Papaya Global People\’s Pension Excel FAQ – Payroll Management 2024

Over the last five or 6 years …Papaya Global People\’s Pension Excel… functions on the company side and likewise on the supplier side from a payroll perspective so really anticipating this discussion today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll simply give everybody another couple 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 quite fascinating and I can see it going on currently just to hear where everyone is um it’s nice to to kind of like see where everyone originates from and I truly do hope it’s much sunnier than it is 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 extremely really gloomy and I want I was somewhere else at this moment in time fine so let’s begin our agenda for today is as follows um we are going to be looking at the difficulty years of managing Worldwide payroll why companies keep different

savings account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts enhancing papaya Global payroll payments as a strategic asset uh we’ll also discuss a wrap-up which should leave his time at the extremely very end for a q a session so as the title of the webinar suggests payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces end up being increasingly more common and managing them ends up being more and more complex Worldwide companies are seeking to discover Solutions and brand-new methods to improve processes particularly from a payroll and cross-border payment standpoint many organizations maintain different savings account just for payroll while some have numerous accounts in various countries does it make good sense for business to preserve separate bank accounts often in various countries it does but just for payroll is there a much better way what function do virtual accounts and digital wallets likewise referred to as virtual wallets play in helping international business streamline the episode complex processes of

Guaranteeing precise, efficient, and prompt payroll payments is a complex difficulty for organizations running internationally. Join us for a webinar to check out the benefits and disadvantages of payroll wallets versus payroll bank accounts, find out how companies forecast payroll expenses to optimize working capital, and find how streamlining international payroll payments can transform them from a burdensome job into a tactical asset.

Managing payroll internationally is a difficult task due to different policies, compliance requirements, information security issues, and banking guidelines. The sheer number of staff members and organizations adds to the complexity, with an estimated 3.5 billion people in the global labor force, 500 million of whom are in Africa, and 230 million companies worldwide.

Traditional payroll systems frequently lead to manual procedures, data silos, and an absence of combination, causing disparities and ineffectiveness. In spite of living in a period of technological developments, payroll management has actually been sluggish to adapt, with as much as 25% of payroll still processed by hand, frequently using pen and paper. This webinar goals to supply insights and services to simplify and enhance global payroll payments.

about it to give you a concept 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 sleepless nights and quite honestly the more an organization invests in worldwide payroll the less of a photo they see a lack of visibility likewise extends to payroll payments and failure to precisely track these payments can result in compliance mishaps in the last mile of the transaction almost half of global businesses have actually revealed 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 data data entry mistakes badly interacted hires and terminations along with lack management and system configurations and after that when you round everything off and the information is delivered to the incorrect location the average cost of an international 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 count on the needed numerous procedures systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the difficulties service face when they’re making payments to staff members or otherwise that’s a good concern I always toss this back and say what is it what does not require to be consisted of ideal and what does

it require 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 have to pay from an in-country account do you need to pay from the customer’s own in-country account so there’s intricacy anywhere you look right ultimately building a knowledge base is absolutely critical however all over you look with payroll payment they are like super payments no if however some babies about it you are all superheroes processing payments for payroll if you 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 fundamental and technology is enabling us to type of move on with that it also too to add to that payroll and financing require to work closer together um with differing Checking account Particulars varying banking requirements and setup procedures is definitely necessary that payroll and finance groups work more detailed together than ever um I’m always surprised when people say I’ve split payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t work in the payroll profession would they split the payroll payment from estimation 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 ultimately it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying individuals wherever they are but also paying statutory authorities and on statutory 3rd parties so with the

