Find out more about Papaya Global Dr Congo ... We now have the capability to manage both our payroll and payments processes on one combined platform. It's as if our Chief Financial Officer has obtained a separate Chief Financial Officer particularly committed to handling payments. This supplies us with a safe and reliable approach of making payments to our 10,000 workers worldwide.}
The cutting-edge global payroll management app simplifies my payroll process, conserving me a considerable quantity of time monthly. With its easy to use interface, I have access to a single dashboard that effectively handles my payroll, EOR, and specialists.
The Staff member Website offers workers with the ability to access and view important files such as pay slips, wage and tax statements, and work records. This website is accessible on both desktop and mobile devices and is offered in numerous languages.
Benefits Administration
Papaya Global helps business provide competitive benefits plans to international workers despite the number of workers in the business. The company can set up medical insurance, short-term and long-term impairment, vision, dental and maternity leave while removing the requirement to source regional advantages service providers in every country, produce regional accounts and have a minimum number of employees.
Global HR Functionalities
's HR functionalities include PTO tracking, compliance, onboarding/offboarding tools, online storage for workers' documents and immigration services if your workers require work license help.
HR Analytics
Papaya Global's payroll and HR analytics suite offers you insights into workforce costs, labor force diversity, overall employment expenses dispersed per area, total work costs per cycle and far more.
environments across the globe I provided management and method to populations of over a hundred thousand staff members in more than 170 countries today I'm the payroll strategies for as Mark stated I work throughout business managing and structure external relationships supporting Business customers and services along with serving as a consultant for those of you that don't understand who papaya International is papaya is the very first payroll and payments
As an international business, we are honored to be included on the prominent Time 100 list of the most prominent business worldwide. We specialize in providing payroll and workforce management services to staff members 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, regardless of your location. It's a pleasure to fulfill you and thank you for your important time. As Ian mentioned, I am Johnny Nash, the director of payments at our organization. With over a decade of experience in the payments industry, I have concentrated on payroll and payment options for the past seven years. The intricacies and difficulties of this field have always captivated me.
payroll payments and chose to sort of make a real go at that over the last 5 or 6 years where I have actually type of had a range of different roles on the company side and likewise on the supplier side from a payroll viewpoint so really looking forward to this conversation today um and yeah thank you very much for your time everybody okay thanks Johnny uh we'll simply give everybody another number of uh well one of the 30 seconds or so to join we all work back to back nowadays so we'll type of let them do that so it 'd be rather fascinating and I can see it going on currently simply to hear where everyone is um it's nice to to sort of like see where everyone comes 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 really extremely bleak and I wish I was somewhere else at this moment in time alright so let's begin our agenda for today is as follows um we are going to be taking a look at the obstacle years of handling Global payroll why companies preserve separate
checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts enhancing papaya Worldwide payroll payments as a tactical property uh we'll also go over a recap and that must leave his time at the really very end for a q a session so as the title of the webinar recommends payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and International workforces end up being a growing number of common and handling them becomes increasingly more complicated International organizations are wanting to find Solutions and new ways to streamline procedures particularly from a payroll and cross-border payment perspective lots of companies keep separate checking account just for payroll while some have several accounts in various nations does it make good sense for companies to preserve separate savings account sometimes in various nations it does but just for payroll is there a much better way what function do virtual accounts and digital wallets likewise called virtual wallets play in helping multinational companies streamline the episode complex procedures of
Ensuring precise, effective, and prompt payroll payments is a complex challenge for services operating globally. Join us for a webinar to check out the advantages and downsides of payroll wallets versus payroll checking account, discover how companies forecast payroll costs to enhance working capital, and discover how streamlining worldwide payroll payments can change them from a burdensome task into a tactical property.
Managing payroll internationally is an overwhelming task due to different guidelines, compliance requirements, data security issues, and banking rules. The large variety of workers and services adds to the complexity, with an estimated 3.5 billion individuals in the international labor force, 500 million of whom are in Africa, and 230 million companies worldwide.
Conventional payroll systems typically lead to manual procedures, information silos, and an absence of combination, resulting in inconsistencies and ineffectiveness. In spite of living in an era of technological developments, payroll management has been slow to adapt, with as much as 25% of payroll still processed by hand, frequently using pen and paper. This webinar objectives to provide insights and solutions to simplify and optimize international payroll payments.
