Papaya Global Cannot Select Current Year End FAQ – Payroll Management 2024

Over the last 5 or six years …Papaya Global Cannot Select Current Year End… functions on the provider side and also on the supplier side from a payroll perspective so actually eagerly anticipating this conversation today um and yeah thank you quite for your time everyone all right thanks Johnny uh we’ll just offer everyone another couple 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 rather intriguing and I can see it going on currently just to hear where everyone is um it’s nice to to sort of like see where everyone 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 extremely very bleak and I want I was elsewhere at this moment in time okay so let’s start our program for today is as follows um we are going to be taking a look at the obstacle years of managing Global payroll why companies preserve different

Virtual payroll accounts are an option to traditional bank accounts for managing payroll payments. This is especially beneficial for worldwide companies with dispersed and remote labor forces, as it streamlines the intricate process of cross-border payments. Instead of maintaining separate bank accounts for payroll in different countries, virtual accounts and digital wallets provide a more streamlined solution. In this webinar, we will explore the advantages of using virtual payroll accounts and talk about why they are becoming a tactical property for payroll executives. We will also provide a recap of the main points covered and leave time for a Q&A session at the end.

Ensuring precise, efficient, and timely payroll payments is a complex obstacle for companies operating internationally. Join us for a webinar to explore the benefits and drawbacks of payroll wallets versus payroll bank accounts, learn how companies anticipate payroll costs to optimize working capital, and find how streamlining international payroll payments can change them from a burdensome task into a tactical asset.

Managing payroll internationally is a complicated task due to numerous regulations, compliance requirements, information security concerns, and banking guidelines. The sheer variety of employees and services adds to the intricacy, with an estimated 3.5 billion individuals in the global labor force, 500 million of whom remain in Africa, and 230 million businesses worldwide.

Traditional payroll systems frequently lead to manual processes, data silos, and a lack of integration, leading to disparities and ineffectiveness. Regardless of living in a period of technological improvements, payroll management has been sluggish to adjust, with as much as 25% of payroll still processed manually, frequently using pen and paper. This webinar objectives to offer insights and options to simplify and enhance international payroll payments.

about it to give you an idea of how far there still is to come according to Deloitte just 11 of businesses state they have Labor force data in real time that’s another number that gives me sleep deprived nights and quite honestly the more a business spends on global payroll the less of an image they see an absence of visibility also encompasses payroll payments and inability to precisely track these payments can cause compliance mishaps in the last mile of the transaction nearly half of worldwide services have actually expressed that they do not have the level of standardization they require in their procedures or want and as a result eighty percent of errors are because of time reporting bad HCM data information entry mistakes inadequately communicated hires and terminations along with lack management and system configurations and then when you round all of it off and the information is delivered to the wrong place the average expense of a global information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash all over the world payroll and payments do not run efficiently if they rely on the needed numerous procedures systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the difficulties company face when they’re paying to employees or otherwise that’s a good question I constantly throw this back and say what is it what does not need to be consisted of right and what does

it require to be considered there’s differing Bank details so the length of an eye band a swift an account number routing code per country there’s payment time frames there’s payment abilities so can you pay it from International or do you need to pay from an in-country account do you need to pay from the customer’s own in-country account so there’s complexity anywhere you look ideal ultimately building a knowledge base is absolutely important but all over you look with payroll payment they are like very payments no if but some babies about it you are all superheroes processing payments for payroll if you look at the kind 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 technology is allowing us to sort of progress with that it also as well to add to that payroll and finance require to work closer together um with differing Bank Account Details varying banking requirements and setup processes is definitely vital that payroll and finance groups work closer together than ever um I’m always impressed when people state I have actually divided payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t work in the payroll occupation would they split the payroll payment from estimation 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 information collection all the way through to paying individuals anywhere they are but likewise paying statutory authorities and on statutory 3rd parties so with the

