Over the last five or six years …How To Fix Wrong Papaya Global Payroll Tax Liability Report… functions on the service provider side and likewise on the vendor side from a payroll viewpoint so really anticipating this discussion today um and yeah thank you quite for your time everybody fine thanks Johnny uh we’ll simply provide everybody another number of uh well one of the 30 seconds approximately to join all of us work back to back nowadays so we’ll kind of let them do that so it ‘d be quite fascinating 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 comes from and I truly do hope it’s much sunnier than it is 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 extremely uninspiring and I wish I was somewhere else at this moment in time okay so let’s start our program for today is as follows um we are going to be looking at the obstacle years of managing International payroll why companies maintain separate
bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts simplifying papaya Worldwide payroll payments as a tactical property uh we’ll likewise go over a wrap-up and that must leave his time at the really really end for a q a session so as the title of the webinar suggests payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces become more and more common and managing them ends up being more and more complicated Global organizations are wanting to discover Solutions and new ways to improve processes particularly from a payroll and cross-border payment viewpoint lots of organizations preserve separate checking account just for payroll while some have several accounts in different countries does it make good sense for companies to maintain separate bank accounts in some cases in different countries it does but just for payroll is there a much better way what function do virtual accounts and digital wallets also referred to as virtual wallets play in assisting multinational business simplify the episode complex processes of
Guaranteeing precise, efficient, and timely payroll payments is a complex challenge for businesses operating internationally. Join us for a webinar to explore the benefits and downsides of payroll wallets versus payroll bank accounts, learn how companies anticipate payroll costs to optimize working capital, and discover how streamlining worldwide payroll payments can transform them from a troublesome task into a tactical possession.
Managing payroll globally is an overwhelming task due to various policies, compliance requirements, data security concerns, and banking guidelines. The large variety of staff members and services contributes to the complexity, with an estimated 3.5 billion people in the worldwide workforce, 500 countless whom are in Africa, and 230 million businesses worldwide.
Standard payroll systems typically lead to manual processes, data silos, and a lack of combination, resulting in inconsistencies and inefficiencies. Regardless of residing in an age of technological improvements, payroll management has actually been sluggish to adapt, with as much as 25% of payroll still processed by hand, often using pen and paper. This webinar aims to provide insights and solutions to streamline and optimize worldwide payroll payments.
about it to provide you a concept of how far there still is to come according to Deloitte only 11 of companies say they have Labor force information in real time that’s another number that offers me sleep deprived nights and rather honestly the more a company invests in global payroll the less of a photo they see a lack of presence likewise encompasses payroll payments and inability to properly track these payments can lead to compliance incidents in the last mile of the transaction almost half of worldwide companies have actually revealed that they do not have the level of standardization they require in their procedures or desire and as a result eighty percent of errors are because of time reporting bad HCM information information entry errors improperly communicated hires and terminations in addition to absence management and system setups and then when you round everything off and the data is shipped to the incorrect location the typical expense of a worldwide information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money around the globe payroll and payments do not run smoothly if they count on the essential several processes 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 challenges company face when they’re making payments to staff members or otherwise that’s a good concern I always throw this back and state what is it what doesn’t require to be included best and what does
it require to be considered there’s varying 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 abilities 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 intricacy anywhere you look best ultimately developing a knowledge base is absolutely crucial but all over you look with payroll payment they are like incredibly payments no if but some babies about it you are all superheroes processing payments for payroll if you look at the sort 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 essential and technology is permitting us to type of move on with that it also too to add to that payroll and financing need to work closer together um with differing Savings account Particulars differing banking requirements and setup processes is definitely vital that payroll and finance teams work more detailed together than ever um I’m constantly astonished when individuals 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 eventually it’s payroll is an end-to-end procedure 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 places a high value on wellness and the payment landscape is ending up being progressively complex. Businesses are constantly introducing brand-new benefits and payment options, which contributes to the overall complexity. Big corporations often divide their payroll and payment processing into separate groups, which can cause inefficiencies and bottlenecks. In my opinion, this doesn’t have to be the case. In today’s technologically innovative age, there’s no reason for preserving troublesome procedures. Payroll, the business’s most significant expenditure, must be processed properly and on time. Even slight hold-ups can negatively affect employees’ well-being and have far-reaching consequences. Therefore, it’s crucial to prioritize precise and timely payments.
payroll team get um so I’m unsure anyone on this type of webinar has been told thank you for processing my payroll properly if you have it ‘d be great to hear your success story and whether that’s been from all staff members or not um but eventually payroll is such an essential cycle all of us hear about it when it goes wrong everybody jumps up and down when it goes wrong however when it goes right it’s just a tick box exercise and I think that’s how it’s seen from the external view as well um so yeah it’s also like why WI-Fi Global why all of this things is definitely vital that all of this stuff is done properly so leveraging the very first Worldwide Payments very first payroll payment option is a terrific primary step um providing an end-to-end payroll service for your staff members internationally again I think is another huge um procedure again aligning and ensuring you have standardization Global processes all of those things are definitely key to success success of organizations and reducing the number of tools platforms and bank accounts they require for their Global 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 have actually never had a hundred thousand of them within a payroll cycle do not anticipate to you do get the odd 5 or 10 or whatever it might be with the with the the grievances where things have not gone quite where they’re meant to be um I don’t believe any of us are really doing that for for the thanks
anyhow we understand how how crucial 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 involved in those procedures and also so think of sorry I’m just I was just gon na say imagine the quantity of thanks you got if you might cover the amount of people that we cover within this webinar I make certain we’re discussing hundreds of thousands possibly Millions imagine getting that many thank you keeps in mind um I indicate it ‘d be interesting to see how many Post-it notes you got but it would certainly be an intriguing job attempting to clean all those up for sure oh definitely I can’t envision 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 actually see what was going on and kind of try to return to everyone so moving on appearance why do companies select to main different savings account there are How To Fix Wrong Papaya Global Payroll Tax Liability Report organizations out there doing precisely this for specific countries and I’ve worked in a service or many services doing precisely that I can state it doesn’t always feel effective and it does create more work I understand we’re not deliberately doing that we’re not creating extra work for anybody where we don’t have to and any person 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 believe many factors one is it’s the requirement I think people have got so utilized to we require a new savings account we open an entity and appropriately so you need it for payroll functions however there are a number of markets where it’s not a requirement so I think 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 actually looked at things like trust accounts and lots of other methods um to to sort of do it so I believe there’s a variety I think this is a process that needs looking at it requires changing but eventually individuals are extremely stuck to what they recognize
with ideal um change is a tough thing we all don’t like modification um so I think it’s just sort of moving away from the norm as we’ve said so yeah so it keeps a lot of track of things um I comprehend certainly the benefits of having keeping multiple checking account however there’s a substantial amount of intricacy opts for establishing a checking account keeping it ensuring it can send out International transfers ensuring it’s set up with the best user accesses for specific people so the complexity is big however I believe the honest answer is modification um individuals have not been able to change or have not had always the understanding to truly make that change into alternate Solutions aside from opening a checking account I believe you have actually struck the nail on the head I believe it is understanding you understand and there is a component of resistance to change but we’ve always done it that way is no real reason for not looking at the the advantages and the possibilities of carrying on and moving into you understand what could practically be identified to be the next Century or two there is a lot to monitor and this technique does posture numerous challenges um so Johnny could you inform us about those challenges yeah of course so there’s a range 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 seems like our CFO has gotten another CFO, and with this enhanced capability, I have successfully protected payments for our 10,000 employees worldwide. Your devotion 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. How To Fix Wrong Papaya Global Payroll Tax Liability Report