Managing payroll globally is a challenging job … Papaya Global South Africa…
How much revenue does the company make? Papaya Global South Africa
Over the last five or six years …Papaya Global South Africa… functions on the provider side and likewise on the vendor side from a payroll perspective so actually eagerly anticipating this discussion today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll just offer everybody another number of uh well among the 30 seconds or so to join all of us work back to back nowadays so we’ll sort of let them do that so it ‘d be rather intriguing and I can see it going on already simply to hear where everybody is um it’s nice to to sort of like see where everyone comes from and I actually do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s very really bleak and I want I was elsewhere at this moment in time okay so let’s get started our agenda for today is as follows um we are going to be looking at the difficulty years of managing International payroll why companies keep separate
Virtual payroll accounts are an alternative to traditional bank accounts for handling payroll payments. This is particularly useful for worldwide companies with dispersed and remote labor forces, as it simplifies the complicated procedure of cross-border payments. Instead of keeping separate bank accounts for payroll in various nations, virtual accounts and digital wallets provide a more streamlined solution. In this webinar, we will check out the benefits of using virtual payroll accounts and discuss why they are ending up being a tactical property for payroll executives. We will also offer a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
Ensuring accurate, effective, and timely payroll payments is a complex difficulty for companies running globally. Join us for a webinar to check out the advantages and disadvantages of payroll wallets versus payroll bank accounts, discover how business forecast payroll costs to enhance working capital, and find how simplifying international payroll payments can change them from a difficult task into a tactical possession.
due to numerous regulations, compliance requirements, information security issues, and banking guidelines. The sheer number of staff members and services contributes to the complexity, with an approximated 3.5 billion people in the worldwide workforce, 500 countless whom remain in Africa, and 230 million organizations worldwide.
Conventional payroll systems often lead to manual processes, information silos, and a lack of integration, causing inconsistencies and ineffectiveness. Despite residing in a period of technological developments, payroll management has actually been slow to adjust, with as much as 25% of payroll still processed manually, frequently using pen and paper. This webinar aims to offer insights and services to streamline and enhance global payroll payments.
about it to give you a concept of how far there still is to come according to Deloitte just 11 of companies state they have Labor force data in real time that’s another number that provides me sleep deprived nights and rather frankly the more a service invests in worldwide payroll the less of an image they see a lack of presence also extends to payroll payments and inability to precisely track these payments can result in compliance accidents in the last mile of the transaction nearly half of global services have actually expressed 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 mistakes poorly interacted hires and terminations in addition to absence management and system configurations and then when you round all of it off and the data is delivered to the wrong location the average cost of an international data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash all over the world payroll and payments don’t run smoothly if they count on the essential multiple procedures systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the difficulties service face when they’re making payments to workers or otherwise that’s an excellent question I constantly throw this back and say what is it what does not need to be consisted of ideal and what does
it need to be considered there’s differing Bank information so the length of an eye band a swift an account number routing code per nation there’s payment timespan there’s payment abilities so can you pay it from International or do you need to pay from an in-country account do you have to pay from the customer’s own in-country account so there’s complexity any place you look ideal ultimately building a knowledge base is absolutely crucial but everywhere you look with payroll payment they are like very payments no if but some children 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 acknowledgment that payroll payments are definitely fundamental and innovation is allowing us to sort of move on with that it likewise as well to contribute to that payroll and finance need to work closer together um with varying Savings account Particulars varying banking requirements and setup procedures is definitely essential that payroll and financing teams work better together than ever um I’m always surprised when individuals state I have actually divided payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t operate in the payroll occupation would they divide the payroll payment from estimation 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 any place they are but also paying statutory authorities and on statutory 3rd parties so with the
The contemporary world puts a high worth on wellness and the payment landscape is becoming progressively complex. Services are constantly presenting new advantages and payment alternatives, which adds to the general intricacy. Big corporations typically divide their payroll and payment processing into separate groups, which can lead to ineffectiveness and traffic jams. In my opinion, this does not need to hold true. In today’s highly innovative period, there’s no justification for preserving cumbersome procedures. Payroll, the business’s most significant cost, should be processed properly and on time. Even minor hold-ups can adversely affect staff members’ wellness and have significant effects. Therefore, it’s crucial to focus on accurate and timely payments.
