Managing payroll worldwide is a difficult job … Papaya Global Tanzania…
How much revenue does the company make? Papaya Global Tanzania
Over the last five or 6 years …Papaya Global Tanzania… functions on the supplier side and likewise on the vendor side from a payroll point of view so truly looking forward to this discussion today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll just provide everyone another couple of uh well one of the 30 seconds or so to join we all work back to back these days so we’ll kind of let them do that so it ‘d be rather fascinating and I can see it going on already just to hear where everybody is um it’s nice to to kind of like see where everybody originates from and I truly 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 extremely really dreary and I wish I was elsewhere at this moment in time all right so let’s get started our program for today is as follows um we are going to be taking a look at the obstacle years of managing Worldwide payroll why companies maintain different
Virtual payroll accounts are an option to conventional bank accounts for handling payroll payments. This is especially beneficial for international organizations with dispersed and remote workforces, as it streamlines the complicated process of cross-border payments. Instead of preserving separate checking account for payroll in various nations, virtual accounts and digital wallets provide a more structured solution. In this webinar, we will explore the benefits of using virtual payroll accounts and go over why they are becoming a tactical property for payroll executives. We will likewise supply a recap of the bottom lines covered and leave time for a Q&A session at the end.
Making sure precise, effective, and timely payroll payments is a complex challenge for businesses running internationally. Join us for a webinar to check out the benefits and disadvantages of payroll wallets versus payroll bank accounts, learn how business anticipate payroll costs to optimize working capital, and find how simplifying international payroll payments can transform them from a troublesome task into a tactical property.
due to various regulations, compliance requirements, information security issues, and banking rules. The sheer variety of workers and services contributes to the complexity, with an estimated 3.5 billion people in the global labor force, 500 countless whom remain in Africa, and 230 million companies worldwide.
Conventional payroll systems frequently result in manual processes, information silos, and an absence of combination, leading to disparities and inefficiencies. Regardless of residing in an era of technological improvements, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed manually, often using pen and paper. This webinar objectives to provide insights and services to simplify and enhance international payroll payments.
about it to give you an idea of how far there still is to come according to Deloitte only 11 of services say they have Labor force information in real time that’s another number that provides me sleepless nights and quite frankly the more a service invests in international payroll the less of an image they see an absence of visibility also extends to payroll payments and inability to precisely track these payments can cause compliance accidents in the last mile of the deal almost half of global businesses have actually revealed that they don’t have the level of standardization they need in their processes or want and as a result eighty percent of mistakes are because of time reporting poor HCM information data entry errors inadequately interacted hires and terminations along with absence management and system configurations and after that when you round everything off and the data is shipped to the incorrect location the average 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 all over the world payroll and payments don’t run efficiently if they rely on the needed numerous procedures systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the difficulties company face when they’re paying to workers or otherwise that’s an excellent concern I always throw this back and state what is it what does not require to be included ideal and what does
it need to be considered there’s varying Bank information 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 need to pay from an in-country account do you have to pay from the customer’s own in-country account so there’s intricacy wherever you look ideal ultimately constructing a knowledge base is definitely crucial but all over you look with payroll payment they resemble super payments no if but some infants 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 fundamental and innovation is permitting us to kind of move on with that it likewise too to add to that payroll and finance need to work closer together um with differing Bank Account Details differing banking requirements and setup processes is absolutely essential that payroll and financing groups work better together than ever um I’m always astonished when individuals say I’ve divided payroll and payment um if you walk down the street and asked anybody what is payroll who does not operate in the payroll occupation would they divide the payroll payment from computation 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
The modern-day world puts a high value on well-being and the compensation landscape is becoming increasingly intricate. Businesses are constantly presenting new benefits and payment choices, which contributes to the general intricacy. Big corporations typically divide their payroll and payment processing into separate teams, which can lead to inadequacies and bottlenecks. In my opinion, this doesn’t need to be the case. In today’s technically advanced period, there’s no justification for keeping troublesome procedures. Payroll, the company’s greatest cost, need to be processed correctly and on time. Even minor delays can adversely impact workers’ well-being and have far-reaching repercussions. Therefore, it’s vital to focus on accurate and prompt payments.
