Handling payroll worldwide is a complicated job … Papaya Global Software Singapore…
How much revenue does the company make? Papaya Global Software Singapore
Over the last five or six years …Papaya Global Software Singapore… functions on the service provider side and also on the supplier side from a payroll perspective so really anticipating this conversation 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 one of the 30 seconds or two to join we all work back to back nowadays so we’ll sort of let them do that so it ‘d be rather fascinating and I can see it going on already just to hear where everyone is um it’s nice to to kind of like see where everybody comes from and I really do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s really extremely bleak and I wish I was elsewhere 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 obstacle years of handling Worldwide payroll why business preserve separate
Virtual payroll accounts are an option to traditional savings account for managing payroll payments. This is especially helpful for international companies with dispersed and remote workforces, as it streamlines the complex procedure of cross-border payments. Instead of maintaining separate checking account for payroll in different nations, virtual accounts and digital wallets offer a more streamlined solution. In this webinar, we will check out the benefits of using virtual payroll accounts and discuss why they are becoming a tactical asset for payroll executives. We will likewise offer a recap of the main points covered and leave time for a Q&A session at the end.
making payroll payments precisely efficiently firmly and on time throughout this webinar we’ll walk you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll checking account how companies precisely forecast their payroll costs 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 difficult in enough in one nation however when you’re doing it internationally it’s next level and Beyond it becomes complicated for a variety of factors most significantly policies compliance information security and banking rules then there are the large numbers they include additional complexity the worldwide Workforce is presently three and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and more 1.1 billion people that number is currently 500 million just for for a scale then consider that there are some 230 million businesses and growing all doing their own thing around the globe in the traditional payroll design there’s frequently an overwhelming variety of various systems leading to time-consuming manual processes and silos the variety of Integrations could be non-existent in large quantities and or very really basic there’s no real consistency structure we’re living in an age of tech but payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper and that just blows my mind every time I I think
about it to offer you a concept of how far there still is to come according to Deloitte only 11 of businesses say they have Workforce data in real time that’s another number that provides me sleepless nights and rather honestly the more an organization invests in international payroll the less of an image they see a lack of exposure also encompasses payroll payments and inability to precisely track these payments can result in compliance accidents in the last mile of the transaction nearly half of worldwide organizations have revealed that they do not have the level of standardization they need in their procedures or want and as a result eighty percent of errors are because of time reporting poor HCM data data entry errors poorly communicated hires and terminations in addition to absence management and system configurations and then when you round everything off and the data is delivered to the wrong location the average expense of a global data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money around the globe payroll and payments do not run smoothly if they rely on the needed numerous processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the difficulties business face when they’re making payments to staff members or otherwise that’s an excellent concern I always toss this back and state what is it what doesn’t require to be consisted of ideal and what does
it require 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 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 client’s own in-country account so there’s intricacy wherever you look ideal ultimately building a knowledge base is definitely crucial but all over you look with payroll payment they are like very payments no if but some infants about it you are all superheroes processing payments for payroll if you take a look at the kind of link between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are absolutely fundamental and innovation is permitting us to type of move on with that it also as well to add to that payroll and financing require to work closer together um with varying Bank Account Particulars differing banking requirements and setup processes is absolutely vital that payroll and finance teams work closer together than ever um I’m constantly impressed when people say I’ve split payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t operate in the payroll occupation would they split the payroll payment from estimation I would say no so why do we as an industry accept that why our payroll and payments so often 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 however likewise paying statutory authorities and on statutory 3rd parties so with the
world we live in and wellness being increasingly more important to contribute to type of the level of intricacy there’s increasingly more benefits being organ or being offered by companies throughout the world so again you’re simply wanting to add a growing number of payments to this currently complex landscape so if you type of got any experience well I’m from your vast experience here and I make sure but have you got any experience in kind of real obstacles or genuine difficult type of pay uses to play to pay people I think yeah I indicate over the last well yeah a number of decades I would absolutely state that the bigger an organization gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the job there are teams feeding information into the next function as it were that’s really managing the payment side of things but you understand in in my viewpoint and my experience that doesn’t necessarily need to be the case you know long gone are the times where we need to create extra handoffs at the same times that we run 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 age 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 hard as it requires to be agreed and appropriately as you stated payroll is the single biggest liability that any organization has from an expense point of view from an impact viewpoint on employees it is absolutely vital that it’s done correctly and on time so what we suggest 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 impact on people’s well-being and many other elements if individuals aren’t paid uh I’ve constantly been impressed coming into this Market type of the last five to 10 years is how little thanks the
