How To Fix Papaya Global Payroll Tax Liability Report FAQ – Payroll Management 2024

Over the last five or 6 years …How To Fix Papaya Global Payroll Tax Liability Report… functions on the company side and also on the vendor side from a payroll point of view so truly looking forward to this conversation today um and yeah thank you quite for your time everyone alright thanks Johnny uh we’ll just provide everybody another couple of uh well one of the 30 seconds or two to join we all work back to back nowadays so we’ll kind of let them do that so it ‘d be rather intriguing and I can see it going on already simply to hear where everyone is um it’s nice to to type of like see where everybody originates from and I really do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s very very dreary and I want I was somewhere else at this moment in time alright so let’s begin our program for today is as follows um we are going to be taking a look at the difficulty years of managing International payroll why companies maintain different

Virtual payroll accounts are an alternative to traditional bank accounts for managing payroll payments. This is particularly beneficial for global organizations with dispersed and remote labor forces, as it simplifies the intricate procedure of cross-border payments. Instead of maintaining separate savings account for payroll in different countries, virtual accounts and digital wallets offer a more structured solution. In this webinar, we will explore the advantages of using virtual payroll accounts and go over why they are becoming a strategic asset for payroll executives. We will also provide 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 advantages and disadvantages of a payroll wallet versus a payroll savings account how companies properly anticipate their payroll costs to increase working capital and how streamlining International payroll payments can turn them from a siled pane into a strategic asset so payroll can be tough in sufficient in one country however when you’re doing it globally it’s next level and Beyond it becomes complex for a variety of reasons most significantly regulations compliance data security and banking guidelines then there are the sheer numbers they include additional complexity the global Workforce is currently 3 and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and further 1.1 billion individuals that number is presently 500 million just for for a scale then consider that there are some 230 million businesses and growing all doing their own thing all over the world in the conventional payroll model there’s typically an overwhelming number of various systems resulting in lengthy manual processes and silos the number of Integrations could be non-existent in big amounts and or extremely extremely standard there’s no real consistency structure we’re residing in an age of tech but payroll has actually been sluggish to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper which simply blows my mind each time I I believe

about it to give you a concept of how far there still is to come according to Deloitte only 11 of services state they have Labor force data in real time that’s another number that provides me sleep deprived nights and rather frankly the more a service spends on global payroll the less of a picture they see a lack of exposure likewise reaches payroll payments and inability to accurately track these payments can lead to compliance accidents in the last mile of the deal almost half of international companies have actually expressed that they don’t have the level of standardization they need in their processes or desire and as a result eighty percent of errors are because of time reporting poor HCM data data entry errors improperly interacted hires and terminations as well as lack management and system setups and then when you round everything off and the data is shipped to the wrong location the typical cost of an international information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash around the world payroll and payments don’t run smoothly if they count on the required several 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 challenges business face when they’re making payments to employees or otherwise that’s a good question I always throw this back and say what is it what doesn’t need to be included ideal and what does

it require to be thought about 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 need to pay from an in-country account do you need to pay from the consumer’s own in-country account so there’s intricacy anywhere you look ideal ultimately building a knowledge base is absolutely vital however everywhere you look with payroll payment they are like extremely payments no if however some infants about it you are all superheroes processing payments for payroll if you take a 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 fundamental and technology is enabling us to sort of move forward with that it likewise as well to add to that payroll and finance need to work closer together um with differing Savings account Particulars varying banking requirements and setup processes is definitely vital that payroll and finance groups work better together than ever um I’m constantly surprised when individuals say I have actually divided 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 split the payroll payment from calculation 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 wherever they are but likewise paying statutory authorities and on statutory third parties so with the

