Papaya Global Job Retention Scheme Module FAQ – Payroll Management 2024

Over the last 5 or 6 years …Papaya Global Job Retention Scheme Module… functions on the supplier side and likewise on the vendor side from a payroll viewpoint so really eagerly anticipating this discussion today um and yeah thank you quite for your time everyone all right thanks Johnny uh we’ll just offer everyone another number of uh well one of 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 fascinating 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 sunshine is it it’s not no it’s it’s raining here it’s extremely really gloomy and I want 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 taking a look at the challenge years of handling Global payroll why business keep different

checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts simplifying papaya International payroll payments as a tactical property uh we’ll likewise discuss a wrap-up and that ought to leave his time at the really really end for a q a session so as the title of the webinar suggests payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and International workforces become more and more common and handling them ends up being more and more complex Global companies are seeking to discover Solutions and brand-new ways to simplify procedures specifically from a payroll and cross-border payment standpoint numerous organizations maintain different bank account just for payroll while some have several accounts in different nations does it make sense for companies to maintain different savings account often in different countries it does however just for payroll is there a better way what function do virtual accounts and digital wallets also known as virtual wallets play in helping multinational business improve the episode complex procedures of

Guaranteeing accurate, effective, and prompt payroll payments is a complex challenge for businesses operating globally. Join us for a webinar to explore the advantages and drawbacks of payroll wallets versus payroll bank accounts, learn how business forecast payroll expenses to optimize working capital, and discover how simplifying worldwide payroll payments can change them from a difficult job into a strategic possession.

Managing payroll globally is a daunting task due to different policies, compliance requirements, data security issues, and banking rules. The sheer variety of workers and organizations contributes to the intricacy, with an approximated 3.5 billion individuals in the worldwide workforce, 500 million of whom remain in Africa, and 230 million companies worldwide.

Traditional payroll systems frequently lead to manual processes, information silos, and a lack of combination, resulting in disparities and inadequacies. Regardless of residing in an age of technological advancements, payroll management has actually been slow to adjust, with as much as 25% of payroll still processed by hand, typically using pen and paper. This webinar aims to supply insights and services to streamline and optimize worldwide payroll payments.

about it to give you a concept of how far there still is to come according to Deloitte just 11 of companies say they have Labor force data in real time that’s another number that provides me sleep deprived nights and rather honestly the more a company invests in international payroll the less of a photo they see a lack of presence also reaches payroll payments and inability to properly track these payments can lead to compliance incidents in the last mile of the transaction nearly half of international services have actually expressed that they don’t 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 bad HCM data data entry errors poorly communicated hires and terminations as well as absence management and system setups and then when you round it all off and the data is shipped to the incorrect place the average expense of an international data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money all over the world payroll and payments don’t run efficiently if they depend on the essential numerous 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 employees or otherwise that’s a great question I constantly toss this back and say what is it what doesn’t need to be consisted of right and what does

it require to be considered 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 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 complexity anywhere you look ideal eventually developing a knowledge base is absolutely critical however everywhere you look with payroll payment they resemble super payments no if but some infants about it you are all superheroes processing payments for payroll if you take a look at the type of link between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are absolutely basic and technology is allowing us to sort of move on with that it also as well to add to that payroll and financing need to work closer together um with differing Savings account Particulars differing banking requirements and setup procedures is absolutely important that payroll and financing teams work closer together than ever um I’m always amazed when individuals state I have actually split 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 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 typically split and cut up um eventually 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 however likewise paying statutory authorities and on statutory third parties so with the

world we live in and wellness being a growing number of crucial to add to kind of the level of complexity there’s increasingly more advantages being organ or being offered by organizations throughout the world so once again you’re just wanting to include more and more payments to this currently complex landscape so if you sort of got any experience well I’m from your large experience here and I’m sure but have you got any experience in kind of genuine challenges or genuine challenging sort of pay uses to play to pay people I think yeah I imply over the last well yeah a number of years I would certainly say that the bigger an organization gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the task there are teams feeding info into the next function as it were that’s actually handling the payment side of things but you know in in my opinion and my experience that does not always 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 just make them more prompt they make them less efficient and they do not make them what they require to be in in an era of tech and an age that you understand that we are working in today there is no reason that we are still making this as hard as it needs to be agreed and appropriately as you said payroll is the single biggest liability that any company has from a cost perspective from an impact perspective on employees it is absolutely critical that it’s done correctly and on time so what we imply 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 damaging effect on individuals’s well-being and many other aspects if individuals aren’t paid uh I’ve always been impressed entering into this Market kind of the last 5 to ten years is how little thanks the

The payroll team may not have been thanked for properly processing payroll during a webinar. If anyone has been thanked, it would be fantastic to hear their success story, whether it’s from all workers or not. Payroll is an essential cycle, and individuals just observe when things fail. However, when things go right, it’s viewed as just a routine job. This is how it’s viewed externally also. For that reason, it is vital to guarantee that jobs like Wi-Fi International and other vital matters are done properly. Using the first Global Payments very first payroll payment option is an excellent preliminary step towards providing a detailed payroll option for workers worldwide. Standardization, worldwide procedures, and decreasing the number of tools, platforms, and savings account necessary for global payroll are crucial consider accomplishing service success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do periodically get a few problems when things don’t go as planned. Eventually, we don’t do it for the appreciation.

anyway we understand how how important 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 everybody that’s involved in those procedures and likewise so envision sorry I’m simply I was just gon na state imagine the amount of thanks you got if you might cover the quantity of individuals that we cover within this webinar I’m sure we’re discussing hundreds of thousands potentially Millions think of getting that lots of thank you keeps in mind um I imply it ‘d be interesting to see how many Post-it notes you got however it would definitely 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 need days of the week to try to look through them and really see what was going on and type of shot to return to everyone so moving on appearance why do business pick to primary different savings account there are Papaya Global Job Retention Scheme Module organizations out there doing precisely this for specific nations and I have actually worked in a business or numerous businesses doing exactly that I can state it doesn’t always feel effective and it does develop more work I know we’re not purposely doing that we’re not producing extra work for anyone where we don’t have to and any person that’s handling that procedure I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the quantity that we are I think lots of factors one is it’s the requirement 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 however there are a number of markets where it’s not a requirement so I think it’s just been the requirement and the standard the people have embraced and continue to do over years and years passed by to add to that people have looked at things like trust accounts and lots of other methods um to to sort of do it so I believe there’s a range I think this is a process that requires taking a look at it requires changing but eventually people are really stuck to what they’re familiar

with best um change is a challenging thing we all do not like change um so I think it’s simply kind of moving away from the standard as we’ve said so yeah so it keeps a great deal of track of stuff um I understand certainly the benefits of having maintaining several checking account however there’s a big amount of complexity opts for establishing a savings account maintaining it ensuring it can send out International transfers guaranteeing it’s set up with the best user accesses for individual individuals so the intricacy is big however I think the honest response is change um individuals haven’t had the ability to alter or have not had always the understanding to really make that change into alternate Solutions besides opening a savings account I think you’ve struck the nail on the head I think it is knowledge you understand and there is an aspect of resistance to alter however 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 understand what might almost be determined to be the next Century or so there is a lot to keep an eye on and this technique does position numerous difficulties um so Johnny could 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 deserve a corner office with a closer parking space since I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Job Retention Scheme Module