Papaya Global Tax Calendar 2020/21 FAQ – Payroll Management 2024

Over the last five or six years …Papaya Global Tax Calendar 2020/21… roles on the provider side and also on the vendor side from a payroll viewpoint so actually anticipating this conversation today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll just offer everybody another couple of uh well one of the 30 seconds or two to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be quite interesting 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 everyone originates from and I actually do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s raining here it’s extremely really bleak and I want I was somewhere else at this moment in time alright so let’s begin our program for today is as follows um we are going to be looking at the difficulty years of managing Worldwide payroll why business maintain different

Virtual payroll accounts are an option to standard savings account for handling payroll payments. This is especially useful for international organizations with dispersed and remote workforces, as it simplifies the complex process of cross-border payments. Instead of keeping different checking account for payroll in various nations, virtual accounts and digital wallets use a more structured option. In this webinar, we will check out the advantages of using virtual payroll accounts and go over why they are ending up being a strategic possession for payroll executives. We will likewise provide a wrap-up of the main points covered and leave time for a Q&A session at the end.

making payroll payments accurately effectively safely and on time throughout this webinar we’ll walk you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll checking account how companies accurately anticipate their payroll costs to increase working capital and how simplifying International payroll payments can turn them from a siled pane into a tactical possession so payroll can be difficult in adequate in one country but when you’re doing it globally it’s next level and Beyond it becomes intricate for a range of reasons most notably guidelines compliance data security and banking guidelines then there are the sheer numbers they include additional intricacy the global Labor force is presently three and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and further 1.1 billion people that number is currently 500 million just for for a scale then factor in that there are some 230 million companies and growing all doing their own thing around the world in the standard payroll model there’s frequently a frustrating variety of different systems resulting in time-consuming manual processes and silos the number of Integrations could be non-existent in big quantities and or really really basic there’s no genuine consistency structure we’re residing in a period of tech but 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 just blows my mind each time I I think

about it to give you a concept of how far there still is to come according to Deloitte just 11 of organizations say they have Workforce data in real time that’s another number that gives me sleepless nights and rather honestly the more a service spends on international payroll the less of a picture they see a lack of exposure also reaches payroll payments and inability to precisely track these payments can cause compliance incidents in the last mile of the transaction almost half of worldwide companies have expressed that they don’t have the level of standardization they need in their processes or want and as a result eighty percent of errors are because of time reporting bad HCM data information entry errors inadequately communicated hires and terminations along with lack management and system setups and then when you round all of it off and the information is delivered to the incorrect place the typical cost of a worldwide information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash worldwide payroll and payments don’t run efficiently if they count on the needed multiple 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 organization face when they’re paying to staff members or otherwise that’s a great question I always toss this back and state what is it what doesn’t require to be included ideal and what does

https://www.youtube.com/watch?v=pNjMoPeng0A

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 country there’s payment timespan there’s payment abilities so can you pay it from International or do you have to pay from an in-country account do you have to pay from the customer’s own in-country account so there’s intricacy wherever you look best eventually building a knowledge base is definitely crucial but all over you look with payroll payment they resemble very payments no if however some babies 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 believe there’s now a bit more recognition that payroll payments are definitely fundamental and technology is permitting us to type of progress with that it likewise also to add to that payroll and finance need to work closer together um with differing Savings account Particulars differing banking requirements and setup procedures is absolutely imperative that payroll and finance teams work better together than ever um I’m constantly astonished when individuals say I have actually divided payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t work in the payroll profession would they split the payroll payment from calculation 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 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 likewise paying statutory authorities and on statutory third parties so with the

The modern-day world puts a high worth on well-being and the settlement landscape is ending up being increasingly elaborate. Organizations are constantly presenting new advantages and payment alternatives, which adds to the overall complexity. Large corporations typically divide their payroll and payment processing into different teams, which can result in inadequacies and bottlenecks. In my opinion, this doesn’t have to hold true. In today’s highly innovative age, there’s no justification for preserving cumbersome treatments. Payroll, the company’s most significant cost, need to be processed properly and on time. Even small delays can negatively affect employees’ well-being and have far-reaching consequences. Therefore, it’s critical to focus on accurate and timely payments.

