Papaya Global Zimbabwe FAQ – Payroll Management 2024

Over the last five or 6 years …Papaya Global Zimbabwe… functions on the provider side and also on the vendor side from a payroll perspective so actually anticipating this discussion today um and yeah thank you very much for your time everyone all right thanks Johnny uh we’ll just give everyone another couple of uh well among the 30 seconds or so to join all of us work back to back nowadays so we’ll kind of let them do that so it ‘d be quite fascinating and I can see it going on already just to hear where everybody is um it’s nice to to type of like see where everyone comes from and I actually do hope it’s much sunnier than it is 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 somewhere else at this moment in time all right so let’s begin our program for today is as follows um we are going to be taking a look at the obstacle years of managing Global payroll why companies preserve different

checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts simplifying papaya Global payroll payments as a strategic property uh we’ll also discuss a recap which ought to leave his time at the extremely 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 International workforces end up being more and more typical and handling them ends up being a growing number of complex Global organizations are seeking to find Solutions and new methods to enhance procedures specifically from a payroll and cross-border payment viewpoint numerous companies maintain different bank account just for payroll while some have numerous accounts in various countries does it make good sense for business to maintain separate savings account in some cases in different nations it does but just for payroll is there a better method what role do virtual accounts and digital wallets likewise called virtual wallets play in helping international companies simplify the episode complex procedures of

making payroll payments precisely efficiently firmly and on time throughout this webinar we’ll stroll you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll bank account how companies precisely forecast their payroll expenses to increase working capital and how enhancing Global payroll payments can turn them from a siled pane into a strategic possession so payroll can be difficult in adequate in one nation but when you’re doing it internationally it’s next level and Beyond it becomes complicated for a variety of reasons most importantly guidelines compliance information security and banking rules then there are the sheer numbers they add additional complexity the international Labor force is currently three and a half billion people 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 factor in that there are some 230 million businesses and growing all doing their own thing around the globe in the standard payroll model there’s frequently an overwhelming variety of various systems leading to time-consuming manual processes and silos the variety of Combinations could be non-existent in big amounts and or very really fundamental there’s no real consistency framework we’re residing 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 typically with pen and paper which just blows my mind every time I I believe

about it to provide you an idea of how far there still is to come according to Deloitte just 11 of organizations state they have Workforce data in real time that’s another number that provides me sleepless nights and quite frankly the more an organization invests in global payroll the less of a photo they see an absence of exposure also reaches payroll payments and failure to accurately track these payments can cause compliance accidents in the last mile of the deal almost half of global businesses have actually revealed that they do not 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 bad HCM information data entry mistakes inadequately interacted hires and terminations as well as absence management and system setups and then when you round all of it off and the data is shipped to the wrong place the average cost of a worldwide information breach at this moment is 3.9 billion dollars as soon as 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 required several procedures 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 difficulties service face when they’re paying to staff members or otherwise that’s a great concern I always throw this back and say what is it what doesn’t require to be consisted of best and what does

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it need to be thought about there’s differing Bank details so the length of an eye band a swift an account number routing code per country 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 consumer’s own in-country account so there’s complexity wherever you look best ultimately building a knowledge base is absolutely vital however everywhere you look with payroll payment they resemble very payments no if but some infants about it you are all superheroes processing payments for payroll if you look at the sort 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 basic and technology is permitting us to type of move on with that it likewise 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 definitely important that payroll and financing groups work closer together than ever um I’m constantly impressed when people 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 occupation would they split the payroll payment from computation I would say no so why do we as an industry 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 data collection all the way through to paying people anywhere 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 add to kind of the level of intricacy there’s a growing number of benefits being organ or being provided by businesses throughout the world so again you’re just seeking to add increasingly more payments to this currently complicated landscape so if you type 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 tough type of pay uses to play to pay individuals I believe yeah I suggest over the last well yeah a couple of years I would absolutely state that the larger an organization gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the task there are teams feeding information into the next function as it were that’s in fact managing the payment side of things but you know in in my opinion and my experience that doesn’t always need to be the case you understand long gone are the times where we need to develop extra handoffs in the processes that we operate in they just 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 know that we are operating in today there is no reason we are still making this as difficult as it requires to be agreed and rightly as you stated payroll is the single greatest liability that any business has from an expense viewpoint from an impact viewpoint on staff members it is absolutely 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 greatest harmful effect on individuals’s wellness and numerous other elements if individuals aren’t paid uh I have actually constantly been astonished entering into this Market sort of the last 5 to 10 years is how little thanks the

