Papaya Global Update New Tax Year Software FAQ – Payroll Management 2024

Over the last five or 6 years …Papaya Global Update New Tax Year Software… functions on the service provider side and also on the vendor side from a payroll viewpoint so truly anticipating this conversation today um and yeah thank you quite for your time everyone all right thanks Johnny uh we’ll simply offer everybody another number of uh well among the 30 seconds approximately to join we all work back to back nowadays so we’ll kind 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 kind of like see where everybody comes from and I really 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 drizzling here it’s very extremely dreary and I want I was somewhere else at this moment in time all right so let’s get going our program for today is as follows um we are going to be looking at the difficulty years of handling International payroll why business keep separate

Virtual payroll accounts are an option to standard bank accounts for managing payroll payments. This is especially helpful for worldwide companies with dispersed and remote labor forces, as it streamlines the complicated process of cross-border payments. Instead of keeping different savings account for payroll in different countries, virtual accounts and digital wallets use a more streamlined solution. In this webinar, we will explore the advantages of using virtual payroll accounts and discuss why they are ending up being a strategic asset for payroll executives. We will likewise supply a recap of the main points covered and leave time for a Q&A session at the end.

making payroll payments precisely efficiently securely and on time throughout this webinar we’ll walk you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll bank account how companies accurately forecast their payroll costs to increase working capital and how enhancing Worldwide payroll payments can turn them from a siled pane into a strategic property so payroll can be difficult in sufficient in one country however when you’re doing it worldwide it’s next level and Beyond it becomes complicated for a variety of factors most importantly policies compliance information security and banking guidelines then there are the sheer numbers they add further complexity the international Labor force is currently 3 and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and further 1.1 billion individuals 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 all over the world in the traditional payroll model there’s typically a frustrating number of various systems causing time-consuming manual processes and silos the number of Integrations could be non-existent in big amounts and or extremely really fundamental there’s no genuine consistency framework we’re residing in a period 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 typically with pen and paper and that just 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 just 11 of organizations state they have Labor force data in real time that’s another number that offers me sleepless nights and rather honestly the more an organization invests in global payroll the less of an image they see an absence of visibility likewise encompasses payroll payments and failure to accurately track these payments can result in compliance accidents in the last mile of the deal nearly half of global businesses have revealed that they do not have the level of standardization they need in their processes or desire and as a result eighty percent of errors are due to time reporting poor HCM information data entry mistakes badly interacted hires and terminations along with lack management and system setups and after that when you round it all off and the data is delivered to the wrong location the typical expense of an international data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash around the globe payroll and payments don’t run efficiently if they depend on the required multiple processes systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the difficulties organization face when they’re paying to workers or otherwise that’s a good concern I always toss this back and say what is it what does not require to be consisted of right and what does

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 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 consumer’s own in-country account so there’s complexity anywhere you look best eventually constructing a knowledge base is absolutely vital however all over you look with payroll payment they resemble very 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 between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are absolutely fundamental and technology is enabling us to kind of move on with that it also as well to add to that payroll and finance require to work closer together um with varying Savings account Particulars varying banking requirements and setup processes is definitely important that payroll and finance teams work closer together than ever um I’m constantly surprised when individuals state I have actually divided payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t work in the payroll profession would they divide the payroll payment from computation 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 ultimately it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying people any place they are however also paying statutory authorities and on statutory third parties so with the

world we reside in and well-being being more and more important to add to kind of the level of complexity there’s increasingly more advantages being organ or being provided by businesses across the world so once again you’re simply seeking to add more and more payments to this already intricate landscape so if you type of got any experience well I’m from your huge experience here and I make certain but have you got any experience in kind of real obstacles or real tough sort of pay utilizes to play to pay individuals I think yeah I suggest over the last well yeah a couple of years I would definitely say that the larger a business gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the job there are groups feeding info into the next function as it were that’s in fact handling the payment side of things however you understand in in my opinion and my experience that doesn’t always need to be the case you know long gone are the times where we need to develop additional handoffs at the same times that we run in they simply make them more prompt they make them less efficient and they do not make them what they need to be in in an era 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 tough as it requires to be concurred and rightly as you stated payroll is the single most significant liability that any service has from an expense viewpoint from an impact point of view on workers it is definitely crucial 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 need to be done right it has the biggest detrimental effect on people’s well-being and lots of other elements if individuals aren’t paid uh I have actually constantly been amazed entering into this Market sort of the last five to ten years is how little thanks the

payroll group get um so I’m uncertain anyone on this sort of webinar has been informed 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 employees or not um however eventually payroll is such an important cycle we all become aware of it when it fails everyone 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 view as well um so yeah it’s likewise like why WI-Fi Global why all of this things is absolutely vital that all of this things is done correctly so leveraging the first Global Payments first payroll payment option is a great initial step um supplying an end-to-end payroll service for your workers worldwide again I believe is another substantial um procedure again aligning and ensuring you have standardization International procedures all of those things are definitely essential to success success of companies and decreasing the variety of tools platforms and bank accounts they need for their International payroll too could not agree with you more and on the the front in terms of of the thank yous for getting payroll done I’ve never had a hundred thousand of them within a payroll cycle don’t expect to you do get the odd five or ten or whatever it might be with the with the the complaints where things haven’t gone quite where they’re indicated to be um I do not think any of us are in fact doing that for for the thanks

anyhow we understand how how crucial a function 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 everybody that’s involved in those procedures and also so picture sorry I’m simply I was just gon na say imagine the amount of thanks you got if you might cover the amount of people that we cover within this webinar I make certain we’re talking about hundreds of thousands possibly Millions picture getting that many thank you keeps in mind um I imply it ‘d be interesting to see how many Post-it notes you got however it would definitely be an interesting job trying to clean up 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 browse them and actually see what was going on and sort of try to get back to everyone so moving on appearance why do companies choose to primary different checking account there are Papaya Global Update New Tax Year Software businesses out there doing exactly this for specific nations and I have actually operated in a company or many companies doing precisely that I can say it does not constantly feel effective and it does create more work I know we’re not intentionally doing that we’re not producing extra work for anybody where we don’t need to and anybody that’s handling that procedure 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 think lots of reasons one is it’s the standard I believe people have got so utilized to we need a new savings account we open an entity and rightly 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 norm individuals have embraced and continue to do over years and years passed by to add to that individuals have taken a look at things like trust accounts and lots of other ways um to to type of do it so I think there’s a variety I believe this is a process that needs taking a look at it requires altering but ultimately individuals are extremely stuck with what they’re familiar

with best um change is a tough thing all of us don’t like modification um so I believe it’s simply sort of moving away from the norm as we’ve said so yeah so it keeps a great deal of track of stuff um I comprehend clearly the benefits of having keeping numerous checking account but there’s a substantial amount of complexity opts for setting up a bank account preserving it guaranteeing it can send International transfers ensuring it’s established with the best user accesses for private individuals so the complexity is huge but I believe the truthful response is modification um people haven’t had the ability to change or have not had necessarily the understanding to really make that change into alternate Solutions besides opening a savings account I think you’ve hit the nail on the head I think it is knowledge you know and there is an element of resistance to alter but we have actually always 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 could almost be identified to be the next Century or two there is a lot to keep an eye on and this approach does present several difficulties um so Johnny could you inform us about those obstacles yeah obviously so there’s a range right there is so

I just recently made a change 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 acquired another CFO, and with this enhanced ability, I have successfully secured payments for our 10,000 employees 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. Papaya Global Update New Tax Year Software