Over the last five or six years …Why Is Papaya Global Payroll Not Deducting Taxes… roles on the provider side and likewise on the vendor side from a payroll point of view so really anticipating this discussion today um and yeah thank you quite for your time everyone alright thanks Johnny uh we’ll simply give everybody another number of uh well among the 30 seconds or two to join all of us work back to back these days so we’ll type of let them do that so it ‘d be quite intriguing and I can see it going on already just to hear where everybody is um it’s nice to to kind of like see where everyone originates from and I truly do hope it’s much sunnier than it is 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 very very uninspiring and I wish I was somewhere else at this moment in time okay so let’s get going our agenda for today is as follows um we are going to be looking at the difficulty years of managing Worldwide payroll why business keep different
bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts simplifying papaya Worldwide payroll payments as a strategic asset uh we’ll also discuss a recap and that must leave his time at the extremely very end for a q a session so as the title of the webinar recommends payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces become more and more typical and handling them becomes increasingly more complex International organizations are aiming to discover Solutions and brand-new methods to simplify procedures particularly from a payroll and cross-border payment standpoint numerous companies preserve different savings account just for payroll while some have numerous accounts in different countries does it make sense for companies to keep different savings account in some cases in different nations it does however just for payroll is there a much better method what function do virtual accounts and digital wallets also called virtual wallets play in helping international business simplify the episode complex procedures of
making payroll payments accurately efficiently firmly and on time throughout this webinar we’ll walk you through the international benefits and drawbacks of a payroll wallet versus a payroll bank account how business accurately anticipate their payroll expenses to increase working capital and how improving Worldwide payroll payments can turn them from a siled pane into a tactical possession so payroll can be challenging in enough in one nation however when you’re doing it internationally it’s next level and Beyond it becomes complicated for a range of reasons most importantly guidelines compliance data security and banking rules then there are the sheer numbers they add additional complexity the international Labor force is presently 3 and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and further 1.1 billion people 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 all over the world in the traditional payroll design there’s typically an overwhelming number of different systems causing lengthy manual procedures and silos the variety of Combinations could be non-existent in big amounts and or very extremely fundamental there’s no genuine 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 frequently with pen and paper and that simply blows my mind each time I I believe
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of services say they have Labor force data in real time that’s another number that offers me sleep deprived nights and rather honestly the more an organization invests in worldwide payroll the less of an image they see a lack of presence also encompasses payroll payments and failure to precisely track these payments can result in compliance accidents in the last mile of the transaction nearly half of worldwide companies have actually expressed that they don’t have the level of standardization they require in their procedures or desire and as a result eighty percent of errors are due to time reporting poor HCM data information entry errors badly interacted hires and terminations in addition to lack management and system configurations and then when you round all of it off and the information is delivered to the incorrect location the typical expense of an international information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash all over the world payroll and payments don’t run efficiently if they rely on the needed numerous procedures systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the challenges business face when they’re making payments to employees or otherwise that’s an excellent question I constantly toss this back and say what is it what doesn’t require to be included right and what does
it need to be thought about 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 capabilities 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 client’s own in-country account so there’s complexity wherever you look right eventually developing a knowledge base is absolutely important but everywhere you look with payroll payment they are like super 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 definitely fundamental and technology is permitting us to kind of progress with that it likewise too to contribute to that payroll and financing require to work closer together um with differing Checking account Particulars differing banking requirements and setup procedures is absolutely imperative that payroll and finance groups work closer together than ever um I’m constantly amazed when people say I have actually split payroll and payment um if you walk down the street and asked anybody what is payroll who does not operate in the payroll profession 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 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 any place they are but also paying statutory authorities and on statutory third parties so with the
The modern world positions a high worth on well-being and the payment landscape is ending up being progressively complex. Businesses are continually introducing brand-new advantages and payment options, which contributes to the general complexity. Large corporations typically divide their payroll and payment processing into different groups, which can cause inadequacies and bottlenecks. In my opinion, this does not need to be the case. In today’s technologically advanced age, there’s no justification for maintaining cumbersome treatments. Payroll, the business’s most significant cost, must be processed properly and on time. Even minor delays can negatively impact employees’ wellness and have far-reaching consequences. For that reason, it’s important to focus on precise and prompt payments.
payroll team get um so I’m uncertain anyone on this type of webinar has actually been informed thank you for processing my payroll properly 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 a crucial cycle all of us find out about it when it goes wrong everyone jumps up and down when it goes wrong but 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 things is definitely crucial that all of this things is done correctly so leveraging the first Worldwide Payments very first payroll payment service is a great primary step um providing an end-to-end payroll option for your employees internationally once again I believe is another huge um procedure again lining up and guaranteeing you have standardization Worldwide procedures all of those things are absolutely key to success success of companies and minimizing the number of tools platforms and checking account they require for their International payroll too couldn’t 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 haven’t gone rather where they’re suggested 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 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 everybody that’s involved in those procedures and likewise so picture sorry I’m simply I was simply gon na say think of the amount of thanks you got if you could cover the amount of people that we cover within this webinar I’m sure we’re talking about numerous thousands potentially Millions picture getting that many thank you keeps in mind um I suggest it ‘d be interesting to see the number of Post-it notes you got but it would definitely be an intriguing task trying to clean up all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to look through them and really see what was going on and type of try to get back to everybody so proceeding look why do companies pick to primary different bank accounts there are Why Is Papaya Global Payroll Not Deducting Taxes organizations out there doing precisely this for specific nations and I’ve worked in an organization or many services doing exactly that I can state it doesn’t always feel efficient and it does produce more work I know we’re not intentionally doing that we’re not developing additional work for anyone where we do not need to and any person that’s dealing with 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 quantity that we are I believe many factors one is it’s the requirement I believe people have got so utilized to we require a new savings account we open an entity and rightly so you require it for payroll purposes however there are a number of markets where it’s not a requirement so I think it’s just been the requirement and the standard individuals have actually adopted and continue to do over years and years gone past to add to that people have actually looked at things like trust accounts and lots of other ways um to to type of do it so I think there’s a range I think this is a procedure that requires taking a look at it requires altering but ultimately people are very stuck with what they recognize
with ideal um change is a challenging thing we all do not like change um so I believe it’s simply sort of moving away from the standard as we have actually said so yeah so it keeps a great deal of track of stuff um I understand undoubtedly the benefits of having keeping several bank accounts however there’s a big quantity of intricacy goes with establishing a checking account maintaining it ensuring it can send International transfers ensuring it’s established with the right user accesses for individual people so the intricacy is substantial but I believe the honest answer is modification um individuals have not been able to change or have not had necessarily the knowledge to really make that change into alternate Solutions aside from opening a checking account I believe you have actually hit the nail on the head I believe it is knowledge you understand and there is an aspect of resistance to alter but we’ve always 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 almost be figured out to be the next Century or two there is a lot to keep an eye on and this approach does posture a number of challenges um so Johnny could you inform us about those difficulties yeah obviously so there’s a variety right there is so
I just did you switched our Enterprise to OS so now we can do our payroll and payments operation on a single platform yes it resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide staff members you deserve a corner office with a better parking space because I mastered Worldwide payroll and payments with Papaya payroll OS did you Why Is Papaya Global Payroll Not Deducting Taxes