Find out more about Papaya Global Excel Test ... We now have the capability to manage both our payroll and payments processes on one unified platform. It's as if our Chief Financial Officer has actually obtained a separate Chief Financial Officer specifically dedicated to handling payments. This supplies us with a secure and dependable approach of paying to our 10,000 employees worldwide.}
the BEST worldwide payroll managment app, saves me hours of time each month, one single control panel for my payroll, EOR and contractors
The Staff member Portal offers employees with the ability to gain access to 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 used in different languages.
Benefits Administration
Papaya Global helps companies use competitive advantages plans to international staff members no matter the variety of staff members in the business. The company can establish medical insurance, short-term and long-lasting disability, vision, oral and maternity leave while getting rid of the need to source local advantages service providers in every nation, produce local accounts and have a minimum variety of staff members.
Worldwide HR Performances
's HR functionalities consist of PTO tracking, compliance, onboarding/offboarding tools, online storage for workers' files and migration services if your employees require work license assistance.
HR Analytics
Papaya Global's payroll and HR analytics suite offers you insights into workforce costs, workforce variety, total employment costs dispersed per place, total work expenses per cycle and a lot more.
environments across the globe I offered leadership and technique to populations of over a hundred thousand workers in more than 170 countries today I'm the payroll methods for as Mark stated I work across business managing and building external relationships supporting Enterprise clients and solutions as well as acting as an advisor for those of you that do not know who papaya Global is papaya is the very first payroll and payments
As a worldwide company, we are honored to be included on the distinguished Time 100 list of the most influential companies worldwide. We concentrate on offering payroll and workforce management services to workers in more than 160 nations. I am delighted to present 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 satisfy you and thank you for your valuable time. As Ian pointed out, I am Johnny Nash, the director of payments at our organization. With over a decade of experience in the payments industry, I have actually concentrated on payroll and payment services for the past seven years. The complexities and obstacles of this field have actually constantly mesmerized me.
payroll payments and chose to type of make a genuine go at that over the last five or 6 years where I've sort of had a range of different functions on the service provider side and also on the supplier side from a payroll perspective so really anticipating this conversation today um and yeah thank you very much for your time everyone all right thanks Johnny uh we'll just offer everybody another couple of uh well among the 30 seconds approximately to join we all 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 already simply to hear where everyone is um it's nice to to sort of like see where everyone originates from and I really 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 wish I was elsewhere at this moment in time alright so let's start our agenda for today is as follows um we are going to be looking at the challenge years of handling Global payroll why companies maintain separate
Virtual payroll accounts are an option to standard checking account for managing payroll payments. This is especially beneficial for worldwide organizations with dispersed and remote workforces, as it streamlines the intricate process of cross-border payments. Instead of keeping different bank accounts for payroll in various countries, virtual accounts and digital wallets use a more streamlined option. In this webinar, we will explore the benefits of using virtual payroll accounts and go over why they are becoming a strategic property for payroll executives. We will likewise supply a recap of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments properly efficiently firmly and on time during this webinar we'll walk you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll savings account how business accurately forecast their payroll costs to increase working capital and how streamlining International payroll payments can turn them from a siled pane into a strategic asset so payroll can be difficult in enough in one nation however when you're doing it internationally it's next level and Beyond it ends up being complicated for a variety of reasons most importantly guidelines compliance data security and banking guidelines then there are the large numbers they include additional complexity the international Workforce is presently 3 and a half billion people by 2030 it's estimated that in Africa alone they will contribute and additional 1.1 billion people that number is currently 500 million just for for a scale then consider that there are some 230 million companies and growing all doing their own thing worldwide in the standard payroll design there's often an overwhelming variety of different systems resulting in lengthy manual procedures and silos the number of Integrations could be non-existent in big amounts and or extremely very fundamental there's no real consistency framework we're residing in an age of tech however payroll has actually been sluggish to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper and that simply blows my mind whenever I I think
about it to offer you an idea of how far there still is to come according to Deloitte only 11 of businesses state they have Labor force data in real time that's another number that gives me sleepless nights and quite honestly the more a company spends on international payroll the less of a photo they see a lack of exposure likewise reaches payroll payments and inability to accurately track these payments can result in compliance incidents in the last mile of the deal almost half of international organizations have expressed that they do not have the level of standardization they require in their processes or want and as a result eighty percent of errors are due to time reporting poor HCM information data entry mistakes 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 shipped to the wrong place the typical cost of an international information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash all over the world payroll and payments don't run smoothly if they rely on the essential 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 obstacles business face when they're making payments to staff members or otherwise that's an excellent question I constantly toss this back and state what is it what does not need to be included ideal and what does
