Papaya Global Timor-leste FAQ – Payroll Management 2024

Over the last five or 6 years …Papaya Global Timor-leste… functions on the supplier side and also on the vendor side from a payroll viewpoint so actually looking forward to this discussion today um and yeah thank you very much for your time everyone all right thanks Johnny uh we’ll just give everybody another couple of uh well among the 30 seconds approximately to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be quite intriguing and I can see it going on already just to hear where everybody 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 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 extremely extremely uninspiring and I wish 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 taking a look at the difficulty years of managing International payroll why companies maintain separate

Virtual payroll accounts are an option to standard bank accounts for handling payroll payments. This is especially useful for international organizations with dispersed and remote labor forces, as it simplifies the complex procedure of cross-border payments. Instead of keeping separate savings account for payroll in various countries, virtual accounts and digital wallets offer a more structured service. In this webinar, we will check out the advantages of using virtual payroll accounts and discuss why they are becoming a tactical possession for payroll executives. We will also supply a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.

making payroll payments properly efficiently securely and on time throughout this webinar we’ll walk you through the international pros and cons of a payroll wallet versus a payroll bank account how companies precisely anticipate their payroll expenses to increase working capital and how simplifying Worldwide payroll payments can turn them from a siled pane into a strategic possession so payroll can be challenging in sufficient in one country however when you’re doing it worldwide it’s next level and Beyond it becomes complicated for a variety of reasons most significantly regulations compliance information security and banking guidelines then there are the sheer numbers they add additional complexity the worldwide Labor force 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 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 world in the conventional payroll model there’s often a frustrating number of different systems resulting in lengthy manual procedures and silos the number of Combinations could be non-existent in big amounts and or really very fundamental there’s no genuine consistency structure we’re residing in an age of tech however payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper and that simply blows my mind every time I I think

about it to provide you an idea of how far there still is to come according to Deloitte just 11 of businesses state they have Workforce information in real time that’s another number that provides me sleep deprived nights and quite frankly the more a service invests in international payroll the less of a photo they see a lack of exposure also reaches payroll payments and inability to properly track these payments can lead to compliance accidents in the last mile of the transaction almost half of international organizations have actually revealed that they don’t have the level of standardization they need in their processes or desire and as a result eighty percent of errors are because of time reporting poor HCM information data entry mistakes badly interacted hires and terminations as well as absence management and system setups and then when you round everything off and the data is shipped to the wrong location the average cost of an international information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash all over the world payroll and payments don’t run efficiently if they rely on the necessary multiple procedures systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the obstacles service face when they’re making payments to employees or otherwise that’s an excellent concern I always toss this back and say what is it what does not require to be consisted of right and what does

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it require to be considered 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 have to pay from the client’s own in-country account so there’s complexity any place you look ideal eventually building a knowledge base is definitely vital but all over you look with payroll payment they are like very payments no if however some infants about it you are all superheroes processing payments for payroll if you look at the sort of link between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are absolutely basic and technology is enabling us to type of move on with that it likewise also to add to that payroll and financing require to work closer together um with differing Checking account Particulars differing banking requirements and setup processes is absolutely necessary that payroll and finance teams work better together than ever um I’m always surprised when people state I have actually split payroll and payment um if you walk down the street and asked anyone what is payroll who does not work in the payroll profession would they split the payroll payment from computation 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 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 value on wellness and the compensation landscape is becoming increasingly complex. Organizations are continually introducing brand-new benefits and payment choices, which adds to the overall intricacy. Big corporations typically divide their payroll and payment processing into separate teams, which can result in inadequacies and traffic jams. In my opinion, this doesn’t have to hold true. In today’s highly innovative period, there’s no validation for keeping troublesome procedures. Payroll, the business’s greatest expenditure, need to be processed properly and on time. Even minor delays can adversely impact staff members’ wellness and have significant repercussions. For that reason, it’s critical to focus on precise and timely payments.

payroll group get um so I’m not sure anybody on this sort of webinar has been told thank you for processing my payroll properly if you have it ‘d be excellent to hear your success story and whether that’s been from all staff members or not um however eventually payroll is such a crucial cycle all of us become aware of it when it fails everyone jumps up and down when it fails however when it goes right it’s just a tick box exercise and I think that’s how it’s seen from the external deem well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is definitely essential that all of this stuff is done correctly so leveraging the very first Global Payments very first payroll payment option is a terrific initial step um providing an end-to-end payroll service for your employees worldwide once again I believe is another big um process again lining up and ensuring you have standardization International procedures all of those things are definitely crucial to success success of companies and lowering the variety of tools platforms and checking account they require for their International payroll too couldn’t agree with you more and on the the front in terms of of the thank yous for getting payroll done I’ve never ever had a hundred countless them within a payroll cycle do not anticipate 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 rather where they’re implied to be um I do not think any of us are actually doing that for for the thanks

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 easy as possible for everyone that’s involved in those processes and likewise so envision sorry I’m just I was simply gon na state think of the quantity of thanks you got if you might cover the amount of people that we cover within this webinar I make certain we’re discussing hundreds of thousands possibly Millions envision getting that many thank you notes um I mean it ‘d be interesting to see how many Post-it notes you got but it would absolutely be an interesting task trying to clean all those up for sure oh absolutely 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 check out them and actually see what was going on and type of shot to get back to everybody so carrying on appearance why do companies choose to main different bank accounts there are Papaya Global Timor-leste companies out there doing exactly this for specific countries and I’ve worked in a service or many services doing precisely that I can say it does not always feel efficient and it does produce more work I know we’re not intentionally doing that we’re not developing extra work for anybody where we do not need to and anybody that’s managing that procedure I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the amount that we are I believe lots of reasons one is it’s the requirement I think individuals have got so used to we require a brand-new checking account we open an entity and appropriately so you require it for payroll functions however there are a variety of markets where it’s not a requirement so I believe it’s just been the requirement and the norm individuals have actually embraced and continue to do over years and years gone past to add to that individuals have taken a look at things like trust accounts and many other ways um to to type of do it so I think there’s a variety I think this is a procedure that requires looking at it needs altering however eventually individuals are extremely stuck with what they’re familiar

with ideal um modification is a challenging thing we all don’t like modification um so I think it’s simply kind of moving away from the standard as we have actually said so yeah so it keeps a great deal of track of stuff um I understand obviously the benefits of having maintaining numerous checking account however there’s a huge amount of complexity opts for setting up a savings account maintaining it guaranteeing it can send International transfers ensuring it’s established with the best user accesses for individual people so the complexity is huge but I believe the honest answer is modification um individuals haven’t been able to alter or have not had necessarily the knowledge to really make that change into alternate Solutions besides opening a bank account I think you have actually struck the nail on the head I believe it is knowledge you understand and there is a component of resistance to alter however we’ve always 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 nearly be identified to be the next Century or two there is a lot to keep track of and this method does pose numerous difficulties um so Johnny might you inform us about those challenges yeah naturally 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 manage our payroll and payment jobs on one platform. It seems like our CFO has actually gained another CFO, and with this boosted ability, I have successfully protected payments for our 10,000 workers worldwide. Your dedication to mastering international payroll and payments utilizing Papaya payroll OS is good. You are worthy of a corner workplace with a parking space that is better, considering your achievements. Papaya Global Timor-leste