payroll group get um so I’m uncertain anybody on this kind of webinar has been informed thank you for processing my payroll correctly if you have it ‘d be fantastic to hear your success story and whether that’s been from all employees or not um however ultimately payroll is such a crucial cycle all of us hear about it when it goes wrong everyone jumps up and down when it fails 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 also like why WI-Fi Global why all of this stuff is definitely essential that all of this things is done properly so leveraging the very first Global Payments very first payroll payment service is a great initial step um offering an end-to-end payroll solution for your workers internationally again I think is another huge um process again lining up and ensuring you have standardization International processes all of those things are absolutely crucial to success success of services and minimizing the variety of tools platforms and bank accounts they require for their International payroll too couldn’t 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 thousand of them within a payroll cycle do not expect to you do get the odd five or ten or whatever it might be with the with the the problems where things haven’t gone quite where they’re suggested to be um I do not believe any of us are really doing that for for the thanks
anyhow we know how how essential a function 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 involved in those procedures and also so think of sorry I’m simply I was simply gon na say think of the amount of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make sure we’re discussing numerous thousands potentially Millions picture getting that numerous thank you notes um I suggest it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be an interesting task attempting to clean all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to look through them and actually see what was going on and type of shot to get back to everybody so carrying on look why do companies pick to primary separate savings account there are Papaya Global Tanzania businesses out there doing exactly this for particular countries and I have actually worked in a company or many companies doing exactly that I can say it doesn’t always feel effective and it does develop more work I understand we’re not deliberately doing that we’re not producing additional work for anyone where we do not have to and anybody that’s handling that procedure I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the quantity that we are I believe numerous reasons one is it’s the standard I think people have got so utilized to we need a brand-new bank account we open an entity and appropriately so you need it for payroll purposes however there are a variety of markets where it’s not a requirement so I believe it’s just been the requirement and the standard individuals have embraced and continue to do over years and years passed by to add to that individuals have actually looked at things like trust accounts and many other ways um to to kind of do it so I believe there’s a range I believe this is a process that requires looking at it requires changing however eventually individuals are really stuck with what they’re familiar
with right um modification is a tough thing we all do not like modification um so I think it’s simply type of moving away from the standard as we’ve said so yeah so it keeps a great deal of track of stuff um I comprehend obviously the benefits of having maintaining several bank accounts however there’s a big amount of complexity opts for setting up a bank account maintaining it ensuring it can send out International transfers ensuring it’s set up with the best user accesses for individual individuals so the complexity is huge but I think the sincere response is change um individuals haven’t been able to alter or have not had necessarily the knowledge to truly make that change into alternate Solutions besides opening a checking account I believe you’ve struck the nail on the head I think it is knowledge you understand and there is an aspect of resistance to change however we’ve constantly done it that way is no real excuse for not taking a look at the the benefits and the possibilities of moving on and moving into you know what might almost be identified to be the next Century approximately there is a lot to keep track of and this method does posture numerous difficulties um so Johnny might you inform us about those obstacles yeah of course so there’s a variety right there is so
I simply did you switched our Enterprise 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 workplace with a closer parking space because I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Tanzania
I discover time and time again the workers frequently misclassified unwittingly they do not comprehend the conditions of employment or contract and are told by the client why it’s most advantageous primarily to the customer why you need to be utilized or engaged in this fashion the employee may owe taxes and Social Security to the authorities the future pension and health care opportunities of the worker can be impacted and numerous times it can be years before this all falls out and by that time it’s too late years have actually gone by they haven’t added to pensions And so on so it’s a big effect that they never ever knew they were walking into you could not agree with you more if you state the UK for example hmrc can go back as much as ten years um Kathy business are taking out insurance coverage against misclassification however usually premiums are just covering the expense of legal fees whilst the average claim assessed against companies corresponds to to 40 or 50 percent of the base pay of worker exists any point in securing insurance and what is the alternative yeah to your point um you do require to read the fine print it is not covering the taxes penalty and interest most of the times I haven’t seen it at least so uh the the other location that I do believe if you managed to get the protection what we are stating is is that if your compliance program is not up to stuff you could be rejected protection on the basis of the truth that you were not in compliance with laws um in the UK