Find out more about How To Change Bank Account In Papaya Global Payroll ... We now have the ability to manage both our payroll and payments processes on one unified platform. It's as if our Chief Financial Officer has acquired a separate Chief Financial Officer particularly committed to handling payments. This provides us with a safe and secure and trustworthy method of making payments to our 10,000 workers worldwide.}
the very best international payroll managment app, saves me hours of time on a monthly basis, one single control panel for my payroll, EOR and professionals
Worker Website
Workers have access to a Staff member Website where they can view their pay slips, wage and tax statements and employment files. The website is available in numerous languages and can be accessed on a desktop or mobile phone.
Advantages Administration
Papaya Global assists business use competitive advantages plans to global employees regardless of the variety of employees in the company. The business can set up health insurance, short-term and long-term impairment, vision, dental and maternity leave while getting rid of the need to source local benefits companies in every country, develop local accounts and have a minimum number of workers.
The HR capabilities offered by International HR include numerous functions such as keeping an eye on vacation time, ensuring compliance, helping with the procedure of inviting new staff members and bidding goodbye to departing ones, providing a secure online platform for storing employees' documents, and supplying assistance for work permit treatments in case your staff members need support in that area.
HR Analytics
Papaya Global's payroll and HR analytics suite gives you insights into workforce costs, labor force diversity, total employment costs distributed per area, overall employment expenses per cycle and a lot more.
Globally, I have shown leadership and tactical proficiency in directing massive populations of over 100,000 workers across 170 countries. Currently, I are accountable for managing payroll techniques, as mentioned by Mark. My function includes managing and developing external collaborations, supporting Enterprise customers, and providing advisory services. Furthermore, I am proud to be a part of Papaya Global, a pioneering payroll and payments services service provider.
As a global company, we are honored to be consisted of on the prestigious Time 100 list of the most influential companies worldwide. We focus on supplying payroll and labor force management services to staff members in more than 160 nations. I am delighted to introduce Johnny Nash, as discussed by Mark. Now, I'll let Johnny introduce himself. Good day to all, despite your area. It's an enjoyment to fulfill you and thank you for your valuable time. As Ian pointed out, I am Johnny Nash, the director of payments at our company. With over a years of experience in the payments industry, I have actually concentrated on payroll and payment solutions for the past 7 years. The complexities and challenges of this field have actually always captivated me.
payroll payments and decided to type of make a genuine go at that over the last 5 or six years where I have actually type of had a variety of different roles on the supplier side and also on the vendor side from a payroll point of view so actually eagerly anticipating this discussion today um and yeah thank you very much for your time everyone okay thanks Johnny uh we'll just provide everybody another couple of uh well one of the 30 seconds approximately to join all of us work back to back nowadays so we'll sort of let them do that so it 'd be quite intriguing and I can see it going on currently simply to hear where everybody is um it's nice to to sort of like see where everyone originates from and I actually do hope it's much sunnier than it remains in the UK today definitely not the peak of the sunshine is it it's not no it's it's raining here it's extremely extremely dreary and I wish I was elsewhere at this moment in time fine so let's start our program for today is as follows um we are going to be taking a look at the difficulty years of managing Worldwide payroll why business maintain separate
Virtual payroll accounts are an option to standard checking account for managing payroll payments. This is particularly useful for global organizations with dispersed and remote workforces, as it streamlines the complex procedure of cross-border payments. Instead of maintaining different bank accounts for payroll in various nations, virtual accounts and digital wallets offer a more structured solution. In this webinar, we will check out the benefits of using virtual payroll accounts and talk about why they are becoming a tactical asset for payroll executives. We will likewise offer a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments precisely effectively securely and on time during this webinar we'll walk you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll checking account how companies properly anticipate their payroll costs to increase working capital and how simplifying International payroll payments can turn them from a siled pane into a strategic property so payroll can be challenging in sufficient in one nation however when you're doing it globally it's next level and Beyond it becomes intricate for a range of reasons most importantly regulations compliance data security and banking guidelines then there are the sheer numbers they add additional complexity the global Labor force is presently three and a half billion people by 2030 it's approximated that in Africa alone they will contribute and further 1.1 billion people 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 standard payroll model there's typically an overwhelming number of different systems causing lengthy manual processes and silos the variety of Combinations could be non-existent in large amounts and or very really fundamental there's no real consistency framework we're residing in an era 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 which simply blows my mind whenever I I believe
about it to provide you a concept of how far there still is to come according to Deloitte only 11 of companies say they have Labor force 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 an image they see an absence of presence also extends to payroll payments and inability to precisely track these payments can result in compliance accidents in the last mile of the transaction nearly half of global services have revealed that they do not have the level of standardization they need in their processes or want and as a result eighty percent of errors are because of time reporting bad HCM information information entry errors badly interacted hires and terminations as well as absence management and system configurations and then when you round everything off and the data is delivered to the wrong location the typical cost of a global information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash around the world payroll and payments don't run smoothly if they rely on the needed numerous procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the challenges service face when they're making payments to workers or otherwise that's an excellent question I always throw this back and say what is it what doesn't need to be consisted of ideal and what does
