Find out more about Papaya Global Krakow ... We now have the ability to manage both our payroll and payments processes on one combined platform. It's as if our Chief Financial Officer has actually obtained a different Chief Financial Officer particularly devoted to managing payments. This supplies us with a secure and reputable technique of paying to our 10,000 workers worldwide.}
the very best international payroll managment app, conserves me hours of time monthly, one single dashboard for my payroll, EOR and professionals
The Staff member Website provides workers with the capability to access and view essential documents such as pay slips, wage and tax statements, and work records. This portal is accessible on both desktop and mobile phones and is provided in numerous languages.
Benefits Administration
Papaya Global helps companies use competitive benefits plans to worldwide staff members no matter the number of employees in the company. The business can establish health insurance, short-term and long-lasting impairment, vision, oral and maternity leave while removing the requirement to source regional benefits companies in every nation, develop local accounts and have a minimum number of workers.
The HR capabilities offered by Worldwide HR include various functions such as keeping track of holiday time, ensuring compliance, facilitating the process of inviting brand-new staff members and bidding goodbye to leaving ones, offering a safe and secure online platform for storing workers' files, and offering support for work permit procedures in case your employees need support because area.
HR Analytics
Papaya Global's payroll and HR analytics suite gives you insights into labor force spending, labor force variety, total work costs dispersed per area, total employment expenses per cycle and much more.
environments around the world I supplied leadership and strategy to populations of over a hundred thousand employees in more than 170 countries today I'm the payroll strategies for as Mark said I work across the business handling and structure external relationships supporting Business customers and services in addition to functioning as a consultant for those of you that don't understand who papaya Worldwide is papaya is the very first payroll and payments
business to make the time 100 list for most prominent companies worldwide we provide payroll payments and labor force management to all worker enters over 160 countries I am pleased to say that we likewise have as Mark stated Johnny Nash with us today Johnny would you like to present 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 very much for your time as Ian said my name is Johnny Nash and I'm the payments director here at um I have actually remained in the payments market for over ten years and particularly dealing with 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 chose to sort of make a genuine go at that over the last 5 or six years where I have actually type of had a variety of various roles on the service provider side and also on the supplier side from a payroll point of view so really anticipating this discussion today um and yeah thank you quite for your time everybody alright thanks Johnny uh we'll simply offer everyone another number of uh well one of the 30 seconds or so to join all of us work back to back nowadays so we'll kind of let them do that so it 'd be rather intriguing and I can see it going on already simply to hear where everyone is um it's nice to to kind of like see where everyone comes from and I really 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 really very gloomy and I wish I was somewhere else at this moment in time fine so let's get going our agenda for today is as follows um we are going to be looking at the obstacle years of managing International payroll why business keep different
checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts improving papaya International payroll payments as a strategic property uh we'll also discuss a wrap-up which needs to leave his time at the extremely extremely end for a q a session so as the title of the webinar suggests payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and International workforces end up being a growing number of common and handling them becomes increasingly more intricate International organizations are aiming to discover Solutions and brand-new methods to streamline processes particularly from a payroll and cross-border payment standpoint lots of organizations keep different bank account just for payroll while some have multiple accounts in various countries does it make good sense for companies to keep separate checking account in some cases in different countries it does but just for payroll exists a better way what role do virtual accounts and digital wallets likewise referred to as virtual wallets play in assisting international business simplify the episode complex processes of
Making sure accurate, efficient, and timely payroll payments is a complex difficulty for organizations running globally. Join us for a webinar to check out the advantages and drawbacks of payroll wallets versus payroll checking account, discover how companies anticipate payroll costs to enhance working capital, and discover how simplifying global payroll payments can transform them from a burdensome task into a strategic possession.
Managing payroll internationally is a daunting task due to various regulations, compliance requirements, data security issues, and banking rules. The large number of employees and companies adds to the complexity, with an approximated 3.5 billion people in the worldwide workforce, 500 countless whom remain in Africa, and 230 million services worldwide.
Standard payroll systems often lead to manual processes, data silos, and a lack of combination, resulting in inconsistencies and inefficiencies. Regardless of living in an age of technological developments, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed by hand, typically using pen and paper. This webinar goals to offer insights and solutions to streamline and enhance global payroll payments.
