Handling payroll worldwide is an overwhelming task … Papaya Global Solutions Sdn Bhd…
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Over the last five or six years …Papaya Global Solutions Sdn Bhd… functions on the company side and also on the supplier side from a payroll viewpoint so really anticipating this discussion today um and yeah thank you very much for your time everyone alright thanks Johnny uh we’ll simply give everybody another couple of uh well among the 30 seconds approximately to join we all 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 everybody is um it’s nice to to kind of like see where everybody originates from and I truly do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s raining here it’s really extremely uninspiring and I wish I was elsewhere at this moment in time all right 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 managing Global payroll why business preserve separate
bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts improving papaya Global payroll payments as a strategic asset uh we’ll likewise review a recap and that should leave his time at the very extremely end for a q a session so as the title of the webinar recommends payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and Global workforces end up being more and more typical and managing them becomes more and more complex Global companies are aiming to find Solutions and new ways to enhance procedures especially from a payroll and cross-border payment perspective many organizations keep different checking account just for payroll while some have numerous accounts in different countries does it make sense for business to keep different checking account sometimes in different countries it does however just for payroll exists a better way what function do virtual accounts and digital wallets also referred to as virtual wallets play in assisting multinational companies improve the episode complex processes of
Making sure precise, effective, and prompt payroll payments is a complex obstacle for organizations operating worldwide. Join us for a webinar to explore the advantages and downsides of payroll wallets versus payroll bank accounts, learn how business forecast payroll costs to optimize working capital, and find how improving global payroll payments can transform them from a burdensome task into a tactical possession.
due to different regulations, compliance requirements, data security issues, and banking rules. The large variety of employees and services adds to the complexity, with an estimated 3.5 billion people in the worldwide workforce, 500 countless whom remain in Africa, and 230 million organizations worldwide.
Traditional payroll systems typically result in manual procedures, data silos, and an absence of combination, leading to inconsistencies and ineffectiveness. Regardless of living in a period of technological developments, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed by hand, frequently utilizing pen and paper. This webinar objectives 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 only 11 of businesses say they have Workforce data in real time that’s another number that gives me sleepless nights and rather honestly the more a service spends on international payroll the less of an image they see an absence of presence also extends to payroll payments and failure to precisely track these payments can cause compliance mishaps in the last mile of the deal almost half of worldwide services have revealed that they don’t have the level of standardization they require in their processes or want and as a result eighty percent of errors are because of time reporting poor HCM data information entry mistakes improperly communicated hires and terminations in addition to lack management and system setups and after that when you round it all off and the data is delivered to the wrong place the typical expense of a worldwide data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash worldwide payroll and payments do not run efficiently if they depend on the required numerous procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the challenges organization face when they’re paying to workers or otherwise that’s a great question I always toss this back and state what is it what doesn’t need to be included ideal and what does
it need to be thought of there’s varying Bank details so the length of an eye band a swift an account number routing code per country there’s payment timespan 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 ideal eventually constructing a knowledge base is definitely crucial but all over you look with payroll payment they resemble incredibly payments no if but some babies 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 think there’s now a bit more acknowledgment that payroll payments are absolutely essential and innovation is allowing us to sort of progress with that it also as well to add to that payroll and financing need to work closer together um with differing Checking account Particulars differing banking requirements and setup processes is definitely vital that payroll and finance teams work closer together than ever um I’m constantly surprised when individuals say I’ve split payroll and payment um if you stroll down the street and asked anyone what is payroll who does not work in the payroll occupation would they split the payroll payment from computation I would say no so why do we as an industry accept that why our payroll and payments so typically 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 people anywhere they are but likewise paying statutory authorities and on statutory 3rd parties so with the
world we live in and well-being being more and more important to add to sort of the level of complexity there’s more and more benefits being organ or being used by companies across the world so once again you’re just seeking to add more and more payments to this already intricate landscape so if you kind of got any experience well I’m from your huge experience here and I make sure but have you got any experience in kind of real challenges or real difficult type of pay utilizes to play to pay people I think yeah I indicate over the last well yeah a couple of years I would absolutely say that the bigger a company gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the task there are groups feeding details into the next function as it were that’s really handling the payment side of things however you understand in in my opinion and my experience that doesn’t always need to be the case you know long gone are the times where we require to develop additional handoffs while doing sos that we operate in they simply make them more prompt they make them less effective and they don’t make them what they need to be in in an age of tech and a period that you know that we are working in today there is no reason that we are still making this as tough as it requires to be concurred and rightly as you stated payroll is the single biggest liability that any business has from a cost point of view from an effect perspective on employees it is absolutely important that it’s done correctly 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 most significant detrimental result on individuals’s well-being and many other aspects if people aren’t paid uh I have actually always been astonished coming into this Market type of the last five to 10 years is how little thanks the
The payroll team may not have actually been thanked for properly processing payroll during a webinar. If anyone has actually been thanked, it would be excellent to hear their success story, whether it’s from all workers or not. Payroll is an essential cycle, and people only see when things fail. However, when things go right, it’s viewed as simply a regular task. This is how it’s perceived externally also. Therefore, it is important to ensure that tasks like Wi-Fi Global and other vital matters are done properly. Utilizing the very first Global Payments first payroll payment solution is an excellent preliminary step towards supplying an extensive payroll service for employees worldwide. Standardization, worldwide procedures, and reducing the variety of tools, platforms, and checking account required for worldwide payroll are crucial consider accomplishing business success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally get a few complaints when things do not go as prepared. Eventually, we do not do it for the thankfulness.
