Find out more about Papaya Global Germany ... We now have the ability to handle both our payroll and payments procedures on one merged platform. It's as if our Chief Financial Officer has actually acquired a separate Chief Financial Officer specifically dedicated to handling payments. This supplies us with a safe and dependable approach of paying to our 10,000 staff members worldwide.}
The innovative global payroll management app simplifies my payroll process, conserving me a substantial 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.
The Staff member Website provides staff members with the ability to gain access to and view crucial documents such as pay slips, wage and tax statements, and employment records. This website is accessible on both desktop and mobile devices and is provided in various languages.
Advantages Administration
Papaya Global helps companies provide competitive advantages plans to global workers despite the number of workers in the business. The company can establish medical insurance, short-term and long-lasting special needs, vision, dental and maternity leave while getting rid of the requirement to source local benefits service providers in every country, develop local accounts and have a minimum variety of staff members.
International HR Functionalities
's HR functionalities include PTO tracking, compliance, onboarding/offboarding tools, online storage for workers' documents and migration services if your staff members require work authorization help.
HR Analytics
Papaya Global's payroll and HR analytics suite provides you insights into labor force spending, labor force diversity, overall employment costs dispersed per area, total work costs per cycle and far more.
Internationally, I have actually demonstrated leadership and tactical proficiency in guiding large-scale populations of over 100,000 employees throughout 170 countries. Currently, I are accountable for managing payroll methods, as mentioned by Mark. My function involves managing and establishing external collaborations, supporting Enterprise customers, and providing advisory services. Furthermore, I am proud to be a part of Papaya Global, a pioneering payroll and payments solutions supplier.
business to make the time 100 list for the majority of prominent business worldwide we provide payroll payments and workforce management to all employee key ins over 160 nations I am pleased to say that we also have as Mark said Johnny Nash with us today Johnny would you like to introduce yourself obviously thank you good morning great afternoon excellent night depending on where you are in the world it's beautiful to fulfill you and thank you very much for your time as Ian said my name is Johnny Nash and I'm the payments director here at um I've remained in the payments industry for over ten years and particularly dealing with the payroll and payment sector for over seven years um I was interested by the complexity the problem in all of the above of
payroll payments and chose to sort of make a genuine go at that over the last five or 6 years where I've type of had a range of various roles on the company side and also on the supplier side from a payroll viewpoint so actually anticipating this conversation today um and yeah thank you very much for your time everybody all right thanks Johnny uh we'll just give everyone another couple of uh well among the 30 seconds or two to join we all work back to back nowadays so we'll type of let them do that so it 'd be quite intriguing and I can see it going on currently simply to hear where everybody is um it's nice to to kind of like see where everyone originates from and I actually 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 drizzling here it's extremely very uninspiring and I want I was elsewhere at this moment in time all right so let's begin our program for today is as follows um we are going to be taking a look at the difficulty years of handling International payroll why companies maintain different
checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts improving papaya Global payroll payments as a tactical possession uh we'll likewise go over a wrap-up and that must leave his time at the very 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 increasingly more common and managing them ends up being increasingly more intricate Worldwide companies are looking to discover Solutions and new ways to improve procedures particularly from a payroll and cross-border payment perspective many organizations maintain separate checking account just for payroll while some have several accounts in different countries does it make good sense for business to preserve different bank accounts in some cases in different nations it does however just for payroll is there a much better method what function do virtual accounts and digital wallets likewise called virtual wallets play in helping multinational companies simplify the episode complex procedures of
making payroll payments accurately efficiently safely and on time during this webinar we'll stroll you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll checking account how companies properly forecast their payroll costs to increase working capital and how enhancing Worldwide payroll payments can turn them from a siled pane into a tactical asset so payroll can be difficult in sufficient in one nation however when you're doing it worldwide it's next level and Beyond it becomes intricate for a variety of factors most importantly guidelines compliance information security and banking rules then there are the sheer numbers they include further complexity the worldwide Workforce is currently three and a half billion people by 2030 it's estimated that in Africa alone they will contribute and further 1.1 billion individuals that number is currently 500 million just for for a scale then consider that there are some 230 million organizations and growing all doing their own thing all over the world in the standard payroll model there's typically a frustrating variety of various systems causing time-consuming manual procedures and silos the variety of Combinations could be non-existent in large quantities and or really really basic there's no real consistency structure we're living in an era 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 which simply blows my mind whenever I I think
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of services state they have Workforce data in real time that's another number that gives me sleepless nights and quite honestly the more an organization spends on international payroll the less of a photo they see an absence of visibility also extends to payroll payments and inability to precisely track these payments can lead to compliance accidents in the last mile of the deal nearly half of international organizations have actually expressed that they do not have the level of standardization they need in their processes or want and as a result eighty percent of mistakes are because of time reporting bad HCM data data entry mistakes improperly interacted hires and terminations along with absence management and system setups and then when you round it all off and the information is delivered to the incorrect location the average expense of a global information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash around the world payroll and payments don't run efficiently if they depend on the required 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 business face when they're paying to workers or otherwise that's a good concern I always toss this back and state what is it what does not need to be included best and what does
