Papaya Global Myanmar FAQ – Payroll Management 2024

Over the last five or 6 years …Papaya Global Myanmar… functions on the provider side and also on the vendor side from a payroll perspective so actually looking forward to this conversation today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll simply give everyone 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 rather fascinating and I can see it going on already simply to hear where everybody is um it’s nice to to kind of like see where everybody originates from and I truly 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 raining here it’s really really uninspiring and I wish I was somewhere else at this moment in time alright so let’s get going our agenda for today is as follows um we are going to be taking a look at the difficulty years of managing Global payroll why business keep separate

Virtual payroll accounts are an option to conventional checking account for managing payroll payments. This is particularly beneficial for international companies with dispersed and remote workforces, as it simplifies the intricate process of cross-border payments. Instead of maintaining different savings account for payroll in various nations, virtual accounts and digital wallets offer a more streamlined solution. In this webinar, we will explore the advantages of using virtual payroll accounts and talk about why they are becoming a strategic possession for payroll executives. We will also provide a wrap-up of the main points covered and leave time for a Q&A session at the end.

making payroll payments properly 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 properly anticipate their payroll costs to increase working capital and how improving Global payroll payments can turn them from a siled pane into a strategic possession so payroll can be difficult in enough in one nation but when you’re doing it globally it’s next level and Beyond it becomes complicated for a variety of reasons most significantly guidelines compliance data security and banking guidelines then there are the large numbers they include additional complexity the global Workforce is currently 3 and a half billion people 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 worldwide in the traditional payroll model there’s often an overwhelming variety of different systems causing lengthy manual procedures and silos the number of Combinations could be non-existent in big quantities and or very extremely fundamental there’s no genuine consistency structure we’re living in a period of tech but payroll has actually been slow to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper which just 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 services state they have Labor force data in real time that’s another number that gives me sleep deprived nights and rather honestly the more an organization invests in international payroll the less of an image they see an absence of presence also reaches payroll payments and inability to properly track these payments can cause compliance incidents in the last mile of the transaction nearly half of worldwide businesses have actually revealed that they do not have the level of standardization they require in their processes or want and as a result eighty percent of errors are due to time reporting poor HCM information data entry errors poorly 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 incorrect place the typical cost of a worldwide data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money worldwide payroll and payments don’t run efficiently if they rely on the needed numerous processes systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the challenges organization face when they’re paying to staff members or otherwise that’s a good concern I constantly throw this back and say what is it what does not need to be consisted of right and what does

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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 country there’s payment amount of time there’s payment abilities 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 consumer’s own in-country account so there’s intricacy any place you look best eventually developing a knowledge base is definitely crucial but all over you look with payroll payment they are like super payments no if however some children 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 definitely essential and innovation is enabling us to sort of move forward with that it likewise too to add to that payroll and finance require to work closer together um with differing Bank Account Details varying banking requirements and setup processes is absolutely crucial that payroll and financing teams work more detailed together than ever um I’m constantly amazed when individuals say I’ve split payroll and payment um if you stroll down the street and asked anybody what is payroll who does not work in the payroll profession 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 frequently 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 wherever they are however likewise paying statutory authorities and on statutory 3rd parties so with the

world we live in and wellness being a growing number of crucial to contribute to kind of the level of intricacy there’s increasingly more benefits being organ or being provided by businesses throughout the world so again you’re simply aiming to include 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’m sure but have you got any experience in kind of real difficulties or real tough kind of pay uses to play to pay people I think yeah I imply over the last well yeah a couple of decades I would absolutely state that the larger a service gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the job there are groups feeding details into the next function as it were that’s in fact handling the payment side of things but you know in in my opinion and my experience that doesn’t always require to be the case you understand long gone are the times where we require to produce extra handoffs in the processes that we operate in they simply make them more timely they make them less efficient and they don’t make them what they need to be in in an age of tech and a period that you know that we are working in today there is no reason why we are still making this as tough as it needs to be agreed and appropriately as you stated payroll is the single greatest liability that any business has from an expense viewpoint from an effect viewpoint on staff members it is definitely crucial that it’s done properly and on time so what we imply by that is not a day before not a day after on pay day and payments need to be done right it has the greatest destructive impact on people’s well-being and numerous other elements if people aren’t paid uh I’ve constantly been surprised coming into this Market type of the last 5 to 10 years is how little thanks the

payroll team get um so I’m not exactly sure anyone on this sort of webinar has actually been informed thank you for processing my payroll properly if you have it ‘d be excellent to hear your success story and whether that’s been from all staff members or not um but eventually payroll is such an essential cycle all of us find out about it when it goes wrong everyone jumps up and down when it fails but when it goes right it’s simply a tick box workout and I believe that’s how it’s seen from the external deem well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is absolutely vital that all of this things is done properly so leveraging the very first International Payments first payroll payment solution is a fantastic initial step um providing an end-to-end payroll option for your staff members globally once again I believe is another huge um procedure once again aligning and ensuring you have standardization Global procedures all of those things are definitely essential to success success of companies and decreasing the variety of tools platforms and checking account 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 ever 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 haven’t gone rather where they’re implied to be um I do not think any of us are really doing that for for the thanks

anyway we understand 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 associated with those procedures and likewise so imagine sorry I’m just 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 certain we’re talking about hundreds of thousands possibly Millions picture getting that many 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 a fascinating job trying to clean up 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 look through them and in fact see what was going on and type of try to return to everyone so proceeding look why do business pick to main different checking account there are Papaya Global Myanmar services out there doing precisely this for particular nations and I have actually worked in a service or numerous services doing precisely that I can state it doesn’t always feel effective and it does develop more work I understand we’re not deliberately doing that we’re not producing extra work for anyone where we do not have to and any person that’s dealing with that procedure 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 many factors one is it’s the requirement I believe people have actually got so used to we require a new checking account we open an entity and rightly 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 simply been the standard and the norm the people have embraced and continue to do over years and years gone past to contribute to that people have looked at things like trust accounts and many other ways um to to sort of do it so I think there’s a range I think this is a procedure that requires looking at it needs changing but eventually people are extremely stuck with what they’re familiar

with best um change is a difficult thing all of us do not like modification um so I believe it’s simply type of moving away from the norm as we’ve said so yeah so it keeps a great deal of track of stuff um I understand certainly the benefits of having maintaining multiple bank accounts however there’s a big quantity of complexity goes with setting up a savings account preserving it ensuring it can send International transfers ensuring it’s established with the right user accesses for private individuals so the complexity is substantial however I believe the truthful response is modification um people haven’t been able to alter or have not had necessarily the understanding to really make that change into alternate Solutions aside from opening a savings account I believe 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 however we have actually always done it that way is no real excuse for not taking a look at the the advantages and the possibilities of moving on and moving into you understand what might almost be identified to be the next Century or so there is a lot to monitor and this technique does position several difficulties um so Johnny could you inform us about those challenges yeah of course so there’s a range 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 tasks on one platform. It seems like our CFO has acquired another CFO, and with this improved capability, I have actually effectively protected payments for our 10,000 staff members worldwide. Your dedication 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 Myanmar