anyhow we understand 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 everybody that’s associated with those procedures and likewise so think of sorry I’m just I was just gon na say envision the amount of thanks you got if you might cover the amount of people that we cover within this webinar I make certain we’re discussing numerous thousands potentially Millions imagine getting that numerous thank you keeps in mind um I suggest it ‘d be interesting to see the number of Post-it notes you got but it would absolutely be an interesting task attempting to clean all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to check out them and really see what was going on and type of try to return to everybody so moving on look why do companies choose to main different savings account there are Papaya Global Solutions Sdn Bhd companies out there doing exactly this for specific nations and I’ve operated in a service or numerous organizations doing precisely that I can state it doesn’t always feel efficient and it does develop more work I understand we’re not deliberately doing that we’re not producing additional work for anyone where we don’t need to and anybody that’s managing 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 lots of factors one is it’s the requirement I believe individuals have got so used to we require a new bank account we open an entity and rightly so you require it for payroll functions but there are a variety of markets where it’s not a requirement so I believe it’s just been the standard and the standard the people have actually embraced and continue to do over years and years passed by to contribute to that individuals have actually looked at things like trust accounts and numerous other methods um to to type of do it so I believe there’s a range I believe this is a process that requires taking a look at it requires altering but ultimately individuals are very stuck to what they’re familiar
with best um change is a difficult thing we all do not like modification um so I believe it’s just sort of moving far from the standard as we’ve said so yeah so it keeps a great deal of track of stuff um I comprehend certainly the benefits of having preserving numerous checking account but there’s a huge amount of intricacy chooses establishing a checking account preserving it guaranteeing it can send International transfers ensuring it’s established with the right user accesses for specific people so the complexity is huge but I believe the sincere answer is change um individuals have not had the ability to alter or haven’t had necessarily the knowledge to truly make that change into alternate Solutions aside from opening a bank account I think you’ve hit the nail on the head I think it is knowledge you understand and there is an element of resistance to change however we have actually always done it that way is no real excuse for not looking at the the advantages and the possibilities of moving on and moving into you understand what might almost be determined to be the next Century or two there is a lot to monitor and this approach does pose several challenges um so Johnny might you inform us about those difficulties yeah of course so there’s a range right there is so
I 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 gained another CFO, and with this enhanced ability, I have actually successfully secured payments for our 10,000 staff members worldwide. Your devotion to mastering worldwide payroll and payments utilizing Papaya payroll OS is good. You should have a corner workplace with a parking space that is closer, considering your achievements. Papaya Global Solutions Sdn Bhd
I find time and time again the workers frequently misclassified unknowingly they do not understand the conditions of employment or agreement and are told by the customer why it’s most advantageous mainly to the client why you must be used or engaged in this style the worker may owe taxes and Social Security to the authorities the future pension and healthcare opportunities of the employee can be impacted and several times it can be years before this all falls out and by that time it’s too late years have gone by they haven’t contributed to pensions And so on so it’s a huge effect that they never understood they were walking into you couldn’t agree with you more if you state the UK for example hmrc can return as much as 10 years um Kathy business are getting insurance coverage against misclassification however generally premiums are only covering the expense of legal fees whilst the typical claim assessed versus employers equates to to 40 or 50 percent of the base pay of worker is there any point in taking out insurance and what is the alternative yeah to your point um you do require to check out the fine print it is not covering the taxes penalty and interest in most cases I haven’t seen it a minimum of so uh the the other area that I do believe if you managed to get the coverage what we are stating is is that if your compliance program is not up to pack you could be denied protection on the basis of the reality that you were not in compliance with laws um in the UK