Managing payroll globally is an overwhelming task … Payroll Tax Deferral Papaya Global…
How much revenue does the company make? Payroll Tax Deferral Papaya Global
Over the last 5 or 6 years …Payroll Tax Deferral Papaya Global… roles on the provider side and likewise on the supplier side from a payroll perspective so actually anticipating this discussion today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll simply give everybody another number of uh well among the 30 seconds or so to join all of us work back to back nowadays so we’ll type of let them do that so it ‘d be quite 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 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 sunshine is it it’s not no it’s it’s raining here it’s really really dreary and I want I was somewhere else at this moment in time alright so let’s get started our agenda for today is as follows um we are going to be taking a look at the challenge years of managing Worldwide payroll why companies keep different
Virtual payroll accounts are an alternative to traditional bank accounts for managing payroll payments. This is particularly beneficial for international companies with dispersed and remote workforces, as it streamlines the complex procedure of cross-border payments. Instead of preserving separate bank accounts for payroll in various countries, virtual accounts and digital wallets offer a more structured service. In this webinar, we will check out the benefits of using virtual payroll accounts and discuss why they are becoming a strategic property for payroll executives. We will likewise provide a recap of the bottom lines covered and leave time for a Q&A session at the end.
Ensuring precise, efficient, and timely payroll payments is a complex difficulty for businesses operating globally. Join us for a webinar to check out the benefits and drawbacks of payroll wallets versus payroll checking account, discover how business anticipate payroll costs to enhance working capital, and discover how improving international payroll payments can transform them from a difficult task into a tactical property.
due to different regulations, compliance requirements, data security issues, and banking rules. The sheer number of employees and businesses contributes to the complexity, with an approximated 3.5 billion individuals in the global workforce, 500 countless whom remain in Africa, and 230 million businesses worldwide.
Traditional payroll systems typically result in manual processes, data silos, and a lack of integration, leading to disparities and inadequacies. Despite living in a period of technological improvements, payroll management has actually been slow to adapt, with as much as 25% of payroll still processed by hand, often utilizing pen and paper. This webinar goals to supply insights and solutions to simplify and enhance global payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of companies state they have Workforce data in real time that’s another number that offers me sleep deprived nights and rather frankly the more a company invests in global payroll the less of an image they see a lack of presence also reaches payroll payments and inability to accurately track these payments can lead to compliance mishaps in the last mile of the transaction nearly half of global businesses have actually revealed that they don’t have the level of standardization they need in their procedures or want and as a result eighty percent of errors are due to time reporting bad HCM data data entry errors poorly communicated hires and terminations as well as absence management and system configurations and then when you round all of it off and the information is delivered to the wrong place the average cost of a worldwide data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money around the world payroll and payments do not run efficiently if they count on the required several procedures 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 organization face when they’re making payments to employees or otherwise that’s a good question I constantly throw this back and state what is it what doesn’t require 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 country there’s payment amount of time 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 client’s own in-country account so there’s intricacy any place you look ideal eventually developing a knowledge base is definitely critical however all over you look with payroll payment they are like super payments no if however some babies about it you are all superheroes processing payments for payroll if you look at the sort of link between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are absolutely basic and innovation is allowing us to kind of move on with that it likewise also to add to that payroll and finance require to work closer together um with varying Checking account Particulars differing banking requirements and setup procedures is absolutely vital that payroll and financing groups work better together than ever um I’m constantly impressed when people say I’ve split payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t work in the payroll occupation would they split the payroll payment from computation I would say no so why do we as an industry accept that why our payroll and payments so frequently split and cut up um ultimately it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying people any place they are however also paying statutory authorities and on statutory 3rd parties so with the
world we live in and wellness being more and more essential to add to kind of the level of intricacy there’s increasingly more advantages being organ or being offered by companies throughout the world so again you’re simply aiming to include a growing number of payments to this currently intricate landscape so if you kind of got any experience well I’m from your huge experience here and I make sure but have you got any experience in kind of genuine difficulties or genuine challenging sort of pay utilizes to play to pay people I believe yeah I suggest over the last well yeah a couple of years I would definitely state that the larger a business gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the job there are teams feeding information 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 doesn’t necessarily need to be the case you understand long gone are the times where we need to produce extra handoffs while doing sos that we run in they simply make them more timely they make them less efficient and they do not make them what they require to be in in an era of tech and a period that you know that we are operating in today there is no reason why we are still making this as challenging as it requires 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 viewpoint on staff members it is definitely 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 damaging effect on people’s well-being and many other elements if individuals aren’t paid uh I’ve constantly been amazed entering this Market sort of the last 5 to 10 years is how little thanks the
