Papaya Global Eswatini FAQ – Payroll Management 2024

Over the last five or 6 years …Papaya Global Eswatini… roles on the company side and likewise on the vendor side from a payroll perspective so truly looking forward to this conversation today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll simply give everybody another couple of uh well among the 30 seconds or two to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be quite interesting and I can see it going on already just to hear where everyone is um it’s nice to to sort 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 sunlight is it it’s not no it’s it’s drizzling here it’s very very bleak and I wish I was somewhere else at this moment in time okay so let’s get going our program for today is as follows um we are going to be looking at the challenge years of managing International payroll why companies maintain different

Virtual payroll accounts are an alternative to conventional savings account for handling payroll payments. This is especially beneficial for global organizations with dispersed and remote workforces, as it simplifies the complicated procedure of cross-border payments. Instead of keeping separate checking account for payroll in different nations, virtual accounts and digital wallets use a more streamlined service. In this webinar, we will explore the benefits of using virtual payroll accounts and talk about why they are becoming a strategic property for payroll executives. We will likewise provide a recap of the bottom lines covered and leave time for a Q&A session at the end.

Guaranteeing precise, efficient, and prompt payroll payments is a complex obstacle for organizations running globally. Join us for a webinar to explore the benefits and downsides of payroll wallets versus payroll bank accounts, learn how business anticipate payroll costs to enhance working capital, and find how simplifying worldwide payroll payments can transform them from a difficult job into a strategic property.

Managing payroll worldwide is a complicated job due to different policies, compliance requirements, information security issues, and banking guidelines. The sheer number of workers and companies contributes to the intricacy, with an estimated 3.5 billion people in the global labor force, 500 countless whom remain in Africa, and 230 million organizations worldwide.

Traditional payroll systems frequently lead to manual processes, data silos, and an absence of integration, resulting in disparities and inadequacies. In spite of living in an age of technological advancements, payroll management has actually been slow to adapt, with as much as 25% of payroll still processed manually, often using pen and paper. This webinar objectives to offer insights and services to streamline and enhance global payroll payments.

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 Workforce data in real time that’s another number that provides me sleepless nights and rather frankly the more a company invests in international payroll the less of a picture they see an absence of visibility also encompasses payroll payments and inability to precisely track these payments can lead to compliance accidents in the last mile of the transaction almost half of international businesses have revealed that they don’t have the level of standardization they need in their processes or desire and as a result eighty percent of mistakes are due to time reporting poor HCM data data entry errors inadequately interacted hires and terminations in addition to absence management and system configurations and then when you round all of it off and the data is delivered to the wrong place the average cost of a global data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash around the globe payroll and payments don’t run smoothly if they depend on the necessary multiple processes systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the obstacles business face when they’re making payments to workers or otherwise that’s a great concern I always toss this back and state what is it what doesn’t need to be included best and what does

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it need to be thought about there’s varying 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 abilities so can you pay it from International or do you need to pay from an in-country account do you have to pay from the client’s own in-country account so there’s intricacy any place you look right ultimately constructing a knowledge base is definitely important however everywhere you look with payroll payment they resemble very payments no if but some babies about it you are all superheroes processing payments for payroll if you look at the type 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 essential and technology is enabling us to sort of move on with that it also as well to add to that payroll and finance require to work closer together um with varying Savings account Particulars varying banking requirements and setup processes is definitely essential that payroll and finance groups work better together than ever um I’m constantly amazed when people state I’ve split payroll and payment um if you stroll 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 frequently split and cut up um ultimately it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying people wherever they are but likewise paying statutory authorities and on statutory third parties so with the

