How To Process Redundancy Payments In Papaya Global FAQ – Payroll Management 2024

Over the last five or 6 years …How To Process Redundancy Payments In Papaya Global… functions on the company side and also on the supplier side from a payroll point of view so truly eagerly anticipating this discussion today um and yeah thank you quite for your time everyone okay thanks Johnny uh we’ll just provide everybody another number of uh well one of the 30 seconds approximately to join all of us 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 just to hear where everyone is um it’s nice to to type of like see where everybody originates from and I really do hope it’s much sunnier than it is 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 extremely very uninspiring and I want I was somewhere else at this moment in time all right so let’s begin our program for today is as follows um we are going to be taking a look at the difficulty years of handling Worldwide payroll why business maintain separate

Virtual payroll accounts are an option to standard savings account for managing payroll payments. This is especially useful for worldwide organizations with dispersed and remote labor forces, as it streamlines the complicated process of cross-border payments. Instead of keeping different bank accounts for payroll in various countries, virtual accounts and digital wallets offer a more structured solution. In this webinar, we will check out the benefits of using virtual payroll accounts and discuss why they are becoming a tactical property for payroll executives. We will likewise offer a recap of the main points covered and leave time for a Q&A session at the end.

making payroll payments precisely effectively firmly and on time during this webinar we’ll walk you through the international benefits and drawbacks of a payroll wallet versus a payroll bank account how business properly anticipate their payroll costs to increase working capital and how enhancing Worldwide payroll payments can turn them from a siled pane into a strategic possession so payroll can be difficult in adequate in one nation but when you’re doing it globally it’s next level and Beyond it ends up being intricate for a range of factors most importantly regulations compliance information security and banking rules then there are the large numbers they add further intricacy the worldwide Labor force is currently 3 and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and more 1.1 billion people that number is presently 500 million just for for a scale then consider that there are some 230 million organizations and growing all doing their own thing around the globe in the conventional payroll model there’s often a frustrating number of different systems leading to time-consuming manual procedures and silos the number of Combinations could be non-existent in large amounts and or extremely extremely standard there’s no real consistency structure we’re living in an era of tech but payroll has actually 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 just blows my mind each 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 services say they have Workforce data in real time that’s another number that offers me sleep deprived nights and rather frankly the more a service invests in worldwide payroll the less of an image they see a lack of exposure also reaches payroll payments and inability to accurately track these payments can result in compliance accidents in the last mile of the deal almost half of global companies have actually revealed that they don’t have the level of standardization they require in their processes or want and as a result eighty percent of errors are due to time reporting poor HCM data information entry mistakes poorly communicated hires and terminations along with lack management and system setups and after that when you round all of it off and the data is delivered to the incorrect location the average cost of a worldwide information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash all over the world payroll and payments do not run smoothly if they rely on the required multiple processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the challenges business face when they’re paying to staff members or otherwise that’s a great concern I always throw this back and say what is it what doesn’t need to be included ideal and what does

it need to be considered there’s varying Bank details so the length of an eye band a swift an account number routing code per country there’s payment amount of time 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 any place you look right eventually developing a knowledge base is definitely important however everywhere you look with payroll payment they are like very payments no if however some children 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 believe there’s now a bit more recognition that payroll payments are definitely basic and innovation is permitting us to kind of move on with that it also as well to contribute to that payroll and finance need to work closer together um with varying Bank Account Particulars varying banking requirements and setup processes is absolutely crucial that payroll and finance groups work better together than ever um I’m always amazed when individuals state I have actually split payroll and payment um if you stroll down the street and asked anybody what is payroll who does not work in the payroll occupation would they divide the payroll payment from computation I would say no so why do we as an industry 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 people wherever they are however also paying statutory authorities and on statutory third parties so with the

