Papaya Global Sao Tome & Principe FAQ – Payroll Management 2024

Over the last five or six years …Papaya Global Sao Tome & Principe… roles on the service provider side and also on the supplier side from a payroll perspective so truly anticipating this discussion today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll just give everyone another couple of uh well one of the 30 seconds or two to join we all work back to back these days so we’ll kind of let them do that so it ‘d be quite interesting and I can see it going on already just to hear where everyone is um it’s nice to to type of like see where everybody comes from and I actually do hope it’s much sunnier than it is 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 very really bleak and I want I was elsewhere at this moment in time alright so let’s start our program for today is as follows um we are going to be looking at the obstacle years of handling Worldwide payroll why companies maintain different

savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts improving papaya Worldwide payroll payments as a strategic property uh we’ll likewise go over a wrap-up which should leave his time at the really 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 Worldwide labor forces end up being more and more typical and handling them ends up being more and more complicated Global organizations are wanting to find Solutions and brand-new ways to simplify procedures specifically from a payroll and cross-border payment standpoint numerous companies keep different bank account just for payroll while some have several accounts in various countries does it make good sense for companies to preserve separate savings account sometimes in different nations it does however just for payroll exists a much better method what function do virtual accounts and digital wallets likewise called virtual wallets play in helping international business streamline the episode complex procedures of

Ensuring precise, effective, and prompt payroll payments is a complex obstacle for businesses running globally. Join us for a webinar to check out the benefits and downsides of payroll wallets versus payroll checking account, learn how business anticipate payroll costs to optimize working capital, and discover how streamlining international payroll payments can transform them from a difficult job into a strategic possession.

Managing payroll globally is a daunting task due to different regulations, compliance requirements, data security concerns, and banking guidelines. The sheer variety of employees and services adds to the intricacy, with an approximated 3.5 billion individuals in the global labor force, 500 million of whom remain in Africa, and 230 million services worldwide.

Traditional payroll systems typically result in manual processes, data silos, and an absence of combination, causing inconsistencies and inefficiencies. Regardless of residing in an age of technological developments, payroll management has been slow to adapt, with as much as 25% of payroll still processed by hand, often using pen and paper. This webinar objectives to offer insights and services to simplify and enhance international payroll payments.

about it to give you an idea of how far there still is to come according to Deloitte just 11 of businesses say they have Labor force data in real time that’s another number that offers me sleep deprived nights and quite honestly the more a business spends on international payroll the less of an image they see an absence of presence also extends to payroll payments and failure to accurately track these payments can result in compliance accidents in the last mile of the transaction almost half of worldwide companies have actually expressed that they do not have the level of standardization they need in their procedures or desire and as a result eighty percent of errors are due to time reporting bad HCM data information entry mistakes improperly interacted hires and terminations as well as absence management and system configurations and then when you round everything off and the information is shipped to the incorrect location the typical expense of an international data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash around the globe payroll and payments do not run efficiently if they depend on the needed numerous 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 challenges service face when they’re paying to employees or otherwise that’s an excellent question I always toss this back and say what is it what doesn’t require to be consisted of right and what does

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it need to be thought of there’s differing 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 need 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 best ultimately building a knowledge base is definitely vital however everywhere you look with payroll payment they resemble super payments no if but some children about it you are all superheroes processing payments for payroll if you take a look at the kind of link in between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are absolutely essential and innovation is permitting us to kind of move forward with that it likewise too to contribute to that payroll and finance need to work closer together um with varying Checking account Details differing banking requirements and setup procedures is absolutely necessary that payroll and finance teams work closer together than ever um I’m always amazed when people say I’ve split payroll and payment um if you walk down the street and asked anyone what is payroll who does not work in the payroll occupation would they split the payroll payment from estimation 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 data collection all the way through to paying individuals anywhere they are however also paying statutory authorities and on statutory 3rd parties so with the

