Kenya Papaya Global FAQ – Payroll Management 2024

Over the last 5 or 6 years …Kenya Papaya Global… roles on the service provider side and likewise on the vendor side from a payroll perspective so really looking forward to this discussion today um and yeah thank you very much for your time everyone alright 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 these days so we’ll sort of let them do that so it ‘d be rather interesting 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 really 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 drizzling here it’s really extremely bleak 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 looking at the challenge years of managing Global payroll why companies keep different

Virtual payroll accounts are an alternative to standard checking account for managing payroll payments. This is especially helpful for worldwide companies with dispersed and remote workforces, as it simplifies the intricate procedure of cross-border payments. Instead of maintaining different bank accounts for payroll in different countries, virtual accounts and digital wallets offer a more structured solution. In this webinar, we will check out the advantages of using virtual payroll accounts and go over why they are ending up being a tactical property for payroll executives. We will also offer a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.

making payroll payments properly efficiently securely 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 business properly anticipate their payroll costs to increase working capital and how simplifying International payroll payments can turn them from a siled pane into a tactical possession so payroll can be difficult in adequate in one country but when you’re doing it internationally it’s next level and Beyond it ends up being complicated for a variety of factors most notably guidelines compliance information security and banking rules then there are the sheer numbers they include more intricacy the international Labor force is currently 3 and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and further 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 around the world in the traditional payroll model there’s often an overwhelming variety of different systems leading to time-consuming manual procedures and silos the number of Combinations could be non-existent in large quantities and or extremely really basic there’s no genuine consistency structure 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 frequently with pen and paper which simply blows my mind each time I I think

about it to offer you an idea of how far there still is to come according to Deloitte only 11 of organizations say they have Workforce data in real time that’s another number that gives me sleep deprived nights and quite honestly the more a service invests in international payroll the less of a photo they see an absence of visibility likewise extends to payroll payments and inability to properly track these payments can result in compliance accidents in the last mile of the deal nearly half of worldwide services have revealed that they don’t have the level of standardization they require in their procedures or want and as a result eighty percent of mistakes are because of time reporting poor HCM data data entry errors improperly communicated hires and terminations along with absence management and system configurations and then when you round all of it off and the information is delivered to the incorrect place the typical expense of a worldwide data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash around the world payroll and payments do not run smoothly if they rely on the required 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 challenges business face when they’re making payments to employees or otherwise that’s an excellent concern I always toss this back and state what is it what does not require to be included best and what does

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it need to be thought of there’s varying Bank details so the length of an eye band a swift an account number routing code per country there’s payment amount of time there’s payment capabilities so can you pay it from International or do you have 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 ideal ultimately developing a knowledge base is definitely crucial however everywhere you look with payroll payment they resemble incredibly payments no if but some children about it you are all superheroes processing payments for payroll if you look at the sort of link between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are absolutely essential and innovation is allowing us to kind of move on with that it also too to contribute to that payroll and financing need to work closer together um with varying Savings account Details varying banking requirements and setup procedures is absolutely crucial that payroll and financing groups work more detailed together than ever um I’m always amazed when people state 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 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 often split and cut up um ultimately it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying people anywhere they are however also paying statutory authorities and on statutory third parties so with the

world we reside in and well-being being increasingly more essential to contribute to kind of the level of complexity there’s more and more benefits being organ or being used by services across the world so once again you’re simply seeking to add more and more payments to this already complicated 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 genuine challenges or genuine tough type of pay utilizes to play to pay people I believe yeah I imply over the last well yeah a number of decades I would certainly say that the larger 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 teams feeding information into the next function as it were that’s actually managing the payment side of things but you understand in in my viewpoint and my experience that does not always require to be the case you understand long gone are the times where we require to produce additional handoffs in the processes that we run in they just make them more timely they make them less efficient and they do not make them what they require to be in in an era of tech and a period that you know that we are working in today there is no reason that we are still making this as hard as it requires to be agreed and rightly as you stated payroll is the single most significant liability that any service has from a cost perspective from an impact point of view on employees it is absolutely critical 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 destructive result on individuals’s wellness and many other aspects if people aren’t paid uh I have actually always been amazed entering into this Market sort of the last five to 10 years is how little thanks the

The payroll group might not have actually been thanked for properly processing payroll throughout a webinar. If anyone has been thanked, it would be excellent to hear their success story, whether it’s from all employees or not. Payroll is an important cycle, and people only see when things fail. Nevertheless, when things go right, it’s seen as simply a routine job. This is how it’s perceived externally also. For that reason, it is essential to guarantee that jobs like Wi-Fi Global and other important matters are done properly. Utilizing the very first Worldwide Payments very first payroll payment solution is a terrific initial step towards providing an extensive payroll solution for employees worldwide. Standardization, global processes, and minimizing the variety of tools, platforms, and bank accounts needed for international payroll are key factors in attaining service success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes receive a couple of grievances when things do not go as planned. Ultimately, we do not do it for the thankfulness.

anyway we know how how crucial 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 associated with those procedures and also so think of sorry I’m simply I was just gon na say envision the quantity of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make sure we’re speaking about hundreds of thousands possibly Millions picture getting that lots of thank you keeps in mind um I suggest it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be an interesting job attempting to clean up 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 need days of the week to attempt to check out them and in fact see what was going on and type of try to get back to everybody so moving on look why do companies pick to main different bank accounts there are Kenya Papaya Global organizations out there doing exactly this for specific countries and I’ve worked in a service or many businesses doing exactly that I can say it does not always feel effective and it does produce more work I understand we’re not deliberately doing that we’re not producing additional work for anybody where we do not have to and anybody that’s managing 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 amount that we are I believe lots of factors one is it’s the requirement I think people have got so used to we require a brand-new checking 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 simply been the standard and the norm the people have embraced and continue to do over years and years gone past to add to that individuals have looked at things like trust accounts and many other methods um to to type of do it so I think there’s a range I believe this is a procedure that needs taking a look at it needs changing however eventually people are extremely stuck with what they recognize

with right um change is a difficult thing we all do not like change um so I think it’s simply type of moving away from the standard as we have actually said so yeah so it keeps a great deal of track of stuff um I comprehend undoubtedly the benefits of having preserving multiple checking account however there’s a huge quantity of intricacy opts for setting up a savings account keeping it ensuring it can send International transfers ensuring it’s established with the ideal user accesses for individual people so the complexity is big but I think the honest response is change um people haven’t had the ability to alter or have not had always the understanding to really make that change into alternate Solutions aside from opening a savings account I believe you have actually hit the nail on the head I believe it is knowledge you know and there is an element of resistance to change but we have actually constantly done it that way is no real excuse for not looking at the the advantages and the possibilities of moving on and moving into you understand what might almost be identified to be the next Century or two there is a lot to keep an eye on and this method does present a number of obstacles 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 changed our Business to OS so now we can do our payroll and payments operation on a single platform yes it’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global employees you deserve a corner office with a better parking space because I mastered International payroll and payments with Papaya payroll OS did you Kenya Papaya Global