Does Papaya Global Payroll Pay Federal Taxes FAQ – Payroll Management 2024

Over the last five or 6 years …Does Papaya Global Payroll Pay Federal Taxes… functions on the service provider side and likewise on the supplier side from a payroll viewpoint so really looking forward to this discussion today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll just provide everyone 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 type of let them do that so it ‘d be rather intriguing and I can see it going on currently simply to hear where everybody is um it’s nice to to type of like see where everyone originates from and I truly do hope it’s much sunnier than it is 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 very bleak and I wish I was elsewhere at this moment in time alright so let’s get started our program for today is as follows um we are going to be looking at the obstacle years of managing Worldwide payroll why business keep separate

Virtual payroll accounts are an alternative to conventional bank accounts for handling payroll payments. This is particularly useful for global companies with dispersed and remote workforces, as it simplifies the complicated process of cross-border payments. Instead of preserving separate checking account for payroll in different nations, virtual accounts and digital wallets use a more structured service. In this webinar, we will check out the advantages of using virtual payroll accounts and talk about why they are becoming a strategic possession for payroll executives. We will also supply a recap of the main points covered and leave time for a Q&A session at the end.

making payroll payments accurately efficiently safely and on time throughout this webinar we’ll stroll you through the international pros and cons of a payroll wallet versus a payroll savings account how business precisely forecast their payroll costs to increase working capital and how improving Worldwide payroll payments can turn them from a siled pane into a strategic possession so payroll can be tough in enough in one nation but when you’re doing it worldwide it’s next level and Beyond it ends up being complex for a variety of reasons most importantly policies compliance data security and banking guidelines then there are the sheer numbers they add more intricacy the global Workforce is currently 3 and a half billion people by 2030 it’s approximated 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 factor in that there are some 230 million companies and growing all doing their own thing around the world in the traditional payroll design there’s frequently a frustrating variety 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 fundamental there’s no genuine consistency structure we’re living in an era of tech but payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper and that just blows my mind whenever I I believe

about it to offer you a concept of how far there still is to come according to Deloitte only 11 of services say they have Workforce information in real time that’s another number that offers me sleep deprived nights and quite honestly the more an organization invests in international payroll the less of a photo they see an absence of presence also reaches payroll payments and inability to precisely track these payments can result in compliance accidents in the last mile of the transaction nearly half of global services have expressed that they do not have the level of standardization they need in their procedures or desire 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 everything off and the data is shipped to the incorrect location the typical cost of a global 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 count on the needed several processes 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 difficulties company 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 need to be included right and what does

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it need to be thought of there’s differing Bank details so the length of an eye band a swift an account number routing code per country 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 have to pay from the consumer’s own in-country account so there’s intricacy wherever you look right ultimately building a knowledge base is definitely crucial however everywhere you look with payroll payment they resemble super payments no if however some children about it you are all superheroes processing payments for payroll if you look at the type of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are absolutely essential and innovation is enabling us to sort of progress with that it likewise too to add to that payroll and finance require to work closer together um with varying Checking account Particulars varying banking requirements and setup procedures is absolutely imperative that payroll and finance groups work better together than ever um I’m constantly amazed when people state I’ve split payroll and payment um if you stroll down the street and asked anyone what is payroll who does not operate in the payroll profession would they divide the payroll payment from computation I would say no so why do we as an industry accept that why our payroll and payments so often split and cut up um eventually it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying people any place they are however also paying statutory authorities and on statutory third parties so with the

world we live in and wellness being more and more essential to add to sort of the level of intricacy there’s more and more benefits being organ or being offered by services across the world so once again you’re simply wanting to include increasingly more payments to this currently complex landscape so if you sort of got any experience well I’m from your huge experience here and I make certain however have you got any experience in kind of genuine challenges or real challenging kind of pay uses to play to pay individuals I believe yeah I mean over the last well yeah a number of decades I would definitely say that the larger a service gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the task there are groups feeding details into the next function as it were that’s in fact managing the payment side of things but you know in in my opinion and my experience that doesn’t necessarily require to be the case you know long gone are the times where we require to create additional handoffs at the same times that we operate in they simply make them more prompt they make them less effective and they don’t make them what they require to be in in an era of tech and an age that you understand that we are working in today there is no reason why we are still making this as tough as it needs to be agreed and rightly as you stated payroll is the single biggest liability that any business has from an expense point of view from an effect viewpoint on employees it is definitely important that it’s done properly 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 most significant destructive result on individuals’s wellness and many other elements if people aren’t paid uh I’ve constantly been astonished entering into this Market kind of the last 5 to ten years is how little thanks the

The payroll team may not have been thanked for correctly processing payroll during a webinar. If anyone has been thanked, it would be great to hear their success story, whether it’s from all staff members or not. Payroll is an important cycle, and people just see when things fail. However, when things go right, it’s viewed as just a routine job. This is how it’s perceived externally too. Therefore, it is essential to guarantee that tasks like Wi-Fi Worldwide and other crucial matters are done correctly. Using the very first Global Payments very first payroll payment solution is a terrific preliminary step towards offering a thorough payroll option for workers worldwide. Standardization, international procedures, and minimizing the variety of tools, platforms, and savings account essential for global payroll are crucial factors in achieving service success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do periodically get a couple of problems when things don’t go as prepared. Ultimately, we do not do it for the gratitude.

anyway we know how how essential a function 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 easy as possible for everyone that’s involved in those processes and also so think of sorry I’m simply I was simply gon na state picture the quantity of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make sure we’re talking about 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 however it would certainly be an intriguing job trying to clean up 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 attempt to browse them and actually see what was going on and kind of try to return to everybody so carrying on look why do business choose to primary different bank accounts there are Does Papaya Global Payroll Pay Federal Taxes companies out there doing exactly this for particular nations and I have actually worked in a business or many companies doing precisely that I can say it doesn’t constantly feel efficient and it does create more work I know we’re not deliberately doing that we’re not creating additional work for any person where we don’t need to and anybody that’s handling 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 reasons one is it’s the requirement I believe people have actually got so utilized to we require a brand-new savings account we open an entity and rightly so you require it for payroll functions however there are a number of markets where it’s not a requirement so I think it’s just been the standard and the standard individuals have embraced 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 kind of do it so I believe there’s a range I think this is a process that needs taking a look at it needs altering but eventually individuals are really stuck with what they’re familiar

with best um modification is a hard thing all of us 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 lot of track of things um I understand undoubtedly the benefits of having maintaining multiple checking account but there’s a huge quantity of intricacy goes with establishing a checking account preserving it ensuring it can send International transfers guaranteeing it’s established with the ideal user accesses for specific individuals so the intricacy is huge but I think the sincere answer is change um people have not been able to change or haven’t had necessarily the knowledge to really make that change into alternate Solutions other than opening a savings account I believe you’ve struck the nail on the head I think it is knowledge you understand and there is a component of resistance to change however we have actually always done it that way is no genuine excuse for not looking at the the advantages and the possibilities of carrying on and moving into you understand what might practically be figured out to be the next Century approximately there is a lot to keep track of and this method does posture a number of obstacles um so Johnny might you inform us about those challenges yeah obviously so there’s a range right there is so

I 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 actually gotten another CFO, and with this enhanced capability, I have effectively protected payments for our 10,000 employees worldwide. Your devotion to mastering international payroll and payments utilizing Papaya payroll OS is commendable. You deserve a corner office with a parking space that is more detailed, considering your accomplishments. Does Papaya Global Payroll Pay Federal Taxes