world we reside in and well-being being a growing number of essential to contribute to kind of the level of intricacy there’s more and more advantages being organ or being used by organizations across the world so again you’re simply wanting to include a growing number of payments to this currently intricate landscape so if you type of got any experience well I’m from your large experience here and I make certain however have you got any experience in kind of genuine difficulties or genuine tough kind of pay uses to play to pay people I think yeah I imply over the last well yeah a number of years I would certainly say that the larger an organization gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the task there are teams feeding details into the next function as it were that’s really handling the payment side of things however you know in in my viewpoint and my experience that doesn’t always require to be the case you understand long gone are the times where we need to produce extra handoffs in the processes that we run in they just make them more timely they make them less efficient and they do not make them what they need to be in in a period of tech and an era that you understand that we are operating in today there is no reason that we are still making this as challenging as it needs to be agreed and rightly as you said payroll is the single most significant liability that any business has from an expense point of view from an impact perspective on workers it is definitely vital 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 people’s well-being and numerous other aspects if people aren’t paid uh I have actually constantly been amazed coming into this Market kind of the last five to ten years is how little thanks the

The payroll group might not have been thanked for correctly processing payroll during a webinar. If anybody has been thanked, it would be fantastic to hear their success story, whether it’s from all staff members or not. Payroll is an essential cycle, and individuals only notice when things fail. Nevertheless, when things go right, it’s seen as just a regular task. This is how it’s viewed externally also. For that reason, it is important to guarantee that tasks like Wi-Fi Worldwide and other crucial matters are done correctly. Using the very first Global Payments first payroll payment solution is a fantastic initial step towards supplying a detailed payroll service for employees worldwide. Standardization, global procedures, and lowering the variety of tools, platforms, and savings account needed for worldwide payroll are key factors in accomplishing organization success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do periodically get a few problems when things do not go as planned. Ultimately, we don’t do it for the thankfulness.

anyhow we know how how important 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 easy as possible for everyone that’s involved in those procedures and also so imagine sorry I’m just I was just gon na say picture the quantity of thanks you got if you might cover the amount of people that we cover within this webinar I make sure we’re discussing numerous thousands potentially Millions picture getting that lots of thank you keeps in mind um I imply it ‘d be interesting to see the number of Post-it notes you got but it would certainly be an intriguing 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 need days of the week to attempt to look through them and actually see what was going on and type of try to return to everyone so proceeding appearance why do companies select to primary different bank accounts there are Papaya Global Sao Tome & Principe organizations out there doing precisely this for particular nations and I have actually worked in a service or numerous organizations doing precisely that I can state it doesn’t always feel effective and it does create more work I understand we’re not intentionally doing that we’re not producing extra work for anyone where we do not have to and anybody that’s managing that procedure 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 numerous factors one is it’s the standard I think individuals have actually got so used to we require a brand-new checking 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 think it’s just been the requirement and the standard individuals have actually 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 methods um to to type of do it so I think there’s a range I think this is a procedure that requires taking a look at it requires changing but ultimately individuals are very stuck to what they’re familiar

with right um modification is a difficult thing we all do not like modification um so I believe it’s simply kind of moving far from the norm as we have actually said so yeah so it keeps a great deal of track of things um I understand certainly the benefits of having maintaining numerous bank accounts however there’s a substantial quantity of intricacy opts for establishing a savings account maintaining it ensuring it can send International transfers guaranteeing it’s established with the ideal user accesses for individual people so the complexity is substantial but I think the sincere answer is modification um people have not had the ability to alter or haven’t had necessarily the knowledge to really 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 a component of resistance to alter however we’ve constantly done it that way is no genuine excuse for not looking at the the advantages and the possibilities of carrying on and moving into you know what might nearly be determined to be the next Century approximately there is a lot to keep an eye on and this method does posture a number of obstacles um so Johnny could you tell us about those difficulties yeah of course so there’s a range right there is so

I just recently made a change to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It feels like our CFO has actually acquired another CFO, and with this improved capability, I have actually successfully secured payments for our 10,000 employees worldwide. Your dedication to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You are worthy of a corner workplace with a parking space that is better, considering your achievements. Papaya Global Sao Tome & Principe