Over the last five or 6 years …Why Didn\’t Taxes Get Deducted In Papaya Global Payroll… roles on the company side and also on the supplier side from a payroll perspective so truly looking forward to this conversation today um and yeah thank you very much for your time everyone alright thanks Johnny uh we’ll simply offer everybody another number of uh well one of the 30 seconds approximately to join we all work back to back nowadays so we’ll sort of let them do that so it ‘d be quite interesting and I can see it going on already simply to hear where everyone is um it’s nice to to type of like see where everyone comes from and I really 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 extremely very bleak and I wish I was somewhere else at this moment in time alright so let’s get going our program for today is as follows um we are going to be taking a look at the obstacle years of handling Worldwide payroll why business keep separate
Virtual payroll accounts are an alternative to conventional savings account for handling payroll payments. This is particularly beneficial for international organizations with dispersed and remote labor forces, as it streamlines the complicated process of cross-border payments. Instead of keeping different bank accounts for payroll in different countries, virtual accounts and digital wallets offer a more streamlined solution. In this webinar, we will check out the benefits of using virtual payroll accounts and discuss why they are becoming a tactical property for payroll executives. We will also offer a wrap-up of the main points covered and leave time for a Q&A session at the end.
making payroll payments properly effectively safely and on time during this webinar we’ll stroll you through the international benefits and drawbacks of a payroll wallet versus a payroll bank account how companies properly anticipate their payroll costs to increase working capital and how enhancing Global payroll payments can turn them from a siled pane into a strategic possession so payroll can be tough in adequate in one country but when you’re doing it worldwide it’s next level and Beyond it ends up being complex for a variety of reasons most significantly guidelines compliance information security and banking rules then there are the sheer numbers they include additional complexity the international Labor force is currently 3 and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and more 1.1 billion individuals that number is presently 500 million just for for a scale then consider that there are some 230 million services and growing all doing their own thing around the globe in the standard payroll design there’s frequently an overwhelming variety of different systems leading to lengthy manual procedures and silos the number of Integrations could be non-existent in large amounts and or really very basic there’s no genuine consistency framework we’re living in an age 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 frequently with pen and paper which just blows my mind every time I I think
about it to give you a concept of how far there still is to come according to Deloitte just 11 of businesses say they have Labor force information in real time that’s another number that gives me sleepless nights and rather honestly the more a business spends on international payroll the less of an image they see an absence of exposure also extends to payroll payments and inability to properly track these payments can result in compliance accidents in the last mile of the transaction nearly half of global companies have revealed that they do not have the level of standardization they require in their processes or want and as a result eighty percent of errors are due to time reporting bad HCM data data entry errors poorly communicated hires and terminations as well as absence management and system setups and then when you round it all off and the information is shipped to the incorrect location the average cost of an international data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money around the world 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 perspective and in your experience what else needs to be factored into the obstacles company face when they’re making payments to employees or otherwise that’s an excellent concern I constantly toss this back and state what is it what does not need to be included ideal 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 timespan there’s payment abilities 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 intricacy any place you look best ultimately constructing a knowledge base is definitely crucial but everywhere you look with payroll payment they are like super payments no if however some children about it you are all superheroes processing payments for payroll if you take a look at the type of link between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are absolutely basic and technology is permitting us to type of move on with that it likewise as well to contribute to that payroll and finance require to work closer together um with differing Checking account Details varying banking requirements and setup procedures is absolutely vital that payroll and finance teams work better together than ever um I’m always impressed when individuals state I have actually split payroll and payment um if you walk down the street and asked anyone what is payroll who does not operate in the payroll occupation would they divide the payroll payment from calculation I would say no so why do we as an industry accept that why our payroll and payments so frequently 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 however also paying statutory authorities and on statutory 3rd parties so with the
