Ir35 Papaya Global FAQ – Payroll Management 2024

Over the last 5 or 6 years …Ir35 Papaya Global… functions on the service provider side and also on the vendor side from a payroll point of view so really anticipating this discussion today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll simply offer everyone another couple of uh well one of 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 interesting and I can see it going on currently just to hear where everyone is um it’s nice to to type of like see where everyone comes from and I truly do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s raining here it’s really really 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 managing International payroll why business preserve separate

bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts improving papaya Global payroll payments as a tactical property uh we’ll also review a wrap-up and that must leave his time at the extremely extremely end for a q a session so as the title of the webinar recommends payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and International workforces become a growing number of typical and handling them ends up being increasingly more complicated International organizations are wanting to find Solutions and new ways to enhance procedures particularly from a payroll and cross-border payment viewpoint numerous organizations keep different checking account just for payroll while some have numerous accounts in different countries does it make good sense for business to keep different bank accounts often in different nations it does however just for payroll is there a better way what role do virtual accounts and digital wallets also referred to as virtual wallets play in assisting multinational business simplify the episode complex procedures of

Guaranteeing precise, effective, and prompt payroll payments is a complex obstacle for services running internationally. Join us for a webinar to explore the benefits and drawbacks of payroll wallets versus payroll bank accounts, learn how business forecast payroll costs to enhance working capital, and discover how streamlining global payroll payments can change them from a burdensome job into a strategic possession.

Handling payroll internationally is a challenging task due to various guidelines, compliance requirements, data security issues, and banking guidelines. The large number of staff members and organizations adds to the complexity, with an approximated 3.5 billion individuals in the global workforce, 500 countless whom are in Africa, and 230 million services worldwide.

Traditional payroll systems frequently result in manual processes, information silos, and an absence of integration, causing disparities and inadequacies. In spite of living in a period of technological improvements, payroll management has actually been sluggish to adjust, with as much as 25% of payroll still processed by hand, often utilizing pen and paper. This webinar goals to offer insights and options to streamline and enhance global payroll payments.

about it to give you an idea of how far there still is to come according to Deloitte only 11 of services say they have Labor force data in real time that’s another number that offers me sleepless nights and quite honestly the more a company spends on worldwide payroll the less of an image they see a lack of exposure also reaches payroll payments and failure to properly track these payments can result in compliance incidents in the last mile of the transaction nearly half of worldwide organizations have expressed that they do not have the level of standardization they need in their procedures or desire and as a result eighty percent of mistakes are due to time reporting bad HCM information data entry mistakes inadequately interacted hires and terminations in addition to absence management and system configurations and then when you round all of it off and the information is shipped to the incorrect place the average expense of a global information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money around the world payroll and payments do not run smoothly if they rely on the required 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 difficulties service face when they’re making payments to workers or otherwise that’s a good concern I always toss this back and state what is it what does not need to be included best and what does

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it require to be thought of there’s varying Bank details 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 capabilities so can you pay it from International or do you have 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 best eventually constructing a knowledge base is definitely important however all over you look with payroll payment they resemble extremely payments no if however some babies about it you are all superheroes processing payments for payroll if you look at the sort 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 fundamental and innovation is permitting us to kind of progress with that it also as well to contribute to that payroll and financing need to work closer together um with differing Bank Account Particulars varying banking requirements and setup procedures is definitely vital that payroll and financing groups work closer together than ever um I’m always impressed when people say I’ve divided payroll and payment um if you stroll down the street and asked anyone what is payroll who does not 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 ultimately it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying people anywhere they are however likewise paying statutory authorities and on statutory 3rd parties so with the

The modern-day world places a high worth on wellness and the payment landscape is becoming increasingly detailed. Organizations are continually introducing brand-new benefits and payment choices, which contributes to the total complexity. Large corporations typically divide their payroll and payment processing into different groups, which can lead to inadequacies and bottlenecks. In my opinion, this doesn’t need to be the case. In today’s technically sophisticated period, there’s no validation for keeping cumbersome procedures. Payroll, the company’s most significant expenditure, must be processed correctly and on time. Even minor delays can negatively affect employees’ well-being and have far-reaching effects. Therefore, it’s important to prioritize precise and timely payments.

payroll team get um so I’m not exactly sure anyone on this type of webinar has actually been told thank you for processing my payroll correctly if you have it ‘d be excellent to hear your success story and whether that’s been from all employees or not um but eventually payroll is such an important cycle all of us become aware of it when it fails everybody jumps up and down when it fails but when it goes right it’s just a tick box workout and I think 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 things is absolutely vital that all of this stuff is done properly so leveraging the first Global Payments very first payroll payment solution is a terrific primary step um providing an end-to-end payroll service for your employees worldwide once again I believe is another big um procedure again aligning and ensuring you have standardization Global procedures all of those things are absolutely key to success success of businesses and reducing the variety of tools platforms and savings account they need for their International 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’ve 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 think any of us are actually doing that for for the thanks

anyhow 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 processes and likewise so imagine sorry I’m just I was just gon na state imagine the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I make sure we’re discussing hundreds of thousands potentially Millions picture getting that many thank you keeps in mind um I mean 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 up all those up for sure oh absolutely 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 check out them and really see what was going on and type of shot to return to everyone so moving on look why do companies choose to primary separate savings account there are Ir35 Papaya Global organizations out there doing precisely this for particular countries and I have actually worked in a business or many businesses doing exactly that I can state it does not always feel efficient and it does produce more work I understand we’re not deliberately doing that we’re not creating additional work for anyone where we don’t have to and any person that’s handling 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 quantity that we are I believe lots of reasons one is it’s the requirement I think people have got so used to we need a new bank account we open an entity and appropriately so you require 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 standard and the standard the people have embraced and continue to do over years and years gone past to contribute to that people have actually looked at things like trust accounts and many other ways um to to kind of do it so I believe there’s a range I think this is a process that needs looking at it needs changing but eventually individuals are really stuck to what they’re familiar

with right um change is a hard thing all of us don’t like modification um so I believe it’s just sort of moving away from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I understand clearly the advantages of having preserving numerous bank accounts but there’s a big quantity of complexity goes with setting up a bank account maintaining it ensuring 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 sincere response is modification um individuals have not had the ability to change or have not had necessarily the understanding to actually make that change into alternate Solutions aside from opening a checking account I believe you’ve struck the nail on the head I think it is knowledge you know and there is a component of resistance to change but we’ve constantly done it that way is no real reason for not looking at the the benefits and the possibilities of moving on and moving into you know what might nearly be identified to be the next Century approximately there is a lot to monitor and this method does position several challenges um so Johnny might you tell us about those difficulties yeah obviously so there’s a range right there is so

I recently made a modification to our Enterprise 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 gained another CFO, and with this enhanced ability, I have successfully secured payments for our 10,000 staff members worldwide. Your dedication to mastering international 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. Ir35 Papaya Global