about it to provide you a concept of how far there still is to come according to Deloitte just 11 of services state they have Labor force data in real time that's another number that provides me sleepless nights and quite honestly the more a business invests in international payroll the less of an image they see an absence of presence also encompasses payroll payments and inability to precisely track these payments can cause compliance mishaps in the last mile of the deal almost half of international services have actually revealed 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 poor HCM information information entry errors improperly communicated hires and terminations in addition to absence management and system setups and after that when you round it all off and the data is shipped to the wrong location the average expense of a global information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money worldwide payroll and payments don't run smoothly if they depend on the essential several processes systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the challenges service face when they're paying to workers or otherwise that's a good concern I constantly throw this back and state what is it what does not need to be consisted of right and what does
it require to be thought about 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 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 complexity anywhere you look ideal eventually building a knowledge base is absolutely critical but everywhere you look with payroll payment they are like very payments no if however some infants about it you are all superheroes processing payments for payroll if you look at the sort of link in between fintech and payroll it's closer than ever I think there's now a bit more recognition that payroll payments are definitely essential and technology is permitting us to type of move forward with that it also too to add to that payroll and financing need to work closer together um with differing Savings account Details varying banking requirements and setup procedures is definitely necessary that payroll and finance teams work better together than ever um I'm always astonished when people state I have actually split payroll and payment um if you walk down the street and asked anybody what is payroll who does not operate in the payroll profession would they divide the payroll payment from computation I would say no so why do we as an industry accept that why our payroll and payments so typically split and cut up um ultimately it's payroll is an end-to-end process it's the point of information collection all the way through to paying individuals any place they are but also paying statutory authorities and on statutory 3rd parties so with the
world we live in and well-being being more and more important to add to kind of the level of intricacy there's a growing number of advantages being organ or being provided by businesses throughout the world so once again you're just seeking to add more and more payments to this already complicated landscape so if you kind of got any experience well I'm from your vast experience here and I'm sure however have you got any experience in kind of genuine obstacles or real tough type of pay utilizes to play to pay individuals I believe yeah I indicate over the last well yeah a number of decades I would certainly state that the larger a business gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the task there are teams feeding info into the next function as it were that's really handling the payment side of things however you understand in in my viewpoint and my experience that doesn't always need to be the case you understand long gone are the times where we require to produce extra handoffs while doing sos that we run in they simply make them more prompt they make them less effective and they don't make them what they require to be in in an age of tech and a period that you understand that we are operating in today there is no reason we are still making this as hard as it requires to be concurred and appropriately as you stated payroll is the single greatest liability that any service has from a cost perspective from an effect perspective on staff members it is absolutely critical that it's done properly and on time so what we imply by that is not a day before not a day after on pay day and payments need to be done right it has the biggest detrimental effect on people's well-being and numerous other factors if individuals aren't paid uh I've constantly been astonished coming into this Market sort of the last five to 10 years is how little thanks the
payroll group get um so I'm not exactly sure anybody on this sort of webinar has actually been told 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 but ultimately payroll is such a crucial cycle all of us find out about it when it fails everyone jumps up and down when it fails however when it goes right it's simply a tick box workout and I believe that's how it's seen from the external consider as well um so yeah it's likewise like why WI-Fi Global why all of this things is absolutely essential that all of this things is done properly so leveraging the first Worldwide Payments very first payroll payment service is an excellent initial step um supplying an end-to-end payroll solution for your employees globally again I think is another substantial um process once again lining up and ensuring you have standardization Global processes all of those things are absolutely essential to success success of businesses and reducing the variety 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 ever had a hundred thousand of them within a payroll cycle do not expect to you do get the odd five or 10 or whatever it might be with the with the the complaints where things haven't gone quite where they're meant to be um I don't believe any of us are in fact doing that for for the thanks
anyhow we know 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 picture sorry I'm just I was just gon na state imagine the amount of thanks you got if you might cover the quantity of people that we cover within this webinar I'm sure we're talking about numerous thousands possibly Millions picture getting that numerous thank you notes um I mean it 'd be interesting to see how many Post-it notes you got however it would certainly be an interesting job attempting to clean up all those up for sure oh absolutely I can't picture the size of my my Outlook inbox if that was the case um you 'd require days of the week to try to look through them and really see what was going on and kind of try to return to everyone so carrying on appearance why do companies pick to main separate bank accounts there are businesses out there doing exactly this for particular countries and I've operated in a service or numerous organizations doing precisely that I can say it doesn't always feel effective and it does develop more work I understand we're not purposely doing that we're not developing additional work for any person where we don't need to and anybody that's handling that procedure I 'd be interested to hear your ideas Johnny why do you believe that we're doing that in in the in the amount that we are I believe many factors one is it's the requirement I believe people have actually got so used to we require a new checking account we open an entity and rightly so you need it for payroll functions but there are a number of markets where it's not a requirement so I believe it's simply been the requirement and the norm the people have actually embraced and continue to do over years and years passed by to contribute to that individuals have actually taken a look at things like trust accounts and lots of other methods um to to sort of do it so I think there's a variety I believe this is a procedure that requires taking a look at it needs changing but ultimately individuals are very stuck with what they're familiar
with best um change is a tough thing all of us do not like change um so I believe it's just 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 comprehend undoubtedly the benefits of having preserving multiple checking account but there's a big quantity of intricacy opts for setting up a savings account keeping it ensuring it can send out International transfers guaranteeing it's set up with the best user accesses for specific individuals so the intricacy is substantial however I think the honest answer is modification um people haven't had the ability to change or haven't had necessarily the understanding to actually make that change into alternate Solutions other than opening a checking account I think you've struck the nail on the head I believe it is knowledge you understand and there is an aspect of resistance to alter but we've always done it that way is no genuine reason for not looking at the the benefits and the possibilities of proceeding and moving into you know what could almost be figured out to be the next Century approximately there is a lot to keep an eye on and this approach does pose a number of difficulties um so Johnny could you inform us about those challenges yeah of course so there's a variety right there is so
I just recently made a modification to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It feels like our CFO has gained another CFO, and with this improved capability, I have effectively protected payments for our 10,000 employees worldwide. Your devotion to mastering worldwide payroll and payments using Papaya payroll OS is good. You deserve a corner office with a parking space that is more detailed, considering your accomplishments.
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