Over the last 5 or 6 years …Papaya Global System Malaysia… functions on the supplier side and likewise on the supplier side from a payroll point of view so really eagerly anticipating this conversation today um and yeah thank you quite for your time everybody fine thanks Johnny uh we’ll just provide everyone another number of uh well one of the 30 seconds or two to join all of us work back to back nowadays so we’ll sort of let them do that so it ‘d be quite intriguing and I can see it going on already simply to hear where everybody is um it’s nice to to type of like see where everybody comes from and I really do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s raining here it’s really really gloomy and I wish I was somewhere else at this moment in time all right so let’s get going our agenda for today is as follows um we are going to be looking at the difficulty years of managing International payroll why companies maintain separate
Virtual payroll accounts are an alternative to standard checking account for handling payroll payments. This is especially helpful for global organizations with dispersed and remote labor forces, as it streamlines the complex procedure of cross-border payments. Instead of keeping different bank accounts for payroll in various countries, virtual accounts and digital wallets use a more structured option. In this webinar, we will explore the benefits of using virtual payroll accounts and discuss why they are becoming a strategic property for payroll executives. We will likewise offer a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
Ensuring precise, efficient, and prompt payroll payments is a complex difficulty for organizations running worldwide. Join us for a webinar to check out the benefits and downsides of payroll wallets versus payroll savings account, discover how companies forecast payroll costs to optimize working capital, and find how enhancing global payroll payments can change them from a burdensome job into a tactical asset.
Handling payroll worldwide is a challenging job due to different guidelines, compliance requirements, data security concerns, and banking rules. The large variety of employees and organizations adds to the complexity, with an approximated 3.5 billion people in the international workforce, 500 countless whom remain in Africa, and 230 million organizations worldwide.
Conventional payroll systems frequently result in manual procedures, data silos, and an absence of combination, resulting in disparities and inefficiencies. Despite residing in an age of technological improvements, payroll management has been slow to adjust, with as much as 25% of payroll still processed manually, typically using pen and paper. This webinar goals to provide insights and options to simplify and optimize worldwide payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of organizations state they have Labor force data in real time that’s another number that provides me sleepless nights and quite frankly the more a business invests in international payroll the less of a picture they see a lack of exposure also extends to payroll payments and failure to precisely track these payments can lead to compliance mishaps in the last mile of the transaction nearly half of global services have actually expressed that they do not have the level of standardization they require in their procedures or want and as a result eighty percent of mistakes are due to time reporting poor HCM information information entry mistakes badly communicated hires and terminations in addition to lack management and system configurations and after that when you round everything off and the information is shipped to the wrong place the average expense of an international information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash all over the world payroll and payments do not run smoothly if they count on the required multiple procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the obstacles company face when they’re paying to staff members or otherwise that’s a good concern I always throw this back and state what is it what doesn’t need to be consisted of right and what does
it need to be thought about there’s differing Bank details 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 have to pay from the consumer’s own in-country account so there’s complexity wherever you look right ultimately constructing a knowledge base is definitely critical however all over you look with payroll payment they are like incredibly 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 absolutely basic and technology is enabling us to sort of move forward with that it also also to contribute to that payroll and finance require to work closer together um with differing Checking account Details differing banking requirements and setup procedures is definitely necessary that payroll and finance teams work more detailed together than ever um I’m constantly astonished when people say I’ve split payroll and payment um if you walk down the street and asked anybody what is payroll who does not operate in the payroll profession would they divide the payroll payment from estimation I would say no so why do we as a market 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 people anywhere they are but also paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being more and more important to add to kind of the level of complexity there’s a growing number of advantages being organ or being provided by organizations across the world so once again you’re just looking to add increasingly more payments to this already complicated landscape so if you kind of got any experience well I’m from your large experience here and I make sure but have you got any experience in kind of genuine challenges or genuine tough kind of pay utilizes to play to pay people I think yeah I imply over the last well yeah a couple of