Over the last five or six years …Papaya Global Update 2018 Malaysia… roles on the company side and likewise on the supplier side from a payroll viewpoint so actually looking forward to this conversation today um and yeah thank you quite for your time everyone alright thanks Johnny uh we’ll simply offer everyone another couple of uh well among the 30 seconds or so to join we all work back to back nowadays so we’ll sort of let them do that so it ‘d be rather interesting and I can see it going on already just to hear where everybody is um it’s nice to to sort of like see where everyone comes from and I really 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 very dreary and I wish I was somewhere else at this moment in time alright so let’s get going our program for today is as follows um we are going to be taking a look at the difficulty years of managing Global payroll why business maintain different
Virtual payroll accounts are an option to conventional savings account for handling payroll payments. This is particularly helpful for international companies with dispersed and remote workforces, as it streamlines the intricate procedure of cross-border payments. Instead of maintaining different bank accounts for payroll in various nations, virtual accounts and digital wallets provide a more structured solution. In this webinar, we will explore the advantages of using virtual payroll accounts and go over why they are becoming a tactical asset for payroll executives. We will also supply a wrap-up of the main points covered and leave time for a Q&A session at the end.
Making sure accurate, effective, and prompt payroll payments is a complex challenge for services running worldwide. Join us for a webinar to check out the advantages and downsides of payroll wallets versus payroll bank accounts, learn how business anticipate payroll expenses to enhance working capital, and find how improving worldwide payroll payments can change them from a troublesome task into a strategic asset.
Handling payroll globally is a difficult task due to various guidelines, compliance requirements, data security concerns, and banking guidelines. The large variety of employees and businesses contributes to the intricacy, with an approximated 3.5 billion individuals in the international workforce, 500 countless whom are in Africa, and 230 million organizations worldwide.
Conventional payroll systems frequently result in manual processes, information silos, and a lack of combination, resulting in inconsistencies and inefficiencies. Despite living in a period of technological advancements, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed manually, typically utilizing pen and paper. This webinar objectives to supply insights and services to streamline and enhance international payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of services say they have Labor force information in real time that’s another number that gives me sleepless nights and quite honestly the more an organization spends on global payroll the less of an image they see an absence of exposure also extends to payroll payments and inability to accurately track these payments can lead to compliance incidents in the last mile of the transaction nearly half of worldwide businesses have expressed 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 due to time reporting bad HCM information information entry errors improperly interacted hires and terminations as well as absence management and system setups and then when you round all of it off and the information is delivered to the incorrect place the average 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 around the globe payroll and payments do not run efficiently if they count on the needed numerous procedures 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 obstacles company face when they’re making payments to staff members or otherwise that’s a good concern I always throw this back and say what is it what doesn’t require to be consisted of ideal and what does
it require to be considered there’s varying 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 abilities 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 intricacy anywhere you look right ultimately developing a knowledge base is definitely important however everywhere you look with payroll payment they resemble super payments no if but some infants 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 recognition that payroll payments are definitely essential and technology is enabling us to kind of move forward with that it likewise as well to contribute to that payroll and financing need to work closer together um with differing Savings account Details differing banking requirements and setup processes is absolutely important that payroll and finance teams work better together than ever um I’m constantly astonished when individuals state I have actually split payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t work in the payroll occupation would they split the payroll payment from estimation I would say no so why do we as a market accept that why our payroll and payments so typically split and cut up um ultimately it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying people wherever they are but likewise paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being increasingly more important to add to sort of the level of complexity there’s more and more advantages being organ or being used by companies throughout the world so again you’re simply seeking to add a growing number of payments to this currently complicated landscape so if you sort of got any experience well I’m from your large experience here and I’m sure but have you got any experience in kind of genuine challenges or genuine tough sort of pay uses to play to pay individuals I believe yeah I indicate over the last well yeah a couple of years I would absolutely state that the larger an organization gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the job there are teams feeding details into the next function as it were that’s really handling the payment side of things but you know in in my opinion and my experience that doesn’t necessarily require to be the case you know long gone are the times where we need to create additional handoffs at the same times that we operate in they just make them more timely they make them less effective and they don’t make them what they need to be in in an era of tech and an age that you know that we are working in today there is no reason why we are still making this as tough as it needs to be agreed and appropriately as you said payroll is the single greatest liability that any business has from an expense perspective from an impact perspective 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 greatest detrimental effect on people’s well-being and many other factors if people aren’t paid uh I’ve always been amazed entering into this Market type of the last 5 to ten years is how little thanks the
payroll group get um so I’m uncertain anybody on this type of webinar has been informed thank you for processing my payroll correctly if you have it ‘d be great to hear your success story and whether that’s been from all staff members or not um however eventually payroll is such an essential cycle we all become aware of it when it fails everybody jumps up and down when it goes wrong but when it goes right it’s simply a tick box workout and I think that’s how it’s seen from the external deem well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is absolutely important that all of this stuff is done properly so leveraging the very first Worldwide Payments first payroll payment solution is an excellent first step um offering an end-to-end payroll option for your workers internationally once again I think is another substantial um procedure once again aligning and guaranteeing you have standardization Global procedures all of those things are absolutely key to success success of services and reducing the variety of tools platforms and checking account they need 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 had a hundred countless them within a payroll cycle don’t anticipate to you do get the odd 5 or ten or whatever it might be with the with the the problems where things haven’t gone quite where they’re implied to be um I don’t believe any of us are actually doing that for for the thanks
anyway 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 simple as possible for everybody that’s involved in those procedures and likewise so imagine sorry I’m just I was just gon na state envision the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I make sure we’re discussing numerous thousands potentially Millions imagine getting that many thank you notes um I indicate it ‘d be interesting to see how many Post-it notes you got but it would certainly be a fascinating task attempting to clean all those up for sure oh definitely I can’t envision 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 really see what was going on and type of try to return to everybody so carrying on appearance why do companies pick to main different savings account there are Papaya Global Update 2018 Malaysia businesses out there doing exactly this for specific nations and I have actually operated in a company or lots of organizations doing precisely that I can say it doesn’t constantly feel effective and it does develop more work I understand we’re not purposely doing that we’re not producing extra work for anybody where we do not have to and any person that’s handling 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 many reasons one is it’s the standard I believe people have actually got so utilized to we require a new savings 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 just been the standard and the standard the people have adopted and continue to do over years and years passed by to add to that individuals have looked 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 requires looking at it needs changing however eventually people are really stuck with what they’re familiar
with ideal um modification is a hard thing all of us do not like change um so I believe it’s just kind of moving away from the standard as we have actually said so yeah so it keeps a great deal of track of stuff um I understand undoubtedly the advantages of having maintaining numerous savings account but there’s a big amount of complexity chooses establishing a checking account maintaining it guaranteeing it can send out International transfers guaranteeing it’s established with the right user accesses for individual people so the intricacy is big but I think the honest response is change um people haven’t had the ability to change or haven’t had necessarily the knowledge to really make that change into alternate Solutions other than opening a checking account I believe you have actually hit the nail on the head I think it is knowledge you know 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 advantages and the possibilities of carrying on and moving into you understand what could almost be determined to be the next Century approximately there is a lot to keep an eye on and this technique does present numerous difficulties um so Johnny might you inform us about those challenges yeah naturally so there’s a variety right there is so
I simply did you changed our Business 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 International workers you deserve a corner workplace with a closer parking space because I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Update 2018 Malaysia