Papaya Global Print Old P60 FAQ – Payroll Management 2024

Over the last 5 or 6 years …Papaya Global Print Old P60… roles on the provider side and likewise on the supplier side from a payroll viewpoint so actually eagerly anticipating this discussion today um and yeah thank you quite for your time everybody alright thanks Johnny uh we’ll just give everyone another couple of uh well among the 30 seconds or so to join all of us work back to back these days so we’ll type of let them do that so it ‘d be rather fascinating and I can see it going on currently simply to hear where everyone is um it’s nice to to sort of like see where everyone comes 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 really uninspiring and I wish I was somewhere else 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 difficulty years of managing International payroll why companies preserve separate

savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts streamlining papaya Global payroll payments as a strategic property uh we’ll also go over a wrap-up and that should leave his time at the very really end for a q a session so as the title of the webinar recommends payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces end up being a growing number of typical and handling them ends up being more and more complex International companies are looking to discover Solutions and new ways to improve processes specifically from a payroll and cross-border payment perspective lots of organizations maintain different savings account just for payroll while some have numerous accounts in different nations does it make good sense for business to preserve separate bank accounts sometimes in different countries it does however just for payroll exists a better way what function do virtual accounts and digital wallets likewise referred to as virtual wallets play in helping multinational business enhance the episode complex procedures of

making payroll payments properly effectively firmly and on time during this webinar we’ll stroll you through the worldwide pros and cons of a payroll wallet versus a payroll bank account how business properly forecast their payroll expenses to increase working capital and how simplifying Global payroll payments can turn them from a siled pane into a tactical possession so payroll can be hard in enough in one country but when you’re doing it internationally it’s next level and Beyond it ends up being intricate for a range of reasons most notably policies compliance data security and banking rules then there are the large numbers they include further intricacy the international Workforce is presently 3 and a half billion individuals 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 services and growing all doing their own thing worldwide in the conventional payroll model there’s typically a frustrating number of different systems causing lengthy manual procedures and silos the variety of Combinations could be non-existent in large amounts and or very very basic there’s no real consistency structure we’re living 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 which just blows my mind each time I I believe

about it to offer you a concept of how far there still is to come according to Deloitte only 11 of businesses state they have Workforce information in real time that’s another number that provides me sleepless nights and rather frankly the more a business invests in global payroll the less of a photo they see an absence of exposure also encompasses payroll payments and failure to precisely track these payments can lead to compliance incidents in the last mile of the transaction almost half of global services have expressed 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 because of time reporting poor HCM information information entry errors inadequately communicated hires and terminations in addition to lack management and system configurations and then when you round everything off and the data is shipped to the incorrect location the typical cost of an international data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money all over the world payroll and payments do not run efficiently if they depend on the needed several procedures systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the challenges business face when they’re paying to workers or otherwise that’s a good concern I constantly toss this back and state what is it what doesn’t need to be included best and what does

it need to be thought about there’s varying Bank details so the length of an eye band a swift an account number routing code per nation there’s payment amount of time 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 client’s own in-country account so there’s complexity any place you look right eventually developing a knowledge base is absolutely vital however all over you look with payroll payment they are like extremely payments no if but some babies about it you are all superheroes processing payments for payroll if you look at the type of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are definitely basic and technology is permitting us to sort of progress with that it also too to add to that payroll and finance need to work closer together um with varying Bank Account Particulars varying banking requirements and setup processes is definitely important that payroll and finance teams work better together than ever um I’m constantly impressed 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 occupation would they split the payroll payment from computation I would say no so why do we as a market accept that why our payroll and payments so typically split and cut up um ultimately it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying individuals wherever they are but also paying statutory authorities and on statutory 3rd parties so with the

