Papaya Global Payroll Tax Deferral FAQ – Payroll Management 2024

Over the last 5 or 6 years …Papaya Global Payroll Tax Deferral… functions on the company side and likewise on the supplier side from a payroll point of view so actually looking forward to this conversation today um and yeah thank you very much for your time everybody all right thanks Johnny uh we’ll just provide everyone another number of uh well one of the 30 seconds or two to join all of us work back to back nowadays so we’ll kind of let them do that so it ‘d be rather interesting and I can see it going on currently just to hear where everyone is um it’s nice to to kind of like see where everyone comes from and I actually do hope it’s much sunnier than it remains 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 very extremely dreary and I wish 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 looking at the difficulty years of managing Worldwide payroll why business preserve different

Virtual payroll accounts are an alternative to conventional savings account for handling payroll payments. This is particularly beneficial for worldwide companies with dispersed and remote workforces, as it simplifies the complicated procedure of cross-border payments. Instead of maintaining different savings account for payroll in various nations, virtual accounts and digital wallets offer a more streamlined option. In this webinar, we will check out the advantages of using virtual payroll accounts and talk about why they are ending up being a tactical asset for payroll executives. We will also supply a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.

making payroll payments properly effectively firmly and on time during this webinar we’ll walk you through the worldwide pros and cons of a payroll wallet versus a payroll checking account how companies accurately anticipate their payroll expenses to increase working capital and how simplifying Global payroll payments can turn them from a siled pane into a strategic asset so payroll can be hard in adequate in one nation however when you’re doing it internationally it’s next level and Beyond it ends up being intricate for a range of reasons most notably policies compliance information security and banking guidelines then there are the large numbers they include additional complexity the worldwide Workforce is currently 3 and a half billion individuals 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 consider that there are some 230 million organizations and growing all doing their own thing all over the world in the conventional payroll design there’s often an overwhelming variety of various systems resulting in lengthy manual processes and silos the number of Combinations could be non-existent in big amounts and or extremely extremely standard there’s no genuine consistency structure we’re living in an era 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 often with pen and paper and that just blows my mind each time I I believe

about it to provide you a concept of how far there still is to come according to Deloitte only 11 of businesses say they have Workforce information in real time that’s another number that offers me sleepless nights and quite frankly the more a business spends on international payroll the less of a picture they see a lack of presence likewise extends to payroll payments and failure to accurately track these payments can cause compliance accidents in the last mile of the deal nearly half of international services have actually expressed that they don’t have the level of standardization they need in their processes or want and as a result eighty percent of mistakes are due to time reporting bad HCM data information entry mistakes inadequately interacted hires and terminations as well as absence management and system configurations and after that when you round everything off and the data is delivered to the incorrect place the average expense of an international data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money around the world payroll and payments don’t run efficiently 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 requires to be factored into the obstacles company face when they’re making payments to employees or otherwise that’s an excellent concern I constantly throw this back and state what is it what doesn’t need to be included right and what does

it require to be thought of 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 have to pay from an in-country account do you have to pay from the customer’s own in-country account so there’s complexity wherever you look right eventually building a knowledge base is definitely crucial however everywhere you look with payroll payment they resemble incredibly payments no if but some children about it you are all superheroes processing payments for payroll if you take a look at the sort of link between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are absolutely essential and technology is permitting us to kind of move on with that it also 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 definitely imperative that payroll and financing teams work more detailed together than ever um I’m always surprised when people say I have actually divided payroll and payment um if you walk down the street and asked anybody what is payroll who does not operate in the payroll profession 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 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 wellness being increasingly more crucial to contribute to kind of the level of complexity there’s more and more advantages being organ or being offered by organizations throughout the world so once again you’re simply aiming to add a growing number of payments to this currently complicated landscape so if you sort of got any experience well I’m from your large experience here and I make sure but have you got any experience in kind of real difficulties or genuine tough kind of pay utilizes to play to pay people I think yeah I imply over the last well yeah a couple of years I would certainly state that the larger a service 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 really managing the payment side of things but you know in in my viewpoint and my experience that does not always need to be the case you understand long gone are the times where we need to develop 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 a period of tech and an age that you understand that we are working in today there is no reason we are still making this as difficult as it needs to be concurred and appropriately as you said payroll is the single biggest liability that any organization has from an expense perspective from an impact point of view on workers it is absolutely critical 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 have to be done right it has the greatest detrimental result on individuals’s well-being and lots of other aspects if people aren’t paid uh I’ve always been surprised entering into this Market kind of the last five to 10 years is how little thanks the