world we reside in and well-being being increasingly more crucial to contribute to type of the level of complexity there’s more and more benefits being organ or being offered by services across the world so again you’re just looking to include increasingly more payments to this already complex landscape so if you type of got any experience well I’m from your huge experience here and I’m sure however have you got any experience in kind of genuine difficulties or real difficult 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 bigger a company gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the task there are teams feeding info into the next function as it were that’s actually handling the payment side of things however you understand in in my opinion and my experience that does not always need to be the case you understand long gone are the times where we need to create additional handoffs at the same times that we run in they just make them more timely they make them less efficient and they do not make them what they need to be in in an era of tech and a period that you understand that we are operating in today there is no reason why we are still making this as challenging as it needs to be concurred and appropriately as you stated payroll is the single most significant liability that any business has from a cost viewpoint from an effect perspective on employees it is absolutely crucial that it’s done correctly and on time so what we mean by that is not a day before not a day after on pay day and payments have to be done right it has the biggest damaging effect on individuals’s well-being and numerous other elements if individuals aren’t paid uh I have actually constantly been amazed coming into this Market type of the last five to 10 years is how little thanks the

payroll team get um so I’m not sure anyone on this sort 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 important cycle we all hear about it when it fails everyone jumps up and down when it goes wrong however when it goes right it’s just a tick box workout and I think 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 things is absolutely essential that all of this things is done properly so leveraging the first Worldwide Payments very first payroll payment solution is a great primary step um providing an end-to-end payroll solution for your workers internationally once again I believe is another substantial um process once again lining up and ensuring you have standardization International procedures all of those things are definitely key to success success of companies and reducing the number of tools platforms and savings account they need 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 countless them within a payroll cycle do not anticipate to you do get the odd five or 10 or whatever it might be with the with the the problems where things haven’t gone rather where they’re suggested to be um I do not think any of us are actually doing that for for the thanks

anyhow we understand how how important 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 easy as possible for everybody that’s associated with those procedures and also so envision sorry I’m simply I was simply gon na state envision the amount of thanks you got if you might cover the amount of individuals that we cover within this webinar I’m sure we’re discussing numerous thousands possibly Millions imagine getting that many thank you notes um I suggest it ‘d be interesting to see how many Post-it notes you got however it would definitely be a fascinating job attempting to clean all those up for sure oh absolutely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to look through them and really see what was going on and kind of shot to return to everyone so proceeding look why do business select to main separate savings account there are How To Fix Papaya Global Payroll Tax Liability Report organizations out there doing precisely this for specific countries and I’ve worked in a company or many organizations doing precisely that I can state it doesn’t always feel efficient and it does produce more work I understand we’re not intentionally doing that we’re not producing extra work for anyone where we don’t need to and anyone that’s dealing with 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 quantity that we are I think numerous reasons one is it’s the requirement I think individuals have actually got so utilized to we need a brand-new checking account we open an entity and rightly so you require it for payroll functions but there are a number of markets where it’s not a requirement so I think it’s just been the requirement and the norm the people have embraced and continue to do over years and years passed by to contribute to that people have actually taken a look at things like trust accounts and many other methods um to to sort of do it so I believe there’s a range I think this is a process that requires taking a look at it requires altering however ultimately people are very stuck with what they recognize

with ideal um modification is a tough thing all of us do not like change um so I think it’s just sort of moving away from the standard as we’ve said so yeah so it keeps a great deal of track of things um I understand certainly the benefits of having maintaining multiple savings account but there’s a big amount of intricacy goes with establishing a savings account preserving it guaranteeing it can send out International transfers guaranteeing it’s set up with the best user accesses for individual individuals so the complexity is huge but I think the sincere response is change um people have not had the ability to alter or have not had always the knowledge to truly make that change into alternate Solutions other than opening a savings account I believe you have actually hit the nail on the head I believe it is understanding you understand and there is a component of resistance to change however we’ve constantly done it that way is no real excuse for not taking a look at the the advantages and the possibilities of moving on and moving into you know what might almost be determined to be the next Century or two there is a lot to keep track of and this technique does position several challenges um so Johnny might you tell us about those challenges yeah of course so there’s a variety right there is so

I simply did you changed our Business to OS so now we can do our payroll and payments operation on a single platform yes it’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global workers you should have a corner workplace with a better parking space since I mastered International payroll and payments with Papaya payroll OS did you How To Fix Papaya Global Payroll Tax Liability Report