Find out more about Papaya Global Finland ... We now have the ability to handle both our payroll and payments processes on one combined platform. It's as if our Chief Financial Officer has gotten a different Chief Financial Officer particularly committed to handling payments. This supplies us with a secure and reliable technique of paying to our 10,000 workers worldwide.}
The cutting-edge international payroll management app improves my payroll procedure, conserving me a considerable amount of time each month. With its user-friendly user interface, I have access to a single dashboard that effectively manages my payroll, EOR, and professionals.
The Worker Website supplies staff members with the capability to access and view important files such as pay slips, wage and tax statements, and employment records. This website is accessible on both desktop and mobile devices and is offered in numerous languages.
Advantages Administration
Papaya Global helps business offer competitive benefits bundles to international employees despite the number of workers in the company. The company can establish health insurance, short-term and long-term impairment, vision, oral and maternity leave while getting rid of the need to source local advantages suppliers in every country, create regional accounts and have a minimum number of employees.
International HR Performances
's HR performances consist of PTO tracking, compliance, onboarding/offboarding tools, online storage for employees' documents and immigration services if your employees require work permit help.
HR Analytics
Papaya Global's payroll and HR analytics suite offers you insights into workforce spending, workforce variety, total employment costs distributed per location, total work costs per cycle and a lot more.
environments around the world I provided management and technique to populations of over a hundred thousand employees in more than 170 nations today I'm the payroll techniques for as Mark said I work across business handling and structure external relationships supporting Business clients and solutions along with serving as an advisor for those of you that don't understand who papaya International is papaya is the very first payroll and payments
company to make the time 100 list for most influential business worldwide we provide payroll payments and labor force management to all worker enters over 160 countries I am pleased to state that we likewise have as Mark said Johnny Nash with us today Johnny would you like to present yourself naturally thank you good morning great 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 said my name is Johnny Nash and I'm the payments director here at um I have actually been in the payments market for over 10 years and specifically working on the payroll and payment sector for over 7 years um I was interested by the intricacy the trouble in all of the above of
payroll payments and chose to kind of make a genuine go at that over the last five or 6 years where I have actually sort of had a variety of various roles on the provider side and likewise on the supplier side from a payroll viewpoint so actually eagerly anticipating this discussion today um and yeah thank you very much for your time everyone all right thanks Johnny uh we'll simply offer everyone another number 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 interesting and I can see it going on already just to hear where everyone is um it's nice to to kind of like see where everyone comes 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 dreary and I want I was somewhere else at this moment in time fine so let's get started our program for today is as follows um we are going to be looking at the challenge years of handling Worldwide payroll why companies keep different
checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts enhancing papaya International payroll payments as a strategic property uh we'll likewise discuss a wrap-up and that needs to leave his time at the really really end for a q a session so as the title of the webinar recommends payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces end up being a growing number of common and managing them ends up being a growing number of complicated Worldwide companies are aiming to discover Solutions and brand-new ways to streamline processes especially from a payroll and cross-border payment standpoint many companies preserve separate checking account just for payroll while some have numerous accounts in different countries does it make sense for business to maintain separate checking account in some cases in different countries it does however just for payroll is there a much better way what function do virtual accounts and digital wallets also called virtual wallets play in helping international companies simplify the episode complex processes of
making payroll payments accurately effectively safely and on time during this webinar we'll walk you through the international pros and cons of a payroll wallet versus a payroll bank account how companies accurately anticipate their payroll costs to increase working capital and how streamlining Global payroll payments can turn them from a siled pane into a strategic asset so payroll can be tough in adequate in one nation however when you're doing it globally it's next level and Beyond it ends up being complicated for a range of reasons most importantly policies compliance information security and banking guidelines then there are the sheer numbers they include further complexity the international Labor force is presently three and a half billion people by 2030 it's estimated that in Africa alone they will contribute and additional 1.1 billion individuals that number is presently 500 million just for for a scale then factor in that there are some 230 million services and growing all doing their own thing worldwide in the standard payroll model there's typically a frustrating variety of different systems resulting in lengthy manual procedures and silos the number of Integrations could be non-existent in large amounts and or very very basic there's no genuine consistency framework we're residing in an era of tech but payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper which just blows my mind whenever I I believe
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of businesses say they have Labor force data in real time that's another number that provides me sleep deprived nights and quite frankly the more a company invests in global payroll the less of a photo they see an absence of visibility also extends to payroll payments and failure to properly track these payments can cause compliance incidents in the last mile of the deal nearly half of worldwide businesses have actually expressed that they do not have the level of standardization they require in their procedures or desire and as a result eighty percent of mistakes are due to time reporting bad HCM information data entry errors improperly interacted hires and terminations as well as lack management and system configurations and then when you round everything off and the data is delivered to the incorrect location the average cost of a worldwide information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash worldwide payroll and payments do not run efficiently if they rely on the needed numerous 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 difficulties company face when they're making payments to workers or otherwise that's a great question I always toss this back and say what is it what doesn't need to be consisted of right 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 time