world we reside in and well-being being increasingly more crucial to add to type of the level of intricacy there’s a growing number of benefits being organ or being used by businesses across the world so again you’re simply looking to include increasingly more payments to this already complicated landscape so if you type of got any experience well I’m from your huge experience here and I make sure but have you got any experience in kind of real difficulties or real tough type of pay utilizes to play to pay individuals I believe yeah I indicate over the last well yeah a couple of decades I would absolutely say that the bigger a service gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the job there are groups feeding details 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 require to be the case you understand long gone are the times where we require to create extra handoffs at the same times that we operate in they just make them more timely they make them less effective and they don’t make them what they need to be in in an age of tech and an age that you understand that we are working in today there is no reason that we are still making this as hard as it needs to be concurred and appropriately as you said payroll is the single greatest liability that any service has from an expense point of view from an impact viewpoint on employees it is definitely vital that it’s done correctly 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 destructive result on individuals’s wellness and many other aspects if people aren’t paid uh I’ve always been surprised entering this Market kind of the last 5 to 10 years is how little thanks the

The payroll group may not have actually been thanked for correctly processing payroll throughout a webinar. If anybody has been thanked, it would be great to hear their success story, whether it’s from all staff members or not. Payroll is an essential cycle, and people only observe when things fail. Nevertheless, when things go right, it’s viewed as simply a routine job. This is how it’s perceived externally also. Therefore, it is important to guarantee that tasks like Wi-Fi Global and other vital matters are done properly. Using the first Worldwide Payments first payroll payment option is a fantastic preliminary step towards providing a comprehensive payroll service for workers worldwide. Standardization, international procedures, and lowering the variety of tools, platforms, and checking account required for worldwide payroll are essential factors in achieving company success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do occasionally get a few grievances when things don’t go as planned. Ultimately, we don’t do it for the appreciation.

anyhow we know how how essential 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 processes and also so imagine sorry I’m just I was simply gon na say picture the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I make sure we’re discussing hundreds of thousands possibly Millions envision getting that many thank you keeps in mind um I suggest it ‘d be interesting to see the number of Post-it notes you got but it would certainly be an interesting task attempting to clean all those up for sure oh absolutely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to check out them and really see what was going on and sort of try to return to everyone so proceeding look why do companies choose to primary different checking account there are How To Process Redundancy Payments In Papaya Global businesses out there doing exactly this for specific countries and I have actually operated in a business or numerous companies doing exactly that I can say it does not constantly feel efficient and it does produce more work I know we’re not intentionally doing that we’re not creating additional work for anybody where we don’t have to and anybody that’s dealing with 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 requirement I believe people have got so used to we need a brand-new bank account we open an entity and rightly so you need it for payroll functions however there are a number of markets where it’s not a requirement so I believe it’s just been the standard and the standard individuals have embraced and continue to do over years and years gone past to add to that people have taken a look at things like trust accounts and many other ways um to to sort of do it so I think there’s a variety I believe this is a procedure that requires taking a look at it requires changing but ultimately individuals are really stuck with what they’re familiar

with right um modification is a tough thing all of us do not like change um so I believe it’s simply type of moving far from the standard as we have actually said so yeah so it keeps a great deal of track of things um I understand obviously the advantages of having keeping numerous savings account however there’s a big quantity of intricacy opts for setting up a bank account keeping it guaranteeing it can send International transfers guaranteeing it’s established with the ideal user accesses for individual individuals so the complexity is big however I think the truthful response is modification um people have not been able to alter or haven’t had necessarily the knowledge to really make that change into alternate Solutions besides opening a bank account I believe you’ve hit the nail on the head I think it is knowledge you know and there is an aspect of resistance to alter however we’ve always done it that way is no real excuse for not looking at the the advantages and the possibilities of carrying on and moving into you know what might almost be identified to be the next Century or two there is a lot to keep track of and this technique does position several challenges um so Johnny might you inform us about those difficulties yeah obviously so there’s a variety right there is so

I just did you changed our Enterprise to OS so now we can do our payroll and payments operation on a single platform yes it’s like 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 closer parking space due to the fact that I mastered Global payroll and payments with Papaya payroll OS did you How To Process Redundancy Payments In Papaya Global