Over the last five or 6 years …How Do.You Figure What Liabilities Are Taxed On Papaya Global Payroll… functions on the company side and likewise on the vendor side from a payroll viewpoint so really looking forward to this conversation today um and yeah thank you quite for your time everyone all right thanks Johnny uh we’ll just provide everybody another couple of uh well one of the 30 seconds or so to join we all work back to back these days 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 kind 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 drizzling here it’s extremely very uninspiring and I want I was elsewhere 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 difficulty years of managing International payroll why business keep different
checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts simplifying papaya International payroll payments as a strategic asset uh we’ll also go over a recap and that should leave his time at the extremely very end for a q a session so as the title of the webinar suggests payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and International workforces become increasingly more common and managing them becomes more and more complicated Worldwide companies are aiming to find Solutions and brand-new ways to enhance procedures especially from a payroll and cross-border payment perspective many organizations keep separate checking account just for payroll while some have multiple accounts in different countries does it make good sense for companies to keep different bank accounts sometimes in different countries it does but just for payroll exists a better method what role do virtual accounts and digital wallets likewise known as virtual wallets play in helping multinational business enhance the episode complex processes of
making payroll payments accurately effectively securely and on time throughout this webinar we’ll walk you through the global advantages and disadvantages of a payroll wallet versus a payroll bank account how business precisely anticipate their payroll costs to increase working capital and how improving Global payroll payments can turn them from a siled pane into a strategic possession so payroll can be hard in enough in one nation however when you’re doing it worldwide it’s next level and Beyond it ends up being intricate for a variety of reasons most notably guidelines compliance information security and banking guidelines then there are the sheer numbers they include further intricacy the worldwide 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 currently 500 million just for for a scale then consider that there are some 230 million companies and growing all doing their own thing worldwide in the standard payroll design there’s typically a frustrating number of various systems causing time-consuming manual procedures and silos the number of Integrations could be non-existent in large quantities and or really very basic there’s no real consistency structure we’re living in a period of tech however 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 and that just blows my mind every time I I believe
about it to give you an idea of how far there still is to come according to Deloitte just 11 of organizations say they have Workforce data in real time that’s another number that gives me sleep deprived nights and quite honestly the more a business invests in global payroll the less of a photo they see a lack of exposure also extends to payroll payments and failure to accurately track these payments can cause compliance incidents in the last mile of the deal nearly half of international organizations have actually revealed that they do not have the level of standardization they require in their procedures or want and as a result eighty percent of errors are due to time reporting bad HCM information information entry errors inadequately interacted hires and terminations along with absence management and system setups and then when you round all of it off and the data is delivered to the incorrect place the average cost of a global information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money around the world payroll and payments don’t run efficiently if they count on the needed numerous processes systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the challenges company face when they’re making payments to staff members or otherwise that’s an excellent question I always toss this back and say what is it what doesn’t require 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 country there’s payment timespan there’s payment abilities 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 consumer’s own in-country account so there’s intricacy wherever you look best ultimately developing a knowledge base is absolutely important but everywhere you look with payroll payment they resemble extremely payments no if however some infants about it you are all superheroes processing payments for payroll if you take a 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 definitely essential and technology is enabling us to kind of move forward with that it likewise too to contribute to that payroll and financing require to work closer together um with differing Checking account Details differing banking requirements and setup procedures is definitely necessary that payroll and finance groups work better together than ever um I’m always astonished when individuals state I’ve divided payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t 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 typically 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 but likewise paying statutory authorities and on statutory third parties so with the
