Nest Papaya Global FAQ – Payroll Management 2024

Over the last 5 or six years …Nest Papaya Global… functions on the supplier side and likewise on the vendor side from a payroll perspective so truly anticipating this discussion today um and yeah thank you very much for your time everyone alright thanks Johnny uh we’ll simply give everybody another number of uh well among the 30 seconds approximately to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be rather fascinating and I can see it going on currently just to hear where everybody is um it’s nice to to type of like see where everyone comes from and I actually 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 extremely really uninspiring and I wish I was somewhere else at this moment in time okay so let’s begin our program for today is as follows um we are going to be taking a look at the obstacle years of handling International payroll why companies maintain different

Virtual payroll accounts are an option to standard savings account for handling payroll payments. This is particularly beneficial for worldwide 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 nations, virtual accounts and digital wallets use a more streamlined solution. In this webinar, we will explore the benefits of using virtual payroll accounts and talk about why they are ending up being a strategic asset for payroll executives. We will likewise offer a recap of the bottom lines covered and leave time for a Q&A session at the end.

making payroll payments properly efficiently safely and on time during this webinar we’ll stroll you through the global benefits and drawbacks of a payroll wallet versus a payroll bank account how companies precisely forecast their payroll costs to increase working capital and how enhancing Global payroll payments can turn them from a siled pane into a tactical asset so payroll can be difficult in sufficient in one country however when you’re doing it worldwide it’s next level and Beyond it becomes complicated for a range of reasons most significantly policies compliance data security and banking rules then there are the sheer numbers they add further intricacy the international Workforce is presently 3 and a half billion individuals by 2030 it’s estimated 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 services and growing all doing their own thing around the world in the conventional payroll design there’s frequently a frustrating variety of different systems resulting in time-consuming manual procedures and silos the variety of Combinations could be non-existent in big amounts and or extremely extremely fundamental there’s no real consistency structure we’re residing in an age of tech but payroll has actually been slow to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper and that just blows my mind each time I I believe

about it to give you an idea of how far there still is to come according to Deloitte only 11 of businesses state they have Workforce information in real time that’s another number that provides me sleepless nights and rather frankly the more a company invests in international payroll the less of a photo they see a lack of visibility also reaches payroll payments and failure to accurately track these payments can result in compliance incidents in the last mile of the transaction almost half of international businesses have revealed that they do not have the level of standardization they require in their procedures or want and as a result eighty percent of errors are because of time reporting bad HCM information information entry errors 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 shipped to the incorrect location the typical cost of a global information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money around the world payroll and payments do not run efficiently if they count on the required several 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 obstacles organization face when they’re making payments to employees or otherwise that’s a great question I always throw this back and say what is it what does not need to be included best and what does

it need to be considered there’s varying Bank information so the length of an eye band a swift an account number routing code per nation there’s payment time frames there’s payment abilities so can you pay it from International or do you need to pay from an in-country account do you have to pay from the customer’s own in-country account so there’s intricacy any place you look best ultimately constructing a knowledge base is absolutely crucial but everywhere you look with payroll payment they resemble very payments no if however some babies 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 absolutely fundamental and technology is allowing us to type of progress with that it also as well to contribute to that payroll and finance require to work closer together um with varying Savings account Details differing banking requirements and setup processes is definitely imperative that payroll and financing groups work more detailed together than ever um I’m always impressed when individuals say I’ve divided payroll and payment um if you walk down the street and asked anybody what is payroll who does not work in the payroll occupation would they split the payroll payment from computation I would say no so why do we as an industry accept that why our payroll and payments so frequently 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 wherever they are however 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 add to sort of the level of complexity there’s more and more advantages being organ or being offered by services throughout the world so once again you’re just wanting to include a growing number of payments to this currently complex 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 challenges or real challenging sort of pay utilizes to play to pay individuals I believe yeah I imply over the last well yeah a number of years I would definitely say that the larger a service gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the task there are teams feeding information into the next function as it were that’s actually handling the payment side of things however you know in in my viewpoint and my experience that doesn’t necessarily need to be the case you know long gone are the times where we require to develop extra handoffs in the processes that we run in they just make them more prompt they make them less efficient and they don’t make them what they need to be in in a period of tech and an age that you understand that we are working in today there is no reason that we are still making this as difficult as it requires to be agreed and rightly as you said payroll is the single most significant liability that any business has from a cost point of view from an effect point of view on workers it is definitely important that it’s done correctly and on time so what we imply by that is not a day before not a day after on pay day and payments need to be done right it has the greatest detrimental effect on individuals’s well-being and lots of other elements if individuals aren’t paid uh I’ve always been surprised coming into this Market kind of the last 5 to ten years is how little thanks the

