Over the last 5 or six years …Papaya Global Login South Africa… functions on the provider side and likewise on the vendor side from a payroll viewpoint so really anticipating this conversation today um and yeah thank you quite for your time everyone alright thanks Johnny uh we’ll simply offer everybody another couple of uh well among the 30 seconds or so to join all of us work back to back nowadays so we’ll type of let them do that so it ‘d be rather intriguing and I can see it going on currently just to hear where everybody is um it’s nice to to kind of like see where everyone comes from and I truly 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 very gloomy and I wish I was elsewhere at this moment in time all right so let’s start our agenda for today is as follows um we are going to be looking at the difficulty years of managing Global payroll why companies maintain separate
savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts streamlining papaya International payroll payments as a tactical asset uh we’ll likewise go over a recap which 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 transferring to Virtual payroll accounts and here is why as dispersed to remote and International workforces become more and more typical and handling them becomes a growing number of complicated Global companies are aiming to find Solutions and new methods to improve processes specifically from a payroll and cross-border payment perspective many companies preserve separate checking account just for payroll while some have numerous accounts in various countries does it make sense for business to preserve separate savings account sometimes in different countries it does however just for payroll is there a much better way what function do virtual accounts and digital wallets likewise referred to as virtual wallets play in helping multinational companies streamline the episode complex processes of
making payroll payments precisely effectively firmly and on time during this webinar we’ll stroll you through the international advantages and disadvantages of a payroll wallet versus a payroll bank account how companies precisely forecast their payroll expenses to increase working capital and how simplifying Global payroll payments can turn them from a siled pane into a tactical asset so payroll can be tough in adequate in one nation however when you’re doing it globally it’s next level and Beyond it becomes complicated for a range of reasons most importantly guidelines compliance information security and banking rules then there are the large numbers they add more intricacy the worldwide Labor force is presently three and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and more 1.1 billion individuals that number is currently 500 million just for for a scale then factor in that there are some 230 million companies and growing all doing their own thing worldwide in the standard payroll design there’s often an overwhelming number of different systems causing time-consuming manual procedures and silos the variety of Combinations could be non-existent in big quantities and or really really standard there’s no real consistency framework we’re living in a period of tech but payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper which just blows my mind each time I I think
about it to provide 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 provides me sleepless nights and rather frankly the more a company invests in global payroll the less of a photo they see a lack of visibility likewise encompasses payroll payments and inability to precisely track these payments can result in compliance incidents in the last mile of the transaction nearly half of global organizations have revealed that they do not have the level of standardization they need in their processes or desire and as a result eighty percent of errors are due to time reporting bad HCM data data entry mistakes inadequately communicated hires and terminations along with lack management and system setups and after that when you round everything off and the data is delivered to the wrong location the average cost of a global information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money all over the world payroll and payments don’t run efficiently if they rely on the required numerous processes systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the challenges company face when they’re making payments to staff members or otherwise that’s a great question I constantly toss this back and state what is it what doesn’t require to be consisted of right and what does
it need to be thought of there’s differing Bank details so the length of an eye band a swift an account number routing code per nation there’s payment time frames there’s payment abilities 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 consumer’s own in-country account so there’s intricacy any place you look right ultimately constructing a knowledge base is absolutely important but all over you look with payroll payment they resemble extremely payments no if however some babies about it you are all superheroes processing payments for payroll if you look at the type of link in between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are definitely essential and technology is permitting us to kind of move forward with that it likewise too to contribute to that payroll and finance require to work closer together um with varying Savings account Details varying banking requirements and setup procedures is definitely important that payroll and finance teams work closer together than ever um I’m constantly amazed when individuals say I’ve divided payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t work in the payroll profession 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 frequently split and cut up um ultimately it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying people anywhere they are however also paying statutory authorities and on statutory third parties so with the
The modern-day world positions a high value on wellness and the compensation landscape is ending up being progressively elaborate. Businesses are continually presenting new advantages and payment options, which contributes to the general intricacy. Large corporations frequently divide their payroll and payment processing into different teams, which can cause ineffectiveness and bottlenecks. In my viewpoint, this does not need to be the case. In today’s technologically innovative era, there’s no validation for maintaining troublesome procedures. Payroll, the company’s most significant expense, need to be processed correctly and on time. Even minor hold-ups can negatively impact workers’ well-being and have far-reaching effects. For that reason, it’s vital to prioritize accurate and prompt payments.
payroll team get um so I’m not sure anyone on this type of webinar has actually been informed thank you for processing my payroll correctly if you have it ‘d be fantastic to hear your success story and whether that’s been from all staff members or not um however eventually payroll is such an important cycle we all hear about it when it fails 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 things is definitely crucial that all of this stuff is done properly so leveraging the very first Global Payments very first payroll payment solution is a great first step um offering an end-to-end payroll service for your staff members globally once again I believe is another huge um process again lining up and ensuring you have standardization International procedures all of those things are absolutely essential to success success of businesses and minimizing the number of tools platforms and savings account they require for their Worldwide 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 countless them within a payroll cycle don’t anticipate to you do get the odd 5 or 10 or whatever it might be with the with the the complaints where things have not gone rather where they’re suggested to be um I don’t think any of us are in fact doing that for for the thanks
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 simple as possible for everyone that’s associated with those processes and also so picture sorry I’m simply I was just gon na state envision the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I’m sure we’re discussing hundreds of thousands potentially Millions envision getting that lots of thank you notes um I mean it ‘d be interesting to see the number of Post-it notes you got but it would certainly be an intriguing task attempting to clean 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 require days of the week to try to browse them and actually see what was going on and kind of shot to return to everybody so carrying on look why do business select to main separate savings account there are Papaya Global Login South Africa companies out there doing exactly this for particular countries and I’ve operated in a company or lots of businesses doing precisely that I can say it doesn’t always feel effective and it does develop more work I understand we’re not intentionally doing that we’re not producing extra work for anybody where we do not have to and anyone that’s managing that procedure I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the amount that we are I think numerous reasons one is it’s the requirement I believe people have actually got so used to we need a brand-new bank account we open an entity and appropriately so you require it for payroll purposes but there are a number of markets where it’s not a requirement so I think it’s simply been the requirement and the norm the people have adopted and continue to do over years and years passed by to contribute to that people have actually looked at things like trust accounts and numerous 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 changing however eventually individuals are extremely stuck with what they’re familiar
with ideal um modification is a challenging thing we all do not like modification um so I think it’s simply type of moving far from the norm as we’ve said so yeah so it keeps a great deal of track of stuff um I comprehend undoubtedly the benefits of having keeping numerous savings account however there’s a huge quantity of complexity goes with establishing a bank account keeping it guaranteeing it can send International transfers ensuring it’s established with the right user accesses for individual individuals so the complexity is big however I believe the truthful response is modification um people haven’t been able to change or haven’t had necessarily the knowledge to really make that change into alternate Solutions other than opening a checking account I think you’ve hit the nail on the head I believe it is understanding you understand and there is a component of resistance to change however we’ve constantly done it that way is no real excuse for not taking a look at the the benefits and the possibilities of moving on and moving into you know what might nearly be figured out to be the next Century or so there is a lot to keep track of and this approach does posture several obstacles um so Johnny could you tell us about those obstacles yeah obviously so there’s a range right there is so
I just recently made a change to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It feels like our CFO has actually gotten another CFO, and with this boosted ability, I have actually successfully secured payments for our 10,000 workers worldwide. Your devotion to mastering global payroll and payments utilizing Papaya payroll OS is commendable. You should have a corner office with a parking space that is closer, considering your accomplishments. Papaya Global Login South Africa