New Tax Year Papaya Global FAQ – Payroll Management 2024

Over the last 5 or six years …New Tax Year Papaya Global… functions on the service provider side and likewise on the supplier side from a payroll perspective so actually looking forward to this conversation today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll just provide everyone another number of uh well one of the 30 seconds approximately to join all of us work back to back nowadays so we’ll type of let them do that so it ‘d be rather fascinating and I can see it going on currently just to hear where everyone is um it’s nice to to type of like see where everyone comes from and I truly do hope it’s much sunnier than it remains 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 really uninspiring and I wish I was elsewhere at this moment in time all right so let’s start our program for today is as follows um we are going to be looking at the challenge years of handling Global payroll why business preserve separate

Virtual payroll accounts are an alternative to standard checking account for managing payroll payments. This is especially beneficial for international companies with dispersed and remote workforces, as it simplifies the complex process of cross-border payments. Instead of keeping separate checking account for payroll in various countries, virtual accounts and digital wallets use a more structured solution. In this webinar, we will check out the advantages of using virtual payroll accounts and discuss why they are becoming a strategic property for payroll executives. We will likewise supply a recap of the bottom lines covered and leave time for a Q&A session at the end.

Making sure precise, efficient, and timely payroll payments is a complex difficulty for organizations running internationally. Join us for a webinar to explore the advantages and drawbacks of payroll wallets versus payroll savings account, discover how companies anticipate payroll costs to enhance working capital, and discover how streamlining worldwide payroll payments can transform them from a troublesome job into a strategic property.

Handling payroll globally is a difficult job due to numerous guidelines, compliance requirements, data security concerns, and banking rules. The sheer number of workers and companies adds to the intricacy, with an approximated 3.5 billion people in the worldwide workforce, 500 countless whom are in Africa, and 230 million companies worldwide.

Traditional payroll systems frequently result in manual processes, information silos, and a lack of combination, leading to disparities and inadequacies. Regardless of living in a period of technological developments, payroll management has been slow to adjust, with as much as 25% of payroll still processed manually, frequently utilizing pen and paper. This webinar objectives to supply insights and solutions to streamline and optimize worldwide payroll payments.

about it to provide you an idea of how far there still is to come according to Deloitte only 11 of companies say they have Labor force data in real time that’s another number that provides me sleepless nights and quite honestly the more a business spends on worldwide payroll the less of a picture they see an absence of presence also reaches payroll payments and inability to precisely track these payments can result in compliance incidents in the last mile of the deal almost half of worldwide services have actually expressed that they don’t have the level of standardization they require in their processes or desire and as a result eighty percent of mistakes are because of time reporting poor HCM information information entry errors inadequately interacted hires and terminations along with lack management and system configurations and after that when you round all of it off and the data is delivered to the wrong location the average cost of a global data breach at this moment is 3.9 billion dollars once 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 numerous 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 obstacles business face when they’re making payments to employees or otherwise that’s a great question I always toss this back and state what is it what doesn’t need to be consisted of best 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 time frames there’s payment abilities so can you pay it from International or do you have to pay from an in-country account do you need to pay from the customer’s own in-country account so there’s intricacy any place you look right eventually developing a knowledge base is absolutely important but all over you look with payroll payment they are like very payments no if but some children 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 believe there’s now a bit more recognition that payroll payments are definitely basic and innovation is enabling us to type of progress with that it likewise too to add to that payroll and finance need to work closer together um with differing Checking account Details varying banking requirements and setup processes is definitely essential that payroll and finance teams work more detailed together than ever um I’m constantly impressed when people say 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 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 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 people anywhere they are however likewise paying statutory authorities and on statutory 3rd parties so with the

