Find out more about Papaya Global Financial Statements ... We now have the ability to manage both our payroll and payments procedures on one merged platform. It's as if our Chief Financial Officer has obtained a separate Chief Financial Officer specifically committed to managing payments. This offers us with a secure and reputable method of paying to our 10,000 staff members worldwide.}
The advanced international payroll management app enhances my payroll process, conserving me a significant quantity of time monthly. With its easy to use user interface, I have access to a single dashboard that efficiently handles my payroll, EOR, and specialists.
The Worker Portal provides staff members with the ability to gain access to and view essential files such as pay slips, wage and tax statements, and work records. This website is accessible on both desktop and mobile phones and is used in different languages.
Advantages Administration
Papaya Global assists companies provide competitive advantages plans to worldwide staff members no matter the number of staff members in the business. The business can establish medical insurance, short-term and long-term special needs, vision, dental and maternity leave while getting rid of the requirement to source local advantages companies in every nation, develop regional accounts and have a minimum variety of staff members.
The HR abilities supplied by Worldwide HR incorporate numerous functions such as monitoring holiday time, making sure compliance, facilitating the process of welcoming new staff members and bidding farewell to leaving ones, providing a safe online platform for saving employees' documents, and supplying support for work allow procedures in case your employees require support in that location.
HR Analytics
Papaya Global's payroll and HR analytics suite gives you insights into workforce spending, labor force variety, total employment expenses distributed per location, overall work expenses per cycle and far more.
Worldwide, I have demonstrated management and strategic knowledge in guiding large-scale populations of over 100,000 employees across 170 countries. Currently, I are accountable for overseeing payroll methods, as discussed by Mark. My role includes managing and establishing external partnerships, supporting Enterprise clients, and offering advisory services. In addition, I am proud to be a part of Papaya Global, a pioneering payroll and payments services company.
business to make the time 100 list for many influential business in the world we supply payroll payments and workforce management to all worker enters over 160 nations I am pleased to say that we also have as Mark stated Johnny Nash with us today Johnny would you like to introduce yourself obviously thank you good morning good afternoon good evening depending on where you remain in the world it's lovely to satisfy you and thank you quite for your time as Ian stated my name is Johnny Nash and I'm the payments director here at um I've remained in the payments industry for over 10 years and particularly dealing with the payroll and payment sector for over 7 years um I was captivated by the complexity the difficulty in all of the above of
payroll payments and chose to sort of make a real go at that over the last 5 or 6 years where I have actually sort of had a variety of different functions on the supplier side and also on the vendor side from a payroll point of view so actually anticipating this conversation today um and yeah thank you very much for your time everybody fine thanks Johnny uh we'll simply provide everybody another couple of uh well one of the 30 seconds approximately to join we all work back to back these days so we'll type of let them do that so it 'd be rather fascinating 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 remains in the UK today definitely not the peak of the sunlight is it it's not no it's it's raining here it's extremely extremely bleak and I wish I was somewhere else at this moment in time alright so let's get going our program for today is as follows um we are going to be looking at the challenge years of managing Worldwide payroll why business keep separate
bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts enhancing papaya International payroll payments as a strategic asset uh we'll also review a recap and that needs to leave his time at the really really end for a q a session so as the title of the webinar suggests payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and International workforces become increasingly more common and managing them becomes increasingly more complex International companies are looking to find Solutions and new methods to simplify processes specifically from a payroll and cross-border payment viewpoint many companies maintain different checking account just for payroll while some have numerous accounts in different nations does it make sense for business to maintain separate bank accounts in some cases in various countries it does but just for payroll exists a better method what role do virtual accounts and digital wallets likewise referred to as virtual wallets play in assisting multinational business enhance the episode complex procedures of
Guaranteeing accurate, efficient, and timely payroll payments is a complex obstacle for organizations operating internationally. Join us for a webinar to explore the benefits and drawbacks of payroll wallets versus payroll savings account, find out how business forecast payroll expenses to optimize working capital, and discover how streamlining international payroll payments can transform them from a troublesome job into a tactical asset.
Managing payroll internationally is a challenging job due to various guidelines, compliance requirements, information security issues, and banking rules. The sheer variety of workers and organizations contributes to the complexity, with an approximated 3.5 billion people in the global labor force, 500 million of whom remain in Africa, and 230 million services worldwide.
Conventional payroll systems typically result in manual processes, information silos, and a lack of combination, resulting in inconsistencies and inefficiencies. Despite living in an era of technological advancements, payroll management has actually been slow to adapt, with as much as 25% of payroll still processed by hand, frequently utilizing pen and paper. This webinar objectives to provide insights and services to simplify and optimize global payroll payments.
