Find out more about Papaya Global Colombia ... We now have the ability to handle both our payroll and payments processes on one unified platform. It's as if our Chief Financial Officer has actually acquired a different Chief Financial Officer specifically devoted to handling payments. This provides us with a safe and trusted technique of paying to our 10,000 staff members worldwide.}
The cutting-edge international payroll management app enhances my payroll process, saving me a significant quantity of time monthly. With its easy to use user interface, I have access to a single dashboard that effectively manages my payroll, EOR, and contractors.
Staff member Portal
Workers have access to a Staff member Portal where they can view their pay slips, wage and tax declarations and work files. The website is offered in multiple languages and can be accessed on a desktop or mobile phone.
Advantages Administration
Papaya Global assists business offer competitive advantages plans to global workers regardless of the variety of employees in the company. The company can establish health insurance, short-term and long-lasting impairment, vision, dental and maternity leave while removing the requirement to source local advantages service providers in every nation, develop regional accounts and have a minimum number of workers.
The HR abilities provided by International HR incorporate various functions such as keeping an eye on getaway time, guaranteeing compliance, helping with the procedure of welcoming new workers and bidding goodbye to departing ones, offering a safe online platform for saving workers' files, and providing assistance for work permit procedures in case your employees need help in that area.
HR Analytics
Papaya Global's payroll and HR analytics suite gives you insights into workforce spending, workforce variety, total work costs distributed per place, overall work expenses per cycle and a lot more.
environments around the world I supplied management and technique to populations of over a hundred thousand staff members in more than 170 nations today I'm the payroll strategies for as Mark said I work across business managing and structure external relationships supporting Enterprise customers and options as well as serving as an advisor for those of you that don't know who papaya International is papaya is the first payroll and payments
As a global company, we are honored to be consisted of on the prestigious Time 100 list of the most influential 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 pointed out by Mark. Now, I'll let Johnny introduce himself. Good day to all, despite your place. It's an enjoyment to fulfill you and thank you for your important time. As Ian pointed out, I am Johnny Nash, the director of payments at our organization. With over a years 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 constantly mesmerized me.
payroll payments and decided to kind of make a real go at that over the last five or six years where I've kind of had a variety of different roles on the company side and also on the supplier side from a payroll viewpoint so really looking forward to this discussion today um and yeah thank you very much for your time everybody all right thanks Johnny uh we'll simply provide everybody another couple of uh well among the 30 seconds approximately to join we all work back to back these days so we'll sort of let them do that so it 'd be quite intriguing 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 originates from and I actually 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 raining here it's very very bleak and I want I was elsewhere at this moment in time okay so let's get going our agenda for today is as follows um we are going to be looking at the difficulty years of handling Worldwide payroll why companies preserve separate
bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts enhancing papaya International payroll payments as a tactical property uh we'll also discuss a wrap-up and that should leave his time at the extremely very end for a q a session so as the title of the webinar recommends payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces become increasingly more typical and managing them becomes a growing number of complex Global companies are looking to discover Solutions and brand-new methods to simplify processes specifically from a payroll and cross-border payment viewpoint many companies keep different savings account just for payroll while some have numerous accounts in different countries does it make good sense for business to maintain separate savings account often in various nations it does however just for payroll exists a better method what role do virtual accounts and digital wallets likewise called virtual wallets play in helping multinational companies streamline the episode complex processes of
Ensuring accurate, effective, and timely payroll payments is a complex obstacle for organizations operating worldwide. Join us for a webinar to check out the advantages and downsides of payroll wallets versus payroll checking account, learn how companies anticipate payroll costs to enhance working capital, and discover how improving global payroll payments can transform them from a difficult task into a tactical asset.
Handling payroll worldwide is a difficult task due to different guidelines, compliance requirements, data security concerns, and banking rules. The sheer number of workers and services adds to the complexity, with an approximated 3.5 billion individuals in the international labor force, 500 million of whom are in Africa, and 230 million companies worldwide.
