Papaya Global Software Singapore FAQ – Payroll Management 2024

Over the last 5 or six years …Papaya Global Software Singapore… functions on the service provider side and likewise on the supplier side from a payroll viewpoint so actually eagerly anticipating this conversation today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll just provide everybody another number of uh well one of 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 rather fascinating and I can see it going on currently simply to hear where everybody 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 sunshine is it it’s not no it’s it’s raining here it’s very very bleak and I want I was elsewhere at this moment in time okay so let’s begin our agenda for today is as follows um we are going to be looking at the challenge years of handling International payroll why companies keep separate

Virtual payroll accounts are an alternative to conventional checking account for handling payroll payments. This is especially beneficial for global companies with dispersed and remote workforces, as it streamlines the complicated procedure of cross-border payments. Instead of maintaining separate bank accounts for payroll in various nations, virtual accounts and digital wallets provide a more structured service. In this webinar, we will explore the advantages of using virtual payroll accounts and discuss why they are becoming a tactical asset for payroll executives. We will also supply a recap of the bottom lines covered and leave time for a Q&A session at the end.

Ensuring precise, efficient, and prompt payroll payments is a complex difficulty for companies operating globally. Join us for a webinar to explore the advantages and downsides of payroll wallets versus payroll bank accounts, discover how companies anticipate payroll costs to optimize working capital, and find how streamlining worldwide payroll payments can change them from a burdensome job into a strategic property.

Handling payroll worldwide is a difficult job due to different regulations, compliance requirements, information security issues, and banking rules. The large number of employees and businesses adds to the complexity, with an approximated 3.5 billion people in the international workforce, 500 countless whom remain in Africa, and 230 million companies worldwide.

Standard payroll systems frequently result in manual processes, information silos, and an absence of integration, causing disparities and inadequacies. Despite living in an age of technological developments, payroll management has been slow to adjust, with as much as 25% of payroll still processed by hand, typically using pen and paper. This webinar goals to provide insights and solutions to streamline and enhance international payroll payments.

about it to offer you an idea of how far there still is to come according to Deloitte just 11 of organizations say they have Workforce information in real time that’s another number that gives me sleep deprived nights and rather frankly the more a company spends on global payroll the less of an image they see a lack of exposure likewise extends to payroll payments and failure to precisely track these payments can cause compliance incidents in the last mile of the transaction almost half of international organizations have revealed that they don’t have the level of standardization they need in their procedures or desire and as a result eighty percent of mistakes are because of time reporting bad HCM data information entry mistakes poorly interacted hires and terminations as well as absence management and system configurations and then when you round it all off and the data is delivered to the incorrect location the typical cost of a global data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash all over the world payroll and payments don’t run efficiently if they depend on the necessary multiple procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the obstacles business face when they’re making payments to employees or otherwise that’s a great concern I always throw this back and say what is it what does not require to be included right and what does

it require to be thought about there’s differing 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 abilities 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 complexity anywhere you look right eventually developing a knowledge base is definitely critical but everywhere you look with payroll payment they resemble extremely payments no if but some babies about it you are all superheroes processing payments for payroll if you 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 essential and technology is permitting us to sort of progress with that it likewise too to contribute to that payroll and financing need to work closer together um with varying Checking account Particulars differing banking requirements and setup processes is absolutely vital that payroll and finance groups work better together than ever um I’m always surprised when people say I’ve 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 typically split and cut up um ultimately it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying individuals anywhere they are however likewise paying statutory authorities and on statutory 3rd parties so with the

world we reside in and wellness being more and more essential to contribute to type of the level of complexity there’s more and more benefits being organ or being used by businesses across the world so again you’re just aiming to include a growing number of payments to this already complicated landscape so if you sort of got any experience well I’m from your large experience here and I make sure however have you got any experience in kind of genuine challenges or real difficult sort of pay uses to play to pay individuals I believe yeah I indicate over the last well yeah a couple of years I would absolutely say that the bigger an organization 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 groups feeding info into the next function as it were that’s really managing the payment side of things however you know in in my viewpoint and my experience that doesn’t necessarily need to be the case you understand long gone are the times where we require to produce additional handoffs at the same times that we run in they simply make them more prompt they make them less efficient and they don’t make them what they need to be in in an era of tech and an era that you know that we are operating in today there is no reason we are still making this as challenging as it requires to be agreed and appropriately as you stated payroll is the single biggest liability that any service has from a cost perspective from an impact perspective on staff members it is absolutely crucial that it’s done correctly 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 harmful result on people’s wellness and many other elements if people aren’t paid uh I’ve always been surprised entering this Market kind of the last 5 to ten years is how little thanks the

The payroll group might not have been thanked for correctly processing payroll throughout a webinar. If anyone has been thanked, it would be terrific to hear their success story, whether it’s from all staff members or not. Payroll is an important cycle, and individuals just see when things fail. However, when things go right, it’s seen as just a regular task. This is how it’s perceived externally too. For that reason, it is vital to guarantee that jobs like Wi-Fi Worldwide and other essential matters are done properly. Utilizing the first International Payments first payroll payment solution is a great initial step towards supplying a thorough payroll solution for employees worldwide. Standardization, worldwide procedures, and decreasing the number of tools, platforms, and checking account needed for international payroll are essential factors in achieving organization success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes get a few problems when things do not go as planned. Ultimately, we do not do it for the gratitude.

anyway we know how how crucial a function 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 everybody that’s involved in those procedures and also so envision sorry I’m simply I was simply gon na say picture the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I make sure we’re talking about numerous thousands possibly Millions picture getting that lots of thank you keeps in mind um I indicate it ‘d be interesting to see the number of Post-it notes you got but it would absolutely be an interesting task attempting to clean up all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to check out them and in fact see what was going on and sort of shot to return to everyone so moving on appearance why do companies select to main different savings account there are Papaya Global Software Singapore companies out there doing precisely this for specific nations and I’ve worked in a service or numerous services doing precisely that I can say it does not always feel effective and it does develop more work I understand we’re not deliberately doing that we’re not creating additional work for anyone where we do not need to and anybody that’s dealing with that procedure 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 believe numerous reasons one is it’s the standard I think people have got so utilized to we need a brand-new bank account we open an entity and appropriately so you need it for payroll purposes however there are a number of markets where it’s not a requirement so I believe it’s simply been the requirement and the norm individuals have actually 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 variety I think this is a process that needs looking at it needs altering but ultimately individuals are extremely stuck with what they recognize

with right um modification is a hard thing all of us do not like modification um so I believe it’s simply sort of moving away from the norm as we’ve said so yeah so it keeps a great deal of track of things um I comprehend clearly the advantages of having maintaining multiple savings account but there’s a huge amount of complexity opts for establishing a checking account preserving it ensuring it can send International transfers ensuring it’s established with the best user accesses for private people so the intricacy is huge but I think the sincere answer is change um people have not been able to change or haven’t had always the understanding to really make that change into alternate Solutions other than opening a savings account I think you’ve struck the nail on the head I believe it is knowledge you understand and there is an element of resistance to change however we’ve constantly done it that way is no genuine excuse for not looking at the the advantages and the possibilities of carrying on and moving into you know what could almost be determined to be the next Century or so there is a lot to monitor and this technique does position several obstacles um so Johnny might you inform us about those challenges yeah naturally so there’s a range right there is so

I just recently made a modification to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It feels like our CFO has gotten another CFO, and with this improved capability, I have effectively protected payments for our 10,000 workers worldwide. Your commitment to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You deserve a corner workplace with a parking space that is closer, considering your accomplishments. Papaya Global Software Singapore