Handling payroll worldwide is a complicated task … Papaya Global Brunei…
How much revenue does the company make? Papaya Global Brunei
Over the last 5 or 6 years …Papaya Global Brunei… functions on the supplier side and likewise on the supplier side from a payroll viewpoint so really looking forward to this discussion today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll simply offer everyone another couple of uh well among 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 currently just to hear where everyone is um it’s nice to to kind of like see where everybody originates from and I really do hope it’s much sunnier than it remains 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 very extremely gloomy and I wish I was somewhere else at this moment in time fine so let’s get going our agenda for today is as follows um we are going to be taking a look at the obstacle years of handling Global payroll why business keep different
checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts enhancing papaya Global payroll payments as a tactical possession uh we’ll also review a recap which should leave his time at the really extremely end for a q a session so as the title of the webinar recommends payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and International labor forces end up being a growing number of typical and managing them ends up being a growing number of intricate International organizations are looking to find Solutions and new ways to improve processes particularly from a payroll and cross-border payment standpoint many companies preserve different bank account just for payroll while some have several accounts in different nations does it make sense for business to preserve separate savings account sometimes in different nations it does but just for payroll is there a much better way what function do virtual accounts and digital wallets also called virtual wallets play in helping multinational business improve the episode complex processes of
Ensuring accurate, efficient, and prompt payroll payments is a complex challenge for organizations running globally. Join us for a webinar to check out the advantages and downsides of payroll wallets versus payroll savings account, discover how companies anticipate payroll costs to optimize working capital, and discover how streamlining international payroll payments can transform them from a burdensome job into a strategic possession.
due to numerous regulations, compliance requirements, information security issues, and banking guidelines. The large variety of staff members and organizations adds to the intricacy, with an approximated 3.5 billion people in the global labor force, 500 countless whom remain in Africa, and 230 million businesses worldwide.
Standard payroll systems frequently result in manual processes, information silos, and an absence of combination, resulting in disparities and inadequacies. Regardless of residing in an age of technological advancements, payroll management has actually been sluggish 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 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 companies say they have Workforce data in real time that’s another number that provides me sleepless nights and rather frankly the more a company invests in global payroll the less of an image they see an absence of visibility also extends to payroll payments and failure to properly track these payments can lead to compliance incidents in the last mile of the transaction nearly half of worldwide services have actually expressed that they do not have the level of standardization they need in their processes or desire and as a result eighty percent of mistakes are because of time reporting bad HCM data data entry mistakes poorly interacted hires and terminations along with lack management and system setups and after that when you round everything off and the data is shipped to the wrong place the typical expense of an international information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money all over the world payroll and payments do not run efficiently if they depend on the needed several processes 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 difficulties service face when they’re paying to employees or otherwise that’s a good concern I always toss this back and say what is it what does not 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 amount of time 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 client’s own in-country account so there’s complexity wherever you look ideal ultimately building a knowledge base is definitely crucial however everywhere you look with payroll payment they are like incredibly payments no if however some infants about it you are all superheroes processing payments for payroll if you look at the type of link between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are definitely basic and technology is permitting us to kind of progress with that it also also to contribute to that payroll and financing need to work closer together um with differing Checking account Details varying banking requirements and setup procedures is definitely important that payroll and financing groups work better together than ever um I’m always astonished when people state I’ve divided payroll and payment um if you stroll down the street and asked anybody what is payroll who does not operate in the payroll profession 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 frequently split and cut up um ultimately it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying individuals wherever they are but likewise paying statutory authorities and on statutory third parties so with the
world we live in and well-being being increasingly more important to contribute to sort of the level of complexity there’s a growing number of advantages being organ or being offered by businesses across the world so again you’re simply wanting to add increasingly more payments to this currently complex landscape so if you type 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 real tough type of pay uses to play to pay people I think yeah I mean over the last well yeah a couple of years I would absolutely state that the bigger a business gets the more it tends to segregate the payroll and the payments works 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 handling the payment side of things however you understand in in my viewpoint and my experience that does not necessarily require to be the case you know long gone are the times where we require to create extra handoffs at the same times that we operate in they simply make them more timely they make them less efficient and they do not make them what they need 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 tough as it requires to be concurred and rightly as you said payroll is the single biggest liability that any company has from a cost perspective from an effect point of view on staff members it is absolutely crucial that it’s done properly 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 most significant detrimental effect on individuals’s well-being and numerous other aspects if people aren’t paid uh I’ve always been impressed entering this Market type of the last five to ten years is how little thanks the
