Over the last 5 or 6 years …How To Enter Income Tax In Papaya Global Payroll… functions on the supplier side and also on the vendor side from a payroll perspective so really anticipating this conversation today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll just give everyone another couple of uh well one of the 30 seconds or two 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 simply to hear where everyone is um it’s nice to to kind of like see where everybody originates from and I truly do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s extremely very dreary and I wish I was somewhere else at this moment in time alright so let’s get started our agenda for today is as follows um we are going to be taking a look at the obstacle years of managing Global payroll why companies maintain different
checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts improving papaya Worldwide payroll payments as a strategic possession uh we’ll also go over a wrap-up which must leave his time at the very really end for a q a session so as the title of the webinar suggests payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces end up being increasingly more common and handling them ends up being more and more intricate Global organizations are wanting to find Solutions and brand-new methods to simplify processes specifically from a payroll and cross-border payment standpoint numerous organizations maintain separate savings account just for payroll while some have several accounts in different countries does it make sense for companies to maintain different bank accounts in some cases in different countries it does but just for payroll is there a better method what function do virtual accounts and digital wallets likewise referred to as virtual wallets play in assisting international business enhance the episode complex procedures of
making payroll payments accurately efficiently safely and on time during this webinar we’ll walk you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll savings account how companies properly forecast their payroll costs 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 challenging in sufficient in one nation but when you’re doing it globally it’s next level and Beyond it becomes intricate for a variety of factors most importantly regulations compliance data security and banking rules then there are the large numbers they include further complexity the worldwide Workforce is presently three 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 presently 500 million just for for a scale then factor in that there are some 230 million services and growing all doing their own thing around the world in the traditional payroll design there’s frequently a frustrating variety of different systems resulting in lengthy manual processes and silos the variety of Combinations could be non-existent in large amounts and or really really fundamental there’s no real consistency framework we’re living in an age of tech however payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper which simply blows my mind every time I I think
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of organizations state they have Labor force data in real time that’s another number that gives me sleep deprived nights and rather frankly the more an organization spends on international payroll the less of an image they see an absence of exposure also reaches payroll payments and failure to precisely track these payments can cause compliance mishaps in the last mile of the deal nearly half of international organizations have expressed that they don’t have the level of standardization they need in their processes or want and as a result eighty percent of mistakes are because of time reporting poor HCM data data entry errors poorly communicated hires and terminations along with absence management and system configurations and after that when you round it all off and the information is delivered to the wrong location the typical expense of a worldwide information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money worldwide payroll and payments don’t run smoothly if they depend on the necessary numerous procedures systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the obstacles service face when they’re paying to workers or otherwise that’s a good concern I constantly throw this back and state what is it what doesn’t require to be included right and what does
it require to be thought of there’s differing Bank information so the length of an eye band a swift an account number routing code per nation there’s payment time frames there’s payment capabilities 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 client’s own in-country account so there’s complexity anywhere you look best eventually building a knowledge base is absolutely vital but 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 kind of link in between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are absolutely essential and technology is allowing us to sort of progress with that it also too to add to that payroll and finance require to work closer together um with differing Checking account Particulars varying banking requirements and setup procedures is absolutely imperative that payroll and finance teams work closer together than ever um I’m constantly surprised when people say I’ve split payroll and payment um if you stroll down the street and asked anybody what is payroll who does not work in the payroll profession would they divide the payroll payment from computation I would say no so why do we as an industry accept that why our payroll and payments so often split and cut up um ultimately it’s payroll is an end-to-end process 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 contemporary world places a high worth on wellness and the compensation landscape is becoming progressively detailed. Companies are continuously presenting new advantages and payment alternatives, which adds to the total intricacy. Large corporations typically divide their payroll and payment processing into separate groups, which can result in inadequacies and bottlenecks. In my viewpoint, this does not need to be the case. In today’s technologically sophisticated period, there’s no validation for keeping troublesome procedures. Payroll, the business’s greatest cost, need to be processed properly and on time. Even slight delays can adversely impact employees’ well-being and have far-reaching consequences. Therefore, it’s critical to prioritize precise and timely payments.
payroll group get um so I’m not sure anyone on this kind of webinar has 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 but ultimately payroll is such an important cycle all of us find out about it when it goes wrong everyone jumps up and down when it goes wrong however when it goes right it’s just a tick box workout and I believe that’s how it’s seen from the external view as well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is absolutely important that all of this things is done correctly so leveraging the first Worldwide Payments very first payroll payment option is a great initial step um offering an end-to-end payroll solution for your employees globally once again I believe is another huge um process again aligning and guaranteeing you have standardization Global processes all of those things are definitely essential to success success of businesses and minimizing the number of tools platforms and checking account they need for their International 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’ve never had a hundred thousand of them within a payroll cycle do not expect to you do get the odd five or ten or whatever it might be with the with the the complaints where things haven’t gone rather where they’re indicated to be um I don’t believe any of us are actually doing that for for the thanks
anyhow we know how how important 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 everybody that’s involved in those processes and likewise so picture sorry I’m just I was simply gon na say think of the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I’m sure we’re talking about hundreds of thousands possibly Millions imagine getting that many thank you notes um I indicate it ‘d be interesting to see how many Post-it notes you got but it would definitely be an intriguing task attempting to clean up all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to look through them and really see what was going on and sort of try to return to everyone so moving on appearance why do companies choose to primary different checking account there are How To Enter Income Tax In Papaya Global Payroll companies out there doing precisely this for particular nations and I’ve operated in a service or many companies doing precisely that I can say it doesn’t constantly feel efficient and it does create more work I know we’re not purposely doing that we’re not developing additional work for anyone where we do not need to and anybody that’s handling that procedure I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the amount that we are I believe many reasons one is it’s the standard I believe individuals have got so utilized to we require 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 believe it’s simply been the standard and the norm the people have adopted and continue to do over years and years gone past to add to that people have taken a look at things like trust accounts and many other methods um to to kind of do it so I believe there’s a variety I believe this is a process that needs looking at it requires altering but ultimately individuals are really stuck to what they recognize
with ideal um modification is a hard thing all of us don’t like change um so I believe it’s simply kind of moving away from the norm as we’ve said so yeah so it keeps a lot of track of things um I understand clearly the benefits of having keeping numerous savings account but there’s a huge amount of intricacy chooses establishing a checking account preserving it guaranteeing it can send out International transfers ensuring it’s established with the best user accesses for private people so the intricacy is substantial however I think the honest response is modification um individuals have not had the ability to alter or have not had always the knowledge to truly make that change into alternate Solutions aside from opening a checking 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 change but we’ve constantly done it that way is no real excuse for not taking a look at the the advantages and the possibilities of carrying on and moving into you understand what might almost be determined to be the next Century approximately there is a lot to keep an eye on and this approach does present numerous difficulties um so Johnny could you tell us about those obstacles yeah obviously so there’s a range right there is so
I just recently made a change to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It seems like our CFO has actually gained another CFO, and with this boosted ability, I have effectively protected payments for our 10,000 workers worldwide. Your commitment to mastering worldwide payroll and payments using Papaya payroll OS is good. You are worthy of a corner office with a parking space that is more detailed, considering your accomplishments. How To Enter Income Tax In Papaya Global Payroll