payroll group get um so I’m uncertain anybody on this kind of webinar has been informed thank you for processing my payroll properly if you have it ‘d be terrific to hear your success story and whether that’s been from all staff members or not um but eventually payroll is such an essential cycle all of us hear about it when it fails everybody jumps up and down when it goes wrong but 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 likewise like why WI-Fi Global why all of this stuff is definitely important that all of this things is done properly so leveraging the very first Global Payments first payroll payment option is a great first step um offering an end-to-end payroll option for your employees globally again I believe is another big um process once again lining up and ensuring you have standardization Global procedures all of those things are definitely crucial to success success of services and minimizing the number of tools platforms and savings account they require 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 have actually never had a hundred countless 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 problems where things have not gone quite where they’re indicated to be um I do not believe any of us are in fact doing that for for the thanks

anyway we understand 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 picture sorry I’m simply I was just gon na state think of the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I’m sure we’re talking about numerous thousands possibly Millions imagine getting that many thank you keeps in mind um I indicate it ‘d be interesting to see the number of Post-it notes you got however it would certainly be an interesting task trying to clean all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that held true um you ‘d need days of the week to attempt to check out them and really see what was going on and sort of try to get back to everyone so carrying on look why do business choose to primary different checking account there are Nest Papaya Global organizations out there doing precisely this for specific countries and I have actually operated in a service or many companies doing precisely that I can state it does not always feel efficient and it does produce more work I know we’re not purposely doing that we’re not developing additional work for anybody where we do not need to and any person that’s managing that procedure 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 many factors one is it’s the requirement I believe individuals have got so used to we need a brand-new savings account we open an entity and rightly 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 individuals have actually adopted and continue to do over years and years gone past to add to that individuals have actually taken a look at things like trust accounts and numerous other ways um to to type of do it so I think there’s a range I believe this is a procedure that needs taking a look at it requires changing but eventually people are really stuck with what they’re familiar

with ideal um change is a challenging thing all of us do not like change um so I think it’s just type of moving away from the norm as we have actually said so yeah so it keeps a lot of track of stuff um I understand obviously the advantages of having maintaining numerous bank accounts but there’s a big quantity of intricacy chooses establishing a savings account maintaining it ensuring it can send International transfers ensuring it’s established with the right user accesses for individual individuals so the complexity is huge but I think the honest answer is change um individuals have not had the ability to change or haven’t had necessarily the understanding to really make that change into alternate Solutions besides opening a bank account I believe you’ve hit the nail on the head I think it is understanding you know and there is an element of resistance to change but 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 know what might practically be determined to be the next Century or so there is a lot to keep an eye on and this approach does present numerous difficulties um so Johnny could you tell us about those obstacles yeah of course 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 manage our payroll and payment tasks on one platform. It feels like our CFO has actually acquired another CFO, and with this enhanced capability, I have actually successfully protected payments for our 10,000 staff members worldwide. Your dedication to mastering worldwide payroll and payments utilizing Papaya payroll OS is commendable. You are worthy of a corner office with a parking space that is closer, considering your achievements. Nest Papaya Global