Papaya Global Africa 2024 – Get Started

Managing payroll internationally is a daunting task … Papaya Global Africa…

How much revenue does the company make? Papaya Global Africa

Over the last five or six years …Papaya Global Africa… roles on the company side and also on the supplier side from a payroll viewpoint so truly anticipating this conversation today um and yeah thank you very much for your time everyone fine thanks Johnny uh we’ll just provide everyone another number of uh well one of the 30 seconds or so to join all of us work back to back nowadays so we’ll sort of let them do that so it ‘d be quite interesting and I can see it going on already just to hear where everybody is um it’s nice to to sort of like see where everybody 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 drizzling here it’s really very gloomy and I wish I was somewhere else at this moment in time all right so let’s get going our program for today is as follows um we are going to be taking a look at the challenge years of handling International payroll why business preserve separate

Virtual payroll accounts are an alternative to traditional checking account for managing payroll payments. This is especially useful for global organizations with dispersed and remote labor forces, as it simplifies the complex procedure of cross-border payments. Instead of preserving separate savings account for payroll in different countries, 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 strategic property for payroll executives. We will also provide a recap of the bottom lines covered and leave time for a Q&A session at the end.

making payroll payments accurately efficiently securely and on time during this webinar we’ll walk you through the global pros and cons of a payroll wallet versus a payroll checking account how business properly forecast their payroll expenses to increase working capital and how enhancing International payroll payments can turn them from a siled pane into a tactical possession so payroll can be challenging in enough in one country but when you’re doing it worldwide it’s next level and Beyond it ends up being intricate for a range of reasons most notably regulations compliance information security and banking guidelines then there are the large numbers they include more intricacy the worldwide Workforce 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 consider that there are some 230 million companies and growing all doing their own thing all over the world in the standard payroll design there’s typically an overwhelming variety of various systems resulting in time-consuming manual procedures and silos the number of Combinations could be non-existent in big quantities and or extremely very fundamental there’s no real consistency structure we’re residing in an age of tech however payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper and that simply blows my mind each time I I believe

about it to offer you an idea of how far there still is to come according to Deloitte just 11 of businesses say they have Workforce information in real time that’s another number that gives me sleep deprived nights and rather frankly the more a service spends on worldwide payroll the less of a picture they see an absence of presence also reaches payroll payments and inability to precisely track these payments can cause compliance mishaps in the last mile of the deal almost half of international companies have revealed that they don’t have the level of standardization they require in their procedures or desire and as a result eighty percent of mistakes are because of time reporting poor HCM information data entry errors poorly interacted hires and terminations as well as absence management and system setups and after that when you round it all off and the information is shipped to the wrong location the typical expense of an international data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money around the globe payroll and payments don’t run smoothly if they count on the essential numerous procedures systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the difficulties organization face when they’re making payments to employees or otherwise that’s a great question I always throw this back and state what is it what doesn’t require to be consisted of ideal and what does

it require to be considered there’s differing Bank details so the length of an eye band a swift an account number routing code per nation there’s payment timespan 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 intricacy anywhere you look right eventually constructing a knowledge base is definitely vital but all over you look with payroll payment they resemble super payments no if however some babies about it you are all superheroes processing payments for payroll if you look at the kind of link between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are absolutely essential and technology is allowing us to type of move on with that it likewise as well to contribute to that payroll and financing require to work closer together um with varying Savings account Particulars differing banking requirements and setup processes is definitely necessary that payroll and finance teams work better together than ever um I’m always surprised when people say I’ve divided 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 split the payroll payment from estimation I would say no so why do we as a market accept that why our payroll and payments so frequently 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 but also paying statutory authorities and on statutory third parties so with the

world we reside in and wellness being more and more important to contribute to type of the level of complexity there’s more and more advantages being organ or being used by companies throughout the world so again you’re simply aiming to include increasingly more payments to this currently intricate landscape so if you sort of got any experience well I’m from your large experience here and I make certain but have you got any experience in kind of real difficulties or genuine challenging kind of pay uses to play to pay people I believe yeah I suggest over the last well yeah a couple of decades I would absolutely 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 info into the next function as it were that’s in fact managing the payment side of things however you know in in my viewpoint and my experience that doesn’t always need to be the case you know long gone are the times where we need to produce extra handoffs in the processes that we operate in they simply make them more timely they make them less efficient and they don’t make them what they need to be in in an era of tech and an era that you understand that we are operating in today there is no reason why we are still making this as challenging as it needs to be concurred and appropriately as you stated payroll is the single biggest liability that any organization has from a cost perspective from an impact point of view on workers it is definitely vital that it’s done properly and on time so what we mean by that is not a day before not a day after on pay day and payments need to be done right it has the biggest damaging effect on people’s well-being and numerous other aspects if people aren’t paid uh I’ve always been amazed entering into this Market type of the last 5 to ten years is how little thanks the