payroll group get um so I’m uncertain anybody on this kind of webinar has been told thank you for processing my payroll properly if you have it ‘d be excellent 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 hear about it when it fails everybody jumps up and down when it goes wrong but 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 things is definitely essential that all of this things is done correctly so leveraging the first Global Payments very first payroll payment option is a terrific initial step um offering an end-to-end payroll solution for your employees internationally again I think is another huge um process once again lining up and ensuring you have standardization Global processes all of those things are definitely essential to success success of businesses and decreasing the number of tools platforms and savings account they need for their Worldwide payroll too could not agree with you more and on the the front in regards to of the thank yous for getting payroll done I have actually never ever had a hundred thousand of them within a payroll cycle don’t anticipate to you do get the odd five or 10 or whatever it might be with the with the the problems where things haven’t gone quite where they’re indicated to be um I do not think any of us are in fact doing that for for the thanks
anyhow we understand how how important 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 processes and likewise so envision sorry I’m simply I was simply gon na say picture the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I make certain we’re talking about numerous thousands potentially Millions envision getting that numerous thank you keeps in mind um I imply it ‘d be interesting to see the number of Post-it notes you got but it would certainly be a fascinating job attempting to clean all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to check out them and really see what was going on and type of try to get back to everybody so proceeding look why do business select to primary separate checking account there are Papaya Global Brunei businesses out there doing precisely this for particular nations and I have actually operated in a business or lots of services doing precisely that I can state it does not constantly feel efficient and it does develop more work I understand we’re not intentionally doing that we’re not developing additional work for anybody where we do not need to and anybody that’s managing that process I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the amount that we are I think numerous reasons one is it’s the standard I believe people have actually got so utilized to we need a new checking account we open an entity and rightly so you need it for payroll functions however there are a variety of markets where it’s not a requirement so I think it’s simply been the requirement and the standard individuals have embraced and continue to do over years and years passed by to contribute to that people have actually taken a look at things like trust accounts and lots of other methods um to to kind of do it so I think there’s a variety I think this is a procedure that requires taking a look at it requires changing however ultimately individuals are extremely stuck with what they recognize
with ideal um modification is a challenging thing all of us do not like change um so I believe it’s simply type of moving far from the norm as we’ve said so yeah so it keeps a lot of track of things um I understand undoubtedly the benefits of having maintaining multiple checking account but there’s a substantial quantity of intricacy chooses setting up a bank account maintaining it ensuring it can send out International transfers guaranteeing it’s set up with the ideal user accesses for private people so the intricacy is substantial however I believe the truthful response is change um people haven’t had the ability to alter or haven’t had always the knowledge to actually make that change into alternate Solutions besides opening a savings account I believe you’ve hit the nail on the head I think it is understanding you know and there is an aspect of resistance to change however we’ve always done it that way is no genuine reason for not taking a look at the the benefits and the possibilities of moving on and moving into you know what might nearly be determined to be the next Century approximately there is a lot to keep track of and this method does pose numerous challenges um so Johnny might you inform us about those challenges yeah obviously so there’s a range right there is so
I just recently made a change to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It feels like our CFO has gotten another CFO, and with this boosted ability, I have successfully secured payments for our 10,000 workers worldwide. Your commitment to mastering worldwide payroll and payments utilizing Papaya payroll OS is good. You should have a corner workplace with a parking space that is more detailed, considering your achievements. Papaya Global Brunei
I find time and time again the workers typically misclassified unknowingly they do not understand the conditions of work or agreement and are told by the customer why it’s most advantageous generally to the client why you ought to be utilized or participated in this style the worker may owe taxes and Social Security to the authorities the future pension and health care opportunities of the worker can be affected and numerous times it can be years before this all falls out and by that time it’s far too late years have gone by they haven’t added to pensions And so on so it’s a big effect that they never ever understood they were strolling into you couldn’t agree with you more if you say the UK for instance hmrc can return as much as 10 years um Kathy business are securing insurance coverage against misclassification but typically premiums are just covering the cost of legal fees whilst the typical claim examined versus employers equates to to 40 or 50 percent of the base pay of employee is there any point in taking out insurance coverage and what is the alternative yeah to your point um you do need to read the small print it is not covering the taxes penalty and interest in most cases I have not seen it a minimum of so uh the the other area that I do think if you managed to get the coverage what we are saying is is that if your compliance program is not up to pack you could be denied coverage on the basis of the truth that you were not in compliance with laws um in the UK