payroll team get um so I’m unsure anyone on this sort of webinar has actually been informed 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 employees or not um but ultimately payroll is such an essential cycle all of us hear about it when it goes wrong everyone jumps up and down when it fails but when it goes right it’s just a tick box exercise and I believe 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 absolutely important that all of this stuff is done properly so leveraging the first Global Payments very first payroll payment option is a great first step um providing an end-to-end payroll option for your employees internationally again I think is another big um process once again lining up and guaranteeing you have standardization Worldwide processes all of those things are absolutely key to success success of companies and reducing the number of tools platforms and checking account they require for their Global 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 had a hundred countless them within a payroll cycle don’t anticipate to you do get the odd 5 or 10 or whatever it might be with the with the the grievances 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

anyhow we know 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 simple as possible for everyone that’s associated with those processes and also so envision sorry I’m simply I was simply gon na state envision the amount of thanks you got if you could cover the amount of people that we cover within this webinar I’m sure we’re discussing hundreds of thousands potentially Millions imagine getting that numerous thank you notes um I imply it ‘d be interesting to see the number of Post-it notes you got but it would definitely be an interesting task trying 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 require days of the week to try to check out them and really see what was going on and type of try to get back to everybody so proceeding look why do business choose to primary different savings account there are Papaya Global Payroll Tax Deferral services out there doing precisely this for particular nations and I’ve operated in a company or lots of businesses doing precisely that I can state it does not constantly feel efficient and it does create more work I understand we’re not deliberately doing that we’re not producing additional work for anybody where we do not need to and any person that’s handling that procedure 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 believe numerous reasons one is it’s the standard I think people have got so used to we require a brand-new bank account we open an entity and rightly so you need it for payroll purposes however there are a number of markets where it’s not a requirement so I think it’s just been the standard and the norm the people have adopted and continue to do over years and years gone past to contribute to that individuals have looked at things like trust accounts and many other methods um to to type of do it so I think there’s a range I think this is a procedure that needs looking at it needs changing however ultimately people are extremely stuck with what they recognize

with right um modification is a difficult thing we all don’t like modification um so I believe it’s simply sort of moving far from the norm as we’ve said so yeah so it keeps a great deal of track of stuff um I understand obviously the advantages of having preserving numerous bank accounts however there’s a big amount of complexity goes with setting up a checking account preserving it ensuring it can send International transfers ensuring it’s set up with the best user accesses for private people so the complexity is substantial but I think the sincere answer is modification um individuals haven’t been able to alter or haven’t had always the understanding to really make that change into alternate Solutions besides opening a checking account I think you have actually struck the nail on the head I think it is knowledge you understand and there is an aspect of resistance to alter but we’ve always done it that way is no genuine excuse for not taking a look at the the advantages and the possibilities of moving on and moving into you understand what might nearly be figured out to be the next Century or two there is a lot to keep an eye on and this method does position several difficulties um so Johnny could you inform us about those challenges yeah naturally so there’s a range right there is so

I just recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It seems like our CFO has actually acquired another CFO, and with this enhanced ability, I have successfully protected payments for our 10,000 staff members worldwide. Your commitment to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You are worthy of a corner workplace with a parking space that is closer, considering your achievements. Papaya Global Payroll Tax Deferral