Setting Nest Pension On Papaya Global FAQ – Payroll Management 2024

Over the last five or 6 years …Setting Nest Pension On Papaya Global… functions on the supplier side and also on the supplier side from a payroll viewpoint so truly eagerly anticipating this discussion today um and yeah thank you quite for your time everyone fine thanks Johnny uh we’ll just provide everyone another couple of uh well among the 30 seconds approximately to join all of us work back to back these days so we’ll type of let them do that so it ‘d be rather 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 comes from and I truly 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 drizzling here it’s extremely really 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 managing Global payroll why business keep separate

checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts improving papaya Global payroll payments as a tactical asset uh we’ll likewise discuss a wrap-up and that ought to leave his time at the very really end for a q a session so as the title of the webinar recommends payroll officers on relocating 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 ends up being a growing number of complicated Worldwide organizations are wanting to discover Solutions and brand-new ways to streamline procedures particularly from a payroll and cross-border payment viewpoint lots of companies preserve separate checking account just for payroll while some have multiple accounts in different countries does it make good sense for business to maintain separate checking account often in different nations it does however just for payroll exists a much better way what role do virtual accounts and digital wallets also called virtual wallets play in helping international business streamline the episode complex processes of

making payroll payments accurately efficiently securely and on time during this webinar we’ll stroll you through the global benefits and drawbacks of a payroll wallet versus a payroll checking account how business precisely forecast their payroll costs to increase working capital and how simplifying Worldwide payroll payments can turn them from a siled pane into a strategic possession so payroll can be difficult in sufficient in one nation however when you’re doing it internationally it’s next level and Beyond it ends up being complicated for a variety of reasons most notably policies compliance data security and banking guidelines then there are the sheer numbers they include additional intricacy the global Workforce is presently three and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and more 1.1 billion individuals that number is presently 500 million just for for a scale then consider that there are some 230 million businesses and growing all doing their own thing around the world in the standard payroll model there’s frequently an overwhelming number of various systems resulting in lengthy manual processes and silos the variety of Combinations could be non-existent in large quantities and or really extremely fundamental there’s no genuine consistency framework we’re living 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 typically with pen and paper which simply blows my mind each time I I believe

about it to give you a concept of how far there still is to come according to Deloitte only 11 of organizations say they have Labor force data in real time that’s another number that gives me sleepless nights and quite frankly the more a business spends on international payroll the less of a photo they see an absence of visibility likewise encompasses payroll payments and inability to accurately track these payments can lead to compliance incidents in the last mile of the transaction nearly half of global companies have expressed that they don’t have the level of standardization they need in their procedures or want and as a result eighty percent of errors are due to time reporting poor HCM information information entry mistakes inadequately communicated 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 incorrect place the average cost of a worldwide information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money worldwide payroll and payments don’t run efficiently if they rely on the essential multiple processes systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the challenges service face when they’re making payments to employees or otherwise that’s an excellent question I constantly throw this back and state what is it what does not require to be included right and what does

it need to be thought of there’s varying Bank information 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 capabilities 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 complexity any place you look ideal ultimately developing a knowledge base is definitely important however all over you look with payroll payment they resemble very payments no if but some babies 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 believe there’s now a bit more recognition that payroll payments are definitely fundamental and innovation is enabling us to kind of progress with that it likewise too to contribute to that payroll and financing require to work closer together um with differing Bank Account Details varying banking requirements and setup processes is absolutely essential that payroll and financing groups work closer together than ever um I’m constantly amazed when individuals say I have actually 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 divide 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 eventually 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 but likewise paying statutory authorities and on statutory third parties so with the