it need to be thought of there's differing 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 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 customer's own in-country account so there's intricacy wherever you look best ultimately developing a knowledge base is absolutely crucial but everywhere you look with payroll payment they are like super payments no if however some infants about it you are all superheroes processing payments for payroll if you take a look at the kind of link between fintech and payroll it's closer than ever I think there's now a bit more recognition that payroll payments are absolutely fundamental and technology is allowing us to type of progress with that it also also to contribute to that payroll and financing require to work closer together um with differing Savings account Details varying banking requirements and setup processes is definitely essential that payroll and finance teams work closer together than ever um I'm always surprised when people say I have actually split payroll and payment um if you stroll down the street and asked anyone what is payroll who does not operate in the payroll occupation would they divide the payroll payment from estimation I would say no so why do we as a market accept that why our payroll and payments so typically 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 but also paying statutory authorities and on statutory 3rd parties so with the
The contemporary world puts a high worth on well-being and the payment landscape is becoming significantly elaborate. Businesses are continuously introducing new advantages and payment options, which contributes to the overall complexity. Big corporations typically divide their payroll and payment processing into different teams, which can lead to inefficiencies and bottlenecks. In my opinion, this does not need to be the case. In today's highly sophisticated period, there's no justification for maintaining cumbersome procedures. Payroll, the company's biggest cost, should be processed correctly and on time. Even minor hold-ups can adversely affect workers' well-being and have far-reaching consequences. Therefore, it's critical to prioritize precise and prompt payments.
The payroll team may not have been thanked for properly processing payroll during a webinar. If anybody has been thanked, it would be excellent to hear their success story, whether it's from all employees or not. Payroll is an essential cycle, and individuals just discover when things go wrong. However, when things go right, it's viewed as just a routine job. This is how it's perceived externally as well. For that reason, it is essential to ensure that jobs like Wi-Fi Global and other crucial matters are done correctly. Using the very first Global Payments first payroll payment option is a terrific preliminary step towards providing an extensive payroll service for workers worldwide. Standardization, global processes, and reducing the variety of tools, platforms, and savings account necessary for worldwide payroll are essential factors in accomplishing business success. While we don't expect a hundred thousand thank yous within a payroll cycle, we do sometimes get a couple of grievances when things do not go as planned. Eventually, we do not do it for the gratitude.
anyhow we understand how how important a function 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 procedures and also so envision sorry I'm just I was simply gon na say think of the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I make sure we're talking about numerous thousands potentially Millions imagine getting that lots of thank you notes um I indicate it 'd be interesting to see how many Post-it notes you got however it would definitely be a fascinating task attempting 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 attempt to browse them and actually see what was going on and type of try to return to everyone so proceeding appearance why do business pick to main different savings account there are businesses out there doing precisely this for specific countries and I have actually operated in a service or numerous services doing exactly that I can state it does not always feel efficient and it does create more work I understand we're not deliberately doing that we're not developing extra work for anybody where we do not need to and any person that's managing that process I 'd be interested to hear your ideas Johnny why do you think that we're doing that in in the in the amount that we are I believe lots of factors one is it's the requirement I think individuals have got so used to we require a brand-new checking account we open an entity and appropriately so you require it for payroll purposes however there are a number of markets where it's not a requirement so I believe it's just been the requirement and the standard individuals have actually adopted and continue to do over years and years passed by to add to that people have actually taken a look at things like trust accounts and numerous other ways um to to type of do it so I believe there's a range I believe this is a process that needs looking at it needs altering however eventually individuals are extremely stuck with what they're familiar
with right um change is a challenging thing we all don't like modification um so I think it's just sort of moving away from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I understand obviously the benefits of having preserving numerous checking account but there's a substantial quantity of intricacy opts for setting up a checking account preserving it guaranteeing it can send out International transfers guaranteeing it's established with the best user accesses for private individuals so the complexity is huge but I think the honest response is modification um people have not had the ability to change or have not had always the understanding to actually make that change into alternate Solutions besides opening a checking account I believe 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 have actually always done it that way is no real excuse for not taking a look at the the advantages and the possibilities of moving on and moving into you understand what could nearly be identified to be the next Century approximately there is a lot to keep track of and this method does pose numerous difficulties um so Johnny could you inform us about those challenges yeah naturally so there's a variety right there is so
I recently made a modification to our Business 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 actually acquired another CFO, and with this enhanced ability, I have effectively protected payments for our 10,000 employees worldwide. Your dedication to mastering international payroll and payments using Papaya payroll OS is good. You are worthy of a corner workplace with a parking space that is closer, considering your achievements.
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