Papaya Global Jobs Pretoria FAQ – Payroll Management 2024

Over the last five or 6 years …Papaya Global Jobs Pretoria… roles on the service provider side and also on the supplier side from a payroll perspective so actually eagerly anticipating this discussion today um and yeah thank you very much for your time everyone fine thanks Johnny uh we’ll simply offer everyone another number of uh well one of the 30 seconds or two to join we all work back to back these days so we’ll sort of let them do that so it ‘d be rather fascinating and I can see it going on currently simply to hear where everyone is um it’s nice to to type of like see where everyone comes 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 drizzling here it’s really extremely uninspiring and I wish I was elsewhere at this moment in time okay so let’s begin 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 companies maintain separate

Virtual payroll accounts are an option to standard checking account for managing payroll payments. This is particularly useful for global companies with dispersed and remote workforces, as it streamlines the complicated procedure of cross-border payments. Instead of keeping separate checking account for payroll in various nations, virtual accounts and digital wallets use a more structured option. In this webinar, we will check out the advantages of using virtual payroll accounts and go over why they are becoming a tactical possession for payroll executives. We will likewise supply a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.

making payroll payments properly efficiently securely and on time during this webinar we’ll stroll you through the global advantages and disadvantages of a payroll wallet versus a payroll checking account how companies accurately forecast their payroll expenses to increase working capital and how enhancing Global payroll payments can turn them from a siled pane into a strategic asset so payroll can be difficult in enough in one nation but when you’re doing it internationally it’s next level and Beyond it ends up being complicated for a range of factors most importantly regulations compliance data security and banking guidelines then there are the large numbers they add additional complexity the worldwide Workforce is presently 3 and a half billion individuals by 2030 it’s approximated 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 consider that there are some 230 million organizations and growing all doing their own thing worldwide in the conventional payroll model there’s frequently an overwhelming number of various systems resulting in time-consuming manual procedures and silos the variety of Combinations could be non-existent in large quantities and or extremely very standard there’s no genuine consistency structure we’re residing in an era of tech however 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 simply blows my mind whenever I I believe

about it to provide you a concept of how far there still is to come according to Deloitte just 11 of companies state they have Labor force information in real time that’s another number that gives me sleep deprived nights and rather honestly the more a service spends on global payroll the less of an image they see a lack of visibility also encompasses payroll payments and inability to accurately track these payments can cause compliance incidents in the last mile of the transaction almost half of worldwide services have actually expressed 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 information information entry mistakes badly communicated hires and terminations in addition to lack management and system configurations and after that when you round it all off and the data is delivered to the incorrect location the average cost of a worldwide information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash around the globe payroll and payments don’t run smoothly if they depend on the required several procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the challenges organization face when they’re making payments to employees or otherwise that’s a great concern I constantly throw this back and say what is it what does not require to be included right and what does

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 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 need to pay from the client’s own in-country account so there’s intricacy wherever you look best eventually building a knowledge base is definitely crucial but everywhere you look with payroll payment they are like super payments no if but some children about it you are all superheroes processing payments for payroll if you take a look at the sort of link between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are absolutely basic and technology is enabling us to type of move on with that it also as well to add to that payroll and financing need to work closer together um with differing Savings account Details differing banking requirements and setup processes is absolutely essential that payroll and financing teams work more detailed together than ever um I’m constantly amazed when people state I have actually divided payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t operate in the payroll occupation would they split the payroll payment from calculation I would say no so why do we as a market accept that why our payroll and payments so typically 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 individuals any place they are however also paying statutory authorities and on statutory third parties so with the

world we live in and wellness being increasingly more important to add to kind of the level of complexity there’s a growing number of benefits being organ or being offered by companies throughout the world so again you’re simply aiming to include increasingly more payments to this already complicated landscape so if you kind of got any experience well I’m from your large experience here and I make sure however have you got any experience in kind of genuine difficulties or real difficult kind of pay utilizes to play to pay people I think yeah I mean over the last well yeah a number of decades I would definitely state that the larger a business gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the job there are groups feeding details into the next function as it were that’s really handling the payment side of things however you understand in in my viewpoint and my experience that doesn’t always require to be the case you know long gone are the times where we require to produce additional handoffs at the same times that we operate in they just make them more timely they make them less effective and they do not make them what they need to be in in an age of tech and a period that you understand 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 biggest liability that any organization has from a cost perspective from an impact point of view on employees it is definitely vital that it’s done properly and on time so what we suggest by that is not a day before not a day after on pay day and payments have to be done right it has the most significant damaging effect on individuals’s well-being and numerous other elements if individuals aren’t paid uh I have actually constantly been amazed coming into this Market type of the last 5 to 10 years is how little thanks the

The payroll team might not have been thanked for properly processing payroll during a webinar. If anyone has actually been thanked, it would be terrific to hear their success story, whether it’s from all staff members or not. Payroll is an essential cycle, and people just observe when things fail. However, when things go right, it’s seen as simply a routine job. This is how it’s viewed externally also. For that reason, it is essential to make sure that tasks like Wi-Fi International and other important matters are done properly. Utilizing the first International Payments first payroll payment solution is an excellent preliminary step towards supplying a comprehensive payroll solution for staff members worldwide. Standardization, international processes, and decreasing the variety of tools, platforms, and checking account necessary for worldwide payroll are crucial consider accomplishing company success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do sometimes receive a couple of problems when things do not go as planned. Ultimately, we do not do it for the gratitude.

anyway we know 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 procedures and also so envision sorry I’m simply I was just gon na state envision the amount of thanks you got if you might cover the quantity of individuals that we cover within this webinar I’m sure we’re talking about numerous thousands potentially Millions think of getting that numerous thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got however it would definitely be a fascinating task trying to clean up all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to browse them and really see what was going on and type of shot to get back to everybody so moving on look why do business select to primary separate savings account there are Papaya Global Jobs Pretoria organizations out there doing precisely this for specific countries and I have actually operated in an organization or many organizations doing exactly that I can say it does not constantly feel effective and it does create more work I know we’re not purposely doing that we’re not developing extra work for anybody where we don’t have to and anybody that’s dealing with 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 believe numerous factors one is it’s the requirement I believe people have actually got so utilized to we require a brand-new savings account we open an entity and appropriately so you require it for payroll functions however there are a number of markets where it’s not a requirement so I think it’s simply been the standard and the standard individuals have actually adopted and continue to do over years and years passed by to contribute to that people have actually taken a look at things like trust accounts and many other ways um to to kind of do it so I think there’s a range I believe this is a process that requires taking a look at it requires altering but eventually individuals are very stuck to what they’re familiar

with best um modification is a hard thing we all do not like change um so I believe it’s just sort of moving away from the norm as we’ve said so yeah so it keeps a lot of track of things um I comprehend obviously the advantages of having preserving numerous checking account but there’s a big amount of complexity opts for establishing a savings account maintaining it ensuring it can send out International transfers ensuring it’s set up with the ideal user accesses for specific people so the intricacy is huge however I think the honest answer is modification um people have not been able to change or have not had always the understanding to really make that change into alternate Solutions other than opening a bank account I believe you have actually hit the nail on the head I believe it is knowledge you know and there is an element of resistance to alter but we’ve always done it that way is no genuine excuse for not looking at the the benefits and the possibilities of moving on and moving into you understand what could almost be determined to be the next Century or so there is a lot to keep an eye on and this technique does present numerous obstacles um so Johnny could you inform us about those challenges yeah of course so there’s a range right there is so

I simply did you switched our Business to OS so now we can do our payroll and payments operation on a single platform yes it’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global staff members you should have a corner office with a closer parking space because I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Jobs Pretoria