Papaya Global Mongolia FAQ – Payroll Management 2024

Over the last five or 6 years …Papaya Global Mongolia… roles on the supplier side and likewise on the vendor side from a payroll viewpoint so truly looking forward to this conversation today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll just provide everybody another couple of uh well among the 30 seconds or two to join all of us work back to back these days so we’ll sort of let them do that so it ‘d be rather intriguing and I can see it going on already simply to hear where everyone is um it’s nice to to sort of like see where everybody originates from and I really 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 wish I was elsewhere at this moment in time fine so let’s begin our agenda for today is as follows um we are going to be looking at the challenge years of managing Global payroll why companies preserve separate

savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts streamlining papaya Global payroll payments as a tactical possession uh we’ll likewise go over a wrap-up and that needs to leave his time at the extremely very 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 Global labor forces end up being increasingly more typical and handling them ends up being a growing number of complex Worldwide companies are aiming to discover Solutions and brand-new methods to enhance processes specifically from a payroll and cross-border payment viewpoint lots of organizations maintain different checking account just for payroll while some have several accounts in different nations does it make good sense for companies to keep different savings account sometimes in various nations it does however just for payroll exists a much better way what role do virtual accounts and digital wallets also referred to as virtual wallets play in assisting international companies enhance the episode complex procedures of

making payroll payments properly efficiently securely and on time during this webinar we’ll stroll you through the international advantages and disadvantages of a payroll wallet versus a payroll bank account how companies precisely forecast their payroll expenses to increase working capital and how enhancing Worldwide payroll payments can turn them from a siled pane into a tactical property so payroll can be difficult in adequate in one nation but when you’re doing it worldwide it’s next level and Beyond it ends up being intricate for a range of factors most significantly guidelines compliance data security and banking rules then there are the large numbers they add further complexity the international Labor force is currently three and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and further 1.1 billion individuals that number is presently 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 traditional payroll design there’s frequently an overwhelming variety of various systems causing time-consuming manual processes and silos the number of Integrations could be non-existent in large amounts and or very very fundamental there’s no genuine consistency framework we’re residing in an era of tech however payroll has actually been sluggish to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper which just blows my mind whenever I I believe

about it to give you an idea of how far there still is to come according to Deloitte just 11 of organizations say they have Workforce information in real time that’s another number that provides me sleepless nights and rather honestly the more a company invests in international payroll the less of a photo they see an absence of visibility also encompasses payroll payments and inability to accurately track these payments can result in compliance incidents in the last mile of the transaction almost half of worldwide companies have expressed that they do not have the level of standardization they need in their procedures or want and as a result eighty percent of mistakes are because of time reporting bad HCM information information entry mistakes badly interacted hires and terminations as well as lack management and system configurations and then when you round it all off and the information is delivered to the wrong location the average expense of a worldwide information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash all over the world payroll and payments do not run smoothly if they rely on the necessary numerous processes systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the challenges service face when they’re making payments to workers or otherwise that’s a good question I constantly throw this back and say what is it what does not need to be consisted of best and what does

it need to be thought about there’s differing Bank information 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 need to pay from the consumer’s own in-country account so there’s intricacy any place you look right eventually building a knowledge base is absolutely important however all over you look with payroll payment they resemble very payments no if however some children about it you are all superheroes processing payments for payroll if you look at the type of link between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are definitely fundamental and technology is permitting us to type of move on with that it likewise too to contribute to that payroll and financing require to work closer together um with differing Bank Account Particulars differing banking requirements and setup procedures is definitely essential that payroll and financing groups work closer together than ever um I’m always amazed when individuals say I have actually divided payroll and payment um if you stroll down the street and asked anybody what is payroll who does not operate in the payroll occupation 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 information collection all the way through to paying individuals any place they are but also 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 offered by services throughout the world so once again you’re simply wanting to add increasingly more payments to this already complex landscape so if you sort 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 obstacles or genuine challenging kind of pay uses to play to pay people I think yeah I mean over the last well yeah a number of years I would definitely state that the bigger 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 teams feeding details into the next function as it were that’s really handling the payment side of things however you understand in in my viewpoint and my experience that doesn’t always require to be the case you know long gone are the times where we require to create additional handoffs in the processes that we run in they simply 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 know that we are operating in today there is no reason we are still making this as difficult as it requires to be agreed and rightly as you stated payroll is the single greatest liability that any organization has from an expense perspective from an effect perspective on employees it is absolutely vital that it’s done correctly and on time so what we suggest 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 damaging impact on individuals’s well-being and lots of other aspects if individuals aren’t paid uh I have actually always been amazed entering this Market kind of the last 5 to ten years is how little thanks the

The payroll group might not have actually 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 important cycle, and people only see when things fail. However, when things go right, it’s viewed as simply a regular task. This is how it’s viewed externally also. For that reason, it is essential to ensure that jobs like Wi-Fi Worldwide and other important matters are done correctly. Using the very first Global Payments first payroll payment solution is a terrific initial step towards supplying an extensive payroll option for workers worldwide. Standardization, worldwide processes, and minimizing the variety of tools, platforms, and checking account needed for worldwide payroll are essential factors in attaining service success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do periodically receive a few problems when things don’t go as planned. Eventually, we don’t do it for the gratitude.

anyhow we understand how how essential a function 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 involved in those procedures and likewise so think of sorry I’m simply I was simply gon na say think of the quantity of thanks you got if you might cover the quantity of people that we cover within this webinar I make sure we’re speaking about hundreds of thousands possibly Millions imagine getting that lots of 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 absolutely be an intriguing task attempting to clean up all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to look through them and really see what was going on and kind of shot to return to everybody so carrying on appearance why do business select to primary different bank accounts there are Papaya Global Mongolia organizations out there doing precisely this for specific nations and I’ve worked in a company or numerous companies 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 developing extra work for anyone where we do not need to and anyone that’s dealing with that procedure I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the amount that we are I believe numerous reasons one is it’s the standard I think individuals have got so used to we need a brand-new checking account we open an entity and rightly so you require it for payroll functions but there are a number of markets where it’s not a requirement so I believe it’s just been the requirement and the norm the people have embraced and continue to do over years and years gone past to contribute to that individuals have looked at things like trust accounts and numerous other methods um to to kind of do it so I believe there’s a variety I believe this is a procedure that requires taking a look at it needs altering but eventually people are very 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 simply type of moving far from the norm as we’ve said so yeah so it keeps a great deal of track of things um I understand obviously the advantages of having preserving several savings account however there’s a substantial quantity of intricacy goes with establishing a checking account preserving it guaranteeing it can send out International transfers guaranteeing it’s established with the best user accesses for specific people so the intricacy is substantial but I think the truthful answer is change um people haven’t been able to change or have not had necessarily the knowledge to really make that change into alternate Solutions besides opening a checking account I think you have actually struck the nail on the head I think it is knowledge you know and there is an aspect of resistance to change but we’ve constantly done it that way is no real excuse for not looking at the the advantages and the possibilities of carrying on and moving into you understand what might practically be determined to be the next Century or two there is a lot to keep track of and this technique does posture a number of obstacles um so Johnny might you inform us about those difficulties yeah obviously so there’s a variety right there is so

I just 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 staff members you should have a corner workplace with a better parking space since I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Mongolia