Papaya Global Contact Number South Africa FAQ – Payroll Management 2024

Over the last five or 6 years …Papaya Global Contact Number South Africa… roles on the company side and also on the vendor side from a payroll perspective so actually eagerly anticipating this conversation today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll simply give everybody another number of uh well one of the 30 seconds or two to join all of us work back to back nowadays 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 type of like see where everybody originates from and I actually do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s raining here it’s very very uninspiring and I want I was elsewhere at this moment in time okay so let’s start our program for today is as follows um we are going to be looking at the difficulty years of handling International payroll why business maintain separate

checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts improving papaya Global payroll payments as a strategic possession uh we’ll also review a recap and that needs to leave his time at the really extremely end for a q a session so as the title of the webinar recommends payroll execs 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 complicated International companies are wanting to discover Solutions and new methods to streamline processes particularly from a payroll and cross-border payment perspective numerous companies keep different savings account just for payroll while some have multiple accounts in different nations does it make good sense for companies to maintain different checking account often in different nations it does however just for payroll is there a much better way what function do virtual accounts and digital wallets also called virtual wallets play in assisting multinational companies simplify the episode complex procedures of

making payroll payments accurately efficiently safely and on time during this webinar we’ll stroll you through the international benefits and drawbacks of a payroll wallet versus a payroll checking account how companies precisely forecast their payroll costs to increase working capital and how enhancing Global payroll payments can turn them from a siled pane into a tactical possession so payroll can be challenging in enough in one nation but when you’re doing it globally it’s next level and Beyond it becomes intricate for a range of reasons most significantly regulations compliance information security and banking guidelines then there are the large numbers they include additional intricacy the global Labor force is currently 3 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 presently 500 million just for for a scale then factor in that there are some 230 million companies and growing all doing their own thing around the globe in the conventional payroll design there’s often a frustrating variety of different systems leading to lengthy manual procedures and silos the variety of Integrations could be non-existent in large amounts and or extremely really basic there’s no real consistency framework we’re living in a period of tech however payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper and that simply blows my mind each time I I believe

about it to give you a concept of how far there still is to come according to Deloitte just 11 of services state they have Workforce information in real time that’s another number that provides me sleepless nights and quite honestly the more an organization invests in global payroll the less of a photo they see an absence of exposure also encompasses payroll payments and failure to accurately track these payments can lead to compliance mishaps in the last mile of the deal nearly half of global companies have actually revealed that they don’t have the level of standardization they require in their procedures or want and as a result eighty percent of errors are due to time reporting poor HCM data data entry mistakes improperly interacted hires and terminations along with lack management and system setups and then when you round it all off and the information is shipped to the wrong place the typical expense of a global data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash around the globe payroll and payments don’t run efficiently if they rely on the essential multiple processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the obstacles service face when they’re making payments to staff members or otherwise that’s a good question I always toss this back and state what is it what doesn’t need to be consisted of ideal 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 amount of time there’s payment abilities so can you pay it from International or do you need to pay from an in-country account do you need to pay from the consumer’s own in-country account so there’s intricacy anywhere you look right ultimately constructing a knowledge base is definitely vital however everywhere you look with payroll payment they are like very payments no if however some infants about it you are all superheroes processing payments for payroll if you look at the kind of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are definitely fundamental and technology is allowing us to type of move forward with that it also also to contribute to that payroll and finance need to work closer together um with differing Savings account Particulars differing banking requirements and setup processes is absolutely crucial that payroll and financing teams work more detailed together than ever um I’m always impressed when people say I have actually divided payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t operate in the payroll profession 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 often 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 anywhere they are however likewise paying statutory authorities and on statutory 3rd parties so with the