world we live in and well-being being a growing number of essential to add to type of the level of complexity there’s more and more benefits being organ or being used by businesses throughout the world so again you’re just looking to include a growing number of payments to this already complicated landscape so if you sort 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 difficulties or real tough type of pay uses to play to pay people I think yeah I imply over the last well yeah a couple of years I would certainly say that the bigger a company gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the job there are groups feeding information into the next function as it were that’s really managing the payment side of things however you know in in my opinion and my experience that doesn’t always require to be the case you understand long gone are the times where we require to develop additional handoffs while doing sos that we run in they simply make them more prompt they make them less effective and they do not make them what they need to be in in an era of tech and a period that you know that we are working in today there is no reason that we are still making this as challenging as it requires to be concurred and appropriately as you said payroll is the single most significant liability that any business has from a cost perspective from an impact point of view on staff members it is absolutely vital that it’s done correctly 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 greatest detrimental impact on people’s wellness and numerous other elements if individuals aren’t paid uh I’ve always been amazed entering this Market sort of the last 5 to ten years is how little thanks the

The payroll team might not have been thanked for properly processing payroll throughout a webinar. If anyone has actually been thanked, it would be excellent to hear their success story, whether it’s from all workers or not. Payroll is a crucial cycle, and people just notice when things fail. Nevertheless, when things go right, it’s seen as just a regular job. This is how it’s viewed externally also. Therefore, it is vital to ensure that tasks like Wi-Fi International and other essential matters are done properly. Utilizing the first Global Payments very first payroll payment service is a fantastic initial action towards supplying a comprehensive payroll option for staff members worldwide. Standardization, global procedures, and lowering the variety of tools, platforms, and checking account essential for worldwide payroll are key consider attaining organization success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do sometimes receive a couple of problems when things do not go as prepared. Eventually, we do not do it for the thankfulness.

anyhow we understand 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 easy as possible for everybody that’s associated with those processes and also so picture sorry I’m just I was simply gon na say envision the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I’m sure we’re talking about numerous thousands possibly Millions envision getting that numerous thank you notes um I indicate it ‘d be interesting to see the number of Post-it notes you got but it would absolutely be a fascinating job trying to clean all those up for sure oh absolutely I can’t picture the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to browse them and really see what was going on and sort of try to get back to everyone so proceeding appearance why do companies select to primary different bank accounts there are Setting Nest Pension On Papaya Global organizations out there doing precisely this for specific countries and I have actually worked in a business or numerous businesses doing exactly that I can state it does not always feel efficient and it does create more work I know we’re not intentionally doing that we’re not producing extra work for anybody where we do not have to and anyone that’s dealing with that process I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the quantity that we are I believe numerous reasons one is it’s the standard I think people have actually got so used to we need a brand-new checking account we open an entity and appropriately so you need it for payroll purposes but there are a variety of markets where it’s not a requirement so I believe it’s simply been the requirement and the norm individuals have embraced and continue to do over years and years passed by to contribute to that individuals have looked at things like trust accounts and lots of other methods um to to type of do it so I think there’s a range I think this is a process that needs taking a look at it needs changing however ultimately individuals are extremely stuck to what they’re familiar

with best um modification is a difficult thing all of us do not like modification um so I believe it’s simply sort of moving away from the norm as we have actually said so yeah so it keeps a great deal of track of things um I understand certainly the advantages of having maintaining multiple bank accounts but there’s a huge amount of intricacy goes with setting up a savings account maintaining it guaranteeing it can send International transfers guaranteeing it’s established with the right user accesses for private individuals so the intricacy is substantial but I think the truthful answer is modification um people haven’t had the ability to alter or haven’t had necessarily the knowledge to actually make that change into alternate Solutions besides opening a bank account I think you’ve struck the nail on the head I believe it is understanding you know and there is an aspect of resistance to change but we have actually constantly done it that way is no real excuse for not taking a look at the the advantages and the possibilities of carrying on and moving into you know what could practically be determined to be the next Century approximately there is a lot to track and this technique does pose a number of difficulties um so Johnny might you inform us about those challenges yeah of course so there’s a variety right there is so

I simply did you changed our Business to OS so now we can do our payroll and payments operation on a single platform yes it’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global employees you should have a corner office with a closer parking space because I mastered International payroll and payments with Papaya payroll OS did you Setting Nest Pension On Papaya Global