established with the right user accesses for individual people so the intricacy is huge but I believe the sincere response is change um individuals have not had the ability to alter or haven’t had necessarily the knowledge to really make that change into alternate Solutions aside from opening a checking account I think you have actually struck the nail on the head I think it is understanding you know and there is a component of resistance to change however we’ve always done it that way is no real excuse for not looking at the the advantages and the possibilities of moving on and moving into you know what might practically be identified to be the next Century or two there is a lot to keep an eye on and this technique does position a number of challenges um so Johnny might you tell us about those difficulties yeah obviously so there’s a variety 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 resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global workers you should have a corner office with a closer parking space because I mastered Worldwide payroll and payments with Papaya payroll OS did you Ive Missed A Pension Payment On Papaya Global

I\’ve Missed A Pension Payment On Papaya Global FAQ – Payroll Management 2024

Over the last five or 6 years …I\’ve Missed A Pension Payment On Papaya Global… roles on the provider side and also on the supplier side from a payroll point of view so truly looking forward to this conversation today um and yeah thank you quite for your time everyone fine thanks Johnny uh we’ll just give everybody another number of uh well one of the 30 seconds or two to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be rather interesting and I can see it going on already just to hear where everybody is um it’s nice to to kind of like see where everybody originates from and I actually do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s raining here it’s really extremely bleak and I want I was elsewhere at this moment in time okay so let’s get started our program for today is as follows um we are going to be taking a look at the challenge years of handling International payroll why business preserve separate

Virtual payroll accounts are an alternative to traditional checking account for managing payroll payments. This is especially useful for global companies with dispersed and remote labor forces, as it streamlines the complex procedure of cross-border payments. Instead of keeping separate savings account for payroll in various countries, virtual accounts and digital wallets offer a more streamlined service. In this webinar, we will check out the benefits of using virtual payroll accounts and discuss why they are becoming a strategic property for payroll executives. We will also supply a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.

Ensuring accurate, effective, and prompt payroll payments is a complex challenge for services running worldwide. Join us for a webinar to explore the advantages and downsides of payroll wallets versus payroll checking account, discover how business forecast payroll costs to optimize working capital, and find how simplifying global payroll payments can change them from a burdensome job into a tactical property.

Handling payroll worldwide is a challenging task due to different guidelines, compliance requirements, data security issues, and banking rules. The large variety of employees and businesses adds to the intricacy, with an estimated 3.5 billion individuals in the international labor force, 500 countless whom are in Africa, and 230 million businesses worldwide.

Traditional payroll systems typically result in manual procedures, information silos, and an absence of integration, causing inconsistencies and ineffectiveness. Despite residing in an era of technological advancements, payroll management has actually been slow to adapt, with as much as 25% of payroll still processed by hand, typically using pen and paper. This webinar goals to offer insights and options to simplify and optimize worldwide payroll payments.

about it to give you an idea of how far there still is to come according to Deloitte only 11 of organizations say they have Labor force information in real time that’s another number that gives me sleep deprived nights and rather honestly the more a business invests in international payroll the less of a picture they see a lack of visibility likewise encompasses payroll payments and inability to precisely track these payments can cause compliance incidents in the last mile of the deal almost half of global businesses have expressed that they don’t have the level of standardization they require in their procedures or desire and as a result eighty percent of errors are because of time reporting bad HCM information information entry mistakes inadequately interacted hires and terminations in addition to absence management and system configurations and after that when you round all of it off and the data is delivered to the incorrect location the average cost of a global information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money around the world payroll and payments do not run smoothly if they rely on the required numerous processes 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 difficulties service face when they’re making payments to workers or otherwise that’s an excellent concern I always throw this back and say what is it what does not need to be consisted of best and what does

it require to be considered there’s differing Bank details so the length of an eye band a swift an account number routing code per country there’s payment time frames 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 client’s own in-country account so there’s complexity anywhere you look best ultimately developing a knowledge base is definitely vital however all over you look with payroll payment they resemble very payments no if but 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 think there’s now a bit more recognition that payroll payments are absolutely fundamental and innovation is permitting us to kind of move on with that it also also to add to that payroll and financing need to work closer together um with differing Bank Account Details differing banking requirements and setup procedures is definitely crucial that payroll and finance groups work closer together than ever um I’m constantly astonished when people state I have actually split payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t work in the payroll occupation 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 typically split and cut up um ultimately it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying individuals anywhere they are but likewise paying statutory authorities and on statutory 3rd parties so with the

