Papaya Global Payroll Withholding FAQ – Payroll Management 2024

Over the last 5 or 6 years …Papaya Global Payroll Withholding… roles on the company side and also on the vendor side from a payroll perspective so really anticipating this conversation today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll just give everyone another number of uh well among the 30 seconds or so to join we all work back to back nowadays 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 everybody comes from and I actually do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s raining here it’s extremely extremely dreary and I wish I was somewhere else at this moment in time all right so let’s get started our agenda for today is as follows um we are going to be taking a look at the difficulty years of managing Global payroll why companies preserve separate

Virtual payroll accounts are an alternative to standard checking account for handling payroll payments. This is especially useful for worldwide companies with dispersed and remote workforces, as it streamlines the complicated procedure of cross-border payments. Instead of keeping separate savings account for payroll in various nations, virtual accounts and digital wallets offer a more structured solution. In this webinar, we will check out the benefits of using virtual payroll accounts and discuss why they are ending up being a strategic asset for payroll executives. We will likewise offer a recap of the main points covered and leave time for a Q&A session at the end.

making payroll payments precisely efficiently securely and on time throughout this webinar we’ll stroll you through the international benefits and drawbacks of a payroll wallet versus a payroll bank account how companies properly forecast their payroll expenses to increase working capital and how enhancing Worldwide payroll payments can turn them from a siled pane into a tactical possession so payroll can be hard in adequate in one country but when you’re doing it globally it’s next level and Beyond it becomes complex for a variety of factors most significantly regulations compliance data security and banking guidelines then there are the large numbers they include more complexity the global Workforce is currently three and a half billion people by 2030 it’s estimated 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 businesses and growing all doing their own thing all over the world in the conventional payroll design there’s frequently a frustrating number of different systems leading to time-consuming manual processes and silos the number of Combinations could be non-existent in large quantities and or really very standard there’s no genuine consistency structure we’re living in an age of tech but payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand typically 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 just 11 of services say they have Labor force information in real time that’s another number that provides me sleepless nights and rather frankly the more a company invests in international payroll the less of an image they see a lack of exposure likewise reaches payroll payments and failure to accurately track these payments can cause compliance accidents in the last mile of the deal almost half of global services have revealed that they don’t have the level of standardization they require in their processes or want and as a result eighty percent of errors are because of time reporting poor HCM information information entry mistakes inadequately interacted hires and terminations as well as lack management and system setups and after that when you round it all off and the data is shipped to the incorrect location the typical cost of an international information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash all over the world payroll and payments do not run efficiently if they depend on the needed numerous processes systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the obstacles company face when they’re making payments to workers or otherwise that’s an excellent question I always throw this back and say what is it what does not need to be consisted of ideal and what does

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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 nation 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 consumer’s own in-country account so there’s complexity wherever you look ideal ultimately constructing a knowledge base is definitely important however all over you look with payroll payment they are like incredibly payments no if however some babies about it you are all superheroes processing payments for payroll if you look at the kind of link between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are definitely essential and innovation is permitting us to kind of move forward with that it also too to contribute to that payroll and financing need to work closer together um with differing Savings account Details differing banking requirements and setup processes is absolutely crucial that payroll and finance groups work closer together than ever um I’m constantly amazed when individuals say I’ve split payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t work in the payroll profession would they divide the payroll payment from computation 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 process it’s the point of data collection all the way through to paying people wherever they are however also paying statutory authorities and on statutory third parties so with the

world we live in and well-being being increasingly more important to contribute to type of the level of intricacy there’s a growing number of advantages being organ or being provided by businesses across the world so once again you’re simply aiming to add a growing number of payments to this already complex landscape so if you sort 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 genuine difficult sort of pay utilizes to play to pay people I believe yeah I imply over the last well yeah a number of decades I would certainly say that the bigger a business gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the task there are teams feeding info into the next function as it were that’s in fact handling the payment side of things but you understand in in my opinion and my experience that does not always require to be the case you understand long gone are the times where we require to create extra handoffs at the same times that we operate in they simply make them more prompt they make them less efficient and they don’t make them what they require to be in in an age of tech and an era that you know that we are working in today there is no reason we are still making this as hard as it requires to be agreed and appropriately as you stated payroll is the single biggest liability that any service has from an expense perspective from an effect point of view on staff members it is absolutely vital that it’s done properly and on time so what we suggest 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 damaging effect on individuals’s well-being and numerous other elements if individuals aren’t paid uh I have actually always been astonished entering into this Market kind of the last 5 to 10 years is how little thanks the

