Papaya Global Pension Setup Laggy FAQ – Payroll Management 2024

Over the last five or six years …Papaya Global Pension Setup Laggy… functions on the company side and also 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 everybody alright thanks Johnny uh we’ll just give everybody another couple of uh well one of the 30 seconds or so to join all of us work back to back nowadays so we’ll sort 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 sort of like see where everybody 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 extremely extremely bleak and I wish I was elsewhere at this moment in time okay so let’s get going our agenda for today is as follows um we are going to be looking at the difficulty years of managing International payroll why companies maintain separate

checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts streamlining papaya Global payroll payments as a tactical property uh we’ll likewise review a recap which should leave his time at the very 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 become increasingly more typical and managing them becomes a growing number of intricate Worldwide companies are seeking to find Solutions and new ways to streamline procedures specifically from a payroll and cross-border payment standpoint numerous organizations preserve different savings account just for payroll while some have several accounts in various countries does it make sense for companies to maintain separate savings account sometimes in different countries it does however just for payroll exists a better method what function do virtual accounts and digital wallets likewise referred to as virtual wallets play in assisting multinational companies streamline the episode complex procedures of

making payroll payments accurately effectively firmly and on time during this webinar we’ll walk you through the global benefits and drawbacks of a payroll wallet versus a payroll bank account how business properly forecast their payroll expenses to increase working capital and how improving International payroll payments can turn them from a siled pane into a tactical possession so payroll can be hard in sufficient in one nation however when you’re doing it worldwide it’s next level and Beyond it becomes complicated for a range of factors most importantly guidelines compliance data security and banking rules then there are the sheer numbers they add additional 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 further 1.1 billion individuals that number is currently 500 million just for for a scale then factor in that there are some 230 million companies and growing all doing their own thing around the globe in the conventional payroll model there’s typically an overwhelming number of different systems leading to lengthy manual processes and silos the variety of Combinations could be non-existent in large quantities and or very really basic there’s no genuine consistency framework we’re residing in a period of tech but payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper and that just blows my mind each time I I believe

about it to offer 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 sleep deprived nights and rather honestly the more a business invests in global payroll the less of a photo they see an absence of exposure also reaches payroll payments and inability to accurately track these payments can cause compliance incidents in the last mile of the deal almost half of international businesses 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 due to time reporting poor HCM information information entry mistakes poorly interacted hires and terminations in addition to absence management and system setups and then when you round all of it off and the information is shipped to the wrong place the average cost of a global information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money around the world payroll and payments do not run efficiently if they rely on the required multiple processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the challenges company face when they’re making payments to staff members or otherwise that’s a good concern I always throw this back and state what is it what doesn’t need to be included right and what does

it need to be thought of there’s differing Bank details so the length of an eye band a swift an account number routing code per country there’s payment timespan there’s payment capabilities so can you pay it from International or do you have to pay from an in-country account do you have to pay from the customer’s own in-country account so there’s intricacy wherever you look ideal ultimately building a knowledge base is absolutely important but everywhere you look with payroll payment they are like incredibly payments no if however some children about it you are all superheroes processing payments for payroll if you take a 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 enabling us to type of progress with that it likewise too to add to that payroll and financing need to work closer together um with varying Savings account Particulars varying banking requirements and setup processes is definitely important that payroll and finance groups work more detailed together than ever um I’m constantly amazed when individuals say I have actually split payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t operate 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 typically split and cut up um ultimately it’s payroll is an end-to-end process 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 third parties so with the

world we reside in and well-being being a growing number of crucial to contribute to sort of the level of complexity there’s increasingly more advantages being organ or being used by organizations across the world so again you’re simply looking to add increasingly more payments to this currently complicated landscape so if you sort of got any experience well I’m from your large experience here and I make certain but have you got any experience in kind of genuine challenges or real difficult kind of pay uses to play to pay people I think yeah I indicate over the last well yeah a number of years I would certainly state that the bigger a service gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the job there are groups feeding info 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 does not 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 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 understand that we are working in today there is no reason we are still making this as challenging as it needs to be concurred and appropriately as you said payroll is the single biggest liability that any organization has from an expense perspective from an effect perspective on workers it is absolutely important 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 need to be done right it has the biggest harmful result on individuals’s wellness and lots of other aspects if individuals aren’t paid uh I’ve always been surprised entering into this Market kind of the last five to 10 years is how little thanks the

The payroll group might not have actually been thanked for properly processing payroll throughout a webinar. If anyone has been thanked, it would be excellent to hear their success story, whether it’s from all staff members or not. Payroll is an important cycle, and individuals only observe when things fail. However, when things go right, it’s seen as just a regular task. This is how it’s viewed externally also. For that reason, it is important to make sure that tasks like Wi-Fi Worldwide and other vital matters are done correctly. Using the very first Global Payments first payroll payment option is a fantastic preliminary action towards providing an extensive payroll solution for workers worldwide. Standardization, global processes, and minimizing the number of tools, platforms, and savings account necessary for worldwide payroll are essential consider attaining business success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do periodically get a few complaints when things don’t go as prepared. Ultimately, we don’t do it for the thankfulness.

anyhow we know how how crucial 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 everyone that’s associated with those procedures and also so imagine sorry I’m simply I was just gon na say picture the quantity of thanks you got if you might cover the quantity of individuals that we cover within this webinar I’m sure we’re talking about numerous thousands possibly Millions envision getting that many thank you notes um I indicate it ‘d be interesting to see how many Post-it notes you got but it would definitely be a fascinating job attempting to clean all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to check out them and really see what was going on and sort of try to get back to everyone so carrying on appearance why do companies pick to main separate checking account there are Papaya Global Pension Setup Laggy businesses out there doing precisely this for particular countries and I’ve operated in a business or many organizations doing precisely that I can state it does not constantly feel effective and it does develop more work I know we’re not deliberately doing that we’re not creating additional work for anyone 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 believe that we’re doing that in in the in the amount that we are I think numerous reasons one is it’s the requirement I believe people have got so utilized to we require a brand-new savings account we open an entity and appropriately so you require it for payroll purposes 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 passed by to add to that people have taken a look at things like trust accounts and lots of other methods um to to kind of do it so I believe there’s a range I believe this is a process that requires looking at it needs changing however ultimately individuals are extremely stuck with what they’re familiar

with best um modification is a hard thing we all do not like change um so I believe it’s simply kind of moving far from the norm as we have actually said so yeah so it keeps a great deal of track of stuff um I understand clearly the benefits of having keeping multiple savings account however there’s a substantial amount of intricacy chooses setting up a checking account maintaining it guaranteeing it can send International transfers ensuring it’s set up with the best user accesses for specific individuals so the intricacy is substantial but I believe the truthful answer is modification um individuals haven’t had the ability to alter or haven’t had necessarily the knowledge to truly make that change into alternate Solutions other than opening a savings account I believe you’ve hit the nail on the head I think it is knowledge you understand and there is an element of resistance to alter but we’ve constantly done it that way is no genuine excuse for not looking at the the benefits and the possibilities of proceeding and moving into you know what could nearly be identified to be the next Century or two there is a lot to monitor and this technique does posture numerous challenges um so Johnny might 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 handle our payroll and payment tasks on one platform. It seems like our CFO has gained another CFO, and with this improved ability, I have effectively protected payments for our 10,000 workers worldwide. Your dedication to mastering international payroll and payments using Papaya payroll OS is commendable. You deserve a corner workplace with a parking space that is more detailed, considering your accomplishments. Papaya Global Pension Setup Laggy