frames there's payment abilities so can you pay it from International or do you need to pay from an in-country account do you need to pay from the client's own in-country account so there's intricacy wherever you look right ultimately building a knowledge base is absolutely important but everywhere you look with payroll payment they are like extremely payments no if however some children 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 think there's now a bit more acknowledgment that payroll payments are definitely fundamental and innovation is permitting us to sort of move forward with that it also also to add to that payroll and financing require to work closer together um with differing Bank Account Details differing banking requirements and setup procedures is absolutely vital that payroll and financing teams work closer together than ever um I'm always amazed when people say I have actually split payroll and payment um if you walk down the street and asked anybody what is payroll who doesn't operate in the payroll occupation would they split the payroll payment from calculation 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 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 but also paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being increasingly more crucial to add to sort of the level of complexity there's more and more benefits being organ or being used by organizations across the world so once again you're simply seeking to include a growing number of payments to this currently complicated landscape so if you sort of got any experience well I'm from your huge experience here and I make certain however have you got any experience in kind of genuine obstacles or genuine difficult type of pay utilizes to play to pay individuals I believe yeah I indicate over the last well yeah a number of years I would definitely state that the larger a company gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the task there are teams feeding info into the next function as it were that's actually handling the payment side of things but you know in in my opinion and my experience that doesn't necessarily need to be the case you know long gone are the times where we require to develop extra handoffs at the same times that we operate in they just make them more prompt they make them less efficient and they don't make them what they require to be in in an age of tech and an age that you understand that we are operating in today there is no reason why we are still making this as difficult as it needs to be concurred and appropriately as you stated payroll is the single biggest liability that any service has from an expense point of view from an effect perspective on staff members it is definitely critical that it's done properly and on time so what we indicate by that is not a day before not a day after on pay day and payments need to be done right it has the most significant destructive impact on people's wellness and lots of other elements if individuals aren't paid uh I have actually constantly been astonished entering this Market sort of the last 5 to 10 years is how little thanks the
The payroll team might not have actually been thanked for properly processing payroll throughout a webinar. If anybody has been thanked, it would be excellent to hear their success story, whether it's from all staff members or not. Payroll is an important cycle, and individuals only discover when things go wrong. Nevertheless, when things go right, it's viewed as just a regular job. This is how it's perceived externally too. For that reason, it is essential to guarantee that tasks like Wi-Fi Global and other vital matters are done correctly. Utilizing the very first Global Payments very first payroll payment option is an excellent preliminary action towards supplying a detailed payroll option for employees worldwide. Standardization, international processes, and reducing the variety of tools, platforms, and bank accounts necessary for international payroll are essential consider achieving company success. While we don't anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally get a few grievances when things do not go as planned. Eventually, we do not do it for the gratitude.
anyway we know 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 simple as possible for everybody that's associated with those procedures and also so picture sorry I'm just 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 make certain we're discussing hundreds of thousands possibly Millions picture getting that many thank you notes um I indicate it 'd be interesting to see the number of Post-it notes you got however it would certainly be an interesting task trying to clean all those up for sure oh definitely I can't picture the size of my my Outlook inbox if that held true um you 'd require days of the week to try to look through them and actually see what was going on and sort of try to get back to everyone so proceeding look why do companies pick to primary different bank accounts there are businesses out there doing exactly this for specific nations and I have actually worked in an organization or numerous companies doing precisely that I can say it does not always feel effective and it does produce more work I understand we're not deliberately doing that we're not creating extra work for anyone where we do not need to and any person that's handling 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 many factors one is it's the standard I think individuals have actually got so used to we require a new savings account we open an entity and appropriately so you require it for payroll functions however 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 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 lots of other ways um to to sort of do it so I believe there's a range I believe this is a process that requires taking a look at it needs altering however ultimately people are very stuck with what they're familiar
with right um change is a difficult thing we all don't like change um so I think it's just type 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 certainly the advantages of having maintaining numerous savings account however there's a huge quantity of complexity goes with setting up a bank account keeping it guaranteeing it can send out International transfers guaranteeing it's established with the ideal user accesses for individual individuals so the intricacy is huge however I think the sincere answer is modification um people have not been able to alter or haven't had always the knowledge to really make that change into alternate Solutions besides opening a bank account I think you've struck the nail on the head I think it is understanding you understand and there is a component of resistance to change but we've constantly done it that way is no genuine reason for not looking at the the advantages and the possibilities of carrying on and moving into you understand what could practically be determined to be the next Century or so there is a lot to monitor and this technique does present several obstacles um so Johnny might you inform us about those challenges yeah of course so there's a range right there is so
I simply did you switched our Business to OS so now we can do our payroll and payments operation on a single platform yes it's like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global staff members you are worthy of a corner workplace with a closer parking space due to the fact that I mastered Global payroll and payments with Papaya payroll OS did you
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