Malaysia Papaya Global FAQ – Payroll Management 2024

Over the last five or six years …Malaysia Papaya Global… functions on the service provider side and likewise on the vendor side from a payroll perspective so really anticipating this discussion today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll just provide everyone another number of uh well among the 30 seconds or two to join we all work back to back these days so we’ll sort of let them do that so it ‘d be rather 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 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 drizzling here it’s really extremely bleak and I want 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 looking at the difficulty years of managing International payroll why business keep different

checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts enhancing papaya International payroll payments as a tactical possession uh we’ll likewise review a recap and that must leave his time at the extremely very end for a q a session so as the title of the webinar suggests payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and International labor forces become more and more typical and managing them ends up being increasingly more complex Worldwide companies are aiming to find Solutions and brand-new methods to simplify procedures specifically from a payroll and cross-border payment perspective lots of companies preserve separate bank account just for payroll while some have multiple accounts in different nations does it make good sense for business to keep separate savings account often in different nations it does but just for payroll exists a much better method what role do virtual accounts and digital wallets likewise known as virtual wallets play in helping international business simplify the episode complex processes of

Making sure accurate, efficient, and timely payroll payments is a complex challenge for companies operating worldwide. Join us for a webinar to explore the advantages and drawbacks of payroll wallets versus payroll checking account, discover how companies forecast payroll expenses to enhance working capital, and find how streamlining worldwide payroll payments can change them from a difficult task into a strategic possession.

Handling payroll worldwide is an overwhelming task due to various guidelines, compliance requirements, information security issues, and banking rules. The large number of workers and businesses contributes to the intricacy, with an approximated 3.5 billion individuals in the worldwide workforce, 500 million of whom remain in Africa, and 230 million companies worldwide.

Standard payroll systems typically result in manual processes, data silos, and a lack of integration, leading to inconsistencies and inefficiencies. In spite of living in an era of technological improvements, payroll management has been slow to adapt, with as much as 25% of payroll still processed manually, frequently using pen and paper. This webinar goals to offer insights and options to streamline and enhance worldwide payroll payments.

about it to give you a concept of how far there still is to come according to Deloitte only 11 of companies say they have Labor force information in real time that’s another number that provides me sleepless nights and quite honestly the more a company spends on worldwide payroll the less of an image they see an absence of presence likewise extends to payroll payments and failure to properly track these payments can result in compliance mishaps in the last mile of the deal nearly half of worldwide services have expressed that they do not have the level of standardization they require in their processes or desire and as a result eighty percent of errors are due to time reporting bad HCM data data entry errors poorly communicated hires and terminations along with absence management and system setups and after that when you round everything off and the information is shipped to the wrong location the average cost of a global data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash around the world payroll and payments don’t run smoothly if they rely on the needed numerous procedures systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the obstacles company face when they’re paying to workers or otherwise that’s a great concern I always toss this back and say what is it what does not need to be included best and what does

it need to be thought about there’s varying Bank details so the length of an eye band a swift an account number routing code per country there’s payment time frames there’s payment capabilities 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 anywhere you look best ultimately building a knowledge base is absolutely crucial however all over 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 look at the sort of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are definitely fundamental and innovation is allowing us to kind of move forward with that it likewise also to add to that payroll and financing need to work closer together um with differing Savings account Particulars varying banking requirements and setup procedures is definitely essential that payroll and finance teams work more detailed together than ever um I’m constantly astonished when individuals state I have actually divided payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t operate in the payroll profession 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 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

