Papaya Global User Manual Malaysia 2024 – Get Started

Managing payroll internationally is a difficult job … Papaya Global User Manual Malaysia…

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Over the last 5 or six years …Papaya Global User Manual Malaysia… functions on the service provider side and also on the supplier side from a payroll viewpoint so actually looking forward to this discussion today um and yeah thank you quite for your time everyone alright thanks Johnny uh we’ll just give everybody another number of uh well among 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 quite interesting and I can see it going on already just to hear where everyone is um it’s nice to to type of like see where everybody originates from and I really do hope it’s much sunnier than it remains 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 really dreary and I want I was elsewhere 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 handling Worldwide payroll why business keep separate

checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts improving papaya International payroll payments as a strategic property uh we’ll likewise go over a wrap-up which ought to leave his time at the really very end for a q a session so as the title of the webinar suggests payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and International labor forces end up being increasingly more typical and handling them ends up being a growing number of intricate International organizations are seeking to discover Solutions and brand-new ways to simplify procedures especially from a payroll and cross-border payment perspective many companies keep different checking account just for payroll while some have multiple accounts in different nations does it make good sense for companies to preserve different checking account sometimes in various nations it does but just for payroll exists a better way what function do virtual accounts and digital wallets also referred to as virtual wallets play in helping international companies simplify the episode complex processes of

making payroll payments accurately effectively securely and on time throughout this webinar we’ll stroll you through the worldwide pros and cons of a payroll wallet versus a payroll checking account how companies properly anticipate their payroll expenses to increase working capital and how simplifying Global payroll payments can turn them from a siled pane into a strategic property so payroll can be hard in enough in one nation however when you’re doing it internationally it’s next level and Beyond it ends up being complicated for a variety of reasons most significantly policies compliance data security and banking guidelines then there are the large numbers they include more complexity the global Labor force is currently 3 and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and further 1.1 billion individuals that number is currently 500 million just for for a scale then factor in that there are some 230 million businesses and growing all doing their own thing around the world in the traditional payroll design there’s often a frustrating variety of different systems causing time-consuming manual processes and silos the number of Combinations could be non-existent in big quantities and or extremely very standard there’s no real consistency framework we’re living in a period of tech but payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper and that simply blows my mind every time I I believe

about it to provide you an idea of how far there still is to come according to Deloitte just 11 of organizations state they have Workforce data in real time that’s another number that gives me sleepless nights and quite honestly the more a business spends on global payroll the less of a picture they see a lack of exposure likewise encompasses payroll payments and inability to properly track these payments can cause compliance mishaps in the last mile of the transaction almost half of worldwide businesses have revealed that they don’t have the level of standardization they require in their processes or desire and as a result eighty percent of mistakes are because of time reporting poor HCM data data entry mistakes badly communicated hires and terminations in addition to lack management and system configurations and then when you round everything off and the data is delivered to the wrong location the average cost of a worldwide information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money all over the world payroll and payments do not run efficiently if they depend on the needed numerous processes systems and partners it is just 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 making payments to employees or otherwise that’s a good concern I constantly toss this back and state what is it what doesn’t require to be included right and what does

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it require to be considered there’s differing 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 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 consumer’s own in-country account so there’s intricacy any place you look best eventually building a knowledge base is absolutely important however everywhere you look with payroll payment they resemble very payments no if however some babies 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 acknowledgment that payroll payments are absolutely fundamental and technology is permitting us to kind of move on with that it also as well to add to that payroll and financing require to work closer together um with differing Checking account Particulars differing banking requirements and setup processes is absolutely necessary that payroll and financing groups work better together than ever um I’m constantly astonished when individuals state I have actually split payroll and payment um if you walk down the street and asked anyone what is payroll who does not operate in the payroll occupation would they split the payroll payment from calculation 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 eventually it’s payroll is an end-to-end procedure 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

world we reside in and wellness being more and more crucial to contribute to sort of the level of complexity there’s more and more benefits being organ or being used by services across the world so once again you’re simply aiming to add more and more payments to this currently complicated landscape so if you kind of got any experience well I’m from your large experience here and I make sure but have you got any experience in kind of genuine obstacles or real tough type of pay utilizes to play to pay people I believe yeah I indicate over the last well yeah a number of decades I would absolutely state that the bigger a business 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 however you understand in in my viewpoint and my experience that does not necessarily require to be the case you understand long gone are the times where we need to create additional handoffs while doing sos that we operate in they just make them more timely they make them less efficient and they don’t make them what they require to be in in an age of tech and an era that you understand that we are operating in today there is no reason why we are still making this as challenging as it requires to be concurred and appropriately as you stated payroll is the single greatest liability that any company has from an expense viewpoint from an effect viewpoint on workers it is absolutely vital that it’s done properly and on time so what we mean by that is not a day before not a day after on pay day and payments need to be done right it has the most significant detrimental impact on individuals’s well-being and many other elements if people aren’t paid uh I’ve constantly been impressed entering this Market type of the last five to 10 years is how little thanks the

