Find out more about Papaya Global Bureau Issues Today ... We now have the ability to handle both our payroll and payments procedures on one merged platform. It's as if our Chief Financial Officer has acquired a different Chief Financial Officer particularly dedicated to managing payments. This supplies us with a protected and dependable technique of making payments to our 10,000 staff members worldwide.}
The cutting-edge global payroll management app improves my payroll process, saving me a significant quantity of time every month. With its user-friendly interface, I have access to a single dashboard that effectively handles my payroll, EOR, and contractors.
Worker Website
Employees have access to a Staff member Portal where they can view their pay slips, wage and tax declarations and employment documents. The portal is offered in numerous languages and can be accessed on a desktop or mobile device.
Benefits Administration
Papaya Global helps business offer competitive advantages bundles to global staff members no matter the variety of employees in the company. The company can establish health insurance, short-term and long-term disability, vision, dental and maternity leave while eliminating the need to source regional advantages service providers in every country, develop local accounts and have a minimum number of workers.
The HR capabilities supplied by Global HR encompass different functions such as monitoring getaway time, ensuring compliance, helping with the process of inviting brand-new employees and bidding farewell to departing ones, using a protected online platform for saving workers' documents, and providing assistance for work allow procedures in case your workers require support because area.
HR Analytics
Papaya Global's payroll and HR analytics suite offers you insights into workforce costs, labor force variety, overall work expenses distributed per area, overall employment costs per cycle and a lot more.
environments across the globe I offered management and technique to populations of over a hundred thousand workers in more than 170 countries today I'm the payroll strategies for as Mark stated I work across business managing and building external relationships supporting Enterprise clients and services in addition to acting as an advisor for those of you that do not know who papaya Worldwide is papaya is the very first payroll and payments
As a global company, we are honored to be included on the prestigious Time 100 list of the most prominent business worldwide. We concentrate on supplying payroll and workforce management services to workers in more than 160 nations. I am delighted to introduce Johnny Nash, as mentioned by Mark. Now, I'll let Johnny introduce himself. Good day to all, no matter your location. It's a satisfaction to satisfy you and thank you for your valuable time. As Ian mentioned, I am Johnny Nash, the director of payments at our company. With over a decade of experience in the payments industry, I have focused on payroll and payment services for the past 7 years. The complexities and obstacles of this field have actually always mesmerized me.
payroll payments and chose to kind of make a real go at that over the last five or 6 years where I've type of had a variety of various roles on the company side and also on the vendor side from a payroll viewpoint so actually looking forward to this discussion today um and yeah thank you very much for your time everybody okay thanks Johnny uh we'll simply give everybody another couple of uh well one of the 30 seconds or two to join we all work back to back nowadays so we'll type of let them do that so it 'd be rather intriguing and I can see it going on already simply to hear where everybody is um it's nice to to type of like see where everyone 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 raining here it's extremely very uninspiring and I wish I was somewhere else at this moment in time okay so let's get going our program for today is as follows um we are going to be looking at the difficulty years of handling Global payroll why companies maintain separate
checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts simplifying papaya Worldwide payroll payments as a tactical asset uh we'll also go over a wrap-up which should leave his time at the really very end for a q a session so as the title of the webinar suggests payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and International labor forces end up being a growing number of common and handling them ends up being increasingly more complex International organizations are aiming to discover Solutions and brand-new ways to simplify processes especially from a payroll and cross-border payment perspective lots of organizations preserve separate checking account just for payroll while some have numerous accounts in different countries does it make good sense for companies to keep separate 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 known as virtual wallets play in assisting international companies enhance the episode complex processes of
making payroll payments accurately efficiently firmly and on time throughout this webinar we'll stroll you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll checking account how companies properly forecast their payroll expenses to increase working capital and how enhancing Global payroll payments can turn them from a siled pane into a strategic asset so payroll can be difficult in sufficient in one nation but when you're doing it internationally it's next level and Beyond it becomes intricate for a variety of factors most notably regulations compliance data security and banking rules then there are the sheer numbers they include further complexity the international Labor force is currently three and a half billion people by 2030 it's estimated that in Africa alone they will contribute and more 1.1 billion individuals that number is presently 500 million just for for a scale then factor in that there are some 230 million companies and growing all doing their own thing around the globe in the conventional payroll design there's often an overwhelming variety of various systems resulting in lengthy manual procedures and silos the number of Integrations could be non-existent in large quantities and or really extremely basic there's no genuine consistency framework we're living in an era of tech but payroll has actually been slow 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 each time I I think
about it to offer you a concept of how far there still is to come according to Deloitte just 11 of services say they have Workforce information in real time that's another number that gives me sleepless nights and rather honestly the more a business invests in global payroll the less of a photo they see a lack of exposure likewise reaches payroll payments and inability to precisely track these payments can cause compliance mishaps in the last mile of the deal nearly half of worldwide businesses have actually revealed that they do not have the level of standardization they need in their processes or desire and as a result eighty percent of mistakes are due to time reporting bad HCM data data entry errors poorly interacted hires and terminations in addition to lack management and system configurations and then when you round all of it off and the data is delivered to the wrong location the average cost of an international data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash worldwide payroll and payments don't run smoothly if they rely on the essential several 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 challenges company face when they're paying to employees or otherwise that's an excellent concern I constantly throw this back and state what is it what does not need to be consisted of ideal and what does
