Papaya Global Update 2018 Malaysia 2024 – Get Started

Handling payroll internationally is a complicated task … Papaya Global Update 2018 Malaysia…

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Over the last 5 or six years …Papaya Global Update 2018 Malaysia… functions on the service provider side and likewise on the vendor side from a payroll point of view so actually anticipating this discussion today um and yeah thank you quite for your time everyone fine thanks Johnny uh we’ll simply offer everyone another couple of uh well among the 30 seconds approximately to join we all work back to back these days so we’ll kind 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 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 extremely gloomy and I wish I was somewhere else at this moment in time alright so let’s get started our program 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

checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts simplifying papaya International payroll payments as a tactical possession uh we’ll also review a wrap-up which must leave his time at the really really 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 become a growing number of typical and managing them becomes more and more complex Worldwide companies are looking to find Solutions and brand-new ways to improve procedures particularly from a payroll and cross-border payment standpoint numerous organizations keep different checking account just for payroll while some have several accounts in different nations does it make sense for companies to preserve different savings account in some cases in various countries it does but just for payroll exists a much better method what function do virtual accounts and digital wallets also called virtual wallets play in helping international companies enhance the episode complex procedures of

making payroll payments accurately effectively firmly and on time throughout this webinar we’ll stroll you through the global benefits and drawbacks of a payroll wallet versus a payroll checking account how business accurately anticipate their payroll expenses to increase working capital and how simplifying International payroll payments can turn them from a siled pane into a strategic possession so payroll can be challenging in adequate in one nation however when you’re doing it worldwide it’s next level and Beyond it ends up being intricate for a range of reasons most significantly policies compliance data security and banking rules then there are the large numbers they add additional intricacy the international Workforce is currently three and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and further 1.1 billion individuals that number is presently 500 million just for for a scale then factor in that there are some 230 million businesses and growing all doing their own thing worldwide in the standard payroll design there’s often a frustrating variety of different systems leading to time-consuming manual procedures and silos the variety of Combinations could be non-existent in large quantities and or really extremely basic there’s no real consistency framework we’re living in a period of tech but payroll has been slow 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 every time I I believe

about it to give you an idea of how far there still is to come according to Deloitte only 11 of organizations say they have Labor force information in real time that’s another number that offers me sleepless nights and quite honestly the more an organization invests in worldwide payroll the less of a picture they see an absence of visibility likewise reaches payroll payments and failure to properly track these payments can lead to compliance incidents in the last mile of the transaction nearly half of international companies have revealed that they do not have the level of standardization they require in their processes or want and as a result eighty percent of mistakes are due to time reporting poor HCM data information entry mistakes improperly communicated hires and terminations as well as absence management and system setups and after that when you round it all off and the information is delivered to the wrong location the average expense of a global information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash around the world payroll and payments don’t run efficiently if they count on the necessary several processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the obstacles organization face when they’re paying to workers or otherwise that’s an excellent concern I constantly throw this back and say what is it what doesn’t need to be consisted of best and what does

it require to be thought of there’s differing Bank details so the length of an eye band a swift an account number routing code per nation there’s payment time frames there’s payment capabilities so can you pay it from International or do you need to pay from an in-country account do you need to pay from the client’s own in-country account so there’s intricacy anywhere you look right eventually building a knowledge base is definitely critical but everywhere you look with payroll payment they resemble very payments no if but some babies about it you are all superheroes processing payments for payroll if you look at the sort of link between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are absolutely basic and technology is allowing us to sort of progress with that it likewise too to add to that payroll and financing need to work closer together um with differing Bank Account Particulars differing banking requirements and setup processes is definitely necessary that payroll and finance groups work more detailed together than ever um I’m constantly astonished 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 computation 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 information collection all the way through to paying people wherever they are however likewise paying statutory authorities and on statutory 3rd parties so with the

world we reside in and well-being being more and more essential to contribute to type of the level of intricacy there’s a growing number of benefits being organ or being offered by companies across the world so again you’re simply aiming to add increasingly more payments to this already complex landscape so if you sort of got any experience well I’m from your vast experience here and I’m sure however have you got any experience in kind of real challenges or real tough type of pay uses to play to pay individuals I think yeah I imply over the last well yeah a number of years I would certainly state 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 teams feeding details into the next function as it were that’s actually handling the payment side of things but you know in in my opinion and my experience that doesn’t necessarily need to be the case you know long gone are the times where we need to develop additional handoffs in the processes that we operate in they just make them more timely they make them less efficient and they don’t make them what they need to be in in an era of tech and an age that you understand that we are working in today there is no reason why we are still making this as tough as it needs to be concurred and appropriately as you said payroll is the single biggest liability that any business has from an expense point of view from an effect point of view on workers 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 need to be done right it has the biggest damaging effect on individuals’s well-being and lots of other aspects if individuals aren’t paid uh I’ve always been amazed entering this Market type of the last 5 to 10 years is how little thanks the

