How To Email P60 From Papaya Global FAQ – Payroll Management 2024

Over the last 5 or six years …How To Email P60 From Papaya Global… functions on the provider 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 offer everybody another couple of uh well one of the 30 seconds or two to join all of us work back to back these days so we’ll sort of let them do that so it ‘d be quite interesting and I can see it going on currently simply to hear where everyone is um it’s nice to to kind of like see where everybody comes from and I actually do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s raining here it’s very really uninspiring and I wish I was elsewhere at this moment in time fine so let’s get started our program for today is as follows um we are going to be looking at the difficulty years of managing Global payroll why companies keep different

Virtual payroll accounts are an option to standard checking account for handling payroll payments. This is especially beneficial for international companies with dispersed and remote labor forces, as it simplifies the intricate procedure of cross-border payments. Instead of keeping separate checking account for payroll in different countries, virtual accounts and digital wallets use a more structured solution. In this webinar, we will explore the advantages of using virtual payroll accounts and go over why they are becoming a strategic asset for payroll executives. We will also offer a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.

making payroll payments accurately efficiently securely and on time during this webinar we’ll stroll you through the global benefits and drawbacks of a payroll wallet versus a payroll checking account how business accurately forecast their payroll costs to increase working capital and how enhancing Worldwide payroll payments can turn them from a siled pane into a tactical possession so payroll can be challenging in sufficient in one nation but when you’re doing it worldwide it’s next level and Beyond it becomes complex for a range of reasons most notably policies compliance data security and banking guidelines then there are the large numbers they add additional intricacy the worldwide Workforce is presently three and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and further 1.1 billion people that number is presently 500 million just for for a scale then factor in that there are some 230 million organizations and growing all doing their own thing around the globe in the traditional payroll design there’s often a frustrating number of different systems causing lengthy manual procedures and silos the number of Combinations could be non-existent in large quantities and or extremely really fundamental there’s no genuine consistency structure we’re living in an age of tech however payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper which simply blows my mind whenever I I think

about it to give you a concept of how far there still is to come according to Deloitte only 11 of organizations state they have Labor force information in real time that’s another number that gives me sleepless nights and rather honestly the more a business spends on global payroll the less of a picture they see an absence of presence likewise encompasses payroll payments and inability to properly track these payments can result in compliance accidents in the last mile of the transaction almost half of worldwide companies have revealed 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 poor HCM data data entry mistakes improperly communicated hires and terminations as well as lack management and system setups and then when you round it all off and the data is delivered to the wrong location the typical cost of a global data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money around the globe payroll and payments don’t run efficiently if they rely on the necessary multiple procedures systems and partners it is just not possible so Johnny from a payments point of view 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 a good concern I constantly toss this back and state what is it what does not need to be included ideal and what does

it need to be considered there’s differing Bank information 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 customer’s own in-country account so there’s intricacy anywhere you look right eventually developing a knowledge base is definitely crucial however everywhere you look with payroll payment they are like super payments no if but some babies 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 acknowledgment that payroll payments are definitely basic and technology is enabling us to kind of move on with that it also also to add to that payroll and finance need to work closer together um with differing Bank Account Details varying banking requirements and setup processes is absolutely crucial that payroll and financing groups work better together than ever um I’m constantly amazed when individuals say I’ve split payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t work in the payroll occupation would they divide the payroll payment from calculation 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 eventually it’s payroll is an end-to-end procedure it’s the point of data 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 live in and well-being being more and more important to add to sort of the level of intricacy there’s a growing number of benefits being organ or being offered by organizations across the world so once again you’re simply aiming to include more and more payments to this currently complex landscape so if you sort of got any experience well I’m from your vast experience here and I make certain but have you got any experience in kind of real obstacles or real difficult type of pay utilizes to play to pay individuals I believe yeah I mean over the last well yeah a couple of decades I would certainly state that the bigger a company gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the task there are groups feeding details into the next function as it were that’s in fact managing the payment side of things but you know in in my opinion and my experience that does not necessarily require to be the case you know long gone are the times where we require to develop additional handoffs while doing sos that we run in they just make them more timely they make them less effective 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 why we are still making this as challenging as it needs to be agreed and rightly as you said payroll is the single greatest liability that any service has from an expense viewpoint from an effect perspective on employees it is definitely critical that it’s done correctly and on time so what we indicate by that is not a day before not a day after on pay day and payments have to be done right it has the greatest harmful effect on individuals’s wellness and numerous other factors if people aren’t paid uh I have actually always been amazed entering into this Market type of the last five to ten years is how little thanks the

