Over the last five or six years …How To Change Tax Year On Papaya Global… roles on the service provider side and also on the vendor side from a payroll viewpoint so actually eagerly anticipating this discussion today um and yeah thank you quite for your time everybody fine thanks Johnny uh we’ll just provide everybody another couple of uh well among the 30 seconds approximately to join we all work back to back these days so we’ll type of let them do that so it ‘d be quite intriguing and I can see it going on currently simply to hear where everybody is um it’s nice to to sort of like see where everyone comes 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 drizzling here it’s extremely very dreary and I want I was somewhere else at this moment in time okay so let’s begin our agenda for today is as follows um we are going to be looking at the difficulty years of handling International payroll why companies keep separate
checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts improving papaya Global payroll payments as a strategic possession uh we’ll also review a recap which should leave his time at the very really end for a q a session so as the title of the webinar suggests payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and International workforces end up being a growing number of typical and handling them becomes more and more complicated Worldwide organizations are aiming to find Solutions and brand-new ways to streamline processes particularly from a payroll and cross-border payment perspective numerous companies keep separate savings account just for payroll while some have numerous accounts in various countries does it make good sense for companies to keep different bank accounts in some cases in different nations it does however just for payroll is there a much better method what function do virtual accounts and digital wallets also known as virtual wallets play in assisting multinational business simplify the episode complex procedures of
making payroll payments accurately efficiently safely and on time during this webinar we’ll stroll you through the international benefits and drawbacks of a payroll wallet versus a payroll checking account how companies properly anticipate their payroll costs to increase working capital and how streamlining Global payroll payments can turn them from a siled pane into a strategic possession so payroll can be difficult in enough in one nation but when you’re doing it globally it’s next level and Beyond it ends up being intricate for a variety of factors most notably regulations compliance information security and banking rules then there are the sheer numbers they include further complexity the international 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 people that number is currently 500 million just for for a scale then factor in that there are some 230 million companies and growing all doing their own thing worldwide in the traditional payroll design there’s typically a frustrating number of different systems causing lengthy manual procedures and silos the number of Combinations could be non-existent in big quantities and or really really fundamental there’s no real consistency framework we’re living in an age of tech however payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper which simply blows my mind every time 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 state they have Workforce information in real time that’s another number that gives me sleepless nights and quite frankly the more an organization invests in international payroll the less of a photo they see a lack of visibility also reaches payroll payments and failure to properly track these payments can lead to compliance accidents in the last mile of the transaction nearly half of international services have revealed that they don’t have the level of standardization they need in their procedures or desire and as a result eighty percent of errors are due to time reporting poor HCM data data entry errors inadequately communicated hires and terminations along with lack management and system configurations and then when you round all of it off and the information is shipped to the incorrect location the average cost of a worldwide data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money around the globe payroll and payments do not run smoothly if they depend on the required multiple procedures 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 employees or otherwise that’s a great concern I constantly throw this back and state what is it what does not require to be consisted of best 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 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 anywhere you look ideal eventually developing a knowledge base is absolutely crucial however everywhere you look with payroll payment they resemble extremely 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 in between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are absolutely basic and technology is permitting us to kind of move on with that it likewise also to contribute to that payroll and finance require to work closer together um with differing Savings account Particulars varying banking requirements and setup processes is absolutely imperative that payroll and financing teams work better together than ever um I’m always surprised when individuals say I’ve split payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t operate in the payroll occupation would they divide the payroll payment from estimation I would say no so why do we as an industry accept that why our payroll and payments so often split and cut up um eventually it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying individuals anywhere they are but likewise paying statutory authorities and on statutory 3rd parties so with the
The modern world positions a high worth on well-being and the settlement landscape is becoming significantly intricate. Organizations are constantly presenting brand-new benefits and payment alternatives, which contributes to the total complexity. Large corporations often divide their payroll and payment processing into different groups, which can result in inefficiencies and traffic jams. In my opinion, this does not need to hold true. In today’s technically sophisticated period, there’s no reason for keeping cumbersome procedures. Payroll, the company’s greatest cost, should be processed correctly and on time. Even small hold-ups can adversely impact staff members’ wellness and have significant consequences. Therefore, it’s vital to prioritize precise and prompt payments.
payroll team get um so I’m not sure anyone on this type of webinar has been told thank you for processing my payroll properly if you have it ‘d be terrific to hear your success story and whether that’s been from all employees or not um however ultimately payroll is such an important cycle we all 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 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 stuff is definitely crucial that all of this stuff is done properly so leveraging the first Worldwide Payments first payroll payment option is a fantastic primary step um supplying an end-to-end payroll option for your staff members globally again I believe is another substantial um process again aligning and guaranteeing you have standardization International processes all of those things are absolutely crucial to success success of companies and lowering the number of tools platforms and checking account they need for their Worldwide payroll too couldn’t 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 countless them within a payroll cycle do not anticipate to you do get the odd 5 or ten or whatever it might be with the with the the problems where things have not gone quite where they’re implied to be um I do not think any of us are in fact doing that for for the thanks
anyhow we understand 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 likewise so picture sorry I’m simply I was simply gon na state imagine 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 discussing numerous thousands possibly Millions envision getting that lots of thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got but it would absolutely be an interesting task trying to clean all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to look through them and actually see what was going on and type of shot to return to everyone so moving on appearance why do business choose to primary different checking account there are How To Change Tax Year On Papaya Global organizations out there doing precisely this for specific countries and I’ve worked in a company or numerous services doing precisely that I can say it does not constantly feel effective and it does develop more work I understand we’re not intentionally doing that we’re not developing additional work for any person where we don’t need to and anyone that’s handling 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 numerous factors one is it’s the requirement I think individuals have got so used to we require a brand-new savings account we open an entity and rightly so you need it for payroll purposes however there are a variety of markets where it’s not a requirement so I believe it’s simply been the requirement and the standard the people have embraced and continue to do over years and years gone past to add 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 range I think this is a procedure that needs looking at it needs changing however eventually individuals are very stuck with what they recognize
with right um modification is a hard thing we all don’t like modification um so I believe it’s simply sort of moving away from the standard as we’ve said so yeah so it keeps a great deal of track of stuff um I comprehend obviously the benefits of having keeping multiple bank accounts but there’s a huge quantity of intricacy chooses setting up a savings account keeping it ensuring it can send out International transfers ensuring it’s set up with the ideal user accesses for specific people so the intricacy is huge however I think the truthful answer is change um individuals have not been able to change or have not had necessarily the understanding to really make that change into alternate Solutions besides opening a bank account I think you’ve hit the nail on the head I think it is understanding you understand and there is an element of resistance to change however we have actually constantly done it that way is no genuine excuse for not taking a look at the the benefits and the possibilities of proceeding and moving into you understand what could almost be identified to be the next Century or so there is a lot to monitor and this approach does posture several obstacles um so Johnny could you inform us about those challenges yeah of course so there’s a variety 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 gotten another CFO, and with this improved 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 should have a corner office with a parking space that is more detailed, considering your achievements. How To Change Tax Year On Papaya Global