Papaya Global Statutory Maternity Pay FAQ – Payroll Management 2024

Over the last 5 or 6 years …Papaya Global Statutory Maternity Pay… functions on the supplier side and likewise on the vendor side from a payroll viewpoint so really looking forward to this conversation today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll simply offer everybody another number of uh well one of the 30 seconds approximately to join all of us work back to back these days so we’ll sort of let them do that so it ‘d be rather intriguing and I can see it going on already simply to hear where everyone is um it’s nice to to kind of like see where everybody 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 raining here it’s extremely extremely bleak and I wish I was elsewhere at this moment in time all right so let’s get started our program for today is as follows um we are going to be looking at the difficulty years of managing Worldwide payroll why business maintain different

checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts simplifying papaya International payroll payments as a tactical asset uh we’ll also discuss a wrap-up which needs to leave his time at the very very end for a q a session so as the title of the webinar recommends 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 a growing number of complex Global organizations are looking to find Solutions and brand-new ways to enhance procedures specifically from a payroll and cross-border payment viewpoint lots of companies preserve separate checking account just for payroll while some have numerous accounts in different nations does it make sense for business to preserve different checking account in some cases in various countries it does but just for payroll exists a much better method what role do virtual accounts and digital wallets also called virtual wallets play in helping multinational companies improve the episode complex processes of

Ensuring accurate, efficient, and prompt payroll payments is a complex difficulty for businesses operating globally. Join us for a webinar to explore the advantages and drawbacks of payroll wallets versus payroll checking account, discover how companies anticipate payroll expenses to optimize working capital, and discover how streamlining global payroll payments can transform them from a challenging job into a tactical property.

Handling payroll worldwide is a daunting task due to various regulations, compliance requirements, data security issues, and banking guidelines. The large number of employees and businesses contributes to the complexity, with an approximated 3.5 billion people in the international workforce, 500 million of whom are in Africa, and 230 million services worldwide.

Conventional payroll systems typically lead to manual processes, data silos, and a lack of integration, resulting in inconsistencies and inefficiencies. In spite of living in a period of technological developments, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed manually, frequently utilizing pen and paper. This webinar objectives to offer insights and services to simplify and enhance worldwide payroll payments.

about it to offer you a concept of how far there still is to come according to Deloitte only 11 of organizations state they have Labor force information in real time that’s another number that provides me sleep deprived nights and rather honestly the more a company spends on worldwide payroll the less of an image they see an absence of visibility likewise encompasses payroll payments and inability to precisely track these payments can result in compliance incidents in the last mile of the deal nearly half of worldwide services have revealed that they do not have the level of standardization they need in their processes or desire and as a result eighty percent of mistakes are due to time reporting poor HCM information information entry errors badly communicated hires and terminations in addition to lack management and system setups and then when you round it all off and the data is delivered to the incorrect place the typical expense of a global 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 needed multiple processes 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 obstacles business face when they’re making payments to workers or otherwise that’s an excellent question I constantly toss this back and say what is it what doesn’t need to be included right and what does

it need to be thought about there’s differing Bank details so the length of an eye band a swift an account number routing code per nation there’s payment amount of time there’s payment abilities 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 consumer’s own in-country account so there’s intricacy wherever you look best eventually developing a knowledge base is definitely vital however all over you look with payroll payment they resemble very payments no if but some children 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 think there’s now a bit more acknowledgment that payroll payments are absolutely fundamental and technology is permitting us to kind of progress with that it also too to add to that payroll and finance need to work closer together um with differing Bank Account Particulars differing banking requirements and setup processes is absolutely essential that payroll and financing groups work closer together than ever um I’m always astonished when individuals state I have actually split payroll and payment um if you walk down the street and asked anyone what is payroll who does not work in the payroll occupation would they divide the payroll payment from estimation 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 information collection all the way through to paying people any place they are however likewise paying statutory authorities and on statutory 3rd parties so with the

