Find out more about Papaya Global Greece ... We now have the capability to manage 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 particularly committed to managing payments. This provides us with a protected and reliable method of making payments to our 10,000 workers worldwide.}
The cutting-edge international payroll management app improves my payroll procedure, saving me a significant quantity of time every month. With its user-friendly interface, I have access to a single control panel that efficiently handles my payroll, EOR, and professionals.
The Staff member Portal offers employees with the ability to access and view important documents such as pay slips, wage and tax declarations, and employment records. This portal is accessible on both desktop and mobile phones and is offered in various languages.
Advantages Administration
Papaya Global helps business offer competitive advantages packages to international employees no matter the number of staff members in the company. The company can establish medical insurance, short-term and long-lasting disability, vision, oral and maternity leave while eliminating the need to source regional advantages suppliers in every country, develop regional accounts and have a minimum variety of employees.
Worldwide HR Functionalities
's HR functionalities include PTO tracking, compliance, onboarding/offboarding tools, online storage for employees' documents and migration services if your employees require work permit assistance.
HR Analytics
Papaya Global's payroll and HR analytics suite gives you insights into workforce spending, labor force variety, total work costs dispersed per location, overall work expenses per cycle and a lot more.
Worldwide, I have demonstrated leadership and strategic competence in directing massive populations of over 100,000 employees across 170 countries. Currently, I am responsible for overseeing payroll strategies, as discussed by Mark. My role involves handling and establishing external partnerships, supporting Business clients, and offering advisory services. Furthermore, I am proud to be a part of Papaya Global, a pioneering payroll and payments options service provider.
business to make the time 100 list for most prominent business on the planet we supply payroll payments and labor force management to all employee enters over 160 nations I am pleased to say that we likewise have as Mark said Johnny Nash with us today Johnny would you like to present yourself obviously thank you good morning excellent afternoon great evening depending upon where you are in the world it's charming to fulfill you and thank you very much for your time as Ian stated my name is Johnny Nash and I'm the payments director here at um I've been in the payments market for over ten years and specifically working on the payroll and payment sector for over seven years um I was captivated by the intricacy the difficulty in all of the above of
payroll payments and decided to kind of make a real go at that over the last five or six years where I've type of had a variety of different functions on the service provider side and also on the vendor side from a payroll point of view so really eagerly anticipating this discussion today um and yeah thank you quite for your time everybody alright thanks Johnny uh we'll simply offer everybody another number of uh well one of the 30 seconds or two to join we all work back to back these days so we'll sort of let them do that so it 'd be rather intriguing and I can see it going on currently simply to hear where everyone is um it's nice to to type of like see where everybody comes from and I truly do hope it's much sunnier than it is 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 really gloomy and I want I was elsewhere at this moment in time okay 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 managing Global payroll why business keep separate
bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts streamlining papaya International payroll payments as a tactical property uh we'll also discuss a recap which ought to leave his time at the very very end for a q a session so as the title of the webinar suggests payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and Global workforces end up being more and more typical and handling them becomes a growing number of complicated Worldwide organizations are wanting to find Solutions and brand-new ways to simplify procedures especially from a payroll and cross-border payment standpoint numerous companies preserve different bank account just for payroll while some have several accounts in various countries does it make good sense for business to maintain different bank accounts sometimes in different countries it does but just for payroll is there a better way what role do virtual accounts and digital wallets likewise referred to as virtual wallets play in helping international companies improve the episode complex processes of
Guaranteeing accurate, effective, and prompt payroll payments is a complex challenge for companies running globally. Join us for a webinar to check out the advantages and disadvantages of payroll wallets versus payroll savings account, discover how companies anticipate payroll expenses to optimize working capital, and discover how streamlining worldwide payroll payments can change them from a difficult job into a strategic possession.
Handling payroll worldwide is a complicated job due to numerous policies, compliance requirements, information security issues, and banking guidelines. The large variety of workers and companies contributes to the complexity, with an approximated 3.5 billion people in the worldwide workforce, 500 countless whom remain in Africa, and 230 million organizations worldwide.