it require to be thought of there's varying Bank information so the length of an eye band a swift an account number routing code per nation there's payment time frames 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 ideal ultimately constructing a knowledge base is definitely crucial however all over you look with payroll payment they are like incredibly payments no if but some babies about it you are all superheroes processing payments for payroll if you take a look at the sort of link in 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 enabling us to sort of move on with that it likewise also to add to that payroll and finance require to work closer together um with differing Checking account Details varying banking requirements and setup processes is absolutely important that payroll and finance teams work more detailed together than ever um I'm constantly astonished when individuals state I've split 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 eventually it's payroll is an end-to-end procedure it's the point of information collection all the way through to paying individuals wherever they are but also paying statutory authorities and on statutory third parties so with the
The contemporary world positions a high worth on wellness and the settlement landscape is becoming increasingly intricate. Companies are constantly presenting brand-new benefits and payment choices, which adds to the total complexity. Large corporations frequently divide their payroll and payment processing into different teams, which can cause inadequacies and bottlenecks. In my viewpoint, this doesn't have to hold true. In today's highly sophisticated age, there's no reason for preserving cumbersome procedures. Payroll, the business's biggest expenditure, must be processed properly and on time. Even slight delays can adversely affect staff members' wellness and have far-reaching repercussions. For that reason, it's important to prioritize precise and prompt payments.
payroll group get um so I'm not sure anybody 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 workers or not um however ultimately payroll is such an essential cycle we all hear about it when it goes wrong everyone jumps up and down when it fails however when it goes right it's just a tick box exercise and I believe that's how it's seen from the external deem well um so yeah it's also like why WI-Fi Global why all of this things is definitely crucial that all of this things is done properly so leveraging the first Global Payments very first payroll payment service is a fantastic primary step um supplying an end-to-end payroll option for your workers internationally once again I think is another substantial um process again lining up and guaranteeing you have standardization International processes all of those things are definitely key to success success of services and reducing the number of tools platforms and checking account they need for their Worldwide 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've never had a hundred thousand of them within a payroll cycle don't anticipate to you do get the odd 5 or ten or whatever it might be with the with the the grievances where things have not gone rather where they're suggested to be um I do not believe any of us are actually doing that for for the thanks
anyhow we know how how essential 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 involved in those procedures and likewise so picture sorry I'm simply I was just gon na say think of the quantity of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make certain we're discussing hundreds of thousands potentially Millions picture getting that many thank you notes um I imply it 'd be interesting to see how many Post-it notes you got however it would definitely be an intriguing job trying 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 require days of the week to attempt to check out them and really see what was going on and type of shot to get back to everyone so carrying on appearance why do business pick to primary different bank accounts there are organizations out there doing precisely this for specific countries and I have actually worked in an organization or numerous businesses doing precisely that I can say it doesn't constantly feel efficient and it does develop more work I know we're not purposely doing that we're not creating extra work for anyone where we don't have to and anybody that's handling 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 quantity that we are I believe lots of reasons one is it's the requirement I think individuals have actually got so used to we require a brand-new checking account we open an entity and rightly so you require it for payroll purposes but there are a number of markets where it's not a requirement so I think it's just been the standard and the standard individuals have actually adopted and continue to do over years and years gone past to add to that people 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 looking at it needs changing but ultimately people are extremely stuck with what they're familiar
with best um change is a challenging thing we all do not like change um so I think it's simply sort of moving away from the norm as we've said so yeah so it keeps a great deal of track of stuff um I comprehend clearly the advantages of having preserving several bank accounts however there's a huge quantity of intricacy chooses setting up a bank account maintaining it ensuring it can send out International transfers guaranteeing it's established with the ideal user accesses for specific people so the intricacy is substantial but I think the truthful response is modification um individuals haven't had the ability to alter or have not had necessarily the knowledge to really make that change into alternate Solutions other than opening a checking account I think you've hit the nail on the head I think it is knowledge you know and there is an element of resistance to change however we've constantly done it that way is no real reason for not looking at the the benefits and the possibilities of moving on and moving into you understand what could practically be determined to be the next Century or so there is a lot to keep an eye on and this approach does present a number of obstacles um so Johnny could you tell us about those obstacles yeah obviously so there's a range right there is so
I just did you switched our Enterprise 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 workplace with a more detailed parking space since I mastered Worldwide payroll and payments with Papaya payroll OS did you
Papaya Global Bangalore Office Location