world we reside in and well-being being increasingly more crucial to add to kind of the level of complexity there’s a growing number of benefits being organ or being provided by organizations across the world so again you’re just seeking to include increasingly more payments to this currently complex landscape so if you sort of got any experience well I’m from your vast experience here and I make sure however have you got any experience in kind of genuine challenges or real challenging sort of pay utilizes to play to pay individuals I think yeah I imply over the last well yeah a couple of decades I would certainly state 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 groups feeding details into the next function as it were that’s actually managing the payment side of things however you know in in my opinion and my experience that does not necessarily require to be the case you understand long gone are the times where we require to produce additional handoffs in the processes that we operate in they just make them more timely they make them less effective and they don’t make them what they need to be in in a period of tech and an era that you understand that we are working in today there is no reason why we are still making this as difficult as it needs to be concurred and appropriately as you said payroll is the single biggest liability that any business has from an expense perspective from an effect viewpoint on employees it is absolutely important 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 harmful effect on people’s wellness and numerous other factors if individuals aren’t paid uh I have actually constantly been impressed entering this Market kind of the last five to 10 years is how little thanks the

The payroll team might not have been thanked for correctly processing payroll throughout a webinar. If anyone has been thanked, it would be great to hear their success story, whether it’s from all employees or not. Payroll is an important cycle, and people just discover when things fail. Nevertheless, when things go right, it’s seen as just a routine job. This is how it’s viewed externally too. For that reason, it is necessary to guarantee that tasks like Wi-Fi Worldwide and other crucial matters are done properly. Using the first Global Payments very first payroll payment option is an excellent initial action towards offering a comprehensive payroll solution for staff members worldwide. Standardization, international processes, and decreasing the number of tools, platforms, and savings account essential for international payroll are key consider achieving service success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do occasionally receive a couple of problems when things don’t go as prepared. Ultimately, we do not do it for the gratitude.

anyway we understand how how essential 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 easy as possible for everybody that’s associated with those procedures and likewise so imagine sorry I’m simply I was just gon na state envision the amount of thanks you got if you might cover the amount of individuals that we cover within this webinar I make certain we’re talking about numerous thousands potentially Millions imagine getting that many thank you notes um I mean it ‘d be interesting to see the number of Post-it notes you got but it would definitely be an interesting task attempting to clean all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to check out them and in fact see what was going on and sort of shot to return to everyone so moving on look why do business pick to primary different savings account there are Papaya Global Statutory Maternity Pay organizations out there doing precisely this for particular countries and I’ve worked in an organization or numerous services doing exactly that I can state it doesn’t always feel efficient and it does develop more work I understand we’re not intentionally doing that we’re not developing additional work for anybody where we do not have to and any person that’s dealing with that procedure 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 think many reasons one is it’s the standard I believe people have got so utilized to we need a brand-new bank account we open an entity and rightly so you require 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 requirement and the standard the people have actually adopted and continue to do over years and years gone past to contribute to that individuals have actually looked at things like trust accounts and lots of other methods um to to sort of do it so I believe there’s a variety I believe this is a procedure that needs taking a look at it requires altering however eventually people are extremely stuck with what they recognize

with ideal um modification is a difficult thing we all don’t like change um so I believe it’s just sort of moving far from the standard as we’ve said so yeah so it keeps a great deal of track of stuff um I understand certainly the advantages of having preserving multiple savings account however there’s a substantial amount of complexity opts for setting up a checking account keeping it guaranteeing it can send International transfers ensuring it’s set up with the ideal user accesses for private individuals so the complexity is big however I think the truthful answer is change um people haven’t had the ability to change or haven’t had necessarily the knowledge to truly make that change into alternate Solutions aside from opening a bank account I think you have actually struck the nail on the head I think it is understanding you understand and there is a component of resistance to alter however we’ve always done it that way is no genuine reason for not taking a look at the the benefits and the possibilities of carrying on and moving into you understand what might almost be identified to be the next Century or two there is a lot to track and this technique does pose several obstacles um so Johnny could you tell us about those obstacles yeah naturally so there’s a range 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 employees you should have a corner office with a closer parking space due to the fact that I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Statutory Maternity Pay