world we reside in and well-being being increasingly more important to contribute to kind of the level of intricacy there’s a growing number of advantages being organ or being used by companies across the world so once again you’re just aiming to add increasingly more payments to this already intricate landscape so if you type 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 genuine obstacles or real challenging kind of pay uses to play to pay individuals I believe yeah I mean over the last well yeah a number of years I would certainly say that the bigger an organization gets the more it tends to segregate the payroll and the payments operates 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 managing the payment side of things but you understand in in my opinion and my experience that doesn’t always need to be the case you understand long gone are the times where we require to produce extra handoffs while doing sos that we operate in they just make them more prompt they make them less efficient and they do not make them what they require to be in in an era of tech and an era that you understand that we are working in today there is no reason why we are still making this as challenging as it requires to be concurred and appropriately as you said payroll is the single most significant liability that any company has from an expense point of view from an effect perspective on staff members it is absolutely vital 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 need to be done right it has the greatest damaging effect on individuals’s well-being and numerous other factors if people aren’t paid uh I have actually constantly been amazed entering into this Market kind of the last 5 to ten years is how little thanks the

payroll team get um so I’m not sure anybody on this sort of webinar has been informed thank you for processing my payroll correctly if you have it ‘d be excellent to hear your success story and whether that’s been from all employees or not um but ultimately payroll is such an essential cycle all of us become aware of it when it goes wrong everybody jumps up and down when it goes wrong however 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 also like why WI-Fi Global why all of this things is absolutely crucial that all of this stuff is done properly so leveraging the first International Payments first payroll payment solution is a fantastic initial step um providing an end-to-end payroll option for your employees globally again I think is another huge um process once again lining up and guaranteeing you have standardization Global processes all of those things are definitely essential to success success of companies and decreasing the number of tools platforms and savings account they require for their Global 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 have actually never ever had a hundred thousand of them within a payroll cycle do not anticipate to you do get the odd 5 or 10 or whatever it might be with the with the the grievances where things have not gone quite where they’re meant to be um I do not believe any of us are in fact doing that for for the thanks

anyway we know how how essential 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 procedures and also so envision sorry I’m just I was simply gon na say imagine the quantity of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make certain we’re talking about hundreds of thousands potentially Millions think of getting that many thank you keeps in mind um I mean it ‘d be interesting to see how many Post-it notes you got but it would certainly be an interesting task attempting to clean 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 need days of the week to attempt to look through them and actually see what was going on and kind of try to get back to everyone so proceeding look why do business choose to main different bank accounts there are Malaysia Papaya Global services out there doing exactly this for specific countries and I’ve worked in a company or numerous businesses doing exactly that I can state it does not constantly feel effective and it does create more work I know we’re not intentionally doing that we’re not developing extra work for anyone where we do not have to and anyone that’s managing that procedure I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the amount that we are I think lots of factors one is it’s the requirement I believe people have actually got so utilized to we need a new savings account we open an entity and appropriately so you need it for payroll purposes but there are a variety of markets where it’s not a requirement so I think it’s just been the standard and the norm the people have actually embraced and continue to do over years and years gone past to contribute to that individuals have actually taken a look at things like trust accounts and many other ways um to to sort of do it so I think there’s a variety I think this is a procedure that needs taking a look at it needs changing however eventually individuals are extremely stuck with what they’re familiar

with best um modification is a hard thing we all do not like change um so I think it’s just type of moving far from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend certainly the advantages of having keeping multiple savings account however there’s a substantial amount of complexity opts for setting up a checking account keeping it guaranteeing it can send International transfers ensuring it’s established with the ideal user accesses for private individuals so the intricacy is huge but I think the truthful response is change um people haven’t had the ability to alter or haven’t had necessarily the knowledge to really make that change into alternate Solutions besides opening a checking account I believe you’ve hit the nail on the head I believe it is understanding you know and there is a component of resistance to alter but we have actually always done it that way is no real excuse for not taking a look at the the advantages and the possibilities of proceeding and moving into you know what might practically be identified to be the next Century or so there is a lot to keep track of and this method does present numerous difficulties um so Johnny could you tell us about those difficulties yeah obviously so there’s a variety right there is so

I just 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 gotten another CFO, and with this enhanced ability, I have actually successfully protected payments for our 10,000 employees worldwide. Your dedication to mastering international payroll and payments using Papaya payroll OS is good. You should have a corner workplace with a parking space that is better, considering your accomplishments. Malaysia Papaya Global