it require to be thought of there's varying Bank information so the length of an eye band a swift an account number routing code per country there's payment time frames 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 client's own in-country account so there's intricacy wherever you look right eventually building a knowledge base is absolutely crucial however everywhere you look with payroll payment they resemble extremely payments no if however some children about it you are all superheroes processing payments for payroll if you 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 definitely basic and innovation is allowing us to kind of move forward with that it likewise as well to add to that payroll and financing require to work closer together um with varying Checking account Particulars differing banking requirements and setup processes is absolutely imperative that payroll and finance teams work more detailed together than ever um I'm constantly amazed when individuals say I have actually divided payroll and payment um if you stroll down the street and asked anyone what is payroll who does not work in the payroll profession 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 information collection all the way through to paying people any place they are however also paying statutory authorities and on statutory third parties so with the
The contemporary world positions a high value on wellness and the settlement landscape is becoming increasingly complex. Services are continually introducing new advantages and payment choices, which adds to the overall complexity. Large corporations frequently divide their payroll and payment processing into different groups, which can cause ineffectiveness and bottlenecks. In my viewpoint, this does not need to be the case. In today's technologically advanced era, there's no justification for maintaining cumbersome treatments. Payroll, the business's most significant expenditure, should be processed properly and on time. Even small delays can negatively affect employees' well-being and have far-reaching effects. For that reason, it's crucial to prioritize precise and prompt payments.
payroll team get um so I'm not sure anybody on this type of webinar has actually been informed thank you for processing my payroll properly if you have it 'd be terrific to hear your success story and whether that's been from all staff members or not um however ultimately payroll is such an important cycle we all become aware of it when it goes wrong everybody jumps up and down when it goes wrong however when it goes right it's simply a tick box exercise and I believe that's how it's seen from the external consider as well um so yeah it's also like why WI-Fi Global why all of this stuff is definitely crucial that all of this things is done properly so leveraging the first Global Payments first payroll payment solution is a terrific primary step um offering an end-to-end payroll option for your employees globally again I think is another substantial um procedure once again aligning and guaranteeing you have standardization Global processes all of those things are definitely key to success success of services and decreasing the number of tools platforms and checking account they require for their Global payroll too could not agree with you more and on the the front in regards to of the thank yous for getting payroll done I have actually never had a hundred countless them within a payroll cycle don't expect to you do get the odd five or ten or whatever it might be with the with the the problems where things haven't gone quite where they're suggested to be um I do not believe any of us are in fact doing that for for the thanks
anyhow we understand how how essential a role it is which'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 everyone that's associated with those processes and also so envision sorry I'm just I was simply gon na say imagine the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I make sure we're discussing numerous thousands possibly Millions imagine getting that numerous thank you notes um I suggest it 'd be interesting to see the number of Post-it notes you got however it would certainly be an intriguing task attempting to clean all those up for sure oh definitely I can't envision the size of my my Outlook inbox if that held true um you 'd need days of the week to attempt to browse them and actually see what was going on and kind of shot to return to everyone so moving on appearance why do companies choose to main different savings account there are organizations out there doing exactly this for particular nations and I've worked in a company or numerous services doing precisely that I can say it does not constantly feel efficient and it does produce more work I know we're not purposely doing that we're not creating extra work for anyone where we don't need to and anybody that's managing that process I 'd be interested to hear your thoughts Johnny why do you believe 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 believe individuals have got so used to we require a new bank account we open an entity and rightly so you need it for payroll functions 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 looked at things like trust accounts and numerous other ways um to to type of do it so I think there's a range I think this is a procedure that requires looking at it requires changing but ultimately individuals are really stuck with what they're familiar
with ideal um change is a tough thing all of us don't like modification um so I think it's just sort of moving away from the norm as we've said so yeah so it keeps a lot of track of things um I comprehend clearly the advantages of having preserving several bank accounts but there's a substantial quantity of complexity opts for setting up a bank account maintaining it guaranteeing it can send International transfers ensuring it's set up with the best user accesses for specific individuals so the intricacy is huge however I believe the sincere answer is change um individuals have not had the ability to alter or have not had necessarily the knowledge to really make that change into alternate Solutions aside from opening a bank account I believe you have actually hit the nail on the head I think it is understanding you know and there is an element of resistance to change however we've constantly done it that way is no real reason for not taking a look at the the advantages and the possibilities of carrying on and moving into you know what could nearly be determined to be the next Century approximately there is a lot to keep track of and this technique does present several obstacles um so Johnny might you tell us about those challenges yeah obviously so there's a range right there is so
I just recently made a modification to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It seems like our CFO has actually acquired another CFO, and with this boosted capability, I have successfully protected payments for our 10,000 workers worldwide. Your commitment to mastering worldwide payroll and payments using Papaya payroll OS is good. You are worthy of a corner office with a parking space that is better, considering your accomplishments.
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