Papaya Global Courses South Africa FAQ – Payroll Management 2024

Over the last 5 or 6 years …Papaya Global Courses South Africa… roles on the company side and also on the supplier side from a payroll perspective so actually looking forward to this discussion today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll just give everybody another couple of uh well one of the 30 seconds or so to join all of us work back to back nowadays so we’ll kind 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 everyone originates from and I really do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s raining here it’s extremely very gloomy and I wish I was somewhere else at this moment in time okay so let’s get going our agenda for today is as follows um we are going to be looking at the obstacle years of handling Global payroll why companies preserve different

savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts enhancing papaya Worldwide payroll payments as a strategic possession uh we’ll likewise discuss a recap and that must leave his time at the very very end for a q a session so as the title of the webinar recommends payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces become a growing number of typical and handling them ends up being more and more complex Worldwide organizations are wanting to find Solutions and brand-new methods to simplify procedures especially from a payroll and cross-border payment perspective lots of companies keep different bank account just for payroll while some have multiple accounts in different nations does it make good sense for companies to keep separate savings account sometimes in different nations it does however just for payroll exists a better method what role do virtual accounts and digital wallets also called virtual wallets play in helping multinational companies improve the episode complex processes of

Making sure accurate, effective, and timely payroll payments is a complex challenge for companies operating worldwide. Join us for a webinar to check out the advantages and disadvantages of payroll wallets versus payroll bank accounts, discover how business anticipate payroll costs to optimize working capital, and discover how streamlining worldwide payroll payments can transform them from a troublesome job into a strategic possession.

Handling payroll globally is an overwhelming task due to different policies, compliance requirements, data security issues, and banking rules. The sheer number of workers and businesses adds to the intricacy, with an approximated 3.5 billion individuals in the global workforce, 500 million of whom are in Africa, and 230 million services worldwide.

Standard payroll systems often lead to manual procedures, information silos, and a lack of combination, resulting in inconsistencies and inefficiencies. Despite residing in a period of technological developments, payroll management has actually been sluggish to adjust, with as much as 25% of payroll still processed manually, typically using pen and paper. This webinar aims to provide insights and solutions to simplify and enhance international payroll payments.

about it to give you an idea of how far there still is to come according to Deloitte just 11 of organizations say they have Labor force data in real time that’s another number that gives me sleep deprived nights and quite frankly the more a business invests in international payroll the less of a picture they see a lack of visibility also reaches payroll payments and inability to precisely track these payments can result in compliance accidents in the last mile of the transaction almost half of worldwide organizations have actually revealed that they don’t have the level of standardization they require in their procedures or desire and as a result eighty percent of errors are because of time reporting bad HCM information data entry mistakes inadequately communicated hires and terminations along with absence management and system setups and after that when you round it all off and the information is delivered to the incorrect location the average cost of a global information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash around the world payroll and payments do not run smoothly if they rely on the essential multiple processes systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the difficulties company face when they’re paying to employees or otherwise that’s a good question I constantly toss this back and say what is it what does not need to be consisted of best and what does

it require to be thought about there’s varying 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 capabilities so can you pay it from International or do you have to pay from an in-country account do you have to pay from the customer’s own in-country account so there’s complexity anywhere you look right ultimately building a knowledge base is definitely important but everywhere you look with payroll payment they are like incredibly payments no if but some babies 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 recognition that payroll payments are definitely basic and technology is allowing us to kind of progress with that it likewise also to contribute to that payroll and financing require to work closer together um with varying Checking account Details varying banking requirements and setup processes is absolutely vital that payroll and financing groups work closer together than ever um I’m constantly amazed when individuals state I’ve divided payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t work in the payroll occupation would they divide 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 wherever they are however likewise paying statutory authorities and on statutory 3rd parties so with the

The modern world positions a high value on wellness and the compensation landscape is ending up being progressively detailed. Businesses are continually introducing new advantages and payment choices, which contributes to the overall complexity. Big corporations frequently divide their payroll and payment processing into different groups, which can cause inefficiencies and bottlenecks. In my opinion, this does not need to hold true. In today’s technologically sophisticated era, there’s no reason for preserving cumbersome procedures. Payroll, the business’s most significant expense, need to be processed correctly and on time. Even slight hold-ups can negatively impact workers’ wellness and have far-reaching consequences. For that reason, it’s critical to prioritize precise and timely payments.

payroll team get um so I’m unsure anyone on this kind of webinar has 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 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 exercise and I think 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 definitely crucial that all of this stuff is done correctly so leveraging the very first Global Payments first payroll payment option is a fantastic first step um supplying an end-to-end payroll option for your staff members globally once again I think is another big um process again lining up and ensuring you have standardization International procedures all of those things are absolutely key to success success of organizations and lowering the variety of tools platforms and checking account 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 have actually never had a hundred thousand of them within a payroll cycle don’t expect to you do get the odd five or 10 or whatever it might be with the with the the problems where things have not gone quite where they’re indicated to be um I don’t believe any of us are in fact doing that for for the thanks

anyway we understand how how important 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 simple as possible for everyone that’s involved in those processes and also so think of sorry I’m simply I was just gon na state think of the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I make sure we’re talking about numerous thousands possibly Millions picture getting that many thank you keeps in mind um I suggest it ‘d be interesting to see how many Post-it notes you got but it would absolutely be an interesting task trying 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 look through them and really see what was going on and kind of try to return to everybody so moving on appearance why do business pick to primary different savings account there are Papaya Global Courses South Africa organizations out there doing precisely this for particular nations and I’ve operated in a service or numerous organizations doing precisely that I can say it does not constantly feel effective and it does produce more work I understand we’re not intentionally doing that we’re not producing extra work for anyone where we don’t have to and anybody that’s handling 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 quantity that we are I believe many reasons one is it’s the requirement I think people have got so utilized to we require a brand-new bank account we open an entity and rightly so you need it for payroll purposes however there are a variety of markets where it’s not a requirement so I think it’s just been the requirement and the standard the people have adopted and continue to do over years and years passed by to add to that people have taken a look at things like trust accounts and many other methods um to to sort of do it so I believe there’s a range I think this is a procedure that requires looking at it needs altering however eventually individuals are extremely stuck with what they’re familiar

with right um modification is a challenging thing all of us do not like modification um so I believe it’s simply type of moving away from the standard as we’ve said so yeah so it keeps a great deal of track of stuff um I comprehend undoubtedly the advantages of having keeping several bank accounts but there’s a substantial quantity of complexity opts for establishing a checking account keeping it guaranteeing it can send International transfers guaranteeing it’s set up with the ideal user accesses for specific individuals so the intricacy is big however I believe the sincere answer is modification um people haven’t been able to alter or have not had always the understanding to truly make that change into alternate Solutions besides opening a bank account I believe you have actually struck the nail on the head I believe it is knowledge you know and there is a component of resistance to alter but we have actually constantly done it that way is no genuine reason for not taking a look at the the advantages and the possibilities of proceeding and moving into you know what might practically be figured out to be the next Century or so there is a lot to keep an eye on and this method does posture several difficulties um so Johnny might you tell us about those challenges yeah naturally so there’s a range right there is so

I just did you changed our Enterprise to OS so now we can do our payroll and payments operation on a single platform yes it resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 International workers you are worthy of a corner workplace with a better parking space because I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Courses South Africa