Papaya Global Employee Pension Contributions FAQ – Payroll Management 2024

Over the last 5 or six years …Papaya Global Employee Pension Contributions… functions on the service provider side and likewise on the vendor side from a payroll viewpoint so truly eagerly anticipating this conversation today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll simply offer everybody another couple of uh well one of the 30 seconds or two to join we all work back to back nowadays 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 kind of like see where everyone 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 drizzling here it’s very very bleak and I wish I was elsewhere at this moment in time alright so let’s get going our agenda for today is as follows um we are going to be looking at the challenge years of handling International payroll why business keep different

bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts enhancing papaya Global payroll payments as a tactical possession uh we’ll also discuss a recap and that should leave his time at the very really end for a q a session so as the title of the webinar suggests payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces end up being increasingly more common and handling them becomes increasingly more complicated Worldwide companies are aiming to find Solutions and new methods to simplify procedures especially from a payroll and cross-border payment standpoint lots of companies preserve separate bank account just for payroll while some have several accounts in different countries does it make sense for companies to maintain separate checking account sometimes in various nations it does however just for payroll is there a better method what function do virtual accounts and digital wallets also called virtual wallets play in assisting international companies streamline the episode complex processes of

Making sure accurate, efficient, and timely payroll payments is a complex challenge for organizations operating worldwide. Join us for a webinar to check out the benefits and drawbacks of payroll wallets versus payroll checking account, discover how business forecast payroll costs to enhance working capital, and discover how simplifying international payroll payments can change them from a difficult task into a tactical asset.

Handling payroll globally is a daunting job due to numerous regulations, compliance requirements, data security issues, and banking guidelines. The large number of workers and businesses adds to the intricacy, with an estimated 3.5 billion people in the international labor force, 500 million of whom are in Africa, and 230 million organizations worldwide.

Standard payroll systems frequently result in manual procedures, data silos, and a lack of combination, leading to inconsistencies and inefficiencies. Despite residing in a period of technological advancements, payroll management has actually been sluggish to adapt, with as much as 25% of payroll still processed manually, typically using pen and paper. This webinar objectives to provide insights and options to streamline and enhance global payroll payments.

about it to offer you an idea of how far there still is to come according to Deloitte just 11 of companies state they have Workforce data in real time that’s another number that gives me sleepless nights and rather honestly the more a company spends on worldwide payroll the less of a picture they see an absence of visibility likewise encompasses payroll payments and failure to precisely track these payments can lead to compliance incidents in the last mile of the deal almost half of global services have actually expressed that they don’t have the level of standardization they need in their procedures or desire and as a result eighty percent of errors are due to time reporting poor HCM information information entry errors improperly interacted hires and terminations along with absence management and system setups and after that when you round all of it off and the information is shipped to the wrong place the average expense of an international information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash around the globe payroll and payments do not run efficiently if they depend on the necessary several procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the obstacles business face when they’re making payments to staff members or otherwise that’s a good question I constantly throw this back and say what is it what doesn’t need to be consisted of right and what does

it need to be thought of there’s varying Bank details so the length of an eye band a swift an account number routing code per nation there’s payment timespan 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 client’s own in-country account so there’s intricacy wherever you look best ultimately constructing a knowledge base is absolutely vital however everywhere you look with payroll payment they are like 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 acknowledgment that payroll payments are definitely essential and innovation is allowing us to kind of move on with that it likewise as well to add to that payroll and financing need to work closer together um with varying Checking account Details differing banking requirements and setup procedures is absolutely important that payroll and finance teams work closer together than ever um I’m always amazed when people say I have actually split payroll and payment um if you walk down the street and asked anybody what is payroll who does not work 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 ultimately it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying individuals anywhere they are but also paying statutory authorities and on statutory 3rd parties so with the

world we reside in and well-being being increasingly more crucial to add to sort of the level of complexity there’s a growing number of advantages being organ or being used by services across the world so once again you’re simply seeking to add more and more payments to this currently complex landscape so if you kind of got any experience well I’m from your large experience here and I make certain however have you got any experience in kind of genuine challenges or genuine tough sort of pay utilizes to play to pay people I believe yeah I mean over the last well yeah a number of decades I would certainly state that the bigger a service 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 information into the next function as it were that’s in fact handling the payment side of things but you understand in in my opinion and my experience that does not always need to be the case you understand long gone are the times where we require to create extra handoffs while doing sos that we operate in they just make them more prompt they make them less effective and they don’t make them what they need to be in in an era of tech and an era that you understand that we are working in today there is no reason we are still making this as difficult as it needs to be agreed and rightly as you said payroll is the single biggest liability that any company has from a cost viewpoint from an effect perspective on staff members it is definitely critical 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 have to be done right it has the most significant detrimental effect on individuals’s well-being and lots of other elements if individuals aren’t paid uh I’ve always been astonished entering this Market sort of the last five to 10 years is how little thanks the

payroll group get um so I’m uncertain anybody on this type of webinar has been informed thank you for processing my payroll properly if you have it ‘d be fantastic to hear your success story and whether that’s been from all staff members or not um but ultimately payroll is such an essential cycle we all become aware of it when it fails everybody jumps up and down when it fails however when it goes right it’s just a tick box exercise and I think that’s how it’s seen from the external view as well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is absolutely important that all of this things is done correctly so leveraging the very first Global Payments very first payroll payment option is an excellent first step um providing an end-to-end payroll service for your staff members internationally again I think is another big um procedure again aligning and guaranteeing you have standardization International procedures all of those things are absolutely crucial to success success of organizations and reducing the variety of tools platforms and checking account they require for their Worldwide 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 have actually never had a hundred countless them within a payroll cycle do not 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 rather where they’re suggested to be um I do not believe any of us are actually 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 procedures and likewise so picture sorry I’m simply I was simply 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 speaking about numerous thousands possibly Millions envision getting that numerous 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 an intriguing job attempting to clean up all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to check out them and actually see what was going on and kind of shot to return to everybody so carrying on appearance why do business pick to main separate checking account there are Papaya Global Employee Pension Contributions companies out there doing precisely this for particular nations and I’ve operated in a service or numerous companies doing exactly that I can say it does not always feel efficient and it does create more work I know we’re not intentionally doing that we’re not developing additional work for any person where we do not have 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 amount that we are I think many factors one is it’s the requirement I believe individuals have got so utilized to we need a 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 just been the standard and the norm the people have actually embraced and continue to do over years and years passed by to add to that people have actually looked at things like trust accounts and numerous other ways um to to sort of do it so I think there’s a variety I believe this is a procedure that requires looking at it needs altering but ultimately individuals are very stuck to what they recognize

with right um change is a tough thing all of us do not like modification um so I believe it’s simply type of moving far from the standard as we have actually said so yeah so it keeps a lot of track of things um I understand obviously the benefits of having preserving numerous checking account but there’s a substantial quantity of intricacy goes with setting up a checking account preserving it guaranteeing it can send International transfers ensuring it’s set up with the right user accesses for specific individuals so the complexity is big however I think the truthful answer is change um people have not been able to change or haven’t had always the knowledge to actually make that change into alternate Solutions besides opening a bank account I believe you have actually struck the nail on the head I believe it is understanding you understand and there is an aspect of resistance to change however we have actually 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 nearly be determined to be the next Century approximately there is a lot to track and this approach does posture a number of challenges um so Johnny might you inform us about those challenges 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 resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 International employees you are worthy of a corner office with a better parking space because I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Employee Pension Contributions