world we reside in and wellness being more and more crucial to contribute to kind of the level of complexity there’s increasingly more advantages being organ or being used by services throughout the world so once again you’re simply looking to add increasingly more payments to this already intricate landscape so if you sort 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 real challenges or real challenging kind of pay utilizes to play to pay people I believe yeah I suggest over the last well yeah a couple of years I would absolutely say that the larger a company gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the task there are groups feeding information into the next function as it were that’s in fact managing the payment side of things but you understand in in my viewpoint and my experience that doesn’t always need to be the case you know long gone are the times where we require to create additional handoffs at the same times that we run 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 an age that you know that we are operating in today there is no reason we are still making this as challenging as it requires to be agreed and rightly as you stated payroll is the single biggest liability that any business has from an expense perspective from an impact perspective on employees it is definitely critical that it’s done correctly and on time so what we suggest by that is not a day before not a day after on pay day and payments have to be done right it has the most significant detrimental impact on individuals’s well-being and many other elements if individuals aren’t paid uh I have actually always been impressed entering into this Market kind of the last five to ten years is how little thanks the

payroll group get um so I’m not exactly sure anybody on this kind of webinar has actually been informed thank you for processing my payroll properly if you have it ‘d be terrific to hear your success story and whether that’s been from all workers or not um but eventually payroll is such a crucial cycle we all hear about it when it fails everybody jumps up and down when it fails but when it goes right it’s just a tick box exercise and I believe that’s how it’s seen from the external consider as well um so yeah it’s also like why WI-Fi Global why all of this things is definitely essential that all of this stuff is done properly so leveraging the very first Global Payments very first payroll payment service is a terrific primary step um providing an end-to-end payroll option for your employees worldwide again I think is another huge um procedure again lining up and guaranteeing you have standardization Global processes all of those things are absolutely key to success success of companies and minimizing the variety of tools platforms and savings account they require for their Global 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 have actually never ever had a hundred thousand of them within a payroll cycle don’t expect to you do get the odd 5 or ten 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 do not believe any of us are in fact doing that for for the thanks

anyhow we know how how essential 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 simple as possible for everybody that’s associated with those processes and also so imagine sorry I’m simply I was simply gon na say imagine the quantity of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make sure we’re discussing numerous thousands potentially Millions imagine getting that lots of thank you keeps in mind um I indicate it ‘d be interesting to see the number of Post-it notes you got but it would certainly be a fascinating job attempting to clean all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that held true um you ‘d need days of the week to attempt to look through them and really see what was going on and type of try to return to everyone so carrying on look why do companies choose to main separate savings account there are Papaya Global Print Old P60 services out there doing precisely this for specific nations and I’ve worked in a company or numerous services doing exactly that I can say it does not always feel effective and it does create more work I know we’re not deliberately doing that we’re not creating extra work for any person where we do not have to and anybody that’s handling 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 factors one is it’s the requirement I think people have actually got so used to we require a new checking 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 standard the people have actually adopted and continue to do over years and years passed by to contribute to that individuals have looked at things like trust accounts and numerous other methods um to to kind of do it so I believe there’s a range I believe this is a procedure that needs taking a look at it requires changing however ultimately individuals are very stuck with what they’re familiar

with right um change is a challenging thing we all do not like modification um so I believe it’s just sort of moving away from the norm as we’ve said so yeah so it keeps a lot of track of things um I comprehend obviously the advantages of having preserving numerous checking account however there’s a huge amount of intricacy goes with setting up a savings account maintaining it guaranteeing it can send out International transfers ensuring it’s set up with the ideal user accesses for private individuals so the intricacy is huge however I believe the truthful response is modification um people have not had the ability to change or have not had always the understanding to really make that change into alternate Solutions besides opening a bank account I think you’ve hit the nail on the head I think it is understanding you know and there is an aspect of resistance to alter but we’ve always done it that way is no genuine reason for not looking at the the advantages and the possibilities of proceeding and moving into you know what might nearly be figured out to be the next Century or two there is a lot to keep an eye on and this approach does pose a number of difficulties um so Johnny could you tell us about those challenges yeah of course so there’s a range right there is so

I recently made a modification to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It feels like our CFO has actually acquired another CFO, and with this boosted ability, I have actually successfully secured payments for our 10,000 employees worldwide. Your devotion to mastering worldwide payroll and payments utilizing Papaya payroll OS is good. You should have a corner workplace with a parking space that is closer, considering your achievements. Papaya Global Print Old P60