Papaya Global Qatar FAQ – Payroll Management 2024

Over the last five or 6 years …Papaya Global Qatar… roles on the provider side and also on the supplier side from a payroll viewpoint so actually eagerly anticipating this discussion today um and yeah thank you quite for your time everybody all right thanks Johnny uh we’ll simply provide everybody another number of uh well among the 30 seconds approximately to join all of us work back to back these days so we’ll type of let them do that so it ‘d be quite intriguing and I can see it going on already simply 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 sunlight is it it’s not no it’s it’s drizzling here it’s very very uninspiring and I wish I was somewhere else at this moment in time okay so let’s start our program for today is as follows um we are going to be taking a look at the difficulty years of handling Global payroll why business maintain separate

checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts streamlining papaya Worldwide payroll payments as a tactical property uh we’ll likewise review a recap which ought to leave his time at the very very end for a q a session so as the title of the webinar recommends payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and International labor forces end up being increasingly more common and managing them ends up being more and more complicated International organizations are aiming to discover Solutions and brand-new ways to streamline procedures specifically from a payroll and cross-border payment viewpoint many organizations maintain separate bank account just for payroll while some have several accounts in different countries does it make sense for business to keep separate savings account in some cases in different countries it does but just for payroll is there a better method what role do virtual accounts and digital wallets likewise called virtual wallets play in assisting multinational business enhance the episode complex processes of

making payroll payments precisely efficiently securely and on time during this webinar we’ll walk you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll savings account how business properly anticipate their payroll expenses to increase working capital and how improving International payroll payments can turn them from a siled pane into a strategic property so payroll can be hard in sufficient in one nation but when you’re doing it globally it’s next level and Beyond it becomes complicated for a range of factors most notably policies compliance data security and banking rules then there are the sheer numbers they add further intricacy the international Workforce is presently three and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and additional 1.1 billion individuals that number is currently 500 million just for for a scale then factor in that there are some 230 million businesses and growing all doing their own thing around the world in the traditional payroll model there’s often a frustrating number of different systems causing lengthy manual procedures and silos the variety of Integrations could be non-existent in large quantities and or very extremely fundamental there’s no genuine consistency structure we’re residing in an era of tech but payroll has actually 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 just blows my mind each time I I believe

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 offers me sleepless nights and quite honestly the more an organization invests in global payroll the less of an image they see a lack of presence likewise encompasses payroll payments and failure to accurately track these payments can cause compliance mishaps in the last mile of the deal almost half of international services have expressed that they do not have the level of standardization they need in their procedures or want and as a result eighty percent of errors are because of time reporting bad HCM data data entry errors badly interacted hires and terminations as well as lack management and system configurations and after that when you round it all off and the information is shipped to the wrong location the typical expense of an international data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money worldwide payroll and payments do not run efficiently if they count on the required numerous procedures systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the challenges company face when they’re paying to employees or otherwise that’s a great concern I constantly toss this back and state what is it what does not require to be included ideal and what does

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it need 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 timespan 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 intricacy anywhere you look right ultimately developing a knowledge base is absolutely crucial but everywhere you look with payroll payment they are like extremely payments no if however some infants about it you are all superheroes processing payments for payroll if you take a look at the type 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 technology is enabling us to sort of progress with that it likewise also to add to that payroll and financing need to work closer together um with varying Checking account Details varying banking requirements and setup processes is definitely vital that payroll and financing teams work more detailed together than ever um I’m always astonished when individuals state I’ve split payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t operate 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 often 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 anywhere they are but likewise paying statutory authorities and on statutory 3rd parties so with the

The modern-day world places a high worth on well-being and the compensation landscape is becoming significantly intricate. Businesses are constantly introducing new benefits and payment choices, which adds to the total complexity. Large corporations typically divide their payroll and payment processing into separate groups, which can cause inefficiencies and traffic jams. In my opinion, this doesn’t need to hold true. In today’s technically advanced era, there’s no justification for maintaining troublesome procedures. Payroll, the business’s biggest expense, need to be processed correctly and on time. Even slight delays can adversely impact workers’ wellness and have significant repercussions. Therefore, it’s critical to focus on precise and prompt payments.

payroll team get um so I’m not exactly sure anyone on this sort of webinar has been told thank you for processing my payroll correctly if you have it ‘d be fantastic to hear your success story and whether that’s been from all employees or not um but eventually payroll is such a crucial 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 exercise 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 important that all of this things is done properly so leveraging the very first Worldwide Payments first payroll payment solution is a fantastic initial step um providing an end-to-end payroll solution for your workers internationally again I believe is another big um procedure once again aligning and guaranteeing you have standardization Global processes all of those things are definitely crucial to success success of businesses and lowering the variety of tools platforms and bank accounts they need for their International payroll too couldn’t agree with you more and on the the front in regards to of the thank yous for getting payroll done I have actually never ever had a hundred countless them within a payroll cycle do not expect to you do get the odd five or 10 or whatever it might be with the with the the complaints where things haven’t gone quite where they’re suggested to be um I don’t believe any of us are in fact doing that for for the thanks

anyhow we understand how how important 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 simple as possible for everyone that’s involved in those processes and likewise so think of sorry I’m just I was just gon na state envision the amount of thanks you got if you could cover the amount of people that we cover within this webinar I make sure we’re discussing hundreds of thousands possibly Millions picture getting that lots of thank you notes um I mean it ‘d be interesting to see how many Post-it notes you got but it would certainly be an interesting task 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 actually see what was going on and sort of try to get back to everyone so proceeding look why do business choose to main separate checking account there are Papaya Global Qatar companies out there doing precisely this for specific nations and I have actually operated in a service or lots of organizations doing precisely that I can say it does not always feel efficient and it does develop more work I understand we’re not intentionally doing that we’re not producing additional work for anyone where we do not need to and any person that’s handling that process I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the amount that we are I think numerous reasons one is it’s the standard I believe individuals have actually got so used to we require a new checking account we open an entity and rightly so you need it for payroll functions but there are a number of markets where it’s not a requirement so I believe it’s simply been the standard and the standard individuals have actually adopted and continue to do over years and years passed by to add to that individuals have looked at things like trust accounts and lots of other ways um to to kind of do it so I think there’s a variety I think this is a process that needs looking at it needs changing but ultimately individuals are extremely stuck with what they recognize

with ideal um change is a tough thing we all do not like change um so I believe it’s simply kind of moving far from the norm as we’ve said so yeah so it keeps a lot of track of things um I comprehend obviously the benefits of having keeping several bank accounts however there’s a substantial quantity of complexity goes with setting up a savings account maintaining it ensuring it can send International transfers ensuring it’s established with the right user accesses for private people so the complexity is huge but I believe the honest response is modification um individuals have not had the ability to alter or have not had necessarily the knowledge to really make that change into alternate Solutions aside from opening a bank 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 have actually constantly done it that way is no genuine reason for not looking at the the advantages and the possibilities of carrying on and moving into you know what could practically be identified to be the next Century or two there is a lot to keep track of and this method does posture numerous challenges um so Johnny could you tell us about those challenges 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 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 because I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Qatar