Papaya Global Wallis & Futuna FAQ – Payroll Management 2024

Over the last 5 or six years …Papaya Global Wallis & Futuna… roles on the company side and likewise on the vendor side from a payroll point of view so truly anticipating this conversation today um and yeah thank you very much for your time everyone all right thanks Johnny uh we’ll just provide everybody 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 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 comes from and I actually 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 drizzling here it’s extremely really gloomy and I want I was somewhere else at this moment in time alright so let’s start 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 different

savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts streamlining papaya Worldwide payroll payments as a tactical property uh we’ll also review a wrap-up which should leave his time at the extremely extremely end for a q a session so as the title of the webinar suggests payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and International workforces become a growing number of common and managing them becomes increasingly more complex Global organizations are looking to find Solutions and new ways to streamline procedures particularly from a payroll and cross-border payment perspective numerous organizations keep separate bank account just for payroll while some have multiple accounts in various nations does it make sense for business to keep different checking account sometimes in various nations it does but just for payroll exists a much better way what role do virtual accounts and digital wallets likewise known as virtual wallets play in helping international business improve the episode complex procedures of

making payroll payments precisely effectively securely and on time during this webinar we’ll walk you through the international advantages and disadvantages of a payroll wallet versus a payroll bank account how business properly forecast their payroll costs to increase working capital and how enhancing International payroll payments can turn them from a siled pane into a tactical property so payroll can be difficult in adequate in one country but when you’re doing it worldwide it’s next level and Beyond it becomes complex for a range of factors most significantly regulations compliance information security and banking rules then there are the sheer numbers they include more intricacy the international Workforce is currently three and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and additional 1.1 billion individuals that number is presently 500 million just for for a scale then factor in that there are some 230 million organizations and growing all doing their own thing around the globe in the conventional payroll design there’s typically a frustrating variety of different systems leading to time-consuming manual procedures and silos the number of Integrations could be non-existent in big amounts and or really very basic there’s no genuine consistency framework we’re residing in a period of tech but payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper which simply blows my mind each time I I believe

about it to provide you an idea of how far there still is to come according to Deloitte just 11 of companies state they have Labor force data in real time that’s another number that gives me sleep deprived nights and rather honestly the more an organization spends on worldwide payroll the less of a photo they see an absence of exposure likewise extends to payroll payments and failure to accurately track these payments can result in compliance accidents in the last mile of the deal almost half of global services have expressed that they don’t have the level of standardization they require in their processes or desire and as a result eighty percent of errors are due to time reporting poor HCM information data entry errors poorly interacted hires and terminations in addition to absence management and system configurations and after that when you round all of it off and the data is delivered to the incorrect place the typical expense of a worldwide 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 depend on the necessary numerous 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 challenges organization face when they’re paying to employees or otherwise that’s an excellent question I constantly throw this back and state what is it what doesn’t need to be consisted of right and what does

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it require 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 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 anywhere you look right eventually constructing a knowledge base is absolutely crucial but all over you look with payroll payment they resemble extremely payments no if but some infants 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 technology is enabling us to kind of move forward with that it likewise too to add to that payroll and financing require to work closer together um with varying Checking account Details differing banking requirements and setup procedures is absolutely necessary that payroll and financing teams work closer together than ever um I’m always surprised when individuals state I’ve split payroll and payment um if you stroll down the street and asked anyone what is payroll who does not work in the payroll occupation would they split the payroll payment from calculation 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 eventually it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying people any place they are however also paying statutory authorities and on statutory 3rd parties so with the

The modern-day world puts a high worth on wellness and the payment landscape is ending up being significantly complex. Organizations are constantly presenting new benefits and payment options, which adds to the overall complexity. Large corporations typically divide their payroll and payment processing into separate teams, which can lead to ineffectiveness and bottlenecks. In my opinion, this does not need to be the case. In today’s highly innovative era, there’s no justification for preserving troublesome procedures. Payroll, the business’s greatest expense, must be processed correctly and on time. Even small delays can adversely affect staff members’ wellness and have significant consequences. For that reason, it’s crucial to prioritize accurate and timely payments.

The payroll group may not have been thanked for properly processing payroll during a webinar. If anybody has been thanked, it would be fantastic to hear their success story, whether it’s from all workers or not. Payroll is an essential cycle, and people just see when things go wrong. Nevertheless, when things go right, it’s seen as just a routine job. This is how it’s perceived externally also. For that reason, it is important to ensure that tasks like Wi-Fi Worldwide and other essential matters are done properly. Utilizing the very first Global Payments first payroll payment option is a fantastic initial action towards providing a comprehensive payroll service for workers worldwide. Standardization, international procedures, and lowering the variety of tools, platforms, and checking account needed for global payroll are crucial consider accomplishing company success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do periodically receive a few grievances when things do not go as prepared. Ultimately, we don’t do it for the gratitude.

anyway we understand 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 everybody that’s associated with those processes and likewise so picture sorry I’m just I was just gon na say think of the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I make certain we’re talking about numerous thousands possibly Millions think of getting that lots of thank you notes um I indicate it ‘d be interesting to see the number of Post-it notes you got however it would certainly 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 held true um you ‘d need days of the week to try to check out them and really see what was going on and kind of try to return to everybody so proceeding appearance why do business pick to primary different bank accounts there are Papaya Global Wallis & Futuna companies out there doing precisely this for specific nations and I’ve worked in an organization or lots of services doing precisely that I can say it does not always feel efficient and it does develop more work I know we’re not purposely doing that we’re not creating additional work for anyone where we do not have to and anyone that’s dealing with 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 many reasons one is it’s the standard I believe individuals have actually got so utilized to we need a new checking 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 simply been the requirement and the norm individuals have embraced and continue to do over years and years gone past to contribute to that people have taken a look at things like trust accounts and many other ways um to to kind of do it so I think there’s a range I believe this is a procedure that needs looking at it requires altering however eventually people are very stuck with what they recognize

with right um modification is a difficult thing we all do not like change um so I believe it’s simply sort of moving away from the standard as we’ve said so yeah so it keeps a great deal of track of stuff um I comprehend obviously the benefits of having maintaining several checking account but there’s a substantial quantity of complexity opts for setting up a checking account maintaining it ensuring it can send out International transfers guaranteeing it’s set up with the best user accesses for private individuals so the complexity is substantial however I believe the honest response is modification um people haven’t been able to alter or have not had necessarily the understanding to actually make that change into alternate Solutions aside from opening a checking account I believe you have actually hit the nail on the head I believe it is understanding you know and there is an element of resistance to alter but we’ve constantly done it that way is no real excuse for not looking at the the benefits and the possibilities of carrying on and moving into you understand what could almost be figured out to be the next Century approximately there is a lot to track and this method does posture numerous difficulties um so Johnny could you inform us about those difficulties yeah of course so there’s a variety right there is so

I just did you switched 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 Worldwide workers you deserve a corner office with a better parking space since I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Wallis & Futuna