years I would certainly state that the larger a service gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the job there are teams feeding info into the next function as it were that’s in fact managing the payment side of things however you understand in in my opinion and my experience that doesn’t necessarily need to be the case you know long gone are the times where we need to produce additional handoffs at the same times that we run in they just make them more timely they make them less efficient and they don’t make them what they require to be in in an era of tech and an age that you know that we are operating in today there is no reason that we are still making this as challenging as it needs to be concurred and rightly as you said payroll is the single most significant liability that any service has from a cost perspective from an impact viewpoint on workers it is absolutely important that it’s done correctly 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 harmful result on people’s wellness and many other factors if people aren’t paid uh I’ve always been amazed entering this Market type of the last 5 to 10 years is how little thanks the
The payroll team might not have actually been thanked for correctly processing payroll throughout a webinar. If anybody has been thanked, it would be terrific to hear their success story, whether it’s from all workers or not. Payroll is an essential cycle, and individuals only discover when things fail. However, when things go right, it’s viewed as just a regular job. This is how it’s perceived externally too. For that reason, it is important to ensure that jobs like Wi-Fi Global and other essential matters are done correctly. Utilizing the very first Global Payments first payroll payment option is a fantastic preliminary step towards providing an extensive payroll solution for workers worldwide. Standardization, worldwide processes, and reducing the number of tools, platforms, and checking account needed for global payroll are key consider accomplishing business success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do sometimes get a couple of grievances when things don’t go as planned. Eventually, we do not do it for the gratitude.
anyhow we know how how crucial a function 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 simple as possible for everyone that’s involved in those procedures and likewise so envision sorry I’m simply I was just gon na say envision the quantity of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make sure we’re discussing numerous thousands potentially Millions envision getting that numerous 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 interesting task trying to clean up all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to browse them and actually see what was going on and kind of try to return to everybody so moving on look why do companies select to main different checking account there are Papaya Global System Malaysia companies out there doing exactly this for particular nations and I have actually operated in a company or lots of companies doing precisely that I can state it doesn’t always feel efficient and it does create more work I know we’re not intentionally doing that we’re not producing additional work for any person where we don’t need to and any person that’s handling that procedure I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the amount that we are I believe many factors one is it’s the requirement I believe individuals have got so used to we need a brand-new checking account we open an entity and appropriately so you need it for payroll functions however there are a number of markets where it’s not a requirement so I think it’s just been the requirement and the standard individuals have actually embraced and continue to do over years and years gone past to add to that individuals have actually taken a look at things like trust accounts and lots of other methods um to to type of do it so I believe there’s a range I think this is a process that needs taking a look at it requires changing but ultimately individuals are extremely stuck to what they’re familiar
with right um change is a tough thing all of us don’t like modification um so I believe it’s simply sort of moving away from the norm as we have actually said so yeah so it keeps a great deal of track of stuff um I understand clearly the advantages of having keeping several bank accounts but there’s a big quantity of intricacy goes with establishing a savings account preserving it guaranteeing it can send International transfers ensuring it’s established with the best user accesses for individual individuals so the complexity is huge however I believe the honest response is change um people have not had the ability to change or haven’t had necessarily the understanding to actually make that change into alternate Solutions aside from opening a checking account I believe you have actually struck the nail on the head I believe it is knowledge you understand and there is an aspect of resistance to alter but we have actually constantly done it that way is no real reason for not looking at the the benefits and the possibilities of proceeding and moving into you know what could almost be determined to be the next Century or two there is a lot to keep an eye on and this approach does position several difficulties um so Johnny could you inform us about those obstacles yeah naturally so there’s a range right there is so
I recently made a change to our Business 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 improved ability, I have effectively secured payments for our 10,000 employees worldwide. Your commitment to mastering international payroll and payments utilizing Papaya payroll OS is good. You should have a corner office with a parking space that is more detailed, considering your accomplishments. Papaya Global System Malaysia