Over the last five or 6 years …How To Pay Taxes On Bonus Papaya Global Payroll… functions on the company side and also on the supplier side from a payroll point of view so truly eagerly anticipating this discussion today um and yeah thank you quite for your time everybody fine thanks Johnny uh we’ll simply offer everyone another couple of uh well among the 30 seconds approximately 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 already just to hear where everyone is um it’s nice to to type of like see where everybody comes from and I truly do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s raining here it’s really extremely gloomy and I wish I was elsewhere at this moment in time alright so let’s start our program for today is as follows um we are going to be taking a look at the difficulty years of handling International payroll why companies maintain separate
Virtual payroll accounts are an option to standard checking account for managing payroll payments. This is particularly helpful for global organizations with dispersed and remote workforces, as it simplifies the complicated process of cross-border payments. Instead of keeping different savings account for payroll in various nations, virtual accounts and digital wallets use a more streamlined solution. In this webinar, we will check out the advantages of using virtual payroll accounts and go over why they are becoming a tactical asset for payroll executives. We will likewise provide a recap of the main points covered and leave time for a Q&A session at the end.
Making sure precise, efficient, and timely payroll payments is a complex difficulty for businesses running worldwide. Join us for a webinar to explore the advantages and downsides of payroll wallets versus payroll checking account, find out how business anticipate payroll costs to optimize working capital, and discover how enhancing global payroll payments can change them from a burdensome job into a strategic asset.
Managing payroll globally is a complicated job due to numerous guidelines, compliance requirements, information security concerns, and banking rules. The large number of staff members and services contributes to the complexity, with an approximated 3.5 billion people in the international workforce, 500 countless whom remain in Africa, and 230 million services worldwide.
Standard payroll systems typically lead to manual processes, data silos, and an absence of combination, leading to inconsistencies and inadequacies. Regardless of living in a period of technological improvements, payroll management has been slow to adapt, with as much as 25% of payroll still processed manually, often using pen and paper. This webinar aims to offer insights and options to streamline and optimize global payroll payments.
about it to provide you a concept of how far there still is to come according to Deloitte just 11 of companies say they have Labor force information in real time that’s another number that gives me sleep deprived nights and quite frankly the more an organization invests in global payroll the less of a picture they see an absence of exposure also encompasses payroll payments and inability to properly track these payments can result in compliance incidents in the last mile of the deal almost half of global companies have expressed that they don’t have the level of standardization they need in their processes or desire and as a result eighty percent of mistakes are because of time reporting poor HCM information information entry mistakes improperly communicated hires and terminations as well as lack management and system configurations and after that when you round everything off and the information is delivered to the wrong location the typical cost of a global data 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 rely on the required numerous processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the obstacles organization face when they’re making payments to workers or otherwise that’s a good concern I always toss this back and say what is it what does not require to be consisted of best and what does
it require to be thought of there’s differing Bank information so the length of an eye band a swift an account number routing code per nation there’s payment timespan there’s payment capabilities 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 wherever you look ideal ultimately building a knowledge base is absolutely critical but all over 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 think there’s now a bit more recognition that payroll payments are definitely fundamental and innovation is permitting us to sort of move forward with that it likewise too to contribute to that payroll and finance require to work closer together um with varying Checking account Particulars varying banking requirements and setup processes is definitely essential that payroll and financing teams work closer together than ever um I’m constantly surprised when individuals state I’ve split payroll and payment um if you stroll down the street and asked anybody what is payroll who does not operate in the payroll occupation 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 frequently split and cut up um eventually it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying individuals any place they are but likewise paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being increasingly more crucial to add to type of the level of intricacy there’s increasingly more advantages being organ or being offered by companies across the world so again you’re just wanting to add increasingly more payments to this already complicated landscape so if you sort of got any experience well I’m from your large experience here and I make sure however have you got any experience in kind of real difficulties or real challenging sort of pay uses to play to pay individuals I believe yeah I mean over the last well yeah a couple of years I would certainly 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 task there are groups feeding info into the next function