Over the last five or 6 years …Papaya Global South Africa… functions on the provider side and likewise on the supplier side from a payroll viewpoint so really anticipating this conversation today um and yeah thank you quite for your time everybody alright thanks Johnny uh we’ll simply offer everybody another couple of uh well one of 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 interesting and I can see it going on currently simply to hear where everyone is um it’s nice to to kind of like see where everybody originates 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 really extremely gloomy and I want I was somewhere else at this moment in time okay so let’s begin our program for today is as follows um we are going to be taking a look at the difficulty years of managing Global payroll why business maintain different
bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts enhancing papaya Global payroll payments as a tactical asset uh we’ll likewise discuss a wrap-up and that needs to leave his time at the extremely extremely end for a q a session so as the title of the webinar recommends payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and International workforces end up being increasingly more typical and handling them becomes a growing number of complicated Global companies are aiming to discover Solutions and brand-new ways to enhance procedures specifically from a payroll and cross-border payment perspective lots of organizations keep different checking account just for payroll while some have several accounts in various nations does it make good sense for business to preserve different savings account in some cases in different nations it does however just for payroll is there a much better way what role do virtual accounts and digital wallets also referred to as virtual wallets play in assisting multinational business improve the episode complex procedures of
Ensuring precise, efficient, and prompt payroll payments is a complex obstacle for services operating worldwide. Join us for a webinar to check out the advantages and drawbacks of payroll wallets versus payroll savings account, find out how companies forecast payroll costs to enhance working capital, and discover how improving international payroll payments can transform them from a burdensome task into a tactical asset.
Managing payroll internationally is a difficult job due to various policies, compliance requirements, information security issues, and banking guidelines. The sheer variety of staff members and businesses adds to the complexity, with an approximated 3.5 billion people in the global workforce, 500 million of whom remain in Africa, and 230 million organizations worldwide.
Traditional payroll systems often lead to manual processes, information silos, and an absence of integration, resulting in disparities and ineffectiveness. In spite of living in a period of technological improvements, payroll management has been slow to adjust, with as much as 25% of payroll still processed manually, often utilizing pen and paper. This webinar aims to supply insights and solutions to simplify and optimize worldwide payroll payments.
about it to give you a concept of how far there still is to come according to Deloitte only 11 of companies state they have Workforce information in real time that’s another number that offers me sleepless nights and quite honestly the more a service invests in global payroll the less of an image they see an absence of visibility likewise extends to payroll payments and failure to accurately track these payments can lead to compliance incidents in the last mile of the deal almost half of worldwide companies have revealed that they do not have the level of standardization they need in their processes or want and as a result eighty percent of errors are because of time reporting poor HCM data information entry errors improperly communicated hires and terminations along with absence management and system configurations and then when you round all of it off and the information is delivered to the incorrect location the average expense of an international data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money around the globe payroll and payments don’t run efficiently if they count on the necessary numerous procedures systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the challenges service face when they’re making payments to employees or otherwise that’s an excellent concern I always toss this back and say what is it what does not need to be included best and what does
it need 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 have to pay from an in-country account do you need to pay from the consumer’s own in-country account so there’s complexity any place you look ideal eventually building a knowledge base is absolutely critical however everywhere 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 believe there’s now a bit more acknowledgment that payroll payments are definitely fundamental and technology is permitting us to type of progress with that it likewise too to contribute to that payroll and financing need to work closer together um with differing Checking account Details differing banking requirements and setup procedures is definitely crucial that payroll and financing teams work more detailed together than ever um I’m always surprised when people say I’ve split payroll and payment um if you stroll down the street and asked anybody what is payroll who does not operate in the payroll profession would they divide the payroll payment from computation 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 ultimately it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying individuals wherever they are however likewise paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being more and more crucial to contribute to type of the level of complexity there’s more and more advantages being organ or being used by organizations throughout the world so once again you’re just aiming to include increasingly more payments to this already complex landscape so if you sort 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 challenges or genuine difficult kind of pay uses to play to pay individuals I think yeah