about it to offer you an idea of how far there still is to come according to Deloitte only 11 of organizations state they have Workforce information in real time that's another number that gives me sleepless nights and quite honestly the more a business spends on international payroll the less of a picture they see an absence of visibility likewise extends to payroll payments and inability to precisely track these payments can lead to compliance mishaps in the last mile of the deal nearly half of global organizations have actually revealed that they don't have the level of standardization they require in their processes or desire and as a result eighty percent of mistakes are because of time reporting bad HCM data information entry errors improperly interacted hires and terminations along with absence management and system setups and then when you round everything off and the data is shipped to the wrong place the average expense of a worldwide information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money around the world payroll and payments do not run efficiently if they rely on the essential several processes systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the difficulties organization face when they're paying to staff members or otherwise that's a good question I constantly throw this back and say what is it what doesn't need to be included best and what does
it need to be considered there's varying Bank information so the length of an eye band a swift an account number routing code per nation there's payment timespan there's payment capabilities 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 wherever you look ideal eventually building a knowledge base is absolutely critical but everywhere you look with payroll payment they are like very payments no if however some infants 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 recognition that payroll payments are definitely basic and technology is enabling us to sort of move on with that it likewise also to add to that payroll and financing need to work closer together um with varying Bank Account Details varying banking requirements and setup procedures is definitely essential that payroll and finance teams work better together than ever um I'm always impressed when people state I have actually divided payroll and payment um if you stroll down the street and asked anybody what is payroll who does not operate in the payroll occupation 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 data collection all the way through to paying individuals any place they are however also paying statutory authorities and on statutory 3rd parties so with the
The modern-day world places a high worth on wellness and the settlement landscape is ending up being significantly complex. Services are continually presenting brand-new benefits and payment choices, which adds to the general intricacy. Big corporations often divide their payroll and payment processing into separate teams, which can result in inefficiencies and bottlenecks. In my viewpoint, this doesn't have to hold true. In today's highly innovative age, there's no reason for maintaining troublesome procedures. Payroll, the company's most significant expense, should be processed correctly and on time. Even small hold-ups can adversely affect employees' well-being and have far-reaching repercussions. Therefore, it's important to prioritize accurate and timely payments.
payroll team get um so I'm not sure anyone on this sort of webinar has been informed thank you for processing my payroll correctly if you have it 'd be terrific to hear your success story and whether that's been from all workers or not um but eventually payroll is such a crucial cycle we all become aware of it when it fails everybody jumps up and down when it fails however when it goes right it's simply a tick box workout and I believe that's how it's seen from the external consider as well um so yeah it's likewise like why WI-Fi Global why all of this stuff is definitely essential that all of this stuff is done correctly so leveraging the very first Global Payments first payroll payment solution is an excellent initial step um providing an end-to-end payroll service for your employees globally once again I believe is another substantial um procedure once again lining up and guaranteeing you have standardization Global procedures all of those things are definitely essential to success success of companies and lowering the variety of tools platforms and bank accounts they require for their International payroll too could not agree with you more and on the the front in terms of of the thank yous for getting payroll done I have actually never ever had a hundred thousand of them within a payroll cycle don't expect to you do get the odd 5 or ten or whatever it might be with the with the the complaints where things haven't gone rather where they're indicated to be um I do not believe any of us are in fact doing that for for the thanks
anyway we understand how how important 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 everybody that's involved in those procedures and likewise so think of sorry I'm just I was just gon na state picture the amount of thanks you got if you might cover the amount of individuals that we cover within this webinar I make certain we're talking about hundreds of thousands possibly Millions picture getting that numerous thank you keeps in mind um I mean it 'd be interesting to see how many Post-it notes you got but it would certainly be an intriguing task attempting to clean 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 need days of the week to try to browse them and really see what was going on and kind of shot to get back to everybody so carrying on appearance why do companies choose to main different bank accounts there are businesses out there doing exactly this for particular countries and I've worked in an organization or numerous organizations doing exactly that I can say it does not constantly feel effective and it does develop more work I understand we're not intentionally doing that we're not producing extra work for any person where we do not have to and anyone that's dealing with that procedure 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 think numerous factors one is it's the requirement I think individuals have actually got so used to we need a brand-new checking account we open an entity and rightly so you require it for payroll purposes but there are a variety of markets where it's not a requirement so I believe it's just been the standard and the norm the people have actually adopted and continue to do over years and years passed by to add to that individuals have taken a look at things like trust accounts and numerous other ways um to to kind of do it so I think there's a range I think this is a procedure that needs looking at it needs altering however eventually people are extremely stuck with what they're familiar
with right um modification is a challenging thing we all don't like modification um so I believe it's just sort 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 clearly the advantages of having keeping numerous bank accounts however there's a huge quantity of complexity goes with setting up a bank account preserving it guaranteeing it can send out International transfers ensuring it's established with the right user accesses for specific people so the complexity is big however I think the sincere answer is modification um people have not been able to change or haven't had always the knowledge to truly 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 understand and there is a component of resistance to alter however we've constantly done it that way is no real reason for not taking a look 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 approximately there is a lot to keep track of and this method does position numerous challenges um so Johnny might you tell us about those difficulties 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 jobs on one platform. It feels like our CFO has gained another CFO, and with this improved capability, I have successfully protected payments for our 10,000 employees worldwide. Your commitment to mastering global payroll and payments utilizing Papaya payroll OS is good. You are worthy of a corner workplace with a parking space that is better, considering your achievements.
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