payroll team get um so I’m not exactly sure anyone on this sort of webinar has actually been told thank you for processing my payroll correctly if you have it ‘d be excellent to hear your success story and whether that’s been from all staff members or not um however ultimately payroll is such a crucial cycle we all find out 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 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 stuff is definitely essential that all of this things is done properly so leveraging the first Worldwide Payments very first payroll payment option is an excellent primary step um offering an end-to-end payroll option for your workers globally again I think is another big um procedure once again aligning and guaranteeing you have standardization Worldwide processes all of those things are absolutely key to success success of services and minimizing the number of tools platforms and bank accounts they need for their Worldwide payroll too could not agree with you more and on the the front in regards to of the thank yous for getting payroll done I’ve never ever had a hundred thousand of them within a payroll cycle do not expect to you do get the odd five or 10 or whatever it might be with the with the the complaints where things haven’t gone rather where they’re indicated to be um I don’t think any of us are really doing that for for the thanks

anyway we understand 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 simple as possible for everybody that’s associated with those procedures and likewise so picture sorry I’m simply I was simply gon na say picture the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I make certain we’re speaking about numerous thousands possibly Millions picture getting that lots of thank you keeps in mind um I suggest it ‘d be interesting to see how many Post-it notes you got however it would absolutely be an interesting task trying to clean up all those up for sure oh absolutely 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 check out them and in fact see what was going on and sort of try to return to everybody so carrying on appearance why do companies pick to main different checking account there are Papaya Global Payroll Withholding services out there doing precisely this for particular countries and I have actually worked in a company or lots of businesses doing precisely that I can say it does not always feel effective and it does develop more work I know we’re not deliberately doing that we’re not creating extra work for any person where we do not have to and anybody that’s managing that process I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the quantity that we are I think lots of reasons one is it’s the requirement I think individuals have actually got so used to we need a brand-new checking account we open an entity and appropriately so you need it for payroll purposes however there are a number of markets where it’s not a requirement so I believe it’s simply been the standard and the norm individuals have adopted and continue to do over years and years passed by to contribute to that people have actually looked at things like trust accounts and lots of other ways um to to kind of do it so I believe there’s a variety I believe this is a procedure that requires looking at it needs altering but eventually individuals are very stuck to what they’re familiar

with ideal um change is a difficult thing we all do not like modification um so I believe it’s just type of moving far from the norm as we’ve said so yeah so it keeps a great deal of track of things um I understand undoubtedly the advantages of having preserving several savings account however there’s a big amount of intricacy opts for setting up a bank account maintaining it ensuring it can send out International transfers ensuring it’s established with the best user accesses for individual individuals so the intricacy is substantial but I believe the honest answer is change um individuals haven’t been able to change or have not had necessarily the knowledge to actually make that change into alternate Solutions other than opening a bank account I believe you have actually struck the nail on the head I think it is knowledge you understand and there is a component of resistance to alter however we’ve always done it that way is no real reason for not taking a look at the the benefits and the possibilities of proceeding and moving into you know what might almost be identified to be the next Century or two there is a lot to keep an eye on and this method does position several obstacles um so Johnny might you tell us about those obstacles yeah obviously 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 handle our payroll and payment jobs on one platform. It seems like our CFO has gained another CFO, and with this enhanced ability, I have actually successfully secured payments for our 10,000 employees worldwide. Your commitment to mastering global payroll and payments utilizing Papaya payroll OS is good. You should have a corner workplace with a parking space that is better, considering your achievements. Papaya Global Payroll Withholding