Papaya Global Hsbc FAQ – Payroll Management 2024

Over the last five or 6 years …Papaya Global Hsbc… functions on the company side and likewise on the supplier side from a payroll perspective so actually looking forward to this discussion today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll just offer everybody another number of uh well among the 30 seconds or two to join we all work back to back nowadays so we’ll sort of let them do that so it ‘d be rather interesting and I can see it going on currently just to hear where everybody is um it’s nice to to sort of like see where everybody comes from and I truly 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 raining here it’s extremely very uninspiring and I wish I was elsewhere at this moment in time alright so let’s begin our agenda for today is as follows um we are going to be taking a look at the difficulty years of managing Global payroll why business preserve separate

savings account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts streamlining papaya International payroll payments as a tactical property uh we’ll also review a wrap-up which ought to leave his time at the very really end for a q a session so as the title of the webinar recommends payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and Global workforces end up being increasingly more typical and managing them ends up being more and more complex Global companies are seeking to find Solutions and new methods to enhance procedures specifically from a payroll and cross-border payment perspective numerous organizations keep different bank account just for payroll while some have several accounts in different countries does it make sense for business to preserve separate savings account sometimes in various countries it does but just for payroll is there a much better way what function do virtual accounts and digital wallets likewise called virtual wallets play in assisting international companies enhance the episode complex processes of

Guaranteeing accurate, effective, and prompt payroll payments is a complex difficulty for organizations running worldwide. Join us for a webinar to check out the benefits and drawbacks of payroll wallets versus payroll savings account, learn how companies anticipate payroll costs to enhance working capital, and find how simplifying international payroll payments can change them from a difficult job into a strategic asset.

Handling payroll internationally is a daunting task due to various guidelines, compliance requirements, information security issues, and banking rules. The large variety of employees and companies contributes to the complexity, with an approximated 3.5 billion people in the worldwide labor force, 500 million of whom are in Africa, and 230 million businesses worldwide.

Standard payroll systems frequently lead to manual procedures, information silos, and an absence of integration, resulting in inconsistencies and inefficiencies. Despite living in an age of technological advancements, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed manually, typically using pen and paper. This webinar objectives to supply insights and solutions to streamline and enhance worldwide payroll payments.

about it to provide you an idea of how far there still is to come according to Deloitte only 11 of services say they have Labor force data in real time that’s another number that provides me sleep deprived nights and quite frankly the more a business invests in international payroll the less of a photo they see a lack of exposure likewise encompasses payroll payments and failure to accurately track these payments can lead to compliance mishaps in the last mile of the deal almost half of international services have expressed that they do not have the level of standardization they require in their procedures or want and as a result eighty percent of errors are because of time reporting bad HCM information data entry mistakes badly communicated hires and terminations as well as absence management and system setups and then when you round everything off and the data is delivered to the wrong place the typical expense of a worldwide data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money worldwide payroll and payments do not run efficiently if they depend on the essential several processes systems and partners it is simply not possible so Johnny from a payments perspective 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 a good question I always toss this back and state what is it what doesn’t require to be consisted of right and what does

it need to be considered there’s varying Bank information so the length of an eye band a swift an account number routing code per country 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 intricacy wherever you look best eventually developing a knowledge base is absolutely crucial however everywhere you look with payroll payment they are like 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 acknowledgment that payroll payments are absolutely basic and innovation is permitting us to sort of move forward with that it also also to contribute to that payroll and finance need to work closer together um with differing Savings account Particulars differing banking requirements and setup procedures is absolutely crucial that payroll and financing groups work more detailed together than ever um I’m always amazed when people state I have actually divided payroll and payment um if you stroll down the street and asked anyone what is payroll who does not work in the payroll occupation would they split the payroll payment from calculation I would say no so why do we as an industry 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 data collection all the way through to paying individuals any place they are but likewise paying statutory authorities and on statutory 3rd parties so with the

world we live in and well-being being increasingly more crucial to add to sort of the level of complexity there’s more and more benefits being organ or being provided by organizations throughout the world so once again you’re just wanting to include increasingly more payments to this already complex landscape so if you sort of got any experience well I’m from your vast experience here and I make certain however have you got any experience in kind of real difficulties or real difficult type of pay utilizes to play to pay people I think yeah I indicate over the last well yeah a number of decades I would certainly state that the larger a service gets the more it tends to segregate the payroll and the payments operates um there are teams 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 opinion and my experience that doesn’t necessarily need to be the case you understand long gone are the times where we require to develop extra handoffs in the processes that we operate in they simply make them more prompt they make them less efficient and they do not make them what they require to be in in an age of tech and a period that you understand that we are operating in today there is no reason why we are still making this as hard as it needs to be agreed and rightly as you said payroll is the single greatest liability that any organization has from an expense viewpoint from an impact perspective on employees it is absolutely 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 detrimental impact on people’s well-being and many other elements if individuals aren’t paid uh I have actually always been amazed coming into 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 correctly processing payroll during a webinar. If anyone has actually been thanked, it would be great to hear their success story, whether it’s from all employees or not. Payroll is an essential cycle, and people only observe when things fail. Nevertheless, when things go right, it’s viewed as simply a regular task. This is how it’s perceived externally as well. For that reason, it is important to make sure that jobs like Wi-Fi Global and other essential matters are done properly. Using the very first International Payments very first payroll payment service is a great preliminary step towards offering a detailed payroll service for employees worldwide. Standardization, international procedures, and minimizing the variety of tools, platforms, and checking account required for global payroll are essential factors in accomplishing service success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes receive a couple of complaints when things do not go as prepared. Eventually, we do not do it for the thankfulness.

anyway we understand how how crucial 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 simple as possible for everyone that’s associated with those processes and likewise so think of sorry I’m simply I was simply gon na state imagine the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I make certain we’re speaking about hundreds of thousands potentially Millions imagine getting that many thank you notes um I suggest it ‘d be interesting to see the number of Post-it notes you got however it would certainly be an intriguing task attempting to clean all those up for sure oh definitely 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 in fact see what was going on and sort of try to return to everyone so proceeding look why do business pick to primary separate checking account there are Papaya Global Hsbc services out there doing precisely this for particular nations and I have actually operated in a company or numerous organizations doing precisely that I can state it doesn’t always feel effective and it does develop more work I understand we’re not deliberately doing that we’re not creating additional work for anybody where we do not need to and any person that’s handling that procedure 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 believe many reasons one is it’s the requirement I believe individuals have actually got so used to we require a new bank 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 individuals have actually embraced and continue to do over years and years passed by to contribute to that individuals have taken a look at things like trust accounts and lots of other methods um to to type of do it so I believe there’s a variety I think this is a process that requires taking a look at it requires changing but eventually individuals are extremely stuck to what they recognize

with best um modification is a difficult thing all of us do not like modification um so I believe it’s simply type of moving away from the standard as we have actually said so yeah so it keeps a lot of track of things um I comprehend clearly the advantages of having preserving multiple savings account but there’s a big amount of complexity goes with establishing a savings account keeping it ensuring it can send International transfers guaranteeing it’s set up with the best user accesses for private individuals so the complexity is huge but I think the truthful response is modification 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 savings account I think you’ve hit the nail on the head I think it is understanding you understand and there is a component of resistance to change but we have actually always done it that way is no genuine reason for not looking at the the advantages and the possibilities of proceeding and moving into you know what could almost be determined to be the next Century or so there is a lot to keep track of and this approach does pose a number of difficulties um so Johnny could you tell us about those difficulties yeah naturally so there’s a range right there is so

I just did you changed 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 Worldwide employees you are worthy of a corner workplace with a better parking space because I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Hsbc