Papaya Global Caribbean Netherlands FAQ – Payroll Management 2024

Over the last 5 or six years …Papaya Global Caribbean Netherlands… roles on the supplier side and likewise on the vendor side from a payroll point of view so truly anticipating this discussion today um and yeah thank you quite for your time everybody fine thanks Johnny uh we’ll just offer everyone another couple of uh well one of the 30 seconds or so to join we all work back to back nowadays so we’ll kind of let them do that so it ‘d be rather interesting and I can see it going on currently simply to hear where everyone is um it’s nice to to sort of like see where everyone 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 extremely gloomy and I wish I was elsewhere at this moment in time fine so let’s get going our program for today is as follows um we are going to be taking a look at the challenge years of managing International payroll why companies maintain separate

Virtual payroll accounts are an option to conventional savings account for managing payroll payments. This is especially helpful for worldwide organizations with dispersed and remote workforces, as it simplifies the complex procedure of cross-border payments. Instead of preserving separate checking account for payroll in different nations, virtual accounts and digital wallets provide a more structured service. In this webinar, we will check out the benefits of using virtual payroll accounts and discuss why they are becoming a strategic asset for payroll executives. We will likewise provide a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.

Guaranteeing precise, efficient, and timely payroll payments is a complex challenge for services operating internationally. Join us for a webinar to explore the benefits and drawbacks of payroll wallets versus payroll checking account, learn how companies anticipate payroll costs to enhance working capital, and discover how streamlining worldwide payroll payments can transform them from a troublesome job into a tactical property.

Managing payroll internationally is a challenging task due to various policies, compliance requirements, data security issues, and banking guidelines. The large variety of workers and services contributes to the intricacy, with an approximated 3.5 billion individuals in the global labor force, 500 countless whom remain in Africa, and 230 million services worldwide.

Standard payroll systems typically lead to manual processes, data silos, and a lack of combination, resulting in inconsistencies and ineffectiveness. In spite of residing in an era of technological developments, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed by hand, typically utilizing pen and paper. This webinar aims to provide insights and solutions to streamline and enhance global payroll payments.

about it to provide you an idea of how far there still is to come according to Deloitte only 11 of services say they have Workforce information in real time that’s another number that provides me sleepless nights and rather honestly the more a company spends on international payroll the less of a photo they see a lack of exposure also encompasses payroll payments and inability to properly track these payments can lead to compliance incidents in the last mile of the deal nearly half of worldwide businesses have actually revealed that they do not have the level of standardization they require in their processes or want and as a result eighty percent of mistakes are due to time reporting poor HCM data information entry errors inadequately communicated hires and terminations in addition to absence management and system configurations and after that when you round it all off and the information is delivered to the incorrect location the average cost of a global data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash all over the world payroll and payments don’t run smoothly if they rely on the necessary multiple procedures systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the obstacles business face when they’re making payments to staff members or otherwise that’s a good question I constantly throw this back and state what is it what does not require to be included best and what does

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it need to be thought of there’s varying Bank information so the length of an eye band a swift an account number routing code per country there’s payment time frames 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 client’s own in-country account so there’s complexity wherever you look right ultimately constructing a knowledge base is absolutely critical however everywhere you look with payroll payment they are like extremely payments no if but some babies 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 believe there’s now a bit more acknowledgment that payroll payments are absolutely basic and technology is enabling us to type of progress with that it likewise too to contribute to that payroll and finance require to work closer together um with varying Checking account Particulars varying banking requirements and setup procedures is absolutely essential that payroll and finance teams work more detailed together than ever um I’m constantly astonished when people state I have actually split payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t work in the payroll occupation would they divide the payroll payment from calculation I would say no so why do we as a market accept that why our payroll and payments so frequently split and cut up um eventually it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying individuals wherever they are but likewise paying statutory authorities and on statutory third parties so with the