Standard payroll systems often lead to manual procedures, information silos, and an absence of combination, resulting in disparities and inadequacies. Regardless of residing in a period of technological improvements, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed manually, typically utilizing pen and paper. This webinar goals to supply insights and services to simplify and enhance worldwide payroll payments.
about it to provide you a concept of how far there still is to come according to Deloitte only 11 of services state they have Workforce information in real time that's another number that provides me sleepless nights and rather frankly the more a business invests in global payroll the less of an image they see an absence of exposure likewise reaches payroll payments and failure to accurately track these payments can result in compliance accidents in the last mile of the transaction nearly half of worldwide 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 mistakes are due to time reporting bad HCM data information entry errors poorly communicated hires and terminations in addition to absence management and system setups and after that when you round all of it off and the information is shipped to the incorrect place the average expense of an international data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money all over the world payroll and payments do not run smoothly if they rely on the necessary numerous processes 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 challenges company face when they're making payments to workers or otherwise that's an excellent concern I always toss this back and state what is it what does not need to be consisted of right and what does
it need to be thought about 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 need to pay from an in-country account do you have to pay from the client's own in-country account so there's complexity any place you look best ultimately developing a knowledge base is definitely critical however all over you look with payroll payment they resemble incredibly payments no if however some babies about it you are all superheroes processing payments for payroll if you take a look at the type of link in between fintech and payroll it's closer than ever I think there's now a bit more acknowledgment that payroll payments are absolutely basic and technology is allowing us to kind of move on with that it likewise as well to add to that payroll and finance require to work closer together um with varying Bank Account Details varying banking requirements and setup processes is definitely essential that payroll and financing groups work closer together than ever um I'm always astonished when individuals 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 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 data collection all the way through to paying people anywhere they are however also paying statutory authorities and on statutory third parties so with the
The contemporary world positions a high worth on well-being and the payment landscape is ending up being progressively intricate. Businesses are constantly presenting new advantages and payment alternatives, which contributes to the overall intricacy. Big corporations often divide their payroll and payment processing into separate teams, which can result in ineffectiveness and traffic jams. In my opinion, this doesn't need to hold true. In today's technologically innovative age, there's no validation for preserving troublesome treatments. Payroll, the business's biggest expense, must be processed properly and on time. Even small hold-ups can negatively affect workers' wellness and have significant repercussions. For that reason, it's crucial to prioritize precise and prompt payments.
The payroll team might not have actually been thanked for properly processing payroll during a webinar. If anybody has been thanked, it would be great to hear their success story, whether it's from all employees or not. Payroll is a crucial cycle, and people just observe when things go wrong. However, when things go right, it's viewed as simply a regular job. This is how it's viewed externally as well. Therefore, it is essential to ensure that tasks like Wi-Fi Worldwide and other essential matters are done properly. Utilizing the first Worldwide Payments very first payroll payment option is a fantastic preliminary action towards providing a thorough payroll service for staff members worldwide. Standardization, worldwide processes, and reducing the number of tools, platforms, and bank accounts necessary for international payroll are essential consider achieving organization success. While we don't anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally receive a few grievances when things don't go as planned. Ultimately, we do not do it for the gratitude.
anyway we know how how essential a function 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 easy as possible for everyone that's associated with those procedures and likewise so envision sorry I'm just I was simply gon na state envision the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I'm sure we're speaking about hundreds of thousands possibly Millions imagine getting that lots of thank you notes um I imply it 'd be interesting to see how many Post-it notes you got however it would definitely be an interesting job trying to clean up all those up for sure oh absolutely 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 check out them and really see what was going on and type of try to return to everyone so moving on appearance why do business choose to main different checking account there are companies out there doing exactly this for particular countries and I have actually operated in an organization or many businesses doing precisely that I can state it does not constantly feel efficient and it does develop more work I understand we're not purposely doing that we're not producing extra work for any person where we do not need to and anyone that's managing that process 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 standard I think individuals have got so utilized to we require a brand-new checking account we open an entity and rightly 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 simply been the standard and the norm individuals have actually adopted and continue to do over years and years gone past to contribute to that people have actually looked at things like trust accounts and lots of other methods um to to kind of do it so I believe there's a variety I think this is a procedure that requires looking at it needs changing however eventually individuals are really stuck with what they're familiar
with right um change is a tough thing all of us do not like modification um so I think it's just kind of moving far from the norm as we've said so yeah so it keeps a great deal of track of stuff um I understand certainly the advantages of having keeping numerous checking account but there's a huge amount of intricacy goes with establishing a savings account keeping it guaranteeing it can send out International transfers ensuring it's set up with the right user accesses for specific individuals so the intricacy is huge but I think the sincere response is change um people have not had the ability to alter or have not had necessarily the understanding to really make that change into alternate Solutions other than opening a checking account I think you've hit the nail on the head I believe it is knowledge you understand and there is an aspect of resistance to change however we've constantly done it that way is no real reason for not looking at the the advantages and the possibilities of proceeding and moving into you know what might practically be determined to be the next Century or so there is a lot to monitor and this technique does position a number of difficulties um so Johnny might you inform us about those difficulties yeah obviously so there's a variety right there is so
I recently made a change to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It seems like our CFO has actually acquired another CFO, and with this enhanced capability, I have actually successfully secured payments for our 10,000 workers worldwide. Your dedication to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You should have a corner office with a parking space that is better, considering your accomplishments.
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