I indicate over the last well yeah a couple of decades I would certainly state that the bigger a company gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the task there are teams feeding info into the next function as it were that’s in fact managing the payment side of things however you know in in my opinion and my experience that doesn’t necessarily require to be the case you know long gone are the times where we need to create additional handoffs in the processes that we run in they just make them more timely they make them less efficient and they do not make them what they require to be in in an era of tech and a period that you know that we are operating in today there is no reason why we are still making this as tough as it needs to be concurred and rightly as you said payroll is the single most significant liability that any company has from a cost perspective from an impact point of view on employees it is definitely 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 need to be done right it has the greatest damaging effect on individuals’s well-being and many other aspects if individuals aren’t paid uh I’ve always been amazed coming into this Market kind of the last 5 to 10 years is how little thanks the
payroll group get um so I’m unsure anybody on this sort of webinar has actually been informed thank you for processing my payroll properly if you have it ‘d be great to hear your success story and whether that’s been from all workers or not um however ultimately payroll is such a crucial 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 just a tick box workout and I think that’s how it’s seen from the external view as well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is absolutely crucial that all of this things is done correctly so leveraging the first Global Payments first payroll payment option is a great initial step um offering an end-to-end payroll option for your staff members internationally once again I think is another big um process again aligning and ensuring you have standardization Worldwide procedures all of those things are definitely key to success success of services and decreasing the number of tools platforms and savings account they need for their Global payroll too couldn’t agree with you more and on the the front in terms of of the thank yous for getting payroll done I’ve never ever had a hundred thousand of them within a payroll cycle do not anticipate to you do get the odd five or ten or whatever it might be with the with the the problems where things haven’t gone quite where they’re implied to be um I do not think any of us are actually doing that for for the thanks
anyhow we understand how how important a function 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 just I was simply gon na say picture the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I make certain we’re talking about hundreds of thousands potentially Millions envision getting that many thank you notes um I suggest it ‘d be interesting to see the number of Post-it notes you got but it would certainly be an interesting task 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 actually see what was going on and kind of shot to return to everyone so carrying on appearance why do companies choose to main separate checking account there are Papaya Global South Africa companies out there doing exactly this for specific nations and I have actually worked in an organization or lots of businesses doing exactly that I can state it does not always feel effective and it does develop more work I know we’re not intentionally doing that we’re not producing additional work for any person where we do not need to and anybody that’s managing 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 amount that we are I believe numerous reasons one is it’s the requirement I believe people have actually got so used to we need a brand-new savings account we open an entity and rightly so you require it for payroll functions but there are a variety of markets where it’s not a requirement so I believe it’s simply been the requirement and the norm the people have actually adopted and continue to do over years and years passed by to add to that people have looked at things like trust accounts and many other methods um to to kind of do it so I think there’s a variety I believe this is a procedure that needs looking at it requires altering but eventually individuals are very stuck to what they’re familiar
with best um change is a challenging thing all of us don’t like modification um so I believe it’s simply type of moving away from the norm as we have actually said so yeah so it keeps a lot of track of stuff um I understand clearly the advantages of having keeping numerous savings account but there’s a substantial quantity of intricacy goes with establishing a bank account keeping it ensuring it can send out International transfers guaranteeing it’s established with the right user accesses for private people so the complexity is substantial but I think the honest answer is change um people have not been able to change or have not had always the knowledge to truly make that change into alternate Solutions besides opening a savings account I think you have actually hit the nail on the head I believe it is knowledge you understand and there is an aspect of resistance to change however we have actually constantly done it that way is no real reason for not taking a look at the the advantages and the possibilities of carrying on and moving into you understand what might nearly be identified to be the next Century or two there is a lot to track and this technique does position several challenges um so Johnny could you tell us about those difficulties yeah of course so there’s a range right there is so
I just recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It feels like our CFO has gained another CFO, and with this enhanced capability, I have actually successfully secured payments for our 10,000 workers worldwide. Your dedication to mastering global payroll and payments utilizing Papaya payroll OS is good. You are worthy of a corner workplace with a parking space that is better, considering your accomplishments. Papaya Global South Africa