world we live in and wellness being a growing number of crucial to contribute to sort of the level of intricacy there’s increasingly more advantages being organ or being provided by companies across the world so again you’re simply looking to add more and more payments to this currently intricate landscape so if you sort of got any experience well I’m from your vast experience here and I’m sure but have you got any experience in kind of real challenges or real difficult type of pay utilizes to play to pay individuals I believe yeah I suggest over the last well yeah a couple of decades I would certainly say that the bigger a company 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 information into the next function as it were that’s really handling the payment side of things but you know in in my opinion and my experience that doesn’t always require to be the case you know long gone are the times where we need to produce extra handoffs while doing sos that we run in they simply make them more prompt they make them less effective and they do not make them what they need to be in in a period of tech and an age that you understand that we are operating in today there is no reason that we are still making this as challenging as it requires to be concurred and rightly as you said payroll is the single most significant liability that any company has from a cost perspective from an impact point of view on employees it is absolutely critical that it’s done properly and on time so what we imply by that is not a day before not a day after on pay day and payments need to be done right it has the most significant detrimental impact on people’s well-being and numerous other elements if individuals aren’t paid uh I’ve always been impressed entering this Market kind of the last five to ten years is how little thanks the

The payroll team might not have been thanked for properly processing payroll throughout a webinar. If anyone has been thanked, it would be great to hear their success story, whether it’s from all workers or not. Payroll is a crucial cycle, and people only discover when things go wrong. However, when things go right, it’s seen as just a routine job. This is how it’s viewed externally as well. Therefore, it is essential to guarantee that jobs like Wi-Fi Global and other vital matters are done correctly. Using the very first Worldwide Payments first payroll payment service is a fantastic preliminary action towards providing a thorough payroll solution for workers worldwide. Standardization, worldwide processes, and lowering the number of tools, platforms, and bank accounts necessary for global payroll are essential factors in accomplishing organization success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally get a couple of complaints when things do not go as planned. Ultimately, 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 simple as possible for everyone that’s associated with those procedures and likewise so envision sorry I’m just I was just gon na state think of the quantity of thanks you got if you might cover the quantity of people that we cover within this webinar I’m sure we’re speaking about numerous thousands potentially Millions picture getting that many thank you notes um I mean it ‘d be interesting to see how many Post-it notes you got however it would certainly be a fascinating job trying to clean up all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to browse them and actually see what was going on and sort of shot to get back to everyone so carrying on appearance why do business choose to main different bank accounts there are Papaya Global Eswatini services out there doing precisely this for specific countries and I have actually worked in a company or many companies doing precisely that I can say it doesn’t constantly feel effective and it does develop more work I know we’re not intentionally doing that we’re not creating additional work for anybody where we don’t have to and anybody that’s managing that procedure I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the amount that we are I think many factors one is it’s the standard I believe individuals have got so utilized to we require a new savings account we open an entity and appropriately so you need it for payroll functions 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 actually adopted and continue to do over years and years gone past to add to that individuals have actually taken a look at things like trust accounts and lots of other ways um to to type of do it so I believe there’s a variety I think this is a procedure that requires taking a look at it requires altering however ultimately individuals are really stuck with what they’re familiar

with ideal um modification is a difficult thing we all do not like modification um so I think it’s just type of moving away from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I understand certainly the benefits of having preserving several savings account but there’s a big amount of intricacy opts for establishing a bank account preserving it ensuring it can send out International transfers guaranteeing it’s set up with the best user accesses for specific people so the intricacy is big but I believe the sincere response is modification um individuals haven’t had the ability to change or haven’t had necessarily the understanding to actually make that change into alternate Solutions other than opening a checking account I believe you’ve hit the nail on the head I think it is knowledge you understand and there is an aspect of resistance to alter but we have actually constantly done it that way is no real excuse for not looking at the the benefits and the possibilities of moving on and moving into you understand what could nearly be identified to be the next Century or two there is a lot to monitor and this method does posture numerous challenges um so Johnny could you tell us about those obstacles yeah naturally so there’s a variety right there is so

I just recently made a modification to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It seems like our CFO has gotten another CFO, and with this enhanced ability, I have successfully protected payments for our 10,000 staff members worldwide. Your commitment to mastering international payroll and payments using Papaya payroll OS is good. You are worthy of a corner office with a parking space that is better, considering your accomplishments. Papaya Global Eswatini