Papaya Global Year End 2023 Checklist 2024 – Get Started

Managing payroll worldwide is a difficult job … Papaya Global Year End 2023 Checklist…

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Over the last five or 6 years …Papaya Global Year End 2023 Checklist… roles on the provider side and likewise on the supplier side from a payroll perspective so truly eagerly anticipating this discussion today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll simply offer everybody another number of uh well among the 30 seconds or so to join all of us work back to back these days so we’ll kind of let them do that so it ‘d be quite interesting and I can see it going on already simply to hear where everybody is um it’s nice to to sort of like see where everybody comes from and I really 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 extremely dreary and I wish I was elsewhere at this moment in time alright so let’s begin our agenda for today is as follows um we are going to be looking at the challenge years of managing International payroll why business maintain separate

Virtual payroll accounts are an option to conventional savings account for handling payroll payments. This is especially helpful for worldwide organizations with dispersed and remote labor forces, as it streamlines the complex procedure of cross-border payments. Instead of preserving separate bank accounts for payroll in various nations, virtual accounts and digital wallets use a more structured option. In this webinar, we will check out the benefits of using virtual payroll accounts and discuss why they are ending up being a tactical property for payroll executives. We will likewise provide a wrap-up of the main points covered and leave time for a Q&A session at the end.

making payroll payments precisely efficiently safely and on time during this webinar we’ll stroll you through the global benefits and drawbacks of a payroll wallet versus a payroll checking account how companies precisely anticipate their payroll costs to increase working capital and how enhancing Global payroll payments can turn them from a siled pane into a strategic asset so payroll can be challenging 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 guidelines compliance data security and banking guidelines then there are the sheer numbers they add further complexity the worldwide Workforce is currently 3 and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and additional 1.1 billion people 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 traditional payroll model there’s frequently an overwhelming variety of different systems leading to time-consuming manual procedures and silos the number of Combinations could be non-existent in big quantities and or extremely very basic there’s no real consistency structure we’re living in a period 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 typically with pen and paper which just blows my mind every time I I believe

about it to provide you an idea of how far there still is to come according to Deloitte just 11 of businesses state they have Workforce data in real time that’s another number that gives me sleepless nights and rather frankly the more a company spends on international payroll the less of a photo they see a lack of exposure likewise encompasses payroll payments and failure to precisely track these payments can cause compliance accidents in the last mile of the deal nearly half of global companies have expressed that they don’t have the level of standardization they require in their processes or want and as a result eighty percent of errors are because of time reporting poor HCM information information entry mistakes poorly interacted 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 place the average expense of a worldwide information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money around the globe payroll and payments do not run smoothly if they depend on the essential several procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the challenges business face when they’re paying to employees or otherwise that’s a great concern I always throw this back and say what is it what does not require to be consisted of best and what does

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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 country there’s payment amount of time there’s payment abilities 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 customer’s own in-country account so there’s complexity any place you look best eventually constructing a knowledge base is absolutely vital but everywhere you look with payroll payment they are like incredibly payments no if however some children 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 acknowledgment that payroll payments are definitely fundamental and innovation is allowing us to type of move forward with that it also also to add to that payroll and finance require to work closer together um with differing Checking account Details varying banking requirements and setup processes is definitely vital that payroll and finance teams work better together than ever um I’m always impressed when people state I’ve 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 an industry accept that why our payroll and payments so typically 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 individuals wherever they are however also paying statutory authorities and on statutory third parties so with the

world we reside in and wellness being increasingly more essential to add to sort of the level of intricacy there’s increasingly more advantages being organ or being provided by services across the world so once again you’re simply looking to add increasingly more payments to this already intricate landscape so if you kind of got any experience well I’m from your large experience here and I make certain however have you got any experience in kind of real challenges or real challenging type of pay uses to play to pay individuals I believe yeah I imply over the last well yeah a number of years I would certainly state that the bigger 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 details 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 does not necessarily need to be the case you know long gone are the times where we need to develop extra handoffs in the processes that we operate in they just make them more prompt they make them less effective and they don’t make them what they need to be in in a period of tech and an era that you understand that we are working in today there is no reason we are still making this as hard as it needs to be concurred and appropriately as you stated payroll is the single greatest liability that any organization has from an expense point of view from an effect point of view on workers it is absolutely vital that it’s done correctly and on time so what we imply by that is not a day before not a day after on pay day and payments need to be done right it has the greatest harmful effect on individuals’s wellness and many other elements if people aren’t paid uh I have actually constantly been amazed entering this Market type of the last five to ten years is how little thanks the

