Papaya Global Pensionable Earnings To Pension Providers FAQ – Payroll Management 2024

Over the last five or six years …Papaya Global Pensionable Earnings To Pension Providers… roles on the service provider side and likewise on the vendor side from a payroll perspective so truly eagerly anticipating this discussion today um and yeah thank you quite for your time everyone okay thanks Johnny uh we’ll simply offer everybody another number of uh well one of the 30 seconds or so to join all of us work back to back these days so we’ll sort of let them do that so it ‘d be quite fascinating and I can see it going on already just to hear where everyone is um it’s nice to to kind 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 sunshine is it it’s not no it’s it’s raining here it’s extremely very bleak and I want I was somewhere else at this moment in time alright so let’s get going our program for today is as follows um we are going to be looking at the difficulty years of handling Worldwide payroll why business preserve different

bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts streamlining papaya Global payroll payments as a strategic possession uh we’ll also discuss a recap 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 Global workforces end up being a growing number of common and managing them ends up being a growing number of complicated Global companies are looking to find Solutions and new ways to simplify processes especially from a payroll and cross-border payment standpoint lots of organizations maintain separate savings account just for payroll while some have numerous accounts in different nations does it make good sense for business to maintain separate checking account often in different nations it does but just for payroll is there a much better way what role do virtual accounts and digital wallets also called virtual wallets play in helping multinational business simplify the episode complex procedures of

making payroll payments properly efficiently securely and on time throughout this webinar we’ll walk you through the global pros and cons of a payroll wallet versus a payroll checking account how business properly forecast their payroll costs to increase working capital and how improving International payroll payments can turn them from a siled pane into a tactical possession so payroll can be tough in adequate in one country but when you’re doing it internationally it’s next level and Beyond it becomes complicated for a range of factors most importantly guidelines compliance information security and banking rules then there are the large numbers they include more intricacy the worldwide Workforce is currently three and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and further 1.1 billion individuals that number is currently 500 million just for for a scale then factor in that there are some 230 million services and growing all doing their own thing around the globe in the standard payroll design there’s typically a frustrating variety of various systems resulting in lengthy manual procedures and silos the number of Combinations could be non-existent in large amounts and or extremely really standard there’s no genuine consistency framework we’re living in a period of tech however payroll has actually been sluggish 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 every time I I think

about it to provide you an idea 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 provides me sleep deprived nights and quite frankly the more a service spends on global payroll the less of an image they see a lack of exposure 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 international companies have actually revealed that they do not have the level of standardization they need in their processes or desire and as a result eighty percent of errors are because of time reporting bad HCM information information entry errors improperly communicated hires and terminations in addition to lack management and system configurations and after that when you round everything off and the information is delivered to the wrong location the average expense of a worldwide information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money worldwide payroll and payments don’t run efficiently if they depend on the needed several processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the obstacles organization face when they’re making payments to workers or otherwise that’s a great question I constantly toss this back and state what is it what does not need to be included ideal and what does

it need to be thought about there’s differing Bank information 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 have to pay from an in-country account do you have to pay from the client’s own in-country account so there’s complexity wherever you look best ultimately building a knowledge base is definitely crucial but everywhere you look with payroll payment they resemble incredibly payments no if but some children 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 recognition that payroll payments are absolutely essential and innovation is permitting us to sort of move on with that it likewise as well 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 imperative that payroll and finance groups work better together than ever um I’m constantly impressed when people say I’ve divided payroll and payment um if you stroll down the street and asked anyone what is payroll who does not operate 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 often 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 third parties so with the