payroll team get um so I’m unsure anybody on this kind of webinar has actually been informed 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 ultimately payroll is such a crucial cycle all of us become aware of it when it fails everybody jumps up and down when it fails but when it goes right it’s just a tick box workout and I believe that’s how it’s seen from the external deem well um so yeah it’s likewise like why WI-Fi Global why all of this things is definitely essential that all of this stuff is done properly so leveraging the very first Worldwide Payments first payroll payment service is a great first step um providing an end-to-end payroll solution for your staff members internationally once again I think is another huge um process again lining up and guaranteeing you have standardization International procedures all of those things are absolutely crucial to success success of organizations and minimizing the variety of tools platforms and bank accounts they require for their International 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 have actually never ever had a hundred thousand of them within a payroll cycle don’t 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 meant to be um I do not think any of us are in fact doing that for for the thanks
anyway we know how how crucial a role 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 everybody that’s involved in those procedures and also so imagine sorry I’m just I was simply gon na state picture the quantity of thanks you got if you might cover the quantity of people that we cover within this webinar I’m sure we’re talking about hundreds of thousands possibly Millions think of getting that numerous thank you notes um I mean it ‘d be interesting to see the number of Post-it notes you got but it would certainly be a fascinating task attempting to clean all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to browse them and in fact see what was going on and type of try to get back to everybody so proceeding appearance why do business select to primary different checking account there are Payroll Tax Deferral Papaya Global services out there doing exactly this for particular nations and I have actually operated in a service or numerous companies doing precisely that I can say it doesn’t constantly feel efficient and it does develop more work I understand we’re not deliberately doing that we’re not creating additional work for anyone where we don’t need to and anyone that’s dealing with 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 amount that we are I think numerous reasons one is it’s the standard I think people have actually got so utilized to we require a 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 think it’s simply been the requirement and the standard the people have actually embraced and continue to do over years and years gone past to add to that individuals have taken a look at things like trust accounts and many other methods um to to kind of do it so I think there’s a variety I believe this is a procedure that requires looking at it needs altering but eventually individuals are extremely stuck to what they recognize
with best um modification is a challenging thing all of us do not like modification um so I believe it’s just sort of moving far from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I understand clearly the benefits of having preserving multiple bank accounts but there’s a big quantity of intricacy goes with setting up a checking account preserving it ensuring it can send out International transfers guaranteeing it’s established with the right user accesses for specific individuals so the complexity is huge but I believe the sincere response is modification um people have not been able to alter or have not had always the knowledge to really make that change into alternate Solutions other than opening a savings account I believe you have actually struck the nail on the head I think it is understanding you know and there is an aspect of resistance to change however we’ve constantly done it that way is no genuine reason for not looking at the the benefits and the possibilities of proceeding and moving into you know what could almost be identified to be the next Century or two there is a lot to track and this technique does pose several difficulties um so Johnny could you inform us about those obstacles 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’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 International staff members you are worthy of a corner workplace with a more detailed parking space due to the fact that I mastered International payroll and payments with Papaya payroll OS did you Payroll Tax Deferral Papaya Global
I find time and time again the workers frequently misclassified unknowingly they do not comprehend the conditions of work or agreement and are told by the client why it’s optimum primarily to the customer why you need to be employed or participated in this style the worker might owe taxes and Social Security to the authorities the future pension and health care opportunities of the employee can be impacted and a number of times it can be years before this all falls out and by that time it’s far too late years have gone by they haven’t contributed to pensions Etc so it’s a huge impact that they never ever knew they were strolling into you couldn’t agree with you more if you say the UK for instance hmrc can return as much as 10 years um Kathy business are taking out insurance coverage against misclassification however typically premiums are only covering the cost of legal fees whilst the typical claim examined versus employers relates to to 40 or half of the base pay of employee exists any point in taking out insurance coverage and what is the alternative yeah to your point um you do require to read the small print it is not covering the taxes penalty and interest in most cases I have not seen it at least so uh the the other location that I do believe if you managed to get the protection what we are stating is is that if your compliance program is not up to stuff you could be denied protection on the basis of the reality that you were not in compliance with laws um in the UK