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 timespan there's payment abilities 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 anywhere you look right eventually constructing a knowledge base is definitely vital however everywhere you look with payroll payment they resemble incredibly payments no if but some infants about it you are all superheroes processing payments for payroll if you take a look at the kind of link in between fintech and payroll it's closer than ever I think there's now a bit more acknowledgment that payroll payments are absolutely basic and technology is permitting us to sort of progress with that it likewise also to add to that payroll and finance require to work closer together um with varying Checking account Details differing banking requirements and setup procedures is definitely vital that payroll and finance teams work more detailed together than ever um I'm constantly astonished when people 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 divide the payroll payment from estimation 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 eventually it's payroll is an end-to-end procedure it's the point of information collection all the way through to paying people any place they are but also paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being more and more essential to contribute to sort of the level of intricacy there's increasingly more advantages being organ or being used by businesses across the world so again you're just looking to include increasingly more payments to this already complicated landscape so if you type of got any experience well I'm from your large experience here and I'm sure but have you got any experience in kind of genuine difficulties or real challenging sort of pay utilizes to play to pay people I think yeah I imply over the last well yeah a couple of years I would absolutely state that the bigger a service gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the job there are groups feeding info into the next function as it were that's in fact managing the payment side of things however you know in in my viewpoint and my experience that does not always require to be the case you know long gone are the times where we need to produce extra handoffs in the processes that we run in they just make them more prompt they make them less effective and they don't make them what they need to be in in an era of tech and a period that you understand that we are operating in today there is no reason we are still making this as challenging as it requires to be concurred and rightly as you stated payroll is the single greatest liability that any business has from a cost point of view from an effect perspective on employees it is absolutely critical that it's done correctly and on time so what we imply 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 harmful impact on individuals's well-being and many other aspects if individuals aren't paid uh I've constantly been surprised coming into this Market sort of the last five to 10 years is how little thanks the
The payroll group may not have been thanked for correctly processing payroll during a webinar. If anyone has been thanked, it would be terrific to hear their success story, whether it's from all staff members or not. Payroll is a crucial cycle, and people only see when things fail. Nevertheless, when things go right, it's seen as just a regular job. This is how it's viewed externally too. For that reason, it is essential to make sure that tasks like Wi-Fi International and other vital matters are done correctly. Utilizing the very first Worldwide Payments very first payroll payment option is a fantastic preliminary step towards supplying a detailed payroll solution for employees worldwide. Standardization, global procedures, and minimizing the number of tools, platforms, and checking account required for global payroll are crucial consider accomplishing organization success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes get a few grievances when things don't go as planned. Eventually, we don't do it for the thankfulness.
anyway we understand how how essential a role 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 processes and also so picture sorry I'm simply I was simply gon na state think of the amount 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 potentially Millions envision getting that numerous thank you keeps in mind um I imply it 'd be interesting to see the number of Post-it notes you got however it would absolutely be a fascinating job trying to clean all those up for sure oh definitely I can't think of the size of my my Outlook inbox if that held true um you 'd need days of the week to try to look through them and in fact see what was going on and sort of try to return to everybody so moving on look why do companies pick to primary separate savings account there are services out there doing exactly this for particular nations and I've worked in a company or numerous services doing precisely that I can state it does not constantly feel effective and it does create more work I understand we're not purposely doing that we're not producing extra work for any person where we do not need to and anyone that's dealing with that procedure I 'd be interested to hear your ideas Johnny why do you think that we're doing that in in the in the quantity that we are I think lots of reasons one is it's the requirement I believe individuals have got so used to we need a brand-new checking account we open an entity and rightly so you require it for payroll functions however there are a number of markets where it's not a requirement so I believe it's just been the requirement and the norm individuals have actually embraced and continue to do over years and years passed by to add to that people have taken a look at things like trust accounts and numerous other ways um to to kind of do it so I believe there's a range I believe this is a process that requires taking a look at it needs changing however eventually individuals are extremely stuck with what they're familiar
with right um change is a hard thing all of us don't like change um so I believe it's simply type of moving away from the norm as we've said so yeah so it keeps a lot of track of things um I comprehend certainly the benefits of having preserving several bank accounts but there's a huge amount of complexity goes with establishing a bank account maintaining it ensuring it can send out International transfers ensuring it's set up with the right user accesses for specific individuals so the complexity is substantial however I believe the sincere response is modification um people have not had the ability to change or have not had always the knowledge to actually make that change into alternate Solutions besides opening a bank account I believe you have actually struck the nail on the head I think it is understanding you know 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 advantages and the possibilities of carrying on and moving into you understand what could almost be figured out to be the next Century or so there is a lot to track and this approach does posture several challenges um so Johnny might you tell us about those obstacles yeah obviously so there's a variety right there is so
I just recently made a change to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It seems like our CFO has gotten another CFO, and with this enhanced capability, I have effectively secured payments for our 10,000 workers worldwide. Your dedication to mastering international payroll and payments using Papaya payroll OS is good. You are worthy of a corner office with a parking space that is more detailed, considering your accomplishments.
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