Papaya Global Starting New Tax Year FAQ – Payroll Management 2024

Over the last five or 6 years …Papaya Global Starting New Tax Year… functions on the service provider side and also on the supplier side from a payroll viewpoint so actually looking forward to this conversation today um and yeah thank you very much for your time everyone fine thanks Johnny uh we’ll simply give everyone another couple of uh well among the 30 seconds or two to join all of us work back to back nowadays 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 everybody is um it’s nice to to type of like see where everyone 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 drizzling 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 challenge years of managing International payroll why business preserve separate

Virtual payroll accounts are an option to standard checking account for handling payroll payments. This is especially beneficial for worldwide organizations with dispersed and remote labor forces, as it simplifies the intricate procedure of cross-border payments. Instead of maintaining separate bank accounts for payroll in various nations, 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 ending up being a strategic asset for payroll executives. We will also supply a recap of the bottom lines covered and leave time for a Q&A session at the end.

making payroll payments precisely effectively securely and on time throughout this webinar we’ll stroll you through the global benefits and drawbacks of a payroll wallet versus a payroll savings account how business accurately forecast their payroll expenses to increase working capital and how improving International payroll payments can turn them from a siled pane into a strategic possession so payroll can be hard in sufficient in one country but when you’re doing it worldwide it’s next level and Beyond it becomes complex for a variety of reasons most significantly policies compliance information security and banking rules then there are the large numbers they include more intricacy the global Labor force is currently 3 and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and more 1.1 billion individuals that number is currently 500 million just for for a scale then factor in that there are some 230 million organizations and growing all doing their own thing worldwide in the traditional payroll design there’s frequently an overwhelming variety of various systems resulting in time-consuming manual procedures and silos the number of Combinations could be non-existent in big amounts and or very very fundamental there’s no real consistency structure we’re living in an era of tech however payroll has actually been slow to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper and that just blows my mind each time I I believe

about it to provide you an idea of how far there still is to come according to Deloitte just 11 of services state they have Workforce data in real time that’s another number that offers me sleepless nights and rather frankly the more an organization spends on global payroll the less of a picture they see a lack of presence also reaches payroll payments and inability to properly track these payments can result in compliance incidents in the last mile of the deal nearly half of worldwide companies have expressed that they don’t have the level of standardization they require in their processes or desire and as a result eighty percent of errors are due to time reporting bad HCM information information entry errors improperly communicated hires and terminations along with lack management and system configurations and then when you round everything off and the information is delivered to the wrong place the average cost of a global data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money around the world payroll and payments do not run efficiently if they count on the required several processes 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 difficulties service face when they’re paying to workers or otherwise that’s a good question I constantly throw this back and state what is it what does not require to be consisted of best and what does

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it require to be considered there’s varying Bank information so the length of an eye band a swift an account number routing code per country there’s payment timespan there’s payment capabilities 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 consumer’s own in-country account so there’s intricacy wherever you look ideal ultimately developing a knowledge base is absolutely important however all over 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 look at the sort of link between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are definitely fundamental and innovation is permitting us to sort of move on with that it likewise as well to contribute to that payroll and finance need to work closer together um with varying Checking account Particulars varying banking requirements and setup processes is absolutely essential that payroll and financing teams work better together than ever um I’m constantly surprised when people state I’ve divided payroll and payment um if you stroll down the street and asked anyone what is payroll who does not work in the payroll profession would they divide the payroll payment from calculation I would say no so why do we as a market accept that why our payroll and payments so frequently split and cut up um eventually it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying individuals anywhere they are but 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 add to type of the level of complexity there’s more and more advantages being organ or being used by services across the world so again you’re simply looking to include more and 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 certain however have you got any experience in kind of genuine challenges or real challenging sort of pay utilizes to play to pay people I think yeah I mean over the last well yeah a number of years I would absolutely state that the bigger an organization gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the job there are teams feeding information into the next function as it were that’s in fact handling the payment side of things but you understand in in my opinion and my experience that does not necessarily require to be the case you understand long gone are the times where we need to produce additional handoffs while doing sos 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 hard as it requires to be concurred and appropriately as you said payroll is the single biggest liability that any business has from a cost perspective from an impact viewpoint on employees it is absolutely crucial 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 greatest detrimental result on people’s well-being and lots of other aspects if individuals aren’t paid uh I’ve always been amazed entering this Market kind of the last five to 10 years is how little thanks the

The payroll team may not have been thanked for properly processing payroll throughout a webinar. If anybody has been thanked, it would be great to hear their success story, whether it’s from all workers or not. Payroll is a crucial cycle, and individuals just observe when things go wrong. Nevertheless, when things go right, it’s viewed as just a regular job. This is how it’s viewed externally as well. Therefore, it is important to make sure that jobs like Wi-Fi Worldwide and other crucial matters are done properly. Using the very first Worldwide Payments very first payroll payment solution is a great initial step towards offering a detailed payroll solution for workers worldwide. Standardization, international processes, and decreasing the number of tools, platforms, and bank accounts essential for global payroll are crucial consider attaining service success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do periodically receive a couple of grievances when things don’t go as prepared. Ultimately, we do not do it for the appreciation.

anyhow we understand 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 easy as possible for everyone that’s involved in those procedures and likewise so picture sorry I’m just I was simply gon na say envision the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I make certain we’re discussing numerous thousands possibly Millions envision getting that many thank you notes um I indicate it ‘d be interesting to see the number of Post-it notes you got but it would absolutely be an intriguing job attempting to clean all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to browse them and actually see what was going on and type of try to return to everyone so carrying on appearance why do companies pick to primary different bank accounts there are Papaya Global Starting New Tax Year services out there doing exactly this for specific countries and I’ve worked in a business or many services doing exactly that I can state it does not always feel effective and it does produce more work I understand we’re not intentionally doing that we’re not developing additional work for anyone where we don’t have to and anyone that’s dealing with 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 many reasons one is it’s the requirement I believe people have actually got so utilized to we require a new bank account we open an entity and appropriately so you require it for payroll purposes however there are a number of markets where it’s not a requirement so I believe it’s simply been the standard and the standard the people have adopted and continue to do over years and years passed by to contribute to that people have actually taken a look at things like trust accounts and lots of other methods um to to type of do it so I think there’s a variety I believe this is a procedure that requires taking a look at it requires altering however ultimately people are very stuck with what they’re familiar

with best um change is a difficult thing we all do not like change um so I think it’s just type of moving away from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I understand undoubtedly the advantages of having preserving multiple savings account however there’s a substantial quantity of intricacy chooses setting up a bank account preserving it ensuring it can send out International transfers ensuring it’s established with the best user accesses for individual individuals so the complexity is substantial however I think the honest answer is change um individuals have not been able to alter or haven’t had necessarily the understanding to truly make that change into alternate Solutions aside from opening a savings account I believe you have actually hit the nail on the head I believe it is knowledge you know and there is a component of resistance to change however we have actually always done it that way is no genuine reason for not taking a look at the the advantages and the possibilities of carrying on and moving into you know what could almost be identified to be the next Century approximately there is a lot to track and this technique does present several challenges um so Johnny could you tell us about those difficulties yeah obviously so there’s a range right there is so

I recently made a change to our Enterprise 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 acquired another CFO, and with this enhanced ability, I have actually effectively secured payments for our 10,000 workers worldwide. Your commitment to mastering international payroll and payments utilizing Papaya payroll OS is good. You should have a corner workplace with a parking space that is better, considering your achievements. Papaya Global Starting New Tax Year