Find out more about Papaya Global Bolivia ... We now have the ability to manage both our payroll and payments procedures on one unified platform. It's as if our Chief Financial Officer has obtained a separate Chief Financial Officer particularly devoted to managing payments. This supplies us with a secure and reliable method of paying to our 10,000 workers worldwide.}
the BEST international payroll managment app, conserves me hours of time on a monthly basis, one single dashboard for my payroll, EOR and specialists
Employee Website
Staff members have access to a Worker Portal where they can see their pay slips, wage and tax statements and employment files. The website is readily available in numerous languages and can be accessed on a desktop or mobile device.
Benefits Administration
Papaya Global helps business use competitive benefits bundles to worldwide workers despite the variety of workers in the company. The company can set up health insurance, short-term and long-lasting disability, vision, dental and maternity leave while removing the need to source regional benefits service providers in every country, develop regional accounts and have a minimum variety of workers.
Global HR Functionalities
's HR performances consist of PTO tracking, compliance, onboarding/offboarding tools, online storage for workers' files and migration services if your employees require work authorization support.
HR Analytics
Papaya Global's payroll and HR analytics suite gives you insights into workforce costs, workforce diversity, total employment expenses distributed per location, overall work costs per cycle and far more.
Globally, I have shown management and tactical expertise in directing large-scale populations of over 100,000 workers throughout 170 nations. Presently, I are accountable for managing payroll strategies, as pointed out by Mark. My function includes handling and developing external collaborations, supporting Business customers, and providing advisory services. Additionally, I am proud to be a part of Papaya Global, a pioneering payroll and payments solutions service provider.
As an international business, we are honored to be consisted of on the prestigious Time 100 list of the most influential companies worldwide. We concentrate on providing payroll and labor force management services to staff members in more than 160 countries. I am delighted to introduce Johnny Nash, as mentioned by Mark. Now, I'll let Johnny introduce himself. Good day to all, regardless of your place. It's an enjoyment to fulfill you and thank you for your important time. As Ian discussed, I am Johnny Nash, the director of payments at our company. With over a decade of experience in the payments market, I have actually focused on payroll and payment services for the past seven years. The intricacies and difficulties of this field have constantly captivated me.
payroll payments and decided to type of make a real go at that over the last five or 6 years where I've kind of had a range of different functions on the company side and likewise on the supplier side from a payroll point of view so really anticipating this discussion today um and yeah thank you quite for your time everybody fine thanks Johnny uh we'll simply give everybody another couple of uh well among the 30 seconds approximately to join all of us work back to back these days so we'll type of let them do that so it 'd be rather interesting and I can see it going on already simply to hear where everyone is um it's nice to to kind of like see where everyone originates from and I actually do hope it's much sunnier than it is 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 extremely really gloomy and I wish I was elsewhere at this moment in time alright 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 preserve separate
bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts simplifying papaya International payroll payments as a strategic possession uh we'll likewise discuss a wrap-up which must leave his time at the very really end for a q a session so as the title of the webinar suggests payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces become more and more typical and managing them becomes more and more intricate Global companies are looking to find Solutions and brand-new ways to simplify procedures especially from a payroll and cross-border payment perspective many companies maintain different checking account just for payroll while some have numerous accounts in different countries does it make good sense for companies to maintain different bank accounts often in different nations it does however just for payroll exists a much better way what function do virtual accounts and digital wallets likewise called virtual wallets play in assisting international companies streamline the episode complex procedures of
making payroll payments properly efficiently safely and on time throughout this webinar we'll stroll you through the worldwide pros and cons of a payroll wallet versus a payroll savings account how business properly forecast their payroll costs to increase working capital and how enhancing Worldwide payroll payments can turn them from a siled pane into a strategic property so payroll can be challenging in enough in one nation however when you're doing it worldwide it's next level and Beyond it ends up being complex for a range of reasons most significantly regulations compliance data security and banking rules then there are the sheer numbers they add more complexity the global Workforce is presently three and a half billion individuals by 2030 it's estimated 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 organizations and growing all doing their own thing all over the world in the traditional payroll design there's often a frustrating number of different systems leading to lengthy manual processes and silos the number of Combinations could be non-existent in big quantities and or very really fundamental there's no real consistency structure we're residing in a period 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 and that just blows my mind whenever I I believe
about it to give you an idea of how far there still is to come according to Deloitte just 11 of services state they have Labor force information in real time that's another number that gives me sleep deprived nights and quite honestly the more a company invests in international payroll the less of a picture they see a lack of presence likewise encompasses payroll payments and inability to accurately track these payments can result in compliance accidents in the last mile of the deal almost half of international organizations 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 mistakes are because of time reporting bad HCM information information entry errors improperly interacted hires and terminations in addition to absence management and system setups and then when you round everything off and the information is delivered to the wrong location the typical expense of a worldwide information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash worldwide payroll and payments don't run efficiently if they depend on the essential multiple processes 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 service face when they're making payments to employees or otherwise that's an excellent concern I constantly toss this back and say what is it what doesn't need to be consisted of right and what does
