Over the last five or 6 years …Papaya Global Brunei… functions on the supplier side and likewise on the vendor side from a payroll point of view so truly looking forward to this conversation today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll just provide everybody another couple of uh well one of the 30 seconds or two to join all of us work back to back these days so we’ll type of let them do that so it ‘d be rather fascinating and I can see it going on currently just to hear where everyone is um it’s nice to to sort of like see where everybody originates from and I truly do hope it’s much sunnier than it remains 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 extremely extremely gloomy and I want 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 managing Global payroll why business maintain different
Virtual payroll accounts are an alternative to standard bank accounts for managing payroll payments. This is particularly useful for international companies with dispersed and remote labor forces, as it streamlines the intricate procedure of cross-border payments. Instead of keeping separate bank accounts for payroll in various countries, virtual accounts and digital wallets offer a more structured solution. In this webinar, we will explore the benefits of using virtual payroll accounts and discuss why they are ending up being a tactical asset for payroll executives. We will also provide a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments properly effectively securely and on time during this webinar we’ll walk you through the international advantages and disadvantages of a payroll wallet versus a payroll bank account how companies accurately forecast their payroll expenses to increase working capital and how enhancing International payroll payments can turn them from a siled pane into a strategic asset so payroll can be challenging in adequate in one nation but when you’re doing it internationally it’s next level and Beyond it becomes intricate for a variety of factors most significantly guidelines compliance information security and banking rules then there are the large numbers they include further intricacy the international Workforce is presently three and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and additional 1.1 billion people that number is currently 500 million just for for a scale then consider that there are some 230 million services and growing all doing their own thing worldwide in the traditional payroll model there’s typically a frustrating variety of different systems causing time-consuming manual processes and silos the number of Combinations could be non-existent in big amounts and or extremely very basic there’s no genuine consistency structure we’re living in an era of tech however payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper which just blows my mind whenever I I believe
about it to provide you a concept of how far there still is to come according to Deloitte only 11 of companies state they have Labor force information in real time that’s another number that provides me sleep deprived nights and rather honestly the more a business spends on international payroll the less of a photo they see a lack of presence likewise reaches payroll payments and inability to properly track these payments can cause compliance mishaps in the last mile of the transaction nearly half of international companies have actually expressed that they don’t have the level of standardization they need in their processes or want and as a result eighty percent of mistakes are due to time reporting poor HCM information information entry errors badly interacted hires and terminations as well as lack management and system configurations and after that when you round everything off and the information is shipped to the incorrect location the average expense of a global information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money all over the world payroll and payments do not run smoothly if they count on the essential multiple 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 service face when they’re paying to workers or otherwise that’s a good question I always toss this back and say what is it what does not need to be consisted of best and what does
it need to be considered there’s varying Bank information so the length of an eye band a swift an account number routing code per country there’s payment amount of time 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 customer’s own in-country account so there’s complexity any place you look ideal eventually building a knowledge base is definitely crucial however everywhere you look with payroll payment they are like super payments no if but 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 think there’s now a bit more recognition that payroll payments are definitely fundamental and technology is enabling us to type of move forward with that it likewise also to add to that payroll and finance require to work closer together um with varying Bank Account Details varying banking requirements and setup processes is definitely essential that payroll and financing groups work better together than ever um I’m constantly impressed when individuals state I’ve divided 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 split the payroll payment from computation 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 information collection all the way through to paying people anywhere they are but likewise paying statutory authorities and on statutory third parties so with the
The modern world places a high value on wellness and the compensation landscape is ending up being significantly elaborate. Businesses are continuously presenting brand-new advantages and payment alternatives, which adds to the general intricacy. Large corporations typically divide their payroll and payment processing into different teams, which can result in ineffectiveness and traffic jams. In my opinion, this doesn’t have to hold true. In today’s highly sophisticated age, there’s no justification for keeping cumbersome procedures. Payroll, the business’s most significant expense, should be processed properly and on time. Even minor hold-ups can negatively affect employees’ wellness and have significant consequences. For that reason, it’s critical to focus on accurate and timely payments.
The payroll team might not have actually been thanked for properly processing payroll throughout a webinar. If anybody has been thanked, it would be great to hear their success story, whether it’s from all employees or not. Payroll is an important cycle, and people just notice when things go wrong. Nevertheless, when things go right, it’s viewed as simply a routine job. This is how it’s viewed externally also. Therefore, it is essential to guarantee that tasks like Wi-Fi Worldwide and other important matters are done correctly. Utilizing the very first Worldwide Payments very first payroll payment service is a great preliminary step towards supplying a thorough payroll option for workers worldwide. Standardization, global processes, and minimizing the variety of tools, platforms, and bank accounts required for worldwide payroll are crucial factors in attaining company success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do periodically get a few problems when things do not go as prepared. Eventually, we do not do it for the gratitude.
anyhow we know how how essential 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 easy as possible for everybody that’s involved in those processes and also so picture sorry I’m simply I was just gon na say picture the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I’m sure we’re talking about hundreds of thousands possibly Millions imagine getting that lots of thank you keeps in mind um I imply it ‘d be interesting to see the number of Post-it notes you got however it would certainly be an intriguing job attempting to clean all those up for sure oh definitely I can’t picture 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 actually see what was going on and sort of try to get back to everybody so proceeding appearance why do business pick to main different checking account there are Papaya Global Brunei services out there doing precisely this for specific nations and I have actually operated in an organization or numerous businesses doing exactly that I can state it doesn’t constantly feel effective and it does create more work I understand we’re not deliberately doing that we’re not creating additional work for any person where we do not have to and anybody that’s managing 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 believe many factors one is it’s the standard I believe people have actually got so used to we require a brand-new savings account we open an entity and rightly so you require 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 standard individuals have actually embraced and continue to do over years and years gone past to add to that individuals have taken a look at things like trust accounts and lots of other ways um to to sort of do it so I believe there’s a variety I think this is a process that requires looking at it requires altering but ultimately people are very stuck to what they’re familiar
with best um modification is a hard thing all of us don’t like modification um so I believe it’s just sort 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 advantages of having preserving multiple savings account but there’s a huge amount of intricacy chooses setting up a savings account preserving it ensuring it can send out International transfers ensuring it’s established with the best user accesses for individual people so the intricacy is substantial however I think the honest response is modification um individuals haven’t had the ability to change or have not had necessarily the knowledge to really make that change into alternate Solutions aside from opening a savings account I think you have actually hit the nail on the head I believe it is understanding you understand and there is a component of resistance to change but we have actually constantly done it that way is no real reason for not taking a look at the the advantages and the possibilities of carrying on and moving into you know what might nearly be determined to be the next Century or so there is a lot to keep track of and this technique does position numerous obstacles um so Johnny might you inform us about those difficulties yeah naturally so there’s a variety right there is so
I just recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It feels like our CFO has actually gained another CFO, and with this boosted capability, I have actually effectively protected payments for our 10,000 employees worldwide. Your devotion to mastering worldwide payroll and payments using Papaya payroll OS is good. You are worthy of a corner office with a parking space that is more detailed, considering your accomplishments. Papaya Global Brunei