world we reside in and well-being being increasingly more important to contribute to type of the level of complexity there’s increasingly more benefits being organ or being used by companies across the world so again you’re just wanting to add a growing number of payments to this already intricate landscape so if you sort of got any experience well I’m from your huge experience here and I’m sure however have you got any experience in kind of genuine obstacles or real difficult type of pay uses to play to pay individuals I believe yeah I indicate over the last well yeah a number of years I would absolutely state that the larger a service 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 groups feeding details 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 doesn’t necessarily need to be the case you understand long gone are the times where we require to produce additional handoffs while doing sos that we operate in they simply make them more prompt they make them less effective 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 working in today there is no reason we are still making this as tough as it needs to be agreed and rightly as you said payroll is the single greatest liability that any company has from an expense perspective from an effect perspective on staff members it is definitely critical that it’s done properly and on time so what we suggest by that is not a day before not a day after on pay day and payments need to be done right it has the biggest damaging effect on individuals’s well-being and numerous other factors if people aren’t paid uh I have actually constantly been surprised coming into this Market kind of the last five to 10 years is how little thanks the

The payroll team might not have actually been thanked for correctly processing payroll throughout a webinar. If anybody has actually 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 individuals just observe when things fail. However, when things go right, it’s viewed as just a routine task. This is how it’s perceived externally also. For that reason, it is vital to guarantee that tasks like Wi-Fi Worldwide and other essential matters are done correctly. Utilizing the first International Payments very first payroll payment solution is a great preliminary step towards offering an extensive payroll service for employees worldwide. Standardization, global procedures, and lowering the variety of tools, platforms, and checking account required for international payroll are key factors in accomplishing service success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do sometimes get a couple of complaints when things don’t go as planned. Ultimately, we do not do it for the appreciation.

anyway we understand how how crucial 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 associated with those processes and likewise so picture sorry I’m simply I was simply gon na say imagine the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I’m sure we’re talking about hundreds of thousands potentially Millions think of getting that lots of thank you keeps in mind um I indicate it ‘d be interesting to see how many Post-it notes you got but it would definitely 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 was the case um you ‘d need days of the week to attempt to check out them and in fact see what was going on and sort of shot to get back to everyone so moving on look why do business pick to main separate checking account there are Papaya Global Caribbean Netherlands companies out there doing exactly this for particular countries and I have actually operated in a company or numerous services doing exactly that I can state it doesn’t constantly feel effective and it does create more work I understand we’re not deliberately doing that we’re not creating additional work for any person where we don’t need to and any person that’s dealing with that process 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 believe lots of factors one is it’s the standard I think people have got so used to we need a brand-new checking account we open an entity and rightly so you need it for payroll functions but there are a variety of markets where it’s not a requirement so I believe it’s just been the requirement and the standard the people have adopted and continue to do over years and years passed by to add to that people have looked at things like trust accounts and many other ways um to to sort of do it so I think there’s a variety I think this is a procedure that requires looking at it needs altering but eventually individuals are extremely stuck with what they recognize

with right um change is a challenging thing we all do not like change um so I think it’s just type 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 obviously the advantages of having keeping numerous bank accounts however there’s a big amount of complexity opts for setting up a savings account preserving it guaranteeing it can send International transfers ensuring it’s established with the best user accesses for specific people so the intricacy is big but I believe the truthful answer is change um individuals haven’t been able to alter or have not had always the understanding to really make that change into alternate Solutions besides opening a checking account I believe you’ve hit the nail on the head I think it is understanding you understand and there is an element of resistance to change but we have actually constantly done it that way is no real reason for not taking a look at the the benefits and the possibilities of moving on and moving into you know what could nearly be figured out to be the next Century approximately there is a lot to monitor and this approach does pose numerous challenges um so Johnny might you inform us about those obstacles yeah of course so there’s a range right there is so

I recently made a change to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It feels like our CFO has actually acquired another CFO, and with this enhanced ability, I have effectively secured payments for our 10,000 employees worldwide. Your devotion to mastering international payroll and payments utilizing Papaya payroll OS is good. You deserve a corner workplace with a parking space that is closer, considering your accomplishments. Papaya Global Caribbean Netherlands