world we reside in and well-being being more and more essential to add to type of the level of intricacy there’s a growing number of benefits being organ or being offered by businesses throughout the world so once again you’re simply seeking to include increasingly more payments to this currently complicated landscape so if you sort of got any experience well I’m from your vast experience here and I make sure however have you got any experience in kind of real challenges or genuine challenging sort of pay uses to play to pay individuals I believe yeah I suggest over the last well yeah a number of decades I would definitely state that the bigger a business gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the job there are groups feeding info into the next function as it were that’s in fact managing the payment side of things however you understand in in my viewpoint and my experience that doesn’t necessarily require to be the case you understand long gone are the times where we require to produce extra handoffs while doing sos that we operate in they just make them more prompt they make them less effective and they do not make them what they require to be in in an age of tech and an age that you know that we are operating in today there is no reason we are still making this as hard as it needs to be concurred and appropriately as you stated payroll is the single most significant liability that any service has from an expense point of view from an effect point of view on employees it is absolutely important that it’s done correctly and on time so what we indicate 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 harmful effect on people’s well-being and many other aspects if individuals aren’t paid uh I’ve always been amazed coming into this Market type of the last 5 to ten years is how little thanks the

The payroll team might not have been thanked for correctly processing payroll during a webinar. If anyone has actually been thanked, it would be excellent to hear their success story, whether it’s from all workers or not. Payroll is an important cycle, and people only see when things fail. Nevertheless, when things go right, it’s viewed as simply a regular task. This is how it’s viewed externally too. For that reason, it is important to make sure that jobs like Wi-Fi Worldwide and other vital matters are done correctly. Utilizing the very first Global Payments very first payroll payment option is an excellent initial step towards offering an extensive payroll option for employees worldwide. Standardization, worldwide processes, and lowering the variety of tools, platforms, and bank accounts essential for international payroll are crucial consider attaining organization success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do periodically get a few grievances when things don’t go as prepared. Eventually, we don’t do it for the thankfulness.

anyway we understand how how crucial 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 everyone that’s involved in those procedures and likewise so imagine sorry I’m just I was simply gon na say think of the amount of thanks you got if you could cover the amount of people that we cover within this webinar I’m sure we’re speaking about hundreds of thousands potentially Millions picture getting that lots of thank you notes um I indicate it ‘d be interesting to see the number of Post-it notes you got but it would absolutely be an intriguing task trying to clean 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 try to return to everyone so carrying on look why do business select to main separate bank accounts there are Papaya Global Contact Number South Africa companies out there doing exactly this for particular nations and I’ve worked in a company or numerous businesses doing exactly that I can state it doesn’t always feel efficient and it does create more work I understand we’re not purposely doing that we’re not creating additional work for anybody where we do not have to and anyone 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 amount that we are I think lots of reasons one is it’s the requirement I believe people have actually got so utilized to we require a brand-new checking account we open an entity and rightly so you need it for payroll purposes but there are a number of markets where it’s not a requirement so I think it’s just been the standard and the standard the people have adopted and continue to do over years and years passed by to add to that people have actually taken a look at things like trust accounts and many other ways um to to type of do it so I believe there’s a range I believe this is a process that needs looking at it requires changing however eventually individuals are very stuck with what they’re familiar

with ideal um change is a hard thing we all do not like change um so I believe it’s simply type of moving far from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I comprehend obviously the advantages of having keeping several savings account however there’s a big quantity of complexity opts for establishing a bank account maintaining it ensuring it can send out International transfers ensuring it’s set up with the best user accesses for specific people so the intricacy is huge but I believe the honest answer is modification um people haven’t had the ability to alter or have not had necessarily the knowledge to really make that change into alternate Solutions aside from opening a savings account I believe you have actually struck the nail on the head I think it is knowledge you understand and there is a component of resistance to change but we have actually always done it that way is no genuine reason for not looking at the the advantages and the possibilities of moving on and moving into you understand what could nearly be identified to be the next Century or so there is a lot to monitor and this method does present several challenges um so Johnny might you tell us about those challenges yeah obviously 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 resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global employees you are worthy of a corner office with a more detailed parking space because I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Contact Number South Africa