payroll team get um so I’m not sure anyone on this kind of webinar has been told thank you for processing my payroll correctly if you have it ‘d be terrific to hear your success story and whether that’s been from all employees or not um however ultimately payroll is such an important cycle all of us become aware of it when it goes wrong everyone jumps up and down when it fails but when it goes right it’s just a tick box workout and I think that’s how it’s seen from the external consider as well um so yeah it’s likewise like why WI-Fi Global why all of this things is absolutely essential that all of this things is done correctly so leveraging the very first International Payments first payroll payment service is an excellent primary step um supplying an end-to-end payroll option for your staff members internationally once again I think is another substantial um procedure once again lining up and ensuring you have standardization International processes all of those things are definitely key to success success of services and minimizing the number of tools platforms and bank accounts they need for their International payroll too couldn’t agree with you more and on the the front in regards to of the thank yous for getting payroll done I’ve never had a hundred thousand of them within a payroll cycle do not expect to you do get the odd 5 or 10 or whatever it might be with the with the the problems where things have not gone rather where they’re meant to be um I don’t think any of us are actually doing that for for the thanks
anyway we know 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 easy as possible for everyone that’s involved in those procedures and likewise so envision sorry I’m simply I was just gon na say imagine the amount of thanks you got if you might cover the amount of individuals that we cover within this webinar I make sure we’re talking about numerous 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 however it would absolutely be an intriguing task trying to clean all those up for sure oh absolutely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to check out them and actually see what was going on and type of shot to get back to everybody so moving on look why do business select to main different bank accounts there are Papaya Global Software Singapore organizations out there doing precisely this for specific nations and I’ve worked in a company or lots of companies doing exactly that I can say it does not always feel effective and it does produce more work I know we’re not intentionally doing that we’re not creating extra work for anybody where we don’t need to and anyone that’s dealing with that procedure 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 individuals have got so utilized to we require a brand-new checking account we open an entity and appropriately so you require it for payroll purposes however 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 adopted and continue to do over years and years passed by to contribute to that individuals have taken a look at things like trust accounts and numerous other ways um to to type of do it so I believe there’s a variety I believe this is a process that requires taking a look at it needs changing however ultimately people are really stuck to what they’re familiar
with right um modification is a tough thing all of us don’t like modification um so I think it’s just type of moving away from the standard as we’ve said so yeah so it keeps a great deal of track of stuff um I understand obviously the advantages of having keeping several checking account but there’s a substantial amount of intricacy chooses establishing a bank account keeping it ensuring it can send out International transfers ensuring it’s established with the right user accesses for specific individuals so the complexity is huge but I believe the honest answer is change um people haven’t had the ability to change or haven’t had necessarily the understanding to really make that change into alternate Solutions aside from opening a checking account I believe you’ve hit the nail on the head I think it is understanding you understand and there is an aspect of resistance to alter however we have actually always done it that way is no genuine reason for not taking a look at the the advantages and the possibilities of carrying on and moving into you understand what could nearly be determined to be the next Century or so there is a lot to track and this approach does posture several obstacles um so Johnny could you tell us about those challenges yeah naturally so there’s a range right there is so
I just recently made a change to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It seems like our CFO has acquired another CFO, and with this boosted capability, I have actually effectively protected payments for our 10,000 employees worldwide. Your dedication to mastering international payroll and payments utilizing Papaya payroll OS is commendable. You are worthy of a corner workplace with a parking space that is more detailed, considering your accomplishments. Papaya Global Software Singapore
I discover time and time again the employees typically misclassified unknowingly they don’t understand the conditions of employment or agreement and are told by the client why it’s most advantageous primarily to the client why you need to be utilized or participated in this style the worker might owe taxes and Social Security to the authorities the future pension and healthcare privileges of the employee can be impacted and several times it can be years before this all falls out and by that time it’s far too late years have actually gone by they haven’t contributed to pensions And so on so it’s a big impact that they never understood they were walking into you couldn’t 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 coverage versus misclassification but generally premiums are only covering the cost of legal costs whilst the typical claim examined versus companies equates to to 40 or 50 percent of the base salary of worker exists any point in securing insurance and what is the alternative yeah to your point um you do need to read the fine print it is not covering the taxes charge and interest most of the times I have not seen it at least so uh the the other area that I do think if you managed to get the protection what we are saying is is that if your compliance program is not up to pack you could be rejected protection on the basis of the truth that you were not in compliance with laws um in the UK