The payroll team might not have actually been thanked for properly processing payroll during a webinar. If anybody has been thanked, it would be excellent 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 go wrong. Nevertheless, when things go right, it’s viewed as just a regular job. This is how it’s viewed externally also. For that reason, it is important to make sure that tasks like Wi-Fi Worldwide and other essential matters are done correctly. Utilizing the first International Payments first payroll payment service is a fantastic preliminary action towards providing a comprehensive payroll option for staff members worldwide. Standardization, global procedures, and lowering the number of tools, platforms, and bank accounts necessary for global payroll are essential factors in accomplishing company success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes receive a couple of grievances when things don’t go as planned. Eventually, we do not do it for the thankfulness.

anyhow we know how how important a role 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 everybody that’s associated with those processes and also so envision sorry I’m just I was just gon na state imagine the quantity 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 hundreds of thousands potentially Millions picture getting that lots of thank you keeps in mind um I suggest it ‘d be interesting to see how many Post-it notes you got but it would definitely be an interesting job attempting 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 require days of the week to try to browse them and really see what was going on and kind of shot to return to everybody so proceeding look why do business pick to main separate bank accounts there are Papaya Global Africa services out there doing precisely this for particular countries and I’ve worked in a service or many services doing exactly that I can state it does not constantly feel effective and it does create more work I know we’re not purposely doing that we’re not producing additional work for any person where we do not have to and anybody that’s managing that process I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the quantity that we are I think many reasons one is it’s the requirement I think people have actually got so utilized to we require a brand-new bank account we open an entity and appropriately so you require it for payroll functions but there are a number of markets where it’s not a requirement so I think it’s simply been the standard and the norm the people have actually embraced and continue to do over years and years gone past to add to that people have looked at things like trust accounts and lots of other methods um to to type of do it so I believe there’s a range I think this is a process that requires looking at it needs changing but eventually individuals are extremely stuck with what they’re familiar

with best um modification is a hard thing all of us do not like change um so I think it’s just sort of moving far from the norm as we have actually said so yeah so it keeps a great deal of track of stuff um I comprehend clearly the advantages of having keeping multiple bank accounts but there’s a huge quantity of intricacy opts for setting up a bank account keeping it ensuring it can send International transfers guaranteeing it’s established with the ideal user accesses for individual individuals so the intricacy is big however I think the honest response is change um individuals have not had the ability to change or have not had necessarily the understanding to actually make that change into alternate Solutions other than opening a savings account I think you have actually hit the nail on the head I think it is understanding you understand and there is an element of resistance to change but we have actually 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 figured out to be the next Century or two there is a lot to keep track of and this approach does posture several obstacles um so Johnny could you inform us about those obstacles yeah obviously so there’s a variety right there is so

I recently made a change to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It feels like our CFO has gotten another CFO, and with this boosted ability, I have effectively protected payments for our 10,000 staff members worldwide. Your commitment to mastering international payroll and payments using Papaya payroll OS is commendable. You are worthy of a corner workplace with a parking space that is more detailed, considering your accomplishments. Papaya Global Africa

I find time and time again the employees often misclassified unconsciously they do not comprehend the conditions of work or agreement and are informed by the customer why it’s most advantageous primarily to the customer why you need to be employed or engaged in this style the employee may owe taxes and Social Security to the authorities the future pension and healthcare advantages of the employee can be impacted and a number of times it can be years before this all falls out and by that time it’s far too late years have passed they haven’t contributed to pensions Etc so it’s a huge effect that they never ever understood they were strolling into you could not agree with you more if you state the UK for instance hmrc can go back as much as ten years um Kathy companies are taking out insurance coverage versus misclassification however usually premiums are just covering the cost of legal costs whilst the average claim assessed against companies relates to to 40 or half of the base pay of employee exists any point in getting insurance coverage and what is the alternative yeah to your point um you do need to check out the fine print it is not covering the taxes penalty and interest for the most part I have not seen it a minimum of so uh the the other location that I do think if you managed to get the protection what we are saying is is that if your compliance program is not up to pack you could be denied coverage on the basis of the fact that you were not in compliance with laws um in the UK