payroll team get um so I’m unsure anybody on this type of webinar has actually 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 a crucial cycle all of us become aware of it when it fails everyone jumps up and down when it fails however when it goes right it’s just a tick box workout and I believe that’s how it’s seen from the external deem well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is absolutely vital that all of this stuff is done correctly so leveraging the very first Global Payments first payroll payment service is a fantastic primary step um providing an end-to-end payroll solution for your employees globally once again I think is another big um procedure again aligning and guaranteeing you have standardization Global procedures all of those things are absolutely crucial to success success of companies and decreasing the variety of tools platforms and checking account they need for their Worldwide payroll too could not 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 ten or whatever it might be with the with the the complaints where things have not gone quite where they’re meant to be um I do not believe any of us are in fact doing that for for the thanks

anyway we know how how important a function 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 associated with those procedures and also so imagine sorry I’m just I was simply gon na say think of the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I make certain we’re discussing numerous thousands possibly 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 however it would definitely be a fascinating task attempting to clean up all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to look through them and in fact see what was going on and type of shot to return to everybody so carrying on appearance why do companies choose to primary different savings account there are Papaya Global Year End 2023 Checklist companies out there doing exactly this for specific nations and I have actually worked in a service or many companies doing precisely that I can state it doesn’t always feel efficient and it does develop more work I know we’re not intentionally doing that we’re not developing extra work for any person where we don’t need to and anybody that’s managing 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 lots of factors one is it’s the standard I believe individuals have actually got so used to we require a brand-new savings account we open an entity and rightly so you need it for payroll purposes 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 actually taken a look at things like trust accounts and numerous other ways um to to sort of do it so I think there’s a variety I believe this is a procedure that needs taking a look at it requires changing however ultimately people are extremely stuck to what they’re familiar

with ideal um modification is a difficult thing we all do not like modification um so I believe it’s just kind of moving away from the standard as we have actually said so yeah so it keeps a great deal of track of things um I understand certainly the advantages of having maintaining multiple savings account however there’s a substantial amount of complexity chooses establishing a bank account keeping it guaranteeing it can send out International transfers ensuring it’s established with the ideal user accesses for specific people so the intricacy is substantial however I believe the honest response is change um individuals haven’t had the ability to alter or have not had always the knowledge to actually make that change into alternate Solutions aside from opening a savings account I think you’ve hit the nail on the head I believe it is understanding you understand and there is an element of resistance to alter however we’ve always done it that way is no genuine excuse for not looking at the the advantages and the possibilities of proceeding and moving into you understand what could practically be figured out to be the next Century or two there is a lot to monitor and this approach does pose several obstacles um so Johnny might you tell us about those obstacles yeah naturally so there’s a variety 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 Global workers you are worthy of a corner workplace with a better parking space since I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Year End 2023 Checklist

I find time and time again the employees frequently misclassified unknowingly they don’t comprehend the conditions of employment or agreement and are told by the client why it’s optimum generally to the client why you need to be used or taken part in this style the employee might owe taxes and Social Security to the authorities the future pension and health care privileges of the worker can be impacted and several times it can be years before this all falls out and by that time it’s too late years have passed they have not added to pensions Etc so it’s a big impact that they never understood they were walking into you couldn’t agree with you more if you say the UK for instance hmrc can return as much as ten years um Kathy companies are securing insurance against misclassification but usually premiums are just covering the cost of legal fees whilst the average claim evaluated versus employers corresponds to to 40 or 50 percent of the base pay of worker is there any point in taking out insurance and what is the alternative yeah to your point um you do need to read the fine print it is not covering the taxes charge and interest in most cases I have not seen it at least so uh the the other location that I do believe if you managed to get the coverage what we are stating is is that if your compliance program is not up to stuff you could be rejected protection on the basis of the truth that you were not in compliance with laws um in the UK