payroll group get um so I’m uncertain anyone on this sort of webinar has actually been told thank you for processing my payroll correctly if you have it ‘d be fantastic to hear your success story and whether that’s been from all employees or not um however eventually payroll is such an important cycle all of us hear about 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 exercise and I believe that’s how it’s seen from the external view as well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is definitely vital that all of this stuff is done correctly so leveraging the very first International Payments first payroll payment solution is a great primary step um supplying an end-to-end payroll service for your staff members internationally again I believe is another substantial um process again lining up and ensuring you have standardization Global procedures all of those things are definitely crucial to success success of businesses and minimizing the variety of tools platforms and checking account they need for their Worldwide payroll too could not agree with you more and on the the front in terms of of the thank yous for getting payroll done I’ve never ever had a hundred countless them within a payroll cycle do not expect to you do get the odd five or ten or whatever it might be with the with the the grievances where things haven’t gone rather where they’re implied to be um I don’t think any of us are actually 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 everyone that’s involved in those processes and likewise so imagine sorry I’m just I was simply gon na say picture the quantity of thanks you got if you could cover the amount of individuals that we cover within this webinar I make certain we’re talking about hundreds of thousands potentially Millions think of getting that lots of thank you notes um I suggest it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be an interesting 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 need days of the week to try to look through them and really see what was going on and sort of try to get back to everybody so proceeding look why do companies pick to primary separate bank accounts there are Papaya Global Update 2018 Malaysia services out there doing exactly this for particular countries and I have actually operated in a service or lots of companies doing exactly that I can say it does not constantly feel effective and it does create more work I understand we’re not purposely doing that we’re not creating additional work for any person where we don’t need to and anyone that’s managing that process 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 many reasons one is it’s the requirement I believe people have actually got so used to we require a new savings account we open an entity and appropriately so you require it for payroll purposes but there are a variety of markets where it’s not a requirement so I believe it’s just been the standard and the standard individuals have adopted and continue to do over years and years passed by to contribute to that people have looked 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 believe this is a procedure that needs looking at it requires altering however ultimately people are extremely stuck with what they’re familiar

with best um change is a challenging thing all of us do not like change um so I believe it’s simply sort of moving away from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I understand certainly the advantages of having preserving multiple savings account but there’s a huge amount of complexity chooses establishing a savings account maintaining it ensuring it can send out International transfers guaranteeing it’s established with the ideal user accesses for specific people so the intricacy is substantial however I think the honest response is modification um people have not been able to alter or haven’t had always the knowledge to actually make that change into alternate Solutions aside from opening a checking account I believe you have actually hit the nail on the head I think it is knowledge you understand and there is an aspect of resistance to alter however we’ve always done it that way is no real reason for not looking at the the advantages and the possibilities of proceeding and moving into you know what could almost be determined to be the next Century or two there is a lot to track and this approach does position a number of difficulties um so Johnny could you tell us about those difficulties yeah of course so there’s a range right there is so

I simply did you changed our Enterprise 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 employees you should have a corner workplace with a closer parking space due to the fact that I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Update 2018 Malaysia

I find time and time again the workers frequently misclassified unwittingly they don’t comprehend the conditions of work or contract and are told by the client why it’s optimum generally to the customer why you should be employed or engaged in this fashion the employee might owe taxes and Social Security to the authorities the future pension and health care advantages of the employee 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 contributed to pensions And so on so it’s a big impact that they never knew they were strolling into you could not agree with you more if you say the UK for instance hmrc can return as much as ten years um Kathy business are getting insurance versus misclassification but typically premiums are only covering the expense of legal fees whilst the typical claim assessed against companies equates to to 40 or 50 percent of the base salary of employee is there any point in securing insurance coverage and what is the alternative yeah to your point um you do require to check out the fine print it is not covering the taxes penalty and interest for the most part I haven’t seen it a minimum of so uh the the other area that I do believe 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