Papaya World Health Organisation FAQ – Payroll Management 2024

Over the last 5 or six years …Papaya World Health Organisation… functions on the service provider side and likewise on the vendor side from a payroll viewpoint so truly looking forward to this discussion today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll just give everyone another couple of uh well among the 30 seconds or so to join all of us work back to back these days so we’ll kind 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 everyone originates from and I actually do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s raining here it’s very very uninspiring and I wish I was elsewhere at this moment in time alright so let’s get started our program for today is as follows um we are going to be looking at the obstacle years of managing International payroll why companies preserve separate

checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts enhancing papaya Global payroll payments as a strategic property uh we’ll also go over a recap which ought to leave his time at the really extremely 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 Global labor forces become more and more typical and handling them ends up being a growing number of complicated International companies are looking to discover Solutions and new methods to enhance processes specifically from a payroll and cross-border payment viewpoint lots of companies maintain different bank account just for payroll while some have several accounts in different nations does it make good sense for companies to preserve separate checking account often in different countries it does however just for payroll exists a much better way what role do virtual accounts and digital wallets also referred to as virtual wallets play in assisting multinational business enhance the episode complex procedures of

Guaranteeing precise, effective, and timely payroll payments is a complex difficulty for businesses running internationally. Join us for a webinar to explore the advantages and downsides of payroll wallets versus payroll bank accounts, learn how companies forecast payroll expenses to enhance working capital, and discover how enhancing international payroll payments can transform them from a burdensome task into a strategic asset.

Handling payroll worldwide is a challenging task due to different guidelines, compliance requirements, information security concerns, and banking rules. The large number of staff members and businesses adds to the complexity, with an estimated 3.5 billion individuals in the global workforce, 500 million of whom remain in Africa, and 230 million businesses worldwide.

Conventional payroll systems often result in manual processes, information silos, and a lack of integration, leading to disparities and ineffectiveness. In spite of living in an age of technological advancements, payroll management has actually been sluggish to adjust, with as much as 25% of payroll still processed manually, frequently utilizing pen and paper. This webinar goals to provide insights and options to streamline and enhance global payroll payments.

about it to provide you a concept of how far there still is to come according to Deloitte only 11 of organizations state they have Workforce information in real time that’s another number that provides me sleepless nights and rather frankly the more a company invests in global payroll the less of a photo they see an absence of visibility likewise reaches payroll payments and failure to properly track these payments can result in compliance incidents in the last mile of the deal almost half of international businesses have expressed that they do not have the level of standardization they require in their procedures or want and as a result eighty percent of errors are because of time reporting bad HCM information data entry mistakes badly interacted hires and terminations as well as lack management and system setups and after that when you round all of it off and the information is shipped to the wrong place the average 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 all over the world payroll and payments do not run smoothly if they depend on the necessary numerous procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the difficulties service face when they’re making payments to staff members or otherwise that’s an excellent question I always toss this back and say what is it what does not need to be included ideal and what does

it require to be considered 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 capabilities so can you pay it from International or do you need to pay from an in-country account do you have to pay from the consumer’s own in-country account so there’s complexity anywhere you look best eventually constructing a knowledge base is absolutely vital however all over you look with payroll payment they are like incredibly payments no if however some babies about it you are all superheroes processing payments for payroll if you take a 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 definitely basic and innovation is allowing us to kind of move on with that it also as well to contribute to that payroll and financing need to work closer together um with differing Savings account Details varying banking requirements and setup procedures is absolutely necessary that payroll and finance groups work better together than ever um I’m constantly amazed 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 operate in the payroll occupation would they split the payroll payment from computation I would say no so why do we as an industry accept that why our payroll and payments so frequently 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 any place they are but likewise paying statutory authorities and on statutory 3rd parties so with the

