Over the last five or 6 years …Does Papaya Global Payroll Pay Taxes… functions on the company side and also on the vendor side from a payroll perspective so truly looking forward to this discussion today um and yeah thank you very much for your time everyone all right thanks Johnny uh we’ll just offer everyone another number of uh well one of the 30 seconds or so to join we all work back to back nowadays so we’ll sort of let them do that so it ‘d be quite fascinating and I can see it going on already just to hear where everyone is um it’s nice to to sort of like see where everybody originates from and I really do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s raining here it’s extremely really 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 looking at the challenge years of handling International payroll why companies maintain different
checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts simplifying papaya Worldwide payroll payments as a tactical asset uh we’ll likewise discuss a wrap-up which ought to leave his time at the very 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 International workforces end up being a growing number of typical and managing them ends up being more and more intricate Worldwide organizations are seeking to find Solutions and new ways to streamline procedures specifically from a payroll and cross-border payment perspective lots of organizations preserve separate bank account just for payroll while some have multiple accounts in different countries does it make sense for business to maintain separate savings account sometimes in different countries it does however just for payroll is there a better method what function do virtual accounts and digital wallets likewise called virtual wallets play in assisting multinational companies streamline the episode complex procedures of
making payroll payments accurately effectively firmly and on time during this webinar we’ll stroll you through the worldwide pros and cons of a payroll wallet versus a payroll savings account how business 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 property so payroll can be challenging in adequate in one nation however when you’re doing it worldwide it’s next level and Beyond it becomes complicated for a variety of factors most importantly policies compliance information security and banking guidelines then there are the sheer numbers they include more intricacy the global Workforce is currently 3 and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and further 1.1 billion people that number is currently 500 million just for for a scale then factor in that there are some 230 million organizations and growing all doing their own thing worldwide in the traditional payroll design there’s frequently an overwhelming number of various systems leading to time-consuming manual processes and silos the number of Integrations could be non-existent in big amounts and or very extremely basic there’s no genuine consistency framework we’re residing in an age 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 which just blows my mind each time I I believe
about it to give 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 offers me sleep deprived nights and rather frankly the more an organization invests in worldwide payroll the less of a photo they see a lack of exposure likewise reaches payroll payments and failure to accurately track these payments can result in compliance mishaps in the last mile of the transaction nearly half of global organizations have actually expressed that they do not have the level of standardization they need in their processes or want and as a result eighty percent of errors are due to time reporting bad HCM data information entry mistakes poorly interacted hires and terminations in addition to lack management and system configurations and after that when you round all of it off and the information is shipped to the incorrect place the typical cost of an international data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money worldwide payroll and payments do not run efficiently if they depend on the necessary numerous procedures systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the difficulties organization face when they’re paying to employees or otherwise that’s a good concern I always toss 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 varying Bank details 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 need to pay from the customer’s own in-country account so there’s complexity wherever you look ideal ultimately constructing a knowledge base is definitely vital but everywhere you look with payroll payment they are like incredibly payments no if but some infants about it you are all superheroes processing payments for payroll if you look at the type of link between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are absolutely essential and innovation is permitting us to type of move forward with that it also also to contribute to that payroll and financing require to work closer together um with differing Savings account Details differing banking requirements and setup procedures is absolutely essential that payroll and financing teams work closer together than ever um I’m constantly astonished when people state I’ve divided payroll and payment um if you stroll down the street and asked anybody what is payroll who does not work in the payroll occupation would they divide the payroll payment from calculation I would say no so why do we as a market 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 data collection all the way through to paying people anywhere they are but also paying statutory authorities and on statutory 3rd parties so with the
The modern world puts a high value on wellness and the compensation landscape is becoming increasingly intricate. Organizations are continually introducing new benefits and payment alternatives, which contributes to the overall complexity. Big corporations frequently divide their payroll and payment processing into separate groups, which can cause inefficiencies and traffic jams. In my viewpoint, this doesn’t need to be the case. In today’s technically innovative period, there’s no validation for keeping cumbersome procedures. Payroll, the business’s biggest expenditure, should be processed properly and on time. Even minor delays can adversely affect workers’ wellness and have significant consequences. For that reason, it’s vital to focus on precise and timely payments.
The payroll group may not have been thanked for properly processing payroll throughout a webinar. If anybody has been thanked, it would be great to hear their success story, whether it’s from all employees or not. Payroll is a crucial cycle, and people just discover when things fail. However, when things go right, it’s viewed as simply a routine job. This is how it’s perceived externally as well. For that reason, it is vital to ensure that jobs like Wi-Fi Global and other important matters are done properly. Using the first Worldwide Payments very first payroll payment option is a terrific initial action towards offering a thorough payroll service for workers worldwide. Standardization, worldwide processes, and minimizing the number of tools, platforms, and savings account essential for international payroll are essential factors in attaining company success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do periodically receive a couple of complaints when things don’t go as planned. Eventually, we don’t do it for the thankfulness.
anyhow we understand how how crucial 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 associated with those procedures and likewise so picture sorry I’m simply I was simply gon na state think of the quantity of thanks you got if you could cover the amount of individuals that we cover within this webinar I’m sure we’re talking about numerous thousands possibly Millions envision getting that lots of thank you keeps in mind um I suggest it ‘d be interesting to see the number of Post-it notes you got however it would certainly be an intriguing job attempting to clean all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to browse them and in fact see what was going on and type of shot to return to everyone so proceeding appearance why do companies pick to main separate bank accounts there are Does Papaya Global Payroll Pay Taxes businesses out there doing exactly this for particular countries and I have actually worked in a company or lots of companies doing exactly that I can state it doesn’t constantly feel effective 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 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 think numerous factors one is it’s the requirement I think people have got so used to we require a new bank account we open an entity and appropriately so you need it for payroll functions however there are a variety of markets where it’s not a requirement so I think it’s simply been the standard and the standard the people have embraced and continue to do over years and years passed by to add to that people have looked at things like trust accounts and many other ways um to to sort of do it so I think there’s a range I believe this is a process that needs taking a look at it needs altering however ultimately people are extremely stuck to what they recognize
with ideal um modification is a hard thing all of us don’t like change um so I think it’s simply kind of moving far from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I understand certainly the advantages of having maintaining numerous bank accounts but there’s a substantial amount of complexity chooses establishing a savings account preserving it guaranteeing it can send International transfers ensuring it’s set up with the right user accesses for individual people so the intricacy is big but I think the truthful answer is modification um people have not had the ability to alter or haven’t had always the knowledge to really make that change into alternate Solutions besides opening a bank account I believe you’ve struck the nail on the head I think it is understanding you understand and there is a component of resistance to change however we have actually constantly done it that way is no real reason for not taking a look at the the advantages and the possibilities of proceeding and moving into you know what might nearly be identified to be the next Century approximately there is a lot to track and this method does position a number of obstacles um so Johnny might you tell us about those challenges yeah of course so there’s a variety right there is so
I just recently made a modification to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It feels like our CFO has gotten another CFO, and with this boosted capability, I have effectively secured payments for our 10,000 workers worldwide. Your commitment to mastering global payroll and payments using Papaya payroll OS is good. You deserve a corner workplace with a parking space that is closer, considering your achievements. Does Papaya Global Payroll Pay Taxes