as it were that’s in fact handling the payment side of things however you know in in my opinion and my experience that does not always need to be the case you know long gone are the times where we need to develop additional handoffs while doing sos that we operate in they simply make them more timely they make them less effective and they don’t make them what they require to be in in a period of tech and an era that you understand that we are operating 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 company has from a cost perspective from an impact point of view on workers it is absolutely vital that it’s done properly and on time so what we imply by that is not a day before not a day after on pay day and payments have to be done right it has the most significant destructive impact on people’s wellness and numerous other elements if individuals aren’t paid uh I’ve always been astonished coming into this Market sort of the last 5 to 10 years is how little thanks the
payroll group get um so I’m not sure anybody on this sort of webinar has been informed thank you for processing my payroll correctly if you have it ‘d be terrific to hear your success story and whether that’s been from all staff members or not um but ultimately payroll is such an important cycle all of us become aware of it when it goes wrong everybody jumps up and down when it fails but when it goes right it’s simply a tick box exercise and I think 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 stuff is definitely crucial that all of this stuff is done properly so leveraging the first Global Payments very first payroll payment option is an excellent first step um offering an end-to-end payroll service for your employees globally once again I think is another substantial um procedure once again lining up and ensuring you have standardization Worldwide procedures all of those things are definitely essential to success success of companies and decreasing the variety of tools platforms and bank accounts they require for their Worldwide 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’ve never had a hundred thousand of them within a payroll cycle do not expect to you do get the odd 5 or ten or whatever it might be with the with the the complaints where things have not gone quite where they’re meant to be um I do not believe any of us are actually doing that for for the thanks
anyway we know how how crucial 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 everybody that’s associated with those processes and also so imagine sorry I’m simply I was just gon na say think of 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 think of getting that lots of thank you keeps in mind um I imply it ‘d be interesting to see how many Post-it notes you got but it would certainly be an interesting job trying to clean 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 check out them and actually see what was going on and kind of try to return to everyone so proceeding appearance why do business choose to primary different bank accounts there are How To Pay Taxes On Bonus Papaya Global Payroll services out there doing precisely this for particular nations and I’ve operated in a business or many companies doing exactly that I can say it doesn’t constantly feel effective and it does produce more work I understand we’re not purposely doing that we’re not creating additional work for anyone where we do not have to and any person that’s dealing with that process I ‘d be interested to hear your ideas 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 standard I believe individuals have actually got so utilized to we require a brand-new savings account we open an entity and rightly so you need it for payroll purposes but there are a variety of markets where it’s not a requirement so I think it’s simply been the standard and the norm the people have embraced and continue to do over years and years passed by to add to that people have actually looked at things like trust accounts and numerous other ways um to to sort of do it so I think there’s a variety I think this is a procedure that requires taking a look at it requires changing however eventually individuals are very stuck to what they’re familiar
with ideal um modification is a tough thing we all do not like modification um so I think it’s just type of moving far from the standard as we have actually said so yeah so it keeps a great deal of track of stuff um I comprehend obviously the benefits of having preserving numerous savings account however there’s a big quantity of intricacy opts for setting up a bank account preserving it ensuring it can send out International transfers guaranteeing it’s established with the best user accesses for individual individuals so the intricacy is substantial but I believe the honest answer is modification um individuals have not been able to change or haven’t had necessarily the knowledge to really make that change into alternate Solutions aside from opening a savings account I believe you’ve hit the nail on the head I believe it is understanding you understand and there is an element of resistance to alter however we’ve constantly done it that way is no real excuse for not taking a look at the the benefits and the possibilities of proceeding and moving into you understand what could almost be determined to be the next Century approximately there is a lot to monitor and this method does position a number of difficulties um so Johnny could you inform us about those obstacles yeah obviously so there’s a variety right there is so
I just recently made a change to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It seems like our CFO has actually acquired another CFO, and with this improved capability, I have actually effectively protected payments for our 10,000 employees worldwide. Your devotion to mastering international payroll and payments using Papaya payroll OS is good. You are worthy of a corner office with a parking space that is closer, considering your achievements. How To Pay Taxes On Bonus Papaya Global Payroll