The payroll group might not have been thanked for correctly processing payroll during a webinar. If anybody has actually been thanked, it would be excellent to hear their success story, whether it’s from all workers or not. Payroll is an important cycle, and people only discover when things go wrong. However, when things go right, it’s seen as just a regular job. This is how it’s perceived externally as well. For that reason, it is vital to guarantee that jobs like Wi-Fi International and other important matters are done properly. Utilizing the first International Payments first payroll payment solution is a great initial action towards offering a detailed payroll service for workers worldwide. Standardization, international processes, and minimizing the variety of tools, platforms, and savings account essential for worldwide payroll are essential consider achieving business success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do periodically get a few grievances when things do not go as planned. Eventually, we do not do it for the appreciation.

anyway we know how how essential 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 easy as possible for everybody that’s involved in those processes and also so envision sorry I’m simply I was simply gon na state think of the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I make sure we’re discussing hundreds of thousands potentially Millions think of 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 intriguing job attempting 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 require days of the week to try to check out them and really see what was going on and kind of try to return to everyone so proceeding appearance why do companies select to primary different savings account there are Papaya Global Tax Calendar 2020/21 services out there doing exactly this for particular nations and I’ve worked in a company or lots of services doing exactly that I can say it doesn’t always feel efficient and it does develop more work I understand we’re not deliberately doing that we’re not producing extra work for anyone where we don’t need to and anybody that’s managing that process I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the amount that we are I believe lots of reasons one is it’s the standard I believe people 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 functions however there are a variety of markets where it’s not a requirement so I believe it’s just been the standard and the standard the people 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 ways um to to sort of do it so I believe there’s a variety I think this is a process that requires looking at it requires changing however ultimately people are very stuck to what they’re familiar

with ideal um change is a hard thing all of us do not like change um so I think it’s simply type of moving away from the norm as we’ve said so yeah so it keeps a great deal of track of things um I understand undoubtedly the benefits of having preserving multiple bank accounts however there’s a huge amount of complexity opts for setting up a checking account maintaining it ensuring it can send International transfers guaranteeing it’s set up with the ideal user accesses for private individuals so the intricacy is huge however I think the honest answer is change um people haven’t been able to alter or haven’t had always the knowledge to actually make that change into alternate Solutions other than opening a checking account I think you’ve hit the nail on the head I believe it is knowledge you understand and there is an element of resistance to alter but we’ve constantly done it that way is no genuine reason for not taking a look at the the benefits and the possibilities of carrying on and moving into you understand what might practically be determined to be the next Century or so there is a lot to track and this technique does present a number of difficulties um so Johnny might you inform us about those challenges yeah obviously 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 tasks on one platform. It feels like our CFO has gained another CFO, and with this boosted ability, I have actually successfully secured payments for our 10,000 employees worldwide. Your dedication to mastering global payroll and payments using Papaya payroll OS is commendable. You should have a corner workplace with a parking space that is closer, considering your achievements. Papaya Global Tax Calendar 2020/21

Papaya Global Tax Calendar 2020 21 FAQ – Payroll Management 2024

Over the last five or 6 years …Papaya Global Tax Calendar 2020 21… roles on the service provider side and likewise on the supplier side from a payroll perspective so actually eagerly anticipating this conversation today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll simply provide everybody another couple of uh well one of 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 currently just to hear where everybody is um it’s nice to to type of like see where everyone originates from and I truly do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s raining here it’s really very uninspiring and I want I was elsewhere at this moment in time fine so let’s begin our agenda for today is as follows um we are going to be looking at the difficulty years of handling Global payroll why companies keep separate

bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts enhancing papaya Worldwide payroll payments as a strategic property uh we’ll likewise discuss a recap and that should leave his time at the very really end for a q a session so as the title of the webinar suggests payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and Global workforces become a growing number of typical and managing them ends up being a growing number of complex Worldwide organizations are looking to find Solutions and brand-new methods to simplify processes specifically from a payroll and cross-border payment viewpoint numerous companies maintain different savings account just for payroll while some have numerous accounts in various nations does it make sense for companies to maintain different savings account sometimes in different nations it does but just for payroll exists a better way what role do virtual accounts and digital wallets likewise called virtual wallets play in helping international business improve the episode complex processes of

making payroll payments precisely efficiently safely and on time throughout this webinar we’ll stroll you through the international benefits and drawbacks of a payroll wallet versus a payroll checking account how companies accurately anticipate their payroll costs to increase working capital and how streamlining Worldwide payroll payments can turn them from a siled pane into a strategic possession so payroll can be challenging in enough in one country but when you’re doing it worldwide it’s next level and Beyond it ends up being complex for a variety of reasons most notably regulations compliance data security and banking guidelines 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 approximated 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 consider that there are some 230 million businesses and growing all doing their own thing worldwide in the conventional payroll design there’s frequently an overwhelming variety of different systems causing lengthy manual processes and silos the variety of Integrations could be non-existent in large amounts and or extremely really fundamental there’s no genuine consistency framework we’re living 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 believe

