Papaya Global Update New Tax Year FAQ – Payroll Management 2024

Over the last 5 or 6 years …Papaya Global Update New Tax Year… roles on the company side and likewise on the vendor side from a payroll viewpoint so really looking forward to this discussion today um and yeah thank you very much for your time everyone all right thanks Johnny uh we’ll simply offer everyone another number of uh well among the 30 seconds approximately to join we all work back to back these days so we’ll sort of let them do that so it ‘d be quite fascinating and I can see it going on currently simply to hear where everyone is um it’s nice to to type of like see where everybody comes from and I actually do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s really very dreary and I want I was elsewhere at this moment in time okay so let’s get going our agenda for today is as follows um we are going to be looking at the obstacle years of managing Global payroll why business maintain separate

Virtual payroll accounts are an alternative to conventional checking account for handling payroll payments. This is especially helpful for global organizations with dispersed and remote workforces, as it streamlines the intricate procedure of cross-border payments. Instead of preserving different bank accounts for payroll in different nations, virtual accounts and digital wallets use a more structured service. In this webinar, we will explore the advantages of using virtual payroll accounts and discuss why they are becoming a tactical asset for payroll executives. We will likewise 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 throughout this webinar we’ll walk you through the global pros and cons of a payroll wallet versus a payroll savings account how companies precisely forecast their payroll costs to increase working capital and how enhancing International payroll payments can turn them from a siled pane into a strategic possession 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 range of reasons most notably guidelines compliance data security and banking guidelines then there are the sheer numbers they add further intricacy the worldwide Labor force is currently 3 and a half billion individuals by 2030 it’s approximated 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 businesses and growing all doing their own thing around the world in the conventional payroll model there’s frequently a frustrating number of different systems resulting in time-consuming manual procedures and silos the number of Combinations could be non-existent in big amounts and or really really standard there’s no real consistency framework we’re residing 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 frequently with pen and paper and that just blows my mind each time I I believe

about it to give you an idea of how far there still is to come according to Deloitte just 11 of businesses say they have Workforce information in real time that’s another number that provides me sleep deprived nights and quite honestly the more a company invests in international payroll the less of an image they see a lack of visibility likewise encompasses payroll payments and failure to properly track these payments can result in compliance accidents in the last mile of the deal nearly half of worldwide businesses have actually expressed that they do not have the level of standardization they require in their processes or want and as a result eighty percent of mistakes are due to time reporting poor HCM data data entry mistakes badly interacted hires and terminations in addition to absence management and system configurations and after that when you round everything off and the data is delivered to the wrong location the average expense of an international information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money around the world payroll and payments do not run efficiently if they depend on the necessary multiple processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the difficulties organization face when they’re paying to workers or otherwise that’s a great question I always throw this back and state what is it what does not require to be included ideal and what does

it require to be thought of 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 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 complexity anywhere you look right eventually developing a knowledge base is definitely vital 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 think there’s now a bit more recognition that payroll payments are absolutely essential and innovation is allowing us to kind of move forward with that it also as well to contribute to that payroll and financing need to work closer together um with differing Savings account Particulars differing banking requirements and setup processes is absolutely essential that payroll and finance groups work closer together than ever um I’m always surprised when people state I’ve split 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 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 data collection all the way through to paying people wherever they are but also paying statutory authorities and on statutory 3rd parties so with the

world we live in and well-being being more and more crucial to contribute to sort of the level of intricacy there’s a growing number of advantages being organ or being offered by businesses throughout the world so again you’re simply aiming 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 sure however have you got any experience in kind of real challenges or real challenging kind of pay utilizes to play to pay people I think yeah I indicate over the last well yeah a number of decades I would definitely state that the larger a company gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the task there are groups feeding info into the next function as it were that’s actually managing the payment side of things but you understand in in my viewpoint and my experience that does not always require to be the case you understand long gone are the times where we need to produce extra handoffs in the processes that we run in they simply make them more timely they make them less efficient and they do not make them what they require to be in in an age of tech and a period that you know that we are operating in today there is no reason why we are still making this as challenging as it requires to be agreed and appropriately as you said payroll is the single most significant liability that any organization has from a cost viewpoint from an effect viewpoint on workers it is absolutely 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 detrimental effect on people’s wellness and many other factors if people aren’t paid uh I have actually constantly been impressed entering this Market sort of the last 5 to 10 years is how little thanks the

The payroll group might not have actually been thanked for properly processing payroll throughout a webinar. If anyone has been thanked, it would be terrific to hear their success story, whether it’s from all workers or not. Payroll is an essential cycle, and people just notice when things fail. However, 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 essential to ensure that tasks like Wi-Fi International and other crucial matters are done correctly. Utilizing the very first International Payments very first payroll payment service is an excellent initial step towards supplying an extensive payroll service for staff members worldwide. Standardization, international procedures, and lowering the number of tools, platforms, and savings account essential for global payroll are essential consider attaining business success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do sometimes get a couple of grievances when things do not go as planned. Eventually, we do not do it for the appreciation.

anyway we know how how crucial a role 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 involved in those procedures and likewise so imagine sorry I’m simply I was just gon na say envision the amount of thanks you got if you might cover the quantity of people that we cover within this webinar I make sure we’re talking about numerous thousands possibly Millions picture getting that lots of thank you notes um I indicate it ‘d be interesting to see how many Post-it notes you got however it would certainly be a fascinating job 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 attempt to check out them and actually see what was going on and kind of shot to get back to everybody so moving on look why do business pick to main separate bank accounts there are Papaya Global Update New Tax Year organizations out there doing exactly this for specific countries and I’ve operated in an organization or numerous organizations doing precisely that I can state it doesn’t constantly feel effective and it does create more work I understand we’re not intentionally doing that we’re not developing additional work for anyone where we do not have to and anybody that’s dealing with 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 quantity that we are I think many reasons one is it’s the standard I think individuals have actually got so utilized to we need a new savings account we open an entity and rightly so you require it for payroll purposes but there are a number of markets where it’s not a requirement so I think it’s just been the requirement and the norm individuals have actually embraced 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 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 taking a look at it needs altering however ultimately people are very stuck to what they recognize

with best um modification is a difficult thing we all do not like modification um so I think it’s simply sort of moving far from the norm as we have actually said so yeah so it keeps a great deal of track of stuff um I comprehend undoubtedly the advantages of having keeping several savings account however there’s a huge amount of intricacy chooses establishing a checking account keeping it guaranteeing it can send International transfers ensuring it’s set up with the best user accesses for specific people so the intricacy is substantial but I believe the honest answer is change um individuals haven’t had the ability to change or haven’t had always the understanding to truly make that change into alternate Solutions besides opening a savings account I believe you have actually hit 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 real reason for not taking a look at the the advantages and the possibilities of carrying on and moving into you know what might almost be figured out to be the next Century or so there is a lot to keep an eye on and this technique does present a number of obstacles um so Johnny could you inform us about those challenges yeah naturally so there’s a variety right there is so

I simply did you switched 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 Worldwide workers you are worthy of a corner workplace with a closer parking space because I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Update New Tax Year