payroll group get um so I’m not sure anyone on this sort of webinar has been informed thank you for processing my payroll properly if you have it ‘d be terrific to hear your success story and whether that’s been from all employees or not um but eventually payroll is such an essential cycle we all find out about it when it goes wrong everyone jumps up and down when it fails but when it goes right it’s simply a tick box exercise and I think 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 stuff is definitely important that all of this things is done properly so leveraging the first Global Payments first payroll payment service is an excellent initial step um supplying an end-to-end payroll service for your workers internationally once again I think is another big um process once again aligning and ensuring you have standardization International processes all of those things are definitely key to success success of services and decreasing the number of tools platforms and checking account they need for their Global 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 have actually never had a hundred countless them within a payroll cycle do not expect to you do get the odd 5 or 10 or whatever it might be with the with the the grievances where things haven’t gone quite where they’re implied to be um I do not believe any of us are in fact doing that for for the thanks

anyhow we know 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 simple as possible for everyone that’s associated with those processes and likewise so picture sorry I’m simply I was just gon na say imagine the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I make sure we’re talking about hundreds of thousands potentially Millions think of getting that many thank you notes um I suggest it ‘d be interesting to see the number of Post-it notes you got however it would definitely be an interesting job attempting to clean up all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that held true um you ‘d need days of the week to attempt to browse them and actually see what was going on and kind of shot to get back to everyone so moving on look why do companies select to main different checking account there are How To Email P60 From Papaya Global businesses out there doing precisely this for specific countries and I have actually worked in a business or lots of companies doing precisely that I can state it does not always feel effective and it does create more work I know we’re not deliberately doing that we’re not creating additional work for anyone where we do not need to and anybody that’s handling that process I ‘d be interested to hear your ideas Johnny why do you think 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 people have actually got so used to we require a new savings account we open an entity and appropriately so you need it for payroll purposes 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 the people 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 sort of do it so I believe there’s a range I think this is a procedure that requires looking at it needs changing but ultimately individuals are very stuck to what they’re familiar

with best um modification is a tough thing all of us do not like modification um so I think it’s simply kind 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 clearly the advantages of having maintaining numerous savings account however there’s a substantial quantity of complexity chooses setting up a checking account keeping it guaranteeing it can send International transfers guaranteeing it’s set up with the best user accesses for specific people so the intricacy is substantial but I think the honest answer is modification um people have not been able to alter or haven’t had always the understanding to really make that change into alternate Solutions other than opening a savings account I believe you’ve hit the nail on the head I think it is understanding you know and there is an element of resistance to change however we have actually constantly done it that way is no genuine excuse for not taking a look at the the benefits and the possibilities of moving on and moving into you understand what could nearly be identified to be the next Century or so there is a lot to keep track of and this approach does present several obstacles um so Johnny could you inform us about those difficulties yeah of course so there’s a range right there is so

I recently made a modification to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It feels like our CFO has actually gotten another CFO, and with this improved ability, I have effectively secured payments for our 10,000 staff members worldwide. Your commitment to mastering international payroll and payments utilizing Papaya payroll OS is good. You deserve a corner workplace with a parking space that is closer, considering your accomplishments. How To Email P60 From Papaya Global