Over the last five or six years …Papaya Global Support Contact Number Malaysia… functions on the service provider side and likewise on the vendor side from a payroll perspective so truly eagerly anticipating this discussion today um and yeah thank you quite for your time everybody fine thanks Johnny uh we’ll simply give everybody another number 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 quite interesting and I can see it going on already simply to hear where everyone is um it’s nice to to sort of like see where everyone originates from and I really do hope it’s much sunnier than it remains 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 very really uninspiring and I want I was somewhere else at this moment in time fine so let’s get started our program for today is as follows um we are going to be taking a look at the challenge years of handling International payroll why companies keep different
bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts improving papaya Global payroll payments as a strategic property uh we’ll likewise discuss a wrap-up and that ought to leave his time at the extremely very end for a q a session so as the title of the webinar recommends payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces end up being a growing number of common and managing them becomes a growing number of complex Worldwide organizations are aiming to find Solutions and brand-new methods to improve procedures specifically from a payroll and cross-border payment perspective lots of companies maintain separate savings account just for payroll while some have numerous accounts in various nations does it make sense for companies to maintain different checking account often in various nations it does but just for payroll is there a much better way what function do virtual accounts and digital wallets also called virtual wallets play in helping multinational business simplify the episode complex processes of
making payroll payments properly effectively securely and on time throughout this webinar we’ll walk you through the worldwide pros and cons of a payroll wallet versus a payroll bank account how companies precisely forecast their payroll costs to increase working capital and how enhancing Global payroll payments can turn them from a siled pane into a tactical possession so payroll can be challenging in sufficient in one country however when you’re doing it internationally it’s next level and Beyond it ends up being complex for a range of reasons most significantly policies compliance information security and banking guidelines then there are the sheer numbers they add additional intricacy the global Labor force is currently three and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and further 1.1 billion individuals that number is presently 500 million just for for a scale then consider that there are some 230 million companies and growing all doing their own thing around the globe in the conventional payroll design there’s frequently an overwhelming variety of various systems resulting in lengthy manual processes and silos the variety of Combinations could be non-existent in big quantities and or very really standard there’s no genuine consistency framework we’re living in an age of tech but payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper which simply 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 organizations say they have Labor force data in real time that’s another number that provides me sleepless nights and rather frankly the more a business spends on global payroll the less of a picture they see an absence of visibility likewise extends to payroll payments and inability to accurately track these payments can result in compliance incidents in the last mile of the transaction almost half of international companies have actually expressed that they don’t have the level of standardization they require in their processes or want and as a result eighty percent of mistakes are because of time reporting bad HCM information data entry errors inadequately interacted hires and terminations along with lack management and system setups and then when you round everything off and the information is delivered to the incorrect location the typical expense of a worldwide data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash worldwide payroll and payments do not run smoothly if they count on the essential numerous procedures systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the obstacles business face when they’re paying to employees or otherwise that’s an excellent concern I always throw this back and state what is it what does not require to be included ideal and what does
it need to be thought of there’s differing Bank details 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 customer’s own in-country account so there’s intricacy any place you look ideal eventually building a knowledge base is absolutely vital but 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 look at the kind of link between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are absolutely fundamental and innovation is enabling us to sort of move forward with that it likewise as well to add to that payroll and financing need to work closer together um with differing Savings account Particulars differing banking requirements and setup procedures is definitely vital that payroll and financing groups work closer together than ever um I’m always surprised when individuals state I’ve divided payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t work in the payroll profession 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 process it’s the point of information collection all the way through to paying individuals wherever they are however likewise paying statutory authorities and on statutory third parties so with the
The modern world positions a high worth on wellness and the settlement landscape is becoming progressively complex. Businesses are continuously introducing brand-new advantages and payment choices, which adds to the total complexity. Large corporations often divide their payroll and payment processing into different teams, which can result in inadequacies and bottlenecks. In my opinion, this does not need to hold true. In today’s technologically advanced period, there’s no reason for keeping troublesome treatments. Payroll, the business’s most significant cost, must be processed properly and on time. Even small hold-ups can adversely affect employees’ well-being and have far-reaching consequences. For that reason, it’s vital to focus on accurate and prompt payments.
payroll team get um so I’m unsure anybody on this kind of webinar has actually 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 workers or not um but eventually payroll is such an important cycle we all become aware of it when it fails everyone jumps up and down when it goes wrong however when it goes right it’s simply a tick box workout 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 stuff is absolutely crucial that all of this stuff is done properly so leveraging the very first International Payments very first payroll payment solution is a great first step um providing an end-to-end payroll service for your workers internationally again I believe is another substantial um process once again lining up and guaranteeing you have standardization International procedures all of those things are absolutely crucial to success success of services and minimizing the number of tools platforms and bank accounts they require for their Worldwide payroll too couldn’t agree with you more and on the the front in regards to of the thank yous for getting payroll done I’ve never ever 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 complaints where things have not gone quite where they’re implied to be um I don’t believe any of us are actually doing that for for the thanks
anyhow we understand 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 easy as possible for everybody that’s associated with those processes and also so think of sorry I’m simply I was just gon na state imagine the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I’m sure we’re discussing hundreds of thousands potentially Millions think of getting that many thank you notes um I suggest it ‘d be interesting to see the number of Post-it notes you got but it would definitely be an intriguing task attempting to clean all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to look through them and in fact see what was going on and kind of shot to return to everybody so proceeding appearance why do companies choose to main separate savings account there are Papaya Global Support Contact Number Malaysia services out there doing precisely this for particular countries and I’ve operated in a business or lots of services doing exactly that I can say it does not always feel effective and it does create more work I understand we’re not purposely doing that we’re not creating extra work for anyone where we don’t need 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 lots of factors one is it’s the requirement I believe individuals have got so utilized to we require a brand-new bank account we open an entity and appropriately so you need 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 standard and the standard individuals have embraced and continue to do over years and years passed by to contribute to that individuals have taken a look at things like trust accounts and lots of other methods um to to sort of do it so I think there’s a variety I believe this is a process that needs looking at it needs changing but ultimately individuals are extremely stuck to what they recognize
with best um modification is a difficult thing all of us don’t like change um so I believe it’s simply kind of moving away from the standard as we have actually said so yeah so it keeps a lot of track of things um I comprehend undoubtedly the advantages of having maintaining multiple savings account but there’s a huge amount of complexity chooses establishing a checking account preserving it guaranteeing it can send International transfers ensuring it’s set up with the right user accesses for specific individuals so the intricacy is substantial but I think the honest response is change um individuals have not had the ability to alter or haven’t had always the knowledge to really make that change into alternate Solutions besides opening a savings account I think you have actually hit the nail on the head I believe it is understanding you know and there is an aspect of resistance to alter but we’ve constantly done it that way is no genuine reason for not looking at the the benefits and the possibilities of carrying on and moving into you know what could nearly be figured out to be the next Century or so there is a lot to keep an eye on and this method does position a number of difficulties um so Johnny could you inform us about those challenges yeah obviously so there’s a variety right there is so
I simply did you switched our Enterprise 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 Global employees you should have a corner office with a closer parking space since I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Support Contact Number Malaysia