it require to be thought of there's differing Bank details so the length of an eye band a swift an account number routing code per nation there's payment time frames there's payment capabilities so can you pay it from International or do you need to pay from an in-country account do you need to pay from the client's own in-country account so there's intricacy any place you look ideal eventually developing a knowledge base is absolutely vital but all over 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 type of link between fintech and payroll it's closer than ever I believe there's now a bit more acknowledgment that payroll payments are definitely fundamental and technology is enabling 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 varying Checking account Particulars varying banking requirements and setup procedures is definitely crucial that payroll and finance teams work closer together than ever um I'm always amazed when people say I have actually 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 computation 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 ultimately 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 however also paying statutory authorities and on statutory third parties so with the
The contemporary world puts a high worth on wellness and the settlement landscape is ending up being increasingly elaborate. Businesses are constantly introducing brand-new benefits and payment alternatives, which adds to the overall complexity. Big corporations frequently divide their payroll and payment processing into separate groups, which can result in inefficiencies and bottlenecks. In my opinion, this doesn't need to be the case. In today's technically innovative period, there's no reason for maintaining troublesome procedures. Payroll, the business's biggest expenditure, must be processed correctly and on time. Even minor delays can adversely impact workers' wellness and have significant effects. For that reason, it's critical to prioritize accurate and prompt payments.
payroll group get um so I'm not sure anyone on this type of webinar has actually been told 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 but eventually payroll is such an essential cycle all of us hear about it when it fails everyone jumps up and down when it fails but when it goes right it's simply a tick box exercise and I think that's how it's seen from the external deem well um so yeah it's likewise like why WI-Fi Global why all of this stuff is definitely crucial that all of this stuff is done properly so leveraging the very first International Payments very first payroll payment service is a terrific initial step um supplying an end-to-end payroll solution for your workers worldwide again I think is another substantial um process once again lining up and ensuring you have standardization International processes all of those things are definitely crucial to success success of businesses and reducing the variety of tools platforms and checking account they require for their Global 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 ever had a hundred countless them within a payroll cycle do not anticipate to you do get the odd five or 10 or whatever it might be with the with the the grievances where things haven't gone quite where they're indicated to be um I do not think any of us are actually doing that for for the thanks
anyhow we understand how how important 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 everyone that's associated with those processes and also so think of sorry I'm simply I was simply gon na state picture the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I'm sure we're discussing hundreds of thousands possibly Millions think of getting that many thank you keeps in mind um I indicate it 'd be interesting to see how many Post-it notes you got however it would definitely be an intriguing task trying to clean up all those up for sure oh definitely I can't imagine the size of my my Outlook inbox if that was the case um you 'd require days of the week to try to check out them and actually see what was going on and sort of shot to get back to everybody so proceeding look why do companies choose to main separate checking account there are businesses out there doing precisely this for specific countries and I have actually operated in a company or lots of businesses doing precisely that I can state it does not constantly feel efficient and it does produce more work I know we're not deliberately doing that we're not developing extra work for any person where we don't need to and any person that's dealing with 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 lots of factors one is it's the requirement I believe individuals have actually got so used to we require a new savings account we open an entity and rightly so you need it for payroll functions however there are a number of markets where it's not a requirement so I think it's simply been the standard and the norm the people have embraced and continue to do over years and years gone past to contribute to that people have taken a look at things like trust accounts and numerous other ways um to to sort of do it so I believe there's a variety I think this is a procedure that needs looking at it requires altering but ultimately individuals are very stuck to what they're familiar
with right um change is a difficult thing we all do not like modification um so I think it's simply sort of moving away from the norm as we've said so yeah so it keeps a lot of track of things um I understand obviously the benefits of having preserving several bank accounts however there's a huge amount of intricacy goes with setting up a bank account preserving it guaranteeing it can send out International transfers guaranteeing it's established with the right user accesses for individual individuals so the complexity is huge however I believe the honest answer is modification um people haven't had the ability to change or haven't had necessarily the knowledge to truly make that change into alternate Solutions besides opening a checking account I think you have actually hit the nail on the head I believe it is understanding you understand and there is an aspect of resistance to alter however we have actually 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 know what might almost be figured out to be the next Century or two there is a lot to track and this technique does present several obstacles um so Johnny could you inform us about those obstacles yeah naturally so there's a variety right there is so
I recently made a modification to our Enterprise 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 gotten another CFO, and with this enhanced capability, I have actually successfully protected payments for our 10,000 workers worldwide. Your devotion to mastering global payroll and payments using Papaya payroll OS is good. You deserve a corner workplace with a parking space that is better, considering your achievements.
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