world we reside in and well-being being more and more important to contribute to type of the level of intricacy there’s a growing number of advantages being organ or being used by organizations throughout the world so again you’re just looking to include a growing number of payments to this currently complex landscape so if you sort of got any experience well I’m from your vast experience here and I’m sure however have you got any experience in kind of genuine obstacles or real challenging sort of pay utilizes to play to pay individuals I believe yeah I imply over the last well yeah a number of years I would absolutely say that the larger a company gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the task there are teams feeding information into the next function as it were that’s in fact handling the payment side of things but you understand in in my opinion and my experience that doesn’t necessarily require to be the case you understand long gone are the times where we require to produce extra handoffs at the same times 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 a period of tech and a period that you know that we are operating in today there is no reason we are still making this as hard as it needs to be agreed and rightly as you said payroll is the single most significant liability that any company has from a cost perspective from an impact perspective on workers it is definitely vital that it’s done correctly and on time so what we mean by that is not a day before not a day after on pay day and payments have to be done right it has the greatest destructive effect on individuals’s well-being and numerous other aspects if people aren’t paid uh I’ve constantly been amazed coming into this Market type of the last five to 10 years is how little thanks the

payroll group get um so I’m not exactly sure anyone on this type of webinar has been told thank you for processing my payroll properly if you have it ‘d be great to hear your success story and whether that’s been from all employees or not um however eventually payroll is such an essential cycle all of us find out about it when it fails everyone jumps up and down when it fails however when it goes right it’s simply a tick box exercise and I think that’s how it’s seen from the external view as well um so yeah it’s likewise like why WI-Fi Global why all of this things is definitely vital that all of this stuff is done properly so leveraging the very first Worldwide Payments very first payroll payment service is a great primary step um offering an end-to-end payroll service for your employees globally once again I believe is another big um process once again lining up and ensuring you have standardization International processes all of those things are absolutely key to success success of businesses and lowering the variety of tools platforms and bank accounts they need for their International payroll too couldn’t agree with you more and on the the front in terms of of the thank yous for getting payroll done I have actually never ever had a hundred thousand of them within a payroll cycle do not anticipate to you do get the odd 5 or ten or whatever it might be with the with the the grievances where things haven’t gone rather where they’re suggested to be um I do not believe any of us are in fact doing that for for the thanks

anyway we know 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 everyone that’s involved in those processes and likewise so envision sorry I’m just I was simply gon na say think of 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 talking about numerous thousands potentially Millions picture getting that many thank you keeps in mind um I suggest it ‘d be interesting to see how many Post-it notes you got however it would definitely be an intriguing job 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 need days of the week to try to check out them and really see what was going on and sort of try to return to everyone so carrying on look why do business select to primary separate savings account there are Papaya Global People\’s Pension Excel organizations out there doing exactly this for specific countries and I’ve operated in a company or lots of services doing exactly that I can say it doesn’t constantly feel efficient and it does create more work I know we’re not intentionally doing that we’re not producing additional work for anybody where we do not need to and any person that’s handling that process I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the quantity that we are I believe lots of reasons one is it’s the requirement I believe individuals have got so utilized to we require a new bank account we open an entity and appropriately so you need it for payroll purposes however there are a variety of markets where it’s not a requirement so I believe it’s simply been the standard and the standard the people have embraced and continue to do over years and years gone past to contribute to that individuals have looked at things like trust accounts and many other ways 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 needs altering but eventually people are extremely stuck to what they recognize

with ideal um modification is a tough thing all of us do not like modification um so I think it’s just type of moving away from the standard as we have actually said so yeah so it keeps a great deal of track of stuff um I understand undoubtedly the benefits of having maintaining multiple savings account but there’s a huge quantity of complexity opts for establishing a savings account maintaining it guaranteeing it can send International transfers guaranteeing it’s set up with the ideal user accesses for individual individuals so the complexity is huge however I think the honest response is change um individuals have not been able to alter or have not had always the knowledge to truly make that change into alternate Solutions other than opening a savings account I think you have actually hit the nail on the head I believe it is knowledge you understand and there is an element of resistance to change however we have actually always done it that way is no genuine excuse for not looking at the the benefits and the possibilities of carrying on and moving into you understand what might nearly be identified to be the next Century or so there is a lot to track and this technique does position a number of difficulties um so Johnny could you tell us about those challenges yeah naturally so there’s a variety right there is so

I simply did you changed our Enterprise 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 Worldwide workers you should have a corner workplace with a closer parking space since I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global People\’s Pension Excel