about it to provide you a concept of how far there still is to come according to Deloitte just 11 of organizations state they have Labor force information in real time that’s another number that provides me sleepless nights and quite frankly the more a company spends on global payroll the less of a picture they see a lack of visibility likewise reaches payroll payments and failure to accurately track these payments can result in compliance incidents in the last mile of the transaction nearly half of global businesses have actually revealed that they do not have the level of standardization they require in their processes or desire and as a result eighty percent of mistakes are due to time reporting bad HCM information information entry mistakes badly interacted hires and terminations as well as absence management and system configurations and then when you round it all off and the data is shipped to the incorrect location the typical expense 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 globe payroll and payments do not run smoothly if they count on the essential numerous processes 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 difficulties company face when they’re paying to workers or otherwise that’s an excellent concern I constantly toss this back and say what is it what does not need to be consisted of right and what does

https://www.youtube.com/watch?v=pNjMoPeng0A

it require to be thought about there’s differing Bank details 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 have 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 ideal ultimately building a knowledge base is absolutely vital but everywhere you look with payroll payment they are like 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 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 type of progress with that it also too to add to that payroll and financing require to work closer together um with varying Checking account Particulars varying banking requirements and setup procedures is definitely imperative that payroll and financing teams work better together than ever um I’m constantly surprised when individuals state I’ve divided payroll and payment um if you stroll down the street and asked anybody what is payroll who does not work in the payroll profession would they divide the payroll payment from estimation 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 ultimately it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying individuals wherever they are but likewise paying statutory authorities and on statutory 3rd parties so with the

The contemporary world puts a high value on well-being and the compensation landscape is becoming increasingly complex. Companies are constantly introducing brand-new advantages and payment choices, which adds to the overall complexity. Big corporations often divide their payroll and payment processing into separate teams, which can result in inadequacies and bottlenecks. In my viewpoint, this does not have to hold true. In today’s technically sophisticated era, there’s no reason for preserving cumbersome treatments. Payroll, the business’s biggest expense, should be processed correctly and on time. Even small delays can adversely impact workers’ well-being and have significant consequences. Therefore, it’s important to prioritize accurate and prompt payments.

The payroll team might not have been thanked for properly processing payroll throughout a webinar. If anyone has been thanked, it would be great to hear their success story, whether it’s from all workers or not. Payroll is an important cycle, and individuals just notice when things go wrong. Nevertheless, when things go right, it’s seen as just a regular task. This is how it’s perceived externally also. For that reason, it is necessary to make sure that tasks like Wi-Fi Worldwide and other essential matters are done properly. Utilizing the very first International Payments first payroll payment solution is a terrific preliminary step towards providing a thorough payroll option for staff members worldwide. Standardization, international processes, and lowering the number of tools, platforms, and savings account required for international payroll are crucial factors in attaining company success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do periodically receive a couple of problems when things don’t go as prepared. Ultimately, we don’t do it for the thankfulness.

anyway we know 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 easy as possible for everyone that’s associated with those procedures and also so imagine sorry I’m just I was simply gon na say think of the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I make sure we’re talking about numerous thousands possibly Millions imagine getting that numerous 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 definitely be an interesting job attempting to clean all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d need days of the week to attempt to check out them and actually see what was going on and kind of shot to return to everyone so carrying on look why do companies select to main different bank accounts there are Papaya Global Tax Calendar 2020 21 services out there doing precisely this for specific nations and I have actually worked in an organization or lots of services doing precisely that I can say it does not constantly feel efficient and it does create more work I understand we’re not intentionally doing that we’re not developing extra work for anyone where we do not have to and anyone that’s managing 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 quantity that we are I believe lots of reasons one is it’s the standard I think individuals have got so utilized to we need a brand-new bank account we open an entity and appropriately so you need it for payroll functions however 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 embraced and continue to do over years and years gone past to add to that people have looked at things like trust accounts and many other ways um to to sort of do it so I think there’s a range I believe this is a procedure that requires looking at it requires altering however ultimately individuals are very stuck with what they’re familiar

with best um change is a tough thing all of us do not like change 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 comprehend certainly the benefits of having maintaining several savings account but there’s a big amount of intricacy chooses establishing a bank account keeping it ensuring it can send out International transfers ensuring it’s established with the best user accesses for individual individuals so the intricacy is huge but I think the honest response is modification um people have not been able to change or haven’t had necessarily the knowledge to actually make that change into alternate Solutions besides opening a bank account I think you have actually struck the nail on the head I think it is understanding you understand and there is an element of resistance to alter but we have actually always done it that way is no genuine reason for not looking at the the advantages and the possibilities of moving on and moving into you know what could almost be determined to be the next Century approximately there is a lot to monitor and this technique does present numerous obstacles um so Johnny might you inform us about those obstacles yeah of course 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’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global workers you should have a corner workplace with a closer parking space due to the fact that I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Tax Calendar 2020 21