world we reside in and wellness being increasingly more important to add to type of the level of complexity there’s a growing number of benefits being organ or being used by organizations throughout the world so again you’re just looking to add increasingly more payments to this already complex landscape so if you kind of got any experience well I’m from your large experience here and I’m sure however have you got any experience in kind of real obstacles or real tough kind of pay utilizes to play to pay individuals I believe yeah I suggest over the last well yeah a couple of decades I would definitely say that the larger a company 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 groups feeding info into the next function as it were that’s really managing the payment side of things but you understand in in my opinion and my experience that does not always need to be the case you know long gone are the times where we require to create additional handoffs while doing sos that we run 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 operating in today there is no reason why we are still making this as challenging as it needs to be concurred and appropriately as you stated payroll is the single most significant liability that any service has from an expense perspective from an impact viewpoint on workers it is definitely 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 biggest damaging impact on individuals’s wellness and many other elements if people aren’t paid uh I’ve constantly been astonished entering this Market sort of the last five to 10 years is how little thanks the
The payroll group might not have been thanked for correctly processing payroll throughout a webinar. If anyone has been thanked, it would be excellent to hear their success story, whether it’s from all employees or not. Payroll is an important cycle, and individuals just see when things fail. Nevertheless, when things go right, it’s viewed as simply a regular job. This is how it’s viewed externally as well. Therefore, it is vital to make sure that tasks like Wi-Fi Worldwide and other essential matters are done properly. Utilizing the very first Worldwide Payments first payroll payment option is a fantastic preliminary step towards offering a detailed payroll option for workers worldwide. Standardization, international procedures, and decreasing the variety of tools, platforms, and bank accounts needed for international payroll are crucial factors in attaining service success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do periodically receive a few grievances when things don’t go as planned. Ultimately, we do not do it for the thankfulness.
anyway we understand how how essential 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 simple as possible for everyone that’s involved in those processes and likewise so picture sorry I’m just I was simply gon na say envision the amount of thanks you got if you might cover the amount of people that we cover within this webinar I make certain we’re talking about hundreds of thousands possibly Millions envision getting that many thank you keeps in mind um I imply it ‘d be interesting to see how many Post-it notes you got but it would absolutely be an interesting task trying to clean all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to look through them and in fact see what was going on and sort of try to return to everyone so proceeding appearance why do business choose to primary different checking account there are Why Didn\’t Taxes Get Deducted In Papaya Global Payroll companies out there doing precisely this for particular countries and I have actually worked in a business or lots of organizations doing exactly that I can say it does not constantly feel effective and it does produce more work I know we’re not deliberately doing that we’re not creating additional work for anyone where we don’t need to and anyone that’s managing that process 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 requirement I think individuals have got so used to we require a brand-new savings account we open an entity and rightly so you need it for payroll functions but there are a variety of markets where it’s not a requirement so I think it’s simply been the standard and the norm individuals have adopted and continue to do over years and years gone past to add to that individuals have looked at things like trust accounts and lots of other methods um to to type of do it so I believe there’s a range I think this is a procedure that requires looking at it requires changing however ultimately people are very stuck to what they’re familiar
with best um change is a hard thing all of us do not like change um so I believe it’s just sort of moving far from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I understand clearly the advantages of having preserving numerous savings account however there’s a substantial quantity of complexity goes with setting up a bank account keeping it ensuring it can send International transfers guaranteeing it’s set up with the ideal user accesses for individual people so the complexity is huge but I think the truthful answer is change um individuals haven’t had the ability to alter or have not had always the understanding to truly make that change into alternate Solutions besides opening a checking account I think you have actually hit the nail on the head I believe it is knowledge you understand and there is an aspect 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 moving on and moving into you know what could nearly be figured out to be the next Century approximately there is a lot to keep an eye on and this technique does present a number of difficulties um so Johnny could you tell us about those obstacles yeah obviously so there’s a variety right there is so
I just recently made a change to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It feels like our CFO has actually gotten another CFO, and with this enhanced capability, I have actually effectively protected payments for our 10,000 workers worldwide. Your dedication to mastering global payroll and payments using Papaya payroll OS is commendable. You are worthy of a corner office with a parking space that is closer, considering your accomplishments. Why Didn\’t Taxes Get Deducted In Papaya Global Payroll