world we live in and wellness being a growing number of important to contribute to type of the level of complexity there’s a growing number of advantages being organ or being used by organizations across the world so once again you’re simply seeking to add increasingly more payments to this currently complicated landscape so if you sort of got any experience well I’m from your large experience here and I make sure however have you got any experience in kind of real difficulties or genuine difficult type of pay utilizes to play to pay individuals I believe yeah I mean over the last well yeah a couple of years I would definitely say that the larger a service gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the job there are teams feeding information into the next function as it were that’s really handling the payment side of things but you understand in in my viewpoint and my experience that does not necessarily need to be the case you know long gone are the times where we need to create extra handoffs at the same times that we run in they simply make them more prompt they make them less efficient and they don’t make them what they need to be in in an age of tech and an era that you know that we are operating in today there is no reason that we are still making this as tough as it requires to be concurred and rightly as you said payroll is the single most significant liability that any business has from a cost point of view from an impact viewpoint on workers it is absolutely important 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 need to be done right it has the most significant harmful result on people’s well-being and numerous other aspects if people aren’t paid uh I’ve always been astonished coming into this Market sort of the last 5 to ten years is how little thanks the

The payroll group may not have actually been thanked for properly processing payroll throughout a webinar. If anybody has actually been thanked, it would be excellent to hear their success story, whether it’s from all staff members or not. Payroll is a crucial cycle, and people just see when things fail. However, when things go right, it’s seen as simply a regular task. This is how it’s viewed externally also. Therefore, it is important to make sure that jobs like Wi-Fi International and other important matters are done properly. Using the very first Global Payments first payroll payment option is a terrific initial step towards supplying an extensive payroll service for staff members worldwide. Standardization, worldwide procedures, and minimizing the variety of tools, platforms, and savings account necessary for worldwide payroll are key consider accomplishing company success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do periodically get a couple of grievances when things don’t go as planned. Ultimately, we don’t do it for the thankfulness.

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 involved in those procedures and likewise so envision sorry I’m just I was simply gon na state think of the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I’m sure we’re talking about numerous thousands potentially Millions envision getting that numerous thank you notes um I imply it ‘d be interesting to see the number of Post-it notes you got however it would certainly be an intriguing job trying to clean all those up for sure oh absolutely I can’t envision 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 in fact see what was going on and type of shot to return to everybody so carrying on look why do business select to primary different checking account there are Papaya Global Pensionable Earnings To Pension Providers businesses out there doing precisely this for specific nations and I’ve operated in a business or many organizations doing precisely that I can state it doesn’t always feel effective and it does produce more work I understand we’re not deliberately doing that we’re not producing additional work for anybody where we do not 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 amount that we are I think many reasons one is it’s the requirement I believe individuals have actually got so used to we require a brand-new bank account we open an entity and rightly 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 standard and the norm the people have actually embraced and continue to do over years and years gone past to add to that individuals 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 procedure that requires taking a look at it needs changing but ultimately people are very stuck with what they recognize

with best um modification is a hard thing all of us don’t like change um so I believe it’s simply sort of moving away from the standard as we have actually said so yeah so it keeps a lot of track of things um I understand certainly the benefits of having maintaining several checking account however there’s a huge amount of intricacy opts for establishing a checking account preserving it ensuring it can send out International transfers guaranteeing it’s set up with the right user accesses for individual people so the intricacy is huge but I believe the honest answer is change um individuals haven’t been able to change or haven’t had necessarily the understanding to actually make that change into alternate Solutions aside from opening a savings account I think you have actually hit the nail on the head I think it is understanding you know and there is an element of resistance to alter however we have actually constantly done it that way is no genuine excuse for not taking a look at the the benefits and the possibilities of carrying on and moving into you understand what might nearly be determined to be the next Century or so there is a lot to keep track of and this approach does posture several obstacles um so Johnny could you inform us about those challenges yeah obviously so there’s a range right there is so

I just recently made a change to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It feels like our CFO has actually acquired another CFO, and with this improved ability, I have effectively secured payments for our 10,000 staff members worldwide. Your devotion to mastering international payroll and payments using Papaya payroll OS is good. You are worthy of a corner office with a parking space that is better, considering your achievements. Papaya Global Pensionable Earnings To Pension Providers