Traditional payroll systems often lead to manual procedures, information silos, and an absence of integration, resulting in disparities and inefficiencies. Regardless of residing in a period of technological advancements, payroll management has been slow to adjust, with as much as 25% of payroll still processed manually, typically using pen and paper. This webinar objectives to provide insights and options 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 data in real time that's another number that offers me sleepless nights and rather honestly the more a business spends on international payroll the less of an image they see a lack of exposure also extends to payroll payments and failure to accurately track these payments can result in compliance incidents in the last mile of the transaction nearly half of international companies have actually expressed that they do not have the level of standardization they need in their procedures or want and as a result eighty percent of errors are due to time reporting bad HCM information information entry errors poorly communicated hires and terminations as well as absence management and system configurations and then when you round it all off and the data is shipped to the wrong place the typical cost of a worldwide data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money around the world payroll and payments do not run efficiently if they depend on the essential several processes 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 paying to workers or otherwise that's a great concern I constantly throw this back and state what is it what doesn't need to be consisted of ideal and what does
it need to be considered there's differing 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 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 customer's own in-country account so there's complexity wherever you look best eventually building a knowledge base is definitely critical but all over you look with payroll payment they are like incredibly payments no if however some babies 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 believe there's now a bit more acknowledgment that payroll payments are absolutely basic and innovation is permitting us to kind of progress with that it also too to add to that payroll and finance need to work closer together um with differing Bank Account Particulars varying banking requirements and setup procedures is definitely vital that payroll and financing groups work more detailed together than ever um I'm always surprised when individuals state I've split payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn't 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 often split and cut up um eventually 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 however also paying statutory authorities and on statutory 3rd parties so with the
world we reside in and wellness being increasingly more crucial to add to kind of the level of intricacy there's a growing number of advantages being organ or being used by organizations throughout the world so again you're simply aiming to include increasingly more payments to this currently complicated landscape so if you type of got any experience well I'm from your large experience here and I make sure however have you got any experience in kind of genuine difficulties or genuine challenging type of pay utilizes to play to pay people I believe yeah I imply over the last well yeah a number of years I would absolutely state that the bigger a company gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the task there are groups feeding info into the next function as it were that's actually handling the payment side of things however you understand in in my viewpoint and my experience that doesn't necessarily need to be the case you know long gone are the times where we need to create extra handoffs while doing sos that we run in they just make them more prompt they make them less effective and they don't make them what they require to be in in a period of tech and a period that you know that we are working in today there is no reason we are still making this as tough as it requires to be agreed and rightly as you stated payroll is the single biggest liability that any organization has from an expense point of view from an effect viewpoint on workers it is absolutely vital that it's done correctly and on time so what we mean by that is not a day before not a day after on pay day and payments need to be done right it has the biggest damaging impact on people's well-being and many other factors if people aren't paid uh I have actually always been impressed entering into this Market kind 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 anybody has been thanked, it would be great to hear their success story, whether it's from all staff members or not. Payroll is an important cycle, and individuals only observe when things go wrong. Nevertheless, when things go right, it's seen as just a routine task. This is how it's viewed externally also. For that reason, it is necessary to guarantee that tasks like Wi-Fi International and other vital matters are done properly. Using the very first Global Payments first payroll payment solution is a terrific initial step towards providing a detailed payroll solution for staff members worldwide. Standardization, international procedures, and lowering the number of tools, platforms, and bank accounts necessary for international payroll are crucial consider accomplishing service success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do occasionally get a couple of grievances when things don't go as planned. Eventually, we don't do it for the thankfulness.
anyway we understand how how crucial 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 easy as possible for everyone that's involved in those processes and likewise so imagine sorry I'm simply I was simply gon na state imagine the amount of thanks you got if you might cover the amount of people that we cover within this webinar I make certain we're discussing hundreds of thousands potentially Millions think of getting that lots of thank you notes um I mean it 'd be interesting to see the number of Post-it notes you got however it would absolutely be a fascinating task trying to clean all those up for sure oh definitely I can't think of the size of my my Outlook inbox if that was the case um you 'd need days of the week to try to check out them and actually see what was going on and sort of try to return to everyone so moving on look why do business choose to main separate checking account there are businesses out there doing exactly this for specific countries and I've worked in a company or lots of organizations doing precisely that I can say it does not always feel effective and it does create more work I understand we're not deliberately doing that we're not producing extra work for any person where we do not have to and any person 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 amount that we are I believe numerous factors one is it's the standard I believe people have actually got so utilized to we need a new bank account we open an entity and rightly so you require it for payroll functions but there are a number of markets where it's not a requirement so I believe it's simply been the standard and the standard the people have actually adopted and continue to do over years and years gone past to contribute to that individuals have looked at things like trust accounts and lots of other methods um to to sort of do it so I think there's a variety I believe this is a process that needs taking a look at it requires changing however eventually people are very stuck with what they recognize
with ideal um modification is a tough thing all of us don't like change um so I believe it's simply kind of moving away from the standard as we have actually said so yeah so it keeps a lot of track of things um I understand certainly the benefits of having maintaining multiple checking account however there's a huge amount of intricacy goes with setting up a savings account preserving it ensuring it can send out International transfers ensuring it's established with the ideal user accesses for individual people so the intricacy is huge but I believe the truthful response is change um individuals haven't been able to change or haven't had always the understanding to truly make that change into alternate Solutions besides opening a bank account I think you've struck the nail on the head I believe it is knowledge you know and there is a component of resistance to change however we have actually 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 understand what might nearly be figured out to be the next Century or so there is a lot to monitor and this method does position numerous obstacles um so Johnny could you tell us about those obstacles yeah naturally so there's a range right there is so
I just recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It feels like our CFO has actually gained another CFO, and with this enhanced ability, I have successfully secured payments for our 10,000 workers worldwide. Your devotion to mastering global payroll and payments utilizing Papaya payroll OS is good. You should have a corner office with a parking space that is more detailed, considering your achievements.
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