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of businesses state they have Labor force information in real time that's another number that provides me sleep deprived nights and quite honestly the more a service spends on international payroll the less of a picture they see a lack of visibility also extends to payroll payments and inability to properly track these payments can cause compliance incidents in the last mile of the transaction nearly half of worldwide businesses have actually expressed that they don't have the level of standardization they require in their procedures or want and as a result eighty percent of errors are because of time reporting poor HCM information information entry mistakes poorly interacted hires and terminations in addition to absence management and system configurations and after that when you round all of it off and the data is shipped to the wrong place the average cost of an international data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash around the globe payroll and payments don't run smoothly if they count 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 requires to be factored into the difficulties service face when they're making payments to staff members or otherwise that's an excellent concern I always toss this back and say what is it what does not require to be consisted of ideal and what does
it need 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 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 intricacy anywhere you look ideal ultimately developing a knowledge base is absolutely important however all over you look with payroll payment they are like incredibly payments no if but some infants about it you are all superheroes processing payments for payroll if you take a 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 absolutely fundamental and innovation is enabling us to sort of move on with that it also as well to contribute to that payroll and finance require to work closer together um with differing Checking account Particulars varying banking requirements and setup procedures is definitely imperative that payroll and financing groups work better together than ever um I'm always astonished when people state I have actually divided payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn't work 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 data collection all the way through to paying individuals wherever they are but also paying statutory authorities and on statutory third parties so with the
The contemporary world places a high worth on wellness and the settlement landscape is ending up being significantly elaborate. Companies are constantly presenting new benefits and payment alternatives, which adds to the total intricacy. Large corporations typically divide their payroll and payment processing into different groups, which can cause ineffectiveness and traffic jams. In my viewpoint, this doesn't have to be the case. In today's technically innovative era, there's no reason for preserving cumbersome treatments. Payroll, the company's most significant cost, should be processed correctly and on time. Even small delays can negatively affect staff members' well-being and have far-reaching effects. For that reason, it's crucial to focus on precise and prompt payments.
payroll group get um so I'm not exactly sure anybody on this type of webinar has been told thank you for processing my payroll properly if you have it 'd be fantastic to hear your success story and whether that's been from all staff members or not um but eventually payroll is such an important cycle all of us become aware of it when it fails everyone jumps up and down when it goes wrong however when it goes right it's just a tick box exercise and I believe that's how it's seen from the external view as well um so yeah it's likewise like why WI-Fi Global why all of this stuff is absolutely important that all of this things is done correctly so leveraging the very first Global Payments first payroll payment option is a fantastic primary step um offering an end-to-end payroll option for your staff members worldwide again I believe is another huge um process once again aligning and ensuring you have standardization Global procedures all of those things are absolutely key to success success of companies and reducing 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've never had a hundred countless them within a payroll cycle do not anticipate to you do get the odd five or ten or whatever it might be with the with the the problems where things have not gone quite where they're indicated to be um I don't think any of us are actually doing that for for the thanks
anyway we understand how how crucial 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 associated with those procedures and likewise so imagine sorry I'm simply I was simply gon na state picture the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I make certain we're discussing numerous thousands potentially Millions imagine getting that lots of thank you keeps in mind um I suggest it 'd be interesting to see how many Post-it notes you got but it would absolutely be a fascinating job trying to clean up all those up for sure oh definitely I can't envision 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 really see what was going on and kind of try to return to everybody so carrying on look why do companies choose to main different savings account there are businesses out there doing precisely this for specific nations and I have actually operated in a service or lots of companies doing exactly that I can say it doesn't constantly feel efficient and it does develop more work I understand we're not purposely doing that we're not producing extra work for anyone where we do not need to and anybody that's dealing with 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 many reasons one is it's the standard I believe individuals have actually got so utilized to we need a brand-new savings account we open an entity and appropriately so you need it for payroll functions but there are a number of markets where it's not a requirement so I think it's just been the requirement and the standard individuals have actually embraced and continue to do over years and years gone past to add to that people have looked at things like trust accounts and lots of other ways um to to sort of do it so I believe there's a range I think this is a procedure that needs taking a look at it needs changing however eventually people are extremely stuck to what they recognize
with right um change is a tough thing we all do not like change um so I believe it's simply kind of moving away from the norm as we have actually said so yeah so it keeps a great deal of track of stuff um I understand undoubtedly the advantages of having keeping numerous bank accounts however there's a huge quantity of intricacy chooses establishing a bank account maintaining it ensuring it can send out International transfers guaranteeing it's set up with the right user accesses for individual people so the complexity is huge but I think the honest answer is change um individuals haven't had the ability to alter or haven't had necessarily the knowledge to actually make that change into alternate Solutions besides opening a checking account I believe you've hit the nail on the head I believe it is understanding you know and there is an aspect of resistance to change however we've always done it that way is no genuine reason for not looking at the the benefits and the possibilities of moving on and moving into you know what might almost be identified to be the next Century approximately there is a lot to monitor and this approach does pose several difficulties um so Johnny could you tell us about those challenges yeah obviously so there's a range right there is so
I recently made a change to our Business system by transitioning to OS. As a result, we can now manage 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 secured payments for our 10,000 employees worldwide. Your devotion to mastering international payroll and payments using Papaya payroll OS is commendable. You are worthy of a corner workplace with a parking space that is better, considering your achievements.
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