payroll group get um so I’m uncertain anybody 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 workers or not um however ultimately payroll is such an essential cycle we all become aware of it when it fails everyone jumps up and down when it goes wrong but when it goes right it’s simply a tick box workout and I believe that’s how it’s seen from the external consider as well um so yeah it’s also like why WI-Fi Global why all of this stuff is absolutely essential that all of this stuff is done correctly so leveraging the first International Payments very first payroll payment solution is a great initial step um supplying an end-to-end payroll option for your staff members internationally again I believe is another huge um procedure once again aligning and guaranteeing you have standardization Worldwide procedures all of those things are absolutely crucial to success success of services and reducing the number of tools platforms and bank accounts they require for their International 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’ve never had a hundred thousand of them within a payroll cycle don’t anticipate to you do get the odd 5 or 10 or whatever it might be with the with the the problems where things haven’t gone rather where they’re indicated to be um I don’t believe any of us are actually doing that for for the thanks

anyhow we understand how how crucial 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 simple as possible for everyone that’s involved in those procedures and likewise so think of sorry I’m simply I was simply gon na say picture the amount of thanks you got if you might cover the quantity of individuals that we cover within this webinar I’m sure we’re discussing numerous thousands potentially Millions picture getting that many thank you notes um I indicate it ‘d be interesting to see how many Post-it notes you got however it would absolutely be an interesting task attempting to clean all those up for sure oh absolutely I can’t picture the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to look through them and actually see what was going on and kind of shot to return to everyone so carrying on look why do business pick to main separate checking account there are Papaya Global User Manual Malaysia businesses out there doing precisely this for specific nations and I have actually worked in a service or many companies doing exactly that I can say it doesn’t always feel effective and it does develop more work I know we’re not purposely doing that we’re not producing additional work for any person where we don’t need to and anybody that’s handling that process I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the amount that we are I believe lots of factors one is it’s the requirement I believe individuals have got so used to we need a brand-new checking account we open an entity and rightly so you need it for payroll purposes but there are a number of markets where it’s not a requirement so I believe it’s simply been the standard and the standard the people have embraced and continue to do over years and years gone past to add to that people have actually taken a look at things like trust accounts and many other ways um to to sort of do it so I believe there’s a range I believe this is a procedure that needs taking a look at it requires altering but ultimately people are extremely stuck with what they’re familiar

with right um modification is a challenging thing we all don’t like modification um so I think it’s just type of moving away from the norm as we’ve said so yeah so it keeps a lot of track of things um I comprehend clearly the advantages of having keeping numerous bank accounts however there’s a huge quantity of intricacy opts for establishing a checking account keeping it ensuring it can send International transfers ensuring it’s established with the ideal user accesses for specific individuals so the complexity is substantial but I believe the honest answer is change um individuals have not had the ability to change or have not had always the knowledge to actually make that change into alternate Solutions aside from opening a savings account I think you have actually hit the nail on the head I think it is understanding you understand and there is an aspect of resistance to change but we have actually constantly 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 practically be identified to be the next Century or two there is a lot to keep track of and this method does present numerous challenges um so Johnny could you tell us about those challenges yeah of course so there’s a variety right there is so

I recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It seems like our CFO has actually acquired another CFO, and with this boosted capability, I have successfully secured payments for our 10,000 staff members worldwide. Your commitment to mastering global payroll and payments using Papaya payroll OS is commendable. You should have a corner office with a parking space that is more detailed, considering your achievements. Papaya Global User Manual Malaysia

I find time and time again the employees often misclassified unknowingly they do not understand the conditions of employment or contract and are told by the customer why it’s optimum generally to the customer why you need to be employed or engaged in this fashion the worker might owe taxes and Social Security to the authorities the future pension and healthcare privileges of the worker can be affected and numerous times it can be years before this all falls out and by that time it’s too late years have gone by they have not contributed to pensions And so on so it’s a big effect that they never understood they were strolling into you couldn’t agree with you more if you say the UK for example hmrc can go back as much as ten years um Kathy business are securing insurance coverage versus misclassification but typically premiums are just covering the expense of legal costs whilst the average claim examined versus companies corresponds to to 40 or half of the base pay of worker is there any point in taking out insurance coverage and what is the alternative yeah to your point um you do require to read the fine print it is not covering the taxes penalty and interest in many cases I have not seen it at least so uh the the other location 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 stuff you could be denied coverage on the basis of the fact that you were not in compliance with laws um in the UK