payroll team get um so I’m not sure anyone on this sort of webinar has been told thank you for processing my payroll properly if you have it ‘d be terrific to hear your success story and whether that’s been from all staff members or not um but eventually payroll is such an essential cycle all of us find out about it when it goes wrong everybody jumps up and down when it goes wrong but when it goes right it’s just a tick box workout and I believe that’s how it’s seen from the external view as well um so yeah it’s likewise like why WI-Fi Global why all of this things is absolutely crucial that all of this stuff is done properly so leveraging the first Worldwide Payments very first payroll payment option is a fantastic initial step um offering an end-to-end payroll solution for your employees worldwide again I think is another huge um procedure again lining up and guaranteeing you have standardization Global procedures all of those things are absolutely crucial to success success of companies and minimizing the variety of tools platforms and savings account they need for their International payroll too could not agree with you more and on the the front in regards to of the thank yous for getting payroll done I have actually never ever had a hundred countless them within a payroll cycle don’t anticipate to you do get the odd five or ten or whatever it might be with the with the the complaints where things haven’t gone rather where they’re indicated to be um I don’t believe any of us are really doing that for for the thanks

anyhow we understand how how important 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 associated with those procedures and also so envision sorry I’m simply I was just gon na state envision the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I make certain we’re speaking about hundreds of thousands possibly Millions imagine getting that lots of thank you keeps in mind um I mean it ‘d be interesting to see the number of Post-it notes you got however it would certainly be an intriguing job attempting to clean all those up for sure oh absolutely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to look through them and really see what was going on and sort of shot to get back to everybody so carrying on appearance why do business pick to main separate savings account there are Papaya Global Zimbabwe companies out there doing precisely this for specific nations and I have actually operated in a service or lots of businesses doing precisely that I can say it doesn’t constantly feel efficient and it does produce more work I know we’re not intentionally doing that we’re not creating extra 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 think that we’re doing that in in the in the amount that we are I believe many factors one is it’s the requirement I believe individuals have actually got so utilized to we need a new bank account we open an entity and appropriately so you require it for payroll purposes however there are a number of markets where it’s not a requirement so I believe 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 looked at things like trust accounts and many other ways um to to sort of do it so I believe there’s a range I think this is a procedure that needs taking a look at it requires altering but ultimately people are really stuck with what they recognize

with best um modification is a tough thing all of us do not like modification um so I think it’s simply kind of moving away from the norm as we’ve said so yeah so it keeps a great deal of track of things um I comprehend certainly the advantages of having keeping multiple savings account however there’s a big amount of complexity goes with setting up a checking account preserving it ensuring it can send out International transfers ensuring it’s established with the best user accesses for private people so the complexity is substantial however I believe the truthful answer is change um individuals haven’t been able to change or haven’t had necessarily the knowledge to actually 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 an aspect of resistance to change however we have actually constantly done it that way is no real reason for not taking a look at the the benefits and the possibilities of carrying on and moving into you know what could nearly be identified to be the next Century or so there is a lot to track and this technique does position several obstacles um so Johnny could you tell us about those difficulties yeah obviously so there’s a range right there is so

I recently made a change to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It seems like our CFO has actually gotten another CFO, and with this boosted capability, I have actually effectively protected payments for our 10,000 workers worldwide. Your dedication to mastering international payroll and payments using Papaya payroll OS is commendable. You deserve a corner office with a parking space that is closer, considering your achievements. Papaya Global Zimbabwe