The payroll team might not have been thanked for properly processing payroll throughout a webinar. If anyone has been thanked, it would be great to hear their success story, whether it’s from all employees or not. Payroll is an essential cycle, and people just notice when things go wrong. However, when things go right, it’s seen as just a routine job. This is how it’s perceived externally as well. For that reason, it is important to ensure that tasks like Wi-Fi International and other important matters are done correctly. Utilizing the first International Payments very first payroll payment option is an excellent initial step towards offering a comprehensive payroll option for employees worldwide. Standardization, worldwide processes, and lowering the number of tools, platforms, and bank accounts required for international payroll are crucial consider attaining service success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do periodically get a couple of grievances when things don’t go as planned. Eventually, we don’t do it for the thankfulness.
anyway we understand how how essential 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 easy as possible for everybody that’s involved in those processes and also so imagine sorry I’m simply I was just gon na state imagine 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 discussing numerous thousands possibly Millions envision getting that numerous thank you notes um I mean it ‘d be interesting to see how many Post-it notes you got but 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 browse them and really see what was going on and type of try to return to everybody so carrying on appearance why do business choose to main separate savings account there are Papaya Global South Africa organizations out there doing precisely this for particular countries and I have actually worked in a business or many companies doing exactly that I can state it doesn’t always feel effective and it does produce more work I know we’re not deliberately doing that we’re not developing extra work for anyone where we do not need to and any person that’s dealing with that process I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the amount that we are I think numerous factors one is it’s the standard I believe people have got so utilized to we need a new checking account we open an entity and rightly so you require it for payroll purposes however there are a number of markets where it’s not a requirement so I believe it’s just been the standard and the norm the people have actually adopted and continue to do over years and years gone past to add to that individuals have 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 think this is a procedure that needs looking at it requires changing but eventually individuals are very stuck to what they recognize
with best um modification is a hard thing we all do not like modification um so I think it’s just kind of moving away from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I understand certainly the benefits of having keeping numerous checking account but there’s a substantial quantity of complexity goes with setting up a checking account preserving it ensuring it can send out International transfers ensuring it’s established with the right user accesses for specific people so the complexity is huge but I believe the honest answer is change um people have not been able to change or haven’t had necessarily the understanding to actually make that change into alternate Solutions other than opening a checking account I think you’ve struck the nail on the head I believe it is understanding you know and there is an element of resistance to alter but we have actually constantly done it that way is no genuine reason for not looking at the the benefits and the possibilities of carrying on and moving into you understand what could practically be determined to be the next Century or two there is a lot to keep an eye on and this method does pose a number of difficulties um so Johnny might you inform us about those challenges yeah obviously so there’s a range right there is so
I just recently made a change 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 gained another CFO, and with this boosted capability, I have actually successfully secured payments for our 10,000 staff members worldwide. Your commitment to mastering worldwide payroll and payments utilizing Papaya payroll OS is commendable. You are worthy of a corner office with a parking space that is better, considering your accomplishments. Papaya Global South Africa
I discover time and time again the employees frequently misclassified unconsciously they don’t understand the conditions of employment or contract and are told by the client why it’s optimum generally to the customer why you ought to be employed or taken part in this style the employee may owe taxes and Social Security to the authorities the future pension and health care 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 far too late years have passed they have not contributed to pensions And so on so it’s a big impact that they never knew they were walking into you couldn’t agree with you more if you say the UK for instance hmrc can go back as much as 10 years um Kathy business are getting insurance against misclassification but generally 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 salary of worker is there any point in securing insurance and what is the alternative yeah to your point um you do need to read the small print it is not covering the taxes charge and interest in many cases I have not seen it a minimum of so uh the the other area that I do think if you managed to get the protection what we are stating is is that if your compliance program is not up to stuff you could be rejected coverage on the basis of the truth that you were not in compliance with laws um in the UK