world we live in and wellness being more and more important to add to kind 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 include a growing number of payments to this already complicated landscape so if you kind of got any experience well I’m from your vast experience here and I make certain but have you got any experience in kind of genuine difficulties or genuine difficult kind of pay utilizes to play to pay individuals I think yeah I indicate over the last well yeah a number of decades I would definitely state that the larger a business gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the task there are groups feeding information into the next function as it were that’s really handling 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 develop extra handoffs while doing sos that we run in they just make them more prompt they make them less effective and they do not make them what they need to be in in an era of tech and an era that you understand that we are working in today there is no reason we are still making this as challenging as it needs to be agreed and rightly as you said payroll is the single biggest liability that any service has from an expense point of view from an effect viewpoint on staff members it is absolutely important that it’s done properly and on time so what we mean 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 destructive result on individuals’s well-being and lots of other aspects if people aren’t paid uh I’ve always been surprised entering this Market kind of the last 5 to ten years is how little thanks the

payroll team get um so I’m unsure anybody on this kind of webinar has actually been informed thank you for processing my payroll correctly if you have it ‘d be fantastic to hear your success story and whether that’s been from all staff members or not um but ultimately payroll is such an important cycle we all become aware of it when it goes wrong everybody jumps up and down when it fails 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 stuff is definitely essential that all of this stuff is done correctly so leveraging the very first International Payments very first payroll payment service is a fantastic first step um supplying an end-to-end payroll service for your workers internationally again I think is another huge um procedure once again lining up and ensuring you have standardization Global processes all of those things are absolutely key to success success of businesses and lowering the number of tools platforms and bank accounts 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 had a hundred countless them within a payroll cycle do not expect to you do get the odd 5 or ten or whatever it might be with the with the the grievances where things have not gone quite where they’re indicated to be um I don’t believe any of us are really doing that for for the thanks

anyway we know how how crucial 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 picture sorry I’m just I was just gon na state picture the quantity of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make sure we’re talking about hundreds of thousands possibly Millions imagine getting that numerous thank you notes um I mean it ‘d be interesting to see how many Post-it notes you got however it would definitely be a fascinating job attempting 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 need days of the week to try to look through them and in fact see what was going on and type of shot to return to everyone so carrying on appearance why do business select to primary different bank accounts there are Papaya Global Cannot Select Current Year End companies out there doing exactly this for particular countries and I have actually operated in an organization or numerous organizations doing exactly that I can state it doesn’t always feel efficient and it does develop more work I know we’re not deliberately doing that we’re not producing extra work for anybody where we do not need to and anyone that’s dealing with that procedure I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the quantity that we are I think lots of factors one is it’s the requirement I believe people have actually got so used to we require a brand-new bank account we open an entity and appropriately so you need it for payroll functions but there are a number of markets where it’s not a requirement so I believe it’s just been the requirement 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 numerous other ways um to to kind of do it so I think there’s a variety I think this is a process that requires taking a look at it needs changing but ultimately individuals are extremely stuck with what they’re familiar

with right um change is a challenging thing we all do not like change um so I believe it’s just kind of moving far from the standard as we have actually said so yeah so it keeps a great deal of track of stuff um I comprehend undoubtedly the benefits of having preserving several bank accounts however there’s a big quantity of intricacy chooses establishing a bank account keeping it guaranteeing it can send International transfers guaranteeing it’s set up with the best user accesses for individual people so the complexity is substantial however I believe the truthful answer is modification um individuals haven’t had the ability to change or haven’t had always the knowledge to really make that change into alternate Solutions besides opening a savings account I think you have actually struck the nail on the head I believe it is knowledge you know and there is an element of resistance to change but we’ve always done it that way is no real reason for not taking a look at the the advantages and the possibilities of proceeding and moving into you know what might nearly be identified to be the next Century or two there is a lot to keep an eye on and this method does present a number of difficulties um so Johnny might you inform us about those challenges yeah naturally so there’s a range right there is so

I simply did you switched our Business 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 staff members you are worthy of a corner office with a closer parking space due to the fact that I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Cannot Select Current Year End