The modern-day world positions a high worth on well-being and the settlement landscape is ending up being increasingly elaborate. Organizations are continuously presenting brand-new advantages and payment alternatives, which contributes to the total intricacy. Big corporations frequently divide their payroll and payment processing into different teams, which can lead to inadequacies and bottlenecks. In my opinion, this does not have to hold true. In today’s technically sophisticated period, there’s no validation for preserving cumbersome treatments. Payroll, the company’s most significant cost, should be processed correctly and on time. Even slight hold-ups can adversely affect staff members’ wellness and have significant repercussions. Therefore, it’s important to prioritize accurate and prompt payments.

payroll team get um so I’m not exactly sure anybody on this type of webinar has actually been told thank you for processing my payroll correctly if you have it ‘d be excellent to hear your success story and whether that’s been from all employees or not um however ultimately payroll is such an essential cycle we all hear about it when it goes wrong everybody jumps up and down when it fails however when it goes right it’s simply a tick box workout and I believe that’s how it’s seen from the external consider as well um so yeah it’s also like why WI-Fi Global why all of this things is absolutely crucial that all of this things is done properly so leveraging the very first International Payments very first payroll payment option is a fantastic first step um offering an end-to-end payroll option for your workers globally once again I believe is another huge um procedure once again lining up and ensuring you have standardization Worldwide processes all of those things are absolutely key to success success of businesses and decreasing the variety of tools platforms and bank accounts they require for their Global payroll too could not agree with you more and on the the front in regards to of the thank yous for getting payroll done I have actually never had a hundred countless them within a payroll cycle don’t expect to you do get the odd five or ten or whatever it might be with the with the the problems where things haven’t gone quite where they’re suggested to be um I don’t believe any of us are actually doing that for for the thanks

anyhow we know how how crucial a function it is which’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 think of sorry I’m just I was just gon na state picture the quantity of thanks you got if you might cover the amount of people that we cover within this webinar I’m sure we’re talking about numerous thousands potentially Millions envision getting that many thank you keeps in mind um I indicate it ‘d be interesting to see the number of Post-it notes you got but it would certainly be an interesting job trying 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 need days of the week to try to browse them and actually see what was going on and kind of shot to return to everyone so moving on look why do companies pick to main different checking account there are Papaya World Health Organisation companies out there doing exactly this for particular countries and I’ve worked in an organization or numerous businesses doing precisely 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 producing extra work for any person where we don’t need to and any person that’s handling 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 think numerous reasons one is it’s the requirement I think individuals have got so utilized to we require a new savings account we open an entity and appropriately so you require it for payroll purposes but there are a number of markets where it’s not a requirement so I believe it’s just been the requirement and the norm individuals have embraced and continue to do over years and years passed by to add to that individuals have actually looked at things like trust accounts and numerous other ways um to to kind of do it so I believe there’s a variety I believe this is a procedure that requires taking a look at it needs altering but ultimately individuals are very stuck to what they recognize

with ideal um modification is a difficult thing we all don’t like change um so I believe it’s simply type of moving away from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I understand undoubtedly the advantages of having maintaining several checking account however there’s a huge quantity of intricacy chooses setting up a savings account preserving it ensuring it can send out International transfers guaranteeing it’s set up with the best user accesses for specific individuals so the complexity is substantial but I believe the sincere answer is modification um individuals haven’t had the ability to alter or haven’t had necessarily the knowledge to truly make that change into alternate Solutions aside from opening a savings account I think you have actually struck the nail on the head I believe it is understanding you understand and there is an element of resistance to alter but we have actually constantly done it that way is no real excuse for not taking a look at the the advantages and the possibilities of proceeding and moving into you understand what might practically be identified to be the next Century or two there is a lot to keep an eye on and this technique does position numerous obstacles um so Johnny could you inform us about those difficulties yeah naturally so there’s a variety right there is so

I recently made a modification to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It seems like our CFO has actually gotten another CFO, and with this enhanced ability, I have successfully protected payments for our 10,000 staff members worldwide. Your devotion to mastering international payroll and payments using Papaya payroll OS is good. You deserve a corner office with a parking space that is better, considering your accomplishments. Papaya World Health Organisation