Papaya Global How To Change Pension Contributions FAQ – Payroll Management 2024

Over the last five or six years …Papaya Global How To Change Pension Contributions… roles on the supplier side and also on the vendor side from a payroll point of view so actually eagerly anticipating this conversation today um and yeah thank you quite for your time everyone all right thanks Johnny uh we’ll simply give everyone another couple of uh well one of the 30 seconds or two to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be quite fascinating and I can see it going on already simply to hear where everybody is um it’s nice to to kind of like see where everybody comes from and I really do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s very extremely dreary and I wish I was elsewhere at this moment in time fine so let’s start our program for today is as follows um we are going to be taking a look at the challenge years of handling International payroll why companies keep different

savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts improving papaya International payroll payments as a strategic asset uh we’ll also go over a recap which should leave his time at the really really 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 workforces end up being increasingly more typical and managing them becomes a growing number of complex Worldwide companies are wanting to find Solutions and new methods to enhance procedures especially from a payroll and cross-border payment viewpoint numerous companies preserve different bank account just for payroll while some have several accounts in various countries does it make sense for business to maintain separate bank accounts in some cases in different countries it does but just for payroll exists a better method 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 sure accurate, efficient, and timely payroll payments is a complex difficulty for companies operating globally. Join us for a webinar to explore the advantages and drawbacks of payroll wallets versus payroll checking account, learn how companies anticipate payroll costs to optimize working capital, and find how improving worldwide payroll payments can change them from a difficult job into a tactical possession.

Handling payroll worldwide is a difficult job due to numerous guidelines, compliance requirements, information security concerns, and banking guidelines. The sheer variety of workers and services adds to the complexity, with an approximated 3.5 billion individuals in the worldwide workforce, 500 countless whom remain in Africa, and 230 million businesses worldwide.

Standard payroll systems typically lead to manual processes, information silos, and a lack of integration, leading to disparities and inadequacies. Regardless of residing in an age of technological improvements, payroll management has been slow to adjust, with as much as 25% of payroll still processed manually, typically using pen and paper. This webinar goals to offer insights and solutions to simplify and optimize global payroll payments.

about it to offer you an idea of how far there still is to come according to Deloitte only 11 of organizations state they have Labor force data in real time that’s another number that provides me sleep deprived nights and rather frankly the more an organization invests in global payroll the less of a photo they see an absence of exposure likewise reaches payroll payments and failure to accurately track these payments can lead to compliance mishaps in the last mile of the transaction nearly half of global companies have revealed that they don’t have the level of standardization they require in their processes or desire and as a result eighty percent of errors are due to time reporting bad HCM information data entry errors improperly interacted hires and terminations along with lack management and system setups and after that when you round everything off and the information is shipped to the wrong place the average expense of a worldwide 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 don’t run efficiently if they rely on the required multiple processes systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the difficulties business face when they’re making payments to workers or otherwise that’s a great question I always throw this back and say what is it what doesn’t need to be included right and what does

it require to be considered there’s differing Bank information 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 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 ideal eventually developing a knowledge base is absolutely crucial however everywhere you look with payroll payment they resemble extremely payments no if however some babies about it you are all superheroes processing payments for payroll if you look at the kind of link between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are absolutely essential and technology is permitting us to sort of move on with that it also also to contribute to that payroll and financing require to work closer together um with varying Savings account Particulars varying banking requirements and setup processes is absolutely vital that payroll and financing groups work more detailed together than ever um I’m constantly astonished when people state I’ve divided 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 computation 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 process 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 third parties so with the

world we reside in and well-being being more and more important to add to kind of the level of complexity there’s increasingly more benefits being organ or being offered by services across the world so again you’re simply seeking to add increasingly more payments to this already complicated landscape so if you sort of got any experience well I’m from your huge experience here and I make certain but have you got any experience in kind of real challenges or real tough sort of pay uses to play to pay people I believe yeah I suggest over the last well yeah a number of years I would certainly say that the larger an organization 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 teams feeding info into the next function as it were that’s actually handling the payment side of things however you understand 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 produce extra handoffs at the same times that we operate in they simply make them more prompt they make them less efficient and they don’t make them what they require to be in in an era of tech and an age that you know that we are working in today there is no reason we are still making this as hard as it needs to be concurred and appropriately as you said payroll is the single most significant liability that any service has from an expense viewpoint from an impact perspective on employees it is definitely important 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 have to be done right it has the most significant destructive result on people’s well-being and many other elements if individuals aren’t paid uh I’ve always been impressed entering this Market kind of the last 5 to ten years is how little thanks the

payroll group get um so I’m unsure anyone on this kind of webinar has been told 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 however ultimately payroll is such a crucial cycle we all become aware of it when it goes wrong everybody jumps up and down when it fails however when it goes right it’s simply 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 things is definitely important that all of this things is done properly so leveraging the first Worldwide Payments first payroll payment service is a great primary step um providing an end-to-end payroll option for your employees globally once again I believe is another substantial um process again aligning and ensuring you have standardization Worldwide processes all of those things are definitely key to success success of services and minimizing the number of tools platforms and bank accounts they require for their Worldwide payroll too could not agree with you more and on the the front in terms of of the thank yous for getting payroll done I’ve never had a hundred countless them within a payroll cycle do not anticipate to you do get the odd five or 10 or whatever it might be with the with the the grievances where things have not gone rather where they’re suggested to be um I don’t think any of us are actually doing that for for the thanks

anyway we understand how how essential 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 associated with those processes and likewise so imagine sorry I’m just I was just gon na state picture the quantity 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 envision getting that lots of thank you keeps in mind um I suggest it ‘d be interesting to see how many Post-it notes you got however it would absolutely be a fascinating job attempting to clean all those up for sure oh definitely I can’t envision 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 really see what was going on and sort of shot to get back to everybody so carrying on look why do companies select to primary different bank accounts there are Papaya Global How To Change Pension Contributions businesses out there doing exactly this for specific countries and I’ve worked in a company or many companies doing precisely that I can state it doesn’t always feel efficient and it does produce more work I understand we’re not deliberately doing that we’re not creating extra work for anyone where we don’t 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 believe numerous reasons one is it’s the standard I believe people have got so used to we require a brand-new bank account we open an entity and rightly so you need 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 standard individuals have adopted and continue to do over years and years gone past to add to that people have taken a look at things like trust accounts and numerous other methods um to to sort of do it so I think there’s a variety I believe this is a process that requires taking a look at it needs altering however ultimately people are very stuck to what they recognize

with ideal um modification is a hard thing we all don’t like change um so I think it’s just kind of moving far from the norm as we have actually said so yeah so it keeps a great deal of track of things um I understand undoubtedly the advantages of having maintaining multiple checking account however there’s a big quantity of intricacy chooses setting up a savings account keeping it guaranteeing it can send out International transfers guaranteeing it’s established with the best user accesses for individual people so the complexity is substantial but I believe the sincere response is modification um people have not had the ability to alter or haven’t had necessarily the understanding to truly make that change into alternate Solutions other than opening a checking account I think you have actually struck the nail on the head I think it is understanding you understand and there is an element of resistance to change but we’ve always done it that way is no real reason for not taking a look at the the advantages and the possibilities of moving on and moving into you understand what could almost be identified to be the next Century or two there is a lot to keep an eye on and this method does present several difficulties um so Johnny could you tell us about those difficulties yeah of course so there’s a range right there is so

I simply did you switched 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 workers you are worthy of a corner workplace with a better parking space due to the fact that I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global How To Change Pension Contributions