world we live in and well-being being more and more essential to add to kind of the level of intricacy there’s increasingly more advantages being organ or being used by services throughout the world so again you’re simply wanting to include a growing number of payments to this currently intricate landscape so if you kind of got any experience well I’m from your vast experience here and I’m sure but have you got any experience in kind of real obstacles or real tough sort of pay uses to play to pay people I think yeah I imply over the last well yeah a number of years I would absolutely say that the larger a business gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the job there are teams feeding information into the next function as it were that’s really handling the payment side of things however you know in in my viewpoint and my experience that doesn’t necessarily need to be the case you understand long gone are the times where we require to develop additional handoffs at the same times that we operate in they simply make them more prompt they make them less effective and they don’t make them what they require to be in in an age of tech and a period that you understand that we are working 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 business has from an expense point of view from an effect perspective on staff members it is absolutely vital that it’s done correctly and on time so what we mean by that is not a day before not a day after on pay day and payments need to be done right it has the biggest harmful impact on people’s well-being and lots of other elements if people aren’t paid uh I’ve constantly been surprised entering this Market sort of the last 5 to 10 years is how little thanks the

payroll team get um so I’m uncertain anyone on this type of webinar has actually been told thank you for processing my payroll correctly if you have it ‘d be terrific to hear your success story and whether that’s been from all staff members or not um however eventually payroll is such an important cycle we all become aware of it when it goes wrong everybody jumps up and down when it goes wrong however 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 likewise like why WI-Fi Global why all of this things is absolutely essential that all of this things is done correctly so leveraging the very first Global Payments first payroll payment option is a terrific first step um providing an end-to-end payroll service for your employees internationally again I think is another huge um procedure again lining up and ensuring you have standardization Global procedures all of those things are absolutely crucial to success success of companies and minimizing the variety of tools platforms and checking account they require for their Global 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 had a hundred thousand of them within a payroll cycle don’t 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 rather where they’re indicated to be um I don’t believe any of us are in fact doing that for for the thanks

anyway 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 simple as possible for everyone that’s associated with those processes and also so think of sorry I’m simply I was simply gon na say envision the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I make certain we’re talking about hundreds of thousands potentially Millions picture getting that numerous thank you notes um I mean it ‘d be interesting to see how many Post-it notes you got but it would definitely be an intriguing task attempting to clean all those up for sure oh absolutely 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 really see what was going on and sort of shot to get back to everyone so carrying on look why do business select to main different checking account there are New Tax Year Papaya Global companies out there doing precisely this for particular countries and I’ve operated in a service or lots of services doing exactly that I can state it does not always feel effective and it does produce more work I understand we’re not deliberately doing that we’re not creating additional work for any person where we don’t need to and anybody that’s handling that process 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 numerous factors one is it’s the requirement I think individuals have actually got so utilized to we require a new bank 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 think it’s just been the standard and the standard the people have embraced and continue to do over years and years passed by to contribute to that individuals have looked at things like trust accounts and many 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 changing however eventually individuals are very stuck with what they recognize

with right um change is a tough thing all of us don’t like modification um so I believe it’s just sort of moving far from the norm as we have actually said so yeah so it keeps a lot of track of stuff um I comprehend undoubtedly the benefits of having maintaining numerous savings account however there’s a substantial quantity of complexity opts for setting up a savings account keeping it ensuring it can send out International transfers guaranteeing it’s established with the ideal user accesses for private individuals so the intricacy is substantial however I believe the sincere response is change um people have not had the ability to change or haven’t had always the knowledge to truly make that change into alternate Solutions other than opening a checking account I think you have actually struck the nail on the head I believe it is understanding you know and there is a component of resistance to alter but we have actually constantly done it that way is no genuine reason for not looking at the the benefits and the possibilities of carrying on and moving into you understand what might practically be identified to be the next Century approximately there is a lot to monitor and this technique does pose several obstacles um so Johnny might you tell us about those difficulties yeah naturally so there’s a range right there is so

I recently made a modification 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 gotten another CFO, and with this enhanced ability, I have successfully secured payments for our 10,000 staff members worldwide. Your devotion to mastering global payroll and payments utilizing Papaya payroll OS is good. You should have a corner office with a parking space that is more detailed, considering your achievements. New Tax Year Papaya Global