Papaya Global Job Retention Scheme FAQ – Payroll Management 2024

Over the last 5 or six years …Papaya Global Job Retention Scheme… roles on the supplier side and likewise on the vendor side from a payroll perspective so actually eagerly anticipating this discussion today um and yeah thank you quite for your time everyone okay thanks Johnny uh we’ll simply provide everybody another couple of uh well among the 30 seconds or two to join all of us work back to back these days so we’ll type of let them do that so it ‘d be quite interesting and I can see it going on already simply to hear where everybody is um it’s nice to to type of like see where everybody comes 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 drizzling here it’s really extremely gloomy and I wish I was elsewhere at this moment in time okay so let’s begin our program for today is as follows um we are going to be looking at the challenge years of managing International payroll why business preserve separate

Virtual payroll accounts are an option to conventional savings account for managing payroll payments. This is especially useful for international companies with dispersed and remote labor forces, as it simplifies the intricate process of cross-border payments. Instead of maintaining separate savings account for payroll in different nations, virtual accounts and digital wallets use a more structured solution. In this webinar, we will explore the benefits of using virtual payroll accounts and go over why they are becoming a strategic asset for payroll executives. We will also provide a recap of the bottom lines covered and leave time for a Q&A session at the end.

making payroll payments properly effectively securely and on time during this webinar we’ll walk you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll bank account how companies precisely forecast their payroll expenses to increase working capital and how enhancing International payroll payments can turn them from a siled pane into a strategic asset so payroll can be tough in adequate in one country but when you’re doing it worldwide it’s next level and Beyond it ends up being complicated for a range of factors most significantly regulations compliance data security and banking guidelines then there are the sheer numbers they add additional intricacy the worldwide Workforce is currently 3 and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and additional 1.1 billion individuals that number is currently 500 million just for for a scale then consider that there are some 230 million organizations and growing all doing their own thing worldwide in the standard payroll model there’s frequently an overwhelming number of different systems leading to time-consuming manual procedures and silos the number of Combinations could be non-existent in large amounts and or extremely really fundamental there’s no genuine consistency framework we’re living in an era of tech however payroll has actually been slow to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper which just blows my mind whenever I I believe

about it to provide you a concept of how far there still is to come according to Deloitte only 11 of organizations say they have Workforce data in real time that’s another number that offers me sleep deprived nights and rather frankly the more an organization spends on worldwide payroll the less of a picture they see an absence of presence also reaches payroll payments and failure to properly track these payments can cause compliance incidents in the last mile of the deal almost half of worldwide companies 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 due to time reporting bad HCM data information entry errors poorly interacted hires and terminations along with absence management and system configurations and after that when you round all of it off and the information is delivered to the wrong location the average cost of a worldwide data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money worldwide payroll and payments do not run smoothly if they depend on the essential numerous processes systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the obstacles company face when they’re paying to employees or otherwise that’s a great question I constantly toss this back and state what is it what does not need to be consisted of best and what does

it need 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 time frames 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 building a knowledge base is absolutely important but everywhere you look with payroll payment they resemble very payments no if however some infants about it you are all superheroes processing payments for payroll if you look at the kind of link in between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are definitely fundamental and technology is enabling us to kind of progress with that it also too to add to that payroll and financing need to work closer together um with varying Checking account Particulars differing banking requirements and setup processes is absolutely imperative that payroll and financing teams work closer together than ever um I’m constantly astonished when individuals say I’ve divided payroll and payment um if you walk down the street and asked anyone what is payroll who does not work in the payroll profession would they split 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 ultimately 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 however likewise paying statutory authorities and on statutory 3rd parties so with the

The modern-day world puts a high worth on wellness and the settlement landscape is ending up being significantly detailed. Companies are continuously presenting brand-new advantages and payment choices, which contributes to the overall intricacy. Big corporations often divide their payroll and payment processing into separate groups, which can cause inefficiencies and bottlenecks. In my opinion, this doesn’t need to be the case. In today’s highly innovative era, there’s no reason for keeping cumbersome treatments. Payroll, the business’s greatest expenditure, must be processed properly and on time. Even small delays can negatively impact workers’ well-being and have significant repercussions. For that reason, it’s important to prioritize precise and timely payments.

The payroll group may not have been thanked for correctly 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 an essential cycle, and individuals only observe when things go wrong. Nevertheless, when things go right, it’s seen as simply a regular job. This is how it’s perceived externally as well. Therefore, it is important to guarantee that jobs like Wi-Fi Global and other essential matters are done properly. Utilizing the first Worldwide Payments first payroll payment service is an excellent initial step towards offering a thorough payroll option for staff members worldwide. Standardization, international processes, and lowering the variety of tools, platforms, and checking account essential for worldwide payroll are key consider achieving service success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes receive a few complaints when things do not go as prepared. Ultimately, we don’t do it for the appreciation.

anyhow we understand how how crucial a role it is which’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 likewise so picture sorry I’m just I was simply gon na state think of the amount 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 hundreds of thousands potentially Millions envision getting that numerous thank you keeps in mind um I mean it ‘d be interesting to see how many Post-it notes you got but it would absolutely be a fascinating job trying 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 need days of the week to attempt to look through them and actually see what was going on and type of shot to return to everyone so proceeding appearance why do business choose to primary separate savings account there are Papaya Global Job Retention Scheme companies out there doing exactly this for specific countries and I’ve operated in a company or numerous organizations doing precisely that I can say it does not constantly feel effective and it does develop more work I know we’re not intentionally doing that we’re not developing additional work for anyone where we don’t have to and anybody 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 amount that we are I believe lots of factors one is it’s the requirement I think individuals have got so utilized 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 believe it’s just been the standard and the standard the people have actually adopted and continue to do over years and years gone past to contribute to that people have taken a look at things like trust accounts and numerous other ways um to to kind of do it so I believe there’s a variety I think this is a procedure that requires taking a look at it requires altering but eventually individuals are very stuck with what they’re familiar

with ideal um modification is a hard thing all of us don’t like change um so I believe it’s just type of moving far from the norm as we have actually said so yeah so it keeps a lot of track of stuff um I comprehend certainly the benefits of having preserving several bank accounts however there’s a big quantity of complexity chooses establishing a checking account maintaining it guaranteeing it can send out International transfers guaranteeing it’s set up with the best user accesses for individual people so the intricacy is big however I believe the truthful answer is change um individuals have not been able to alter or have not had always the knowledge to really make that change into alternate Solutions aside from opening a checking account I believe you have actually struck the nail on the head I believe it is knowledge you know and there is an element of resistance to alter however we’ve constantly done it that way is no genuine reason for not looking at the the advantages and the possibilities of proceeding and moving into you understand what might almost be figured out to be the next Century or two there is a lot to keep an eye on and this approach does position a number of obstacles um so Johnny might you inform us about those difficulties yeah naturally so there’s a variety right there is so

I just did you switched 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 office with a better parking space since I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Job Retention Scheme