world we live in and wellness being a growing number of important to add to sort of the level of complexity there’s increasingly more benefits being organ or being offered by services throughout the world so again you’re simply aiming to include a growing number of payments to this already complex landscape so if you type of got any experience well I’m from your vast experience here and I’m sure however have you got any experience in kind of real challenges or real tough sort of pay uses to play to pay people I believe yeah I mean over the last well yeah a couple of years I would absolutely say that the bigger a company gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the job there are teams feeding information 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 doesn’t always need to be the case you understand long gone are the times where we require to create extra handoffs while doing sos that we run in they just make them more prompt they make them less effective and they do not make them what they require to be in in a period of tech and an era that you know that we are operating in today there is no reason that we are still making this as challenging as it needs to be concurred and rightly as you stated payroll is the single greatest liability that any organization has from an expense perspective from an effect perspective on workers it is absolutely critical that it’s done correctly and on time so what we indicate 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 harmful impact on people’s wellness and many other aspects if individuals aren’t paid uh I’ve constantly been surprised entering this Market type of the last 5 to 10 years is how little thanks the
The payroll team might not have actually been thanked for correctly processing payroll during a webinar. If anyone has been thanked, it would be fantastic to hear their success story, whether it’s from all staff members or not. Payroll is a crucial cycle, and individuals just observe when things go wrong. Nevertheless, when things go right, it’s seen as just a regular job. This is how it’s perceived externally also. For that reason, it is necessary to ensure that jobs like Wi-Fi International and other crucial matters are done properly. Using the first Global Payments first payroll payment service is an excellent initial step towards providing an extensive payroll solution for staff members worldwide. Standardization, global procedures, and lowering the number of tools, platforms, and checking account required for global payroll are crucial consider accomplishing organization success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do sometimes receive a few problems when things do not go as planned. Ultimately, we don’t do it for the appreciation.
anyway we know how how essential 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 simple as possible for everybody that’s associated with those procedures and likewise so picture sorry I’m just I was simply gon na state envision the amount of thanks you got if you might cover the quantity of people that we cover within this webinar I make sure we’re discussing numerous thousands possibly Millions imagine getting that numerous thank you keeps in mind um I indicate it ‘d be interesting to see how many Post-it notes you got but it would absolutely be an intriguing job trying to clean all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to check out them and really see what was going on and kind of shot to get back to everybody so carrying on appearance why do companies select to main separate bank accounts there are How Do.You Figure What Liabilities Are Taxed On Papaya Global Payroll organizations out there doing exactly this for specific nations and I have actually worked in an organization or numerous organizations doing exactly that I can say it doesn’t always feel efficient and it does produce more work I know we’re not deliberately doing that we’re not creating additional work for anyone where we do not have to and anyone that’s managing that procedure I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the amount that we are I believe many factors one is it’s the standard I think individuals have actually got so used to we require a brand-new savings account we open an entity and appropriately so you need 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 requirement and the standard the people have actually adopted and continue to do over years and years passed by to contribute to that people have taken a look at things like trust accounts and many other ways um to to type of do it so I think there’s a range I think this is a process that requires looking at it needs altering but eventually individuals are very stuck with what they’re familiar
with best um modification is a tough thing all of us don’t like modification um so I believe it’s just type of moving away from the standard as we’ve said so yeah so it keeps a great deal of track of stuff um I understand clearly the benefits of having keeping numerous bank accounts but there’s a substantial amount of intricacy opts for setting up a savings account maintaining it ensuring it can send out International transfers guaranteeing it’s set up with the ideal user accesses for individual individuals so the complexity is big however I think the truthful response is modification um people haven’t had the ability to change or haven’t had always the understanding to truly make that change into alternate Solutions aside from opening a savings account I believe you’ve struck the nail on the head I think it is understanding you know and there is a component of resistance to change however we’ve always done it that way is no genuine excuse for not taking a look at the the advantages and the possibilities of carrying on and moving into you know what could practically be determined to be the next Century or two there is a lot to track and this approach does posture numerous challenges um so Johnny might you inform us about those difficulties yeah obviously so there’s a range right there is so
I simply did you switched our Business 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 Global employees you deserve a corner workplace with a closer parking space because I mastered Global payroll and payments with Papaya payroll OS did you How Do.You Figure What Liabilities Are Taxed On Papaya Global Payroll