Papaya Global Download Malaysia FAQ – Payroll Management 2024

Over the last 5 or six years …Papaya Global Download Malaysia… roles on the provider side and also on the supplier side from a payroll point of view so really anticipating this discussion today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll simply offer everybody another number of uh well among the 30 seconds or so to join all of us work back to back these days so we’ll type of let them do that so it ‘d be quite interesting and I can see it going on currently just 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 extremely uninspiring and I want I was elsewhere at this moment in time all right so let’s begin our agenda for today is as follows um we are going to be taking a look at the difficulty years of managing Global payroll why business maintain separate

Virtual payroll accounts are an option to traditional savings account for managing payroll payments. This is especially useful for worldwide companies with dispersed and remote labor forces, as it simplifies the complex process of cross-border payments. Instead of maintaining separate bank accounts for payroll in various nations, virtual accounts and digital wallets offer a more streamlined option. In this webinar, we will explore the advantages of using virtual payroll accounts and discuss why they are ending up being a tactical asset for payroll executives. We will likewise supply a recap of the bottom lines covered and leave time for a Q&A session at the end.

making payroll payments precisely efficiently securely 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 business accurately forecast their payroll expenses to increase working capital and how simplifying Worldwide payroll payments can turn them from a siled pane into a strategic possession so payroll can be hard in sufficient in one nation but when you’re doing it worldwide it’s next level and Beyond it ends up being intricate for a variety of reasons most significantly regulations compliance information security and banking guidelines then there are the large numbers they add additional complexity the international Workforce is presently three and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and more 1.1 billion individuals that number is presently 500 million just for for a scale then consider that there are some 230 million organizations and growing all doing their own thing around the globe in the conventional payroll design there’s typically an overwhelming variety of various systems resulting in lengthy manual procedures and silos the number of Combinations could be non-existent in big quantities and or extremely very standard there’s no genuine consistency framework we’re living in a period of tech however payroll has actually been slow 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 whenever I I believe

about it to give you a concept of how far there still is to come according to Deloitte only 11 of businesses state they have Workforce data in real time that’s another number that provides me sleepless nights and quite honestly the more a business spends on worldwide payroll the less of an image they see an absence of exposure also encompasses payroll payments and failure to properly track these payments can result in compliance incidents in the last mile of the deal nearly half of international businesses have expressed that they do not have the level of standardization they need in their processes or want and as a result eighty percent of errors are due to time reporting bad HCM information information entry mistakes poorly interacted hires and terminations along with absence management and system configurations and then when you round all of it off and the information is shipped to the incorrect place the average expense 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 efficiently if they rely 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 service face when they’re making payments to employees or otherwise that’s an excellent concern I constantly toss this back and say what is it what doesn’t need to be consisted of best and what does

it require to be thought of there’s differing Bank details 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 need to pay from the client’s own in-country account so there’s complexity wherever you look right eventually building a knowledge base is absolutely vital however everywhere you look with payroll payment they resemble extremely payments no if however some children 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 recognition that payroll payments are absolutely fundamental and innovation is allowing us to type of progress with that it also as well to add to that payroll and finance require to work closer together um with differing Bank Account Details differing banking requirements and setup procedures is absolutely crucial that payroll and finance teams work better together than ever um I’m constantly impressed when people state I have actually split 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 an industry accept that why our payroll and payments so often split and cut up um ultimately it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying individuals wherever they are however also paying statutory authorities and on statutory third parties so with the

The modern world positions a high value on well-being and the compensation landscape is becoming significantly complex. Companies are continually introducing brand-new benefits and payment options, which contributes to the total intricacy. Big corporations frequently divide their payroll and payment processing into separate groups, which can cause inefficiencies and bottlenecks. In my opinion, this does not have to hold true. In today’s technologically innovative period, there’s no reason for maintaining cumbersome treatments. Payroll, the company’s greatest expense, need to be processed properly and on time. Even slight hold-ups can negatively impact employees’ wellness and have far-reaching effects. For that reason, it’s vital to prioritize precise and prompt payments.

The payroll group might not have actually been thanked for properly processing payroll throughout a webinar. If anyone has been thanked, it would be fantastic to hear their success story, whether it’s from all staff members or not. Payroll is an important cycle, and individuals only discover when things go wrong. Nevertheless, when things go right, it’s seen as just a routine task. This is how it’s perceived externally also. Therefore, it is necessary to make sure that tasks like Wi-Fi Worldwide and other important matters are done correctly. Using the very first Worldwide Payments first payroll payment service is an excellent initial action towards supplying an extensive payroll solution for staff members worldwide. Standardization, international processes, and reducing the number of tools, platforms, and bank accounts necessary for global payroll are key consider achieving company success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do sometimes get a couple of complaints when things do not go as prepared. Eventually, we don’t do it for the gratitude.

anyway we know how how essential 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 everyone that’s involved in those processes and also so picture sorry I’m simply I was simply gon na state imagine the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I make sure we’re talking about numerous thousands possibly Millions imagine getting that lots of thank you notes um I mean it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be an intriguing task attempting to clean up all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to browse them and in fact see what was going on and kind of try to get back to everyone so carrying on look why do business pick to main different savings account there are Papaya Global Download Malaysia businesses out there doing precisely this for specific nations and I have actually worked in an organization or lots of businesses doing exactly that I can say it does not always feel effective and it does produce more work I understand we’re not purposely doing that we’re not producing additional work for any person where we do not have to and anybody that’s managing that process I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the amount that we are I believe numerous reasons one is it’s the standard I think people have got so utilized to we require a new savings account we open an entity and rightly so you require it for payroll functions 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 individuals have actually adopted and continue to do over years and years gone past to add to that people have looked at things like trust accounts and many other ways um to to type of do it so I believe there’s a range I think this is a procedure that needs looking at it needs altering but ultimately individuals are very stuck to what they recognize

with ideal um modification is a challenging thing all of us don’t like modification um so I think it’s simply kind of moving away from the norm as we have actually said so yeah so it keeps a great deal of track of things um I comprehend clearly the benefits of having keeping numerous checking account however there’s a huge quantity of intricacy opts for establishing a checking account maintaining it ensuring it can send International transfers ensuring it’s established with the ideal user accesses for specific people so the complexity is huge but I believe the truthful answer is modification um people have not been able to alter or haven’t had always the understanding to truly make that change into alternate Solutions aside from opening a savings account I think you’ve struck the nail on the head I think it is knowledge you know and there is an element of resistance to alter but we’ve constantly done it that way is no genuine reason for not taking a look at the the advantages and the possibilities of carrying on and moving into you understand what might practically be identified to be the next Century approximately there is a lot to monitor and this technique does present several difficulties um so Johnny might you tell us about those difficulties yeah naturally 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 resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 International staff members you should have a corner office with a more detailed parking space due to the fact that I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Download Malaysia