Over the last five or six years …Papaya Global Solutions Sdn Bhd… roles on the provider side and also on the vendor side from a payroll perspective so actually eagerly anticipating this discussion today um and yeah thank you quite for your time everyone all right thanks Johnny uh we’ll simply give everyone 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 sort of let them do that so it ‘d be quite intriguing and I can see it going on currently 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 drizzling here it’s extremely very uninspiring and I want I was elsewhere at this moment in time okay so let’s start our program for today is as follows um we are going to be looking at the challenge years of managing Worldwide payroll why companies preserve different
bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts simplifying papaya International payroll payments as a tactical asset uh we’ll also discuss a wrap-up and that must leave his time at the very very end for a q a session so as the title of the webinar suggests payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and International labor forces end up being a growing number of common and managing them ends up being increasingly more intricate International companies are seeking to discover Solutions and new ways to improve procedures especially from a payroll and cross-border payment perspective many companies maintain different savings account just for payroll while some have several accounts in various countries does it make good sense for companies to preserve separate bank accounts in some cases in different countries it does but just for payroll exists a better method what function do virtual accounts and digital wallets also known as virtual wallets play in assisting multinational business streamline the episode complex processes of
Guaranteeing accurate, efficient, and timely payroll payments is a complex obstacle for organizations operating internationally. Join us for a webinar to check out the benefits and disadvantages of payroll wallets versus payroll savings account, learn how business forecast payroll expenses to enhance working capital, and find how improving international payroll payments can change them from a troublesome task into a strategic property.
Handling payroll globally is a complicated job due to different regulations, compliance requirements, data security concerns, and banking rules. The sheer variety of employees and businesses adds to the intricacy, with an approximated 3.5 billion individuals in the worldwide workforce, 500 million of whom are in Africa, and 230 million services worldwide.
Traditional payroll systems frequently lead to manual processes, data silos, and a lack of integration, causing disparities and inefficiencies. In spite of living in an age of technological developments, payroll management has been slow to adjust, with as much as 25% of payroll still processed by hand, often utilizing pen and paper. This webinar aims to provide insights and solutions to streamline and enhance international payroll payments.
about it to give you an idea of how far there still is to come according to Deloitte just 11 of businesses say they have Labor force data in real time that’s another number that offers me sleepless nights and quite frankly the more a company invests in global payroll the less of a picture they see a lack of presence likewise reaches payroll payments and inability to precisely track these payments can cause compliance incidents in the last mile of the transaction almost half of worldwide companies have revealed that they do not have the level of standardization they need in their processes or desire and as a result eighty percent of errors are because of time reporting bad HCM data data entry errors improperly interacted hires and terminations in addition to lack management and system setups and after that when you round everything off and the information is delivered to the wrong place the typical expense of a worldwide data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash worldwide payroll and payments don’t run efficiently if they depend on the necessary numerous processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the challenges service face when they’re making payments to staff members or otherwise that’s a good question I always throw this back and say what is it what does not require to be consisted of 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 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 customer’s own in-country account so there’s intricacy any place you look best ultimately building a knowledge base is absolutely crucial but everywhere you look with payroll payment they are like incredibly payments no if however 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 believe there’s now a bit more recognition that payroll payments are absolutely fundamental and technology is allowing us to type of progress with that it also also to add to that payroll and financing need to work closer together um with varying Checking account Details varying banking requirements and setup procedures is definitely imperative that payroll and finance groups work better together than ever um I’m always surprised when individuals state I have actually divided payroll and payment um if you stroll down the street and asked anybody what is payroll who does not operate in the payroll occupation would they split the payroll payment from calculation 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 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 type of the level of intricacy there’s increasingly more benefits being organ or being provided by businesses across the world so once again you’re just wanting to include a growing number of payments to this already complicated landscape so if you type 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 real obstacles or real tough type of pay uses to play to pay people I believe yeah I imply over the last well yeah a couple of years I would certainly say that the larger a company gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the job there are groups feeding info into the next function as it were that’s in fact managing the payment side of things but you know in in my opinion and my experience that does not necessarily need to be the case you know long gone are the times where we need to produce additional handoffs while doing sos that we operate in they simply make them more prompt they make them less efficient and they do not make them what they need to be in in an age of tech and an era that you understand that we are working in today there is no reason that we are still making this as hard as it requires to be concurred and rightly as you said payroll is the single greatest liability that any service has from a cost perspective from an effect point of view on staff members it is definitely vital that it’s done correctly and on time so what we indicate by that is not a day before not a day after on pay day and payments have to be done right it has the biggest detrimental result on individuals’s well-being and lots of other factors if people aren’t paid uh I have actually always been amazed entering this Market kind of the last 5 to ten years is how little thanks the
payroll team get um so I’m not sure anyone on this kind of webinar has been informed 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 ultimately payroll is such an essential cycle we all find out about it when it goes wrong everyone jumps up and down when it fails however when it goes right it’s just a tick box exercise and I think 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 stuff is absolutely vital that all of this things is done properly so leveraging the very first International Payments first payroll payment solution is a great first step um supplying an end-to-end payroll solution for your workers worldwide again I believe is another big um process once again aligning and guaranteeing you have standardization International procedures all of those things are definitely key to success success of companies and decreasing the variety 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 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 five or ten 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 don’t believe any of us are in fact doing that for for the thanks
anyway we know how how important 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 simple as possible for everyone that’s associated with those processes and likewise so envision sorry I’m just I was just gon na say imagine the amount of thanks you got if you might cover the quantity of people that we cover within this webinar I make certain we’re discussing hundreds of thousands possibly Millions picture getting that many thank you notes um I mean it ‘d be interesting to see the number of Post-it notes you got but it would definitely be an intriguing job attempting to clean up all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to check out them and in fact see what was going on and sort of try to return to everybody so proceeding look why do business pick to primary different bank accounts there are Papaya Global Solutions Sdn Bhd organizations out there doing exactly this for specific nations and I have actually operated in a business or numerous businesses doing exactly that I can say it does not constantly feel efficient and it does create more work I know we’re not deliberately doing that we’re not developing additional work for anybody where we don’t have 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 think numerous factors one is it’s the requirement I believe individuals have actually got so used to we need a brand-new bank account we open an entity and rightly so you require it for payroll purposes however there are a variety of markets where it’s not a requirement so I believe it’s just been the requirement and the norm the people have actually adopted and continue to do over years and years passed by to contribute to that individuals have actually taken a look at things like trust accounts and numerous other ways um to to kind of do it so I think there’s a range I believe this is a procedure that requires looking at it needs altering but ultimately individuals are very stuck to what they recognize
with ideal um modification is a challenging thing we all don’t like modification um so I think it’s simply sort of moving far from the standard as we’ve said so yeah so it keeps a lot of track of things um I understand certainly the advantages of having keeping multiple checking account but there’s a substantial amount of complexity goes with establishing a bank account preserving it guaranteeing it can send out International transfers ensuring it’s set up with the best user accesses for specific people so the complexity is substantial however I believe the truthful response is change um individuals have not had the ability to alter or haven’t had necessarily the knowledge to really make that change into alternate Solutions besides opening a bank account I believe you have actually hit the nail on the head I think it is understanding you understand and there is an aspect of resistance to change however we’ve constantly done it that way is no genuine excuse for not taking a look at the the advantages and the possibilities of proceeding and moving into you understand what might nearly be identified to be the next Century or so there is a lot to keep track of and this technique does present numerous obstacles um so Johnny could you tell us about those challenges yeah obviously so there’s a variety right there is so
I recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It seems like our CFO has actually gained another CFO, and with this boosted capability, I have actually successfully secured payments for our 10,000 workers worldwide. Your commitment to mastering global payroll and payments utilizing Papaya payroll OS is commendable. You should have a corner workplace with a parking space that is better, considering your achievements. Papaya Global Solutions Sdn Bhd