world we reside in and well-being being more and more important to contribute to type of the level of complexity there’s a growing number of benefits being organ or being provided by companies across the world so once again you’re just seeking to include a growing number of payments to this already intricate landscape so if you type of got any experience well I’m from your huge experience here and I’m sure but have you got any experience in kind of genuine challenges or real challenging kind of pay uses to play to pay people I believe yeah I indicate over the last well yeah a number of decades I would absolutely state that the larger a service gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the job there are groups feeding info into the next function as it were that’s in fact handling the payment side of things however you know in in my opinion and my experience that does not always require to be the case you know long gone are the times where we need to develop additional handoffs in the processes that we operate in they just make them more timely they make them less effective and they don’t make them what they need to be in in a period of tech and an era that you understand that we are operating in today there is no reason why we are still making this as difficult as it needs to be concurred and appropriately as you said payroll is the single greatest liability that any company has from an expense point of view from an effect point of view on staff members it is definitely crucial that it’s done properly and on time so what we indicate by that is not a day before not a day after on pay day and payments have to be done right it has the biggest detrimental result on people’s wellness and numerous other factors if individuals aren’t paid uh I have actually constantly been impressed entering this Market kind of the last 5 to ten years is how little thanks the

The payroll group might not have been thanked for properly processing payroll during a webinar. If anyone has actually been thanked, it would be terrific to hear their success story, whether it’s from all workers or not. Payroll is an essential cycle, and people only observe when things go wrong. However, when things go right, it’s seen as simply a routine job. This is how it’s viewed externally as well. For that reason, it is essential to guarantee that jobs like Wi-Fi International and other vital matters are done correctly. Utilizing the first Worldwide Payments very first payroll payment option is an excellent preliminary action towards offering a detailed payroll solution for workers worldwide. Standardization, international processes, and lowering the variety of tools, platforms, and bank accounts needed for global payroll are essential consider achieving business success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally receive a few grievances when things do not go as prepared. Ultimately, we do not do it for the appreciation.

anyway we know 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 simple as possible for everybody that’s involved in those processes and also so picture sorry I’m simply I was simply gon na state envision the quantity of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make sure we’re discussing hundreds of thousands possibly Millions imagine getting that numerous thank you notes um I mean 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 picture the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to browse them and in fact see what was going on and sort of try to get back to everybody so proceeding appearance why do business select to primary separate checking account there are I\’ve Missed A Pension Payment On Papaya Global companies out there doing exactly this for particular nations and I’ve operated in an organization or lots of organizations doing exactly that I can state it doesn’t always feel effective and it does produce more work I know we’re not purposely doing that we’re not developing additional work for any person where we don’t need to and anyone that’s managing 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 believe many factors one is it’s the requirement I believe individuals have got so utilized to we require a new checking account we open an entity and rightly 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 simply been the requirement and the standard the people have actually embraced and continue to do over years and years passed by to contribute to that people have taken a look at things like trust accounts and many other methods um to to kind of do it so I believe there’s a variety I believe this is a process that requires taking a look at it requires changing but ultimately people are extremely stuck with what they recognize

with ideal um change is a challenging thing we all do not like change um so I believe it’s just sort of moving far from the norm as we’ve said so yeah so it keeps a lot of track of things um I understand clearly the advantages of having maintaining several checking account but there’s a big amount of intricacy chooses setting up a checking account maintaining it ensuring it can send out International transfers ensuring it’s set up with the right user accesses for specific people so the complexity is big but I believe the honest response is change um individuals have not been able to alter or have not had always the knowledge to actually make that change into alternate Solutions aside from opening a bank account I believe you’ve struck the nail on the head I think it is understanding you understand and there is an aspect of resistance to change but we’ve always done it that way is no genuine excuse for not looking at the the advantages and the possibilities of carrying on and moving into you know what could almost be determined to be the next Century or so there is a lot to monitor and this method does pose a number of obstacles um so Johnny could you tell us about those obstacles yeah obviously so there’s a range right there is so

I just recently made a change to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It feels like our CFO has actually gotten another CFO, and with this boosted capability, I have actually successfully secured payments for our 10,000 staff members worldwide. Your devotion to mastering global payroll and payments utilizing Papaya payroll OS is commendable. You deserve a corner office with a parking space that is better, considering your accomplishments. I\’ve Missed A Pension Payment On Papaya Global