Papaya Global The Peoples Pension FAQ – Payroll Management 2024

Over the last 5 or six years …Papaya Global The Peoples Pension… roles on the supplier side and also on the vendor side from a payroll perspective so really eagerly anticipating this discussion today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll just give everybody another number of uh well among the 30 seconds or so to join we all work back to back these days so we’ll sort of let them do that so it ‘d be rather interesting 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 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 raining here it’s really really bleak and I want I was elsewhere at this moment in time okay so let’s get going our program for today is as follows um we are going to be looking at the challenge years of managing International payroll why companies maintain different

Virtual payroll accounts are an option to traditional savings account for managing payroll payments. This is particularly useful for global organizations with dispersed and remote labor forces, as it streamlines the complex process of cross-border payments. Instead of keeping separate savings account for payroll in different countries, virtual accounts and digital wallets provide a more structured service. In this webinar, we will check out the advantages of using virtual payroll accounts and go over why they are becoming a strategic asset for payroll executives. We will likewise supply a recap of the bottom lines covered and leave time for a Q&A session at the end.

making payroll payments accurately effectively securely and on time during this webinar we’ll stroll you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll checking account how business properly forecast their payroll costs to increase working capital and how streamlining Global payroll payments can turn them from a siled pane into a tactical possession so payroll can be hard in sufficient in one nation but when you’re doing it globally it’s next level and Beyond it becomes complex for a range of factors most notably guidelines compliance information security and banking guidelines then there are the large numbers they add further intricacy the worldwide Workforce is presently 3 and a half billion people by 2030 it’s approximated 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 factor in that there are some 230 million services and growing all doing their own thing all over the world in the standard payroll design there’s frequently a frustrating number of different systems resulting in time-consuming manual processes and silos the variety of Integrations could be non-existent in large quantities and or very extremely standard there’s no genuine consistency structure we’re living in an era of tech but payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper which simply 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 just 11 of services say they have Labor force information in real time that’s another number that gives me sleepless nights and quite frankly the more an organization spends on international payroll the less of a photo they see an absence of visibility likewise reaches payroll payments and failure to properly track these payments can cause compliance mishaps in the last mile of the deal nearly half of global companies have actually revealed that they don’t 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 information data entry mistakes badly interacted hires and terminations along with absence management and system configurations and after that when you round all of it off and the data is shipped to the wrong location the average expense of an international information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash around the world payroll and payments do not run efficiently if they rely on the necessary several procedures 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 challenges business face when they’re making payments to employees or otherwise that’s a good concern I always throw this back and say what is it what does not need to be consisted of right and what does

it require to be thought about there’s varying Bank details so the length of an eye band a swift an account number routing code per country there’s payment timespan 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 consumer’s own in-country account so there’s intricacy any place you look best eventually building a knowledge base is definitely vital but all over you look with payroll payment they are like extremely payments no if however some babies about it you are all superheroes processing payments for payroll if you take a 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 basic and innovation is allowing us to kind of move forward with that it likewise also to add to that payroll and finance need to work closer together um with varying Bank Account Details differing banking requirements and setup processes is absolutely essential that payroll and financing groups work better together than ever um I’m always astonished when individuals say I have actually divided 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 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 process 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

The modern-day world places a high value on wellness and the settlement landscape is becoming increasingly intricate. Services are continuously presenting new benefits and payment options, which adds to the general complexity. Big corporations frequently divide their payroll and payment processing into separate teams, which can result in ineffectiveness and traffic jams. In my viewpoint, this does not need to hold true. In today’s technically innovative period, there’s no validation for maintaining cumbersome treatments. Payroll, the company’s biggest expense, must be processed properly and on time. Even small delays can negatively affect workers’ well-being and have significant effects. For that reason, it’s important to prioritize accurate and prompt payments.

The payroll group might not have been thanked for correctly processing payroll during 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 essential cycle, and people only see when things go wrong. However, when things go right, it’s seen as just a regular job. This is how it’s perceived externally also. Therefore, it is essential to guarantee that tasks like Wi-Fi Global and other vital matters are done properly. Utilizing the very first International Payments very first payroll payment solution is an excellent initial step towards providing a detailed payroll option for employees worldwide. Standardization, international processes, and reducing the number of tools, platforms, and savings account needed for international payroll are essential consider attaining company success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally get a couple of complaints when things do not go as planned. Ultimately, we do not do it for the thankfulness.

anyway we know how how crucial 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 procedures and also so picture sorry I’m simply I was just gon na say envision 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 speaking about numerous thousands possibly Millions think of getting that many thank you notes um I indicate it ‘d be interesting to see how many Post-it notes you got but it would certainly be a fascinating task attempting to clean up 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 require days of the week to try to look through them and in fact see what was going on and kind of shot to return to everybody so carrying on appearance why do business choose to primary separate bank accounts there are Papaya Global The Peoples Pension services out there doing exactly this for particular nations and I’ve worked in an organization or many businesses doing exactly that I can say it doesn’t constantly feel efficient and it does produce more work I know we’re not deliberately doing that we’re not developing extra work for anybody where we don’t have to and anybody that’s handling 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 quantity that we are I believe many reasons one is it’s the standard I believe individuals have actually got so used to we need a new bank 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 think it’s just been the requirement and the norm individuals have embraced and continue to do over years and years passed by to contribute to that individuals have actually taken a look at things like trust accounts and many other methods um to to kind of do it so I think there’s a variety I believe this is a procedure that needs looking at it needs altering but ultimately individuals are really stuck to what they recognize

with right um modification is a difficult thing all of us don’t like modification um so I believe it’s simply sort of moving away from the norm as we have actually said so yeah so it keeps a lot of track of stuff um I comprehend obviously the advantages of having maintaining numerous checking account but there’s a big amount of intricacy chooses setting up a bank account keeping it ensuring it can send out International transfers ensuring it’s established with the right user accesses for individual people so the complexity is big but I believe the sincere answer is modification um individuals haven’t been able to alter or haven’t had always the knowledge to really make that change into alternate Solutions other than opening a bank account I think you have actually struck the nail on the head I think it is knowledge you understand and there is a component of resistance to change but we have actually constantly done it that way is no real excuse for not looking at the the benefits and the possibilities of moving on and moving into you know what could almost be identified to be the next Century or so there is a lot to monitor and this technique does position a number of obstacles um so Johnny could you inform us about those obstacles yeah naturally so there’s a range right there is so

I simply did you changed our Business 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 International staff members you should have a corner office with a closer parking space due to the fact that I mastered International payroll and payments with Papaya payroll OS did you Papaya Global The Peoples Pension