Find out more about Papaya Global New Zealand ... 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 particularly devoted to handling payments. This supplies us with a secure and dependable technique of making payments to our 10,000 staff members worldwide.}
The innovative worldwide payroll management app improves my payroll process, conserving me a significant quantity of time monthly. With its easy to use interface, I have access to a single dashboard that efficiently handles my payroll, EOR, and specialists.
The Employee Portal provides employees with the ability to gain access to and view important files such as pay slips, wage and tax declarations, and employment records. This website is accessible on both desktop and mobile phones and is provided in various languages.
Advantages Administration
Papaya Global helps companies offer competitive benefits bundles to worldwide workers no matter the number of employees in the business. The company can set up health insurance, short-term and long-term disability, vision, oral and maternity leave while eliminating the need to source local benefits suppliers in every nation, produce regional accounts and have a minimum variety of workers.
International HR Performances
's HR performances consist of PTO tracking, compliance, onboarding/offboarding tools, online storage for employees' files and migration services if your employees need work authorization help.
HR Analytics
Papaya Global's payroll and HR analytics suite gives you insights into labor force spending, workforce diversity, overall employment expenses dispersed per place, overall employment expenses per cycle and far more.
environments around the world I offered management and strategy to populations of over a hundred thousand staff members in more than 170 countries today I'm the payroll techniques for as Mark stated I work throughout business handling and structure external relationships supporting Business customers and solutions in addition to acting as a consultant for those of you that do not know who papaya Global is papaya is the first payroll and payments
company to make the time 100 list for many prominent business worldwide we provide payroll payments and workforce management to all employee key ins over 160 nations 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 excellent afternoon great night depending upon where you are in the world it's beautiful to satisfy 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 remained in the payments market for over ten years and specifically dealing with the payroll and payment sector for over 7 years um I was captivated by the intricacy the difficulty in all of the above of
payroll payments and decided to sort of make a genuine go at that over the last 5 or 6 years where I have actually kind of had a range of various roles on the supplier side and also on the supplier side from a payroll viewpoint so really looking forward to this conversation today um and yeah thank you very much for your time everybody alright thanks Johnny uh we'll just provide everybody another couple of uh well one of 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 interesting and I can see it going on currently just to hear where everyone is um it's nice to to sort of like see where everybody comes from and I actually do hope it's much sunnier than it is in the UK today certainly 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 want I was somewhere else at this moment in time all right 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 International payroll why business maintain separate
checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts simplifying papaya Global payroll payments as a tactical asset uh we'll also go over a recap which must leave his time at the extremely extremely end for a q a session so as the title of the webinar suggests payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and International labor forces end up being increasingly more common and managing them becomes a growing number of complicated International companies are aiming to find Solutions and new methods to streamline processes particularly from a payroll and cross-border payment viewpoint many organizations keep separate checking account just for payroll while some have multiple accounts in different countries does it make good sense for business to maintain separate checking account often in various nations it does however just for payroll exists a better way what role do virtual accounts and digital wallets also called virtual wallets play in helping multinational business simplify the episode complex processes of
Guaranteeing precise, efficient, and prompt payroll payments is a complex challenge for businesses operating globally. Join us for a webinar to explore the advantages and downsides of payroll wallets versus payroll bank accounts, find out how business forecast payroll expenses to optimize working capital, and find how streamlining worldwide payroll payments can change them from a troublesome task into a strategic possession.
Managing payroll internationally is a complicated job due to various regulations, compliance requirements, information security issues, and banking rules. The sheer variety of staff members and businesses adds to the intricacy, with an approximated 3.5 billion individuals in the international labor force, 500 countless whom remain in Africa, and 230 million services worldwide.
Conventional payroll systems typically result in manual procedures, data silos, and a lack of combination, leading to inconsistencies and ineffectiveness. Regardless of living in an era of technological advancements, payroll management has actually been sluggish to adjust, with as much as 25% of payroll still processed by hand, typically utilizing pen and paper. This webinar goals to supply insights and options to streamline and enhance international payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of organizations say they have Labor force information in real time that's another number that gives me sleep deprived nights and quite frankly the more an organization spends on global payroll the less of a picture they see an absence of visibility also encompasses payroll payments and failure to properly track these payments can result in compliance accidents in the last mile of the deal nearly half of global services have actually expressed that they don't have the level of standardization they require in their processes or want and as a result eighty percent of mistakes are because of time reporting poor HCM data information entry errors poorly communicated hires and terminations along with lack management and system configurations and then when you round it all off and the data is delivered to the wrong place the typical expense of a worldwide data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash worldwide payroll and payments don't run smoothly if they rely on the needed numerous 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 obstacles service face when they're paying to employees or otherwise that's an excellent question I constantly throw this back and state what is it what doesn't require to be consisted of best and what does
it need to be thought about there's varying 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 client's own in-country account so there's intricacy any place you look best ultimately building a knowledge base is absolutely important however everywhere you look with payroll payment they are like incredibly payments no if however some children about it you are all superheroes processing payments for payroll if you look at the type of link in between fintech and payroll it's closer than ever I believe there's now a bit more recognition that payroll payments are definitely fundamental and innovation is permitting us to kind of move on with that it also too to add to that payroll and financing require to work closer together um with differing Bank Account Particulars varying banking requirements and setup procedures is definitely imperative that payroll and finance groups work better together than ever um I'm always surprised when individuals state I have actually divided payroll and payment um if you stroll down the street and asked anybody what is payroll who does not work in the payroll occupation 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 often 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 wherever they are however also paying statutory authorities and on statutory 3rd parties so with the
world we reside in and well-being being a growing number of crucial to add to kind of the level of intricacy there's more and more benefits being organ or being offered by services throughout the world so once again you're just wanting to add increasingly more payments to this already complex landscape so if you kind of got any experience well I'm from your large experience here and I'm sure however have you got any experience in kind of genuine challenges or real tough type of pay uses to play to pay individuals I think yeah I imply over the last well yeah a couple of years I would absolutely state that the bigger a service gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the task there are teams feeding details into the next function as it were that's actually managing the payment side of things however you understand in in my opinion and my experience that does not necessarily need to be the case you know long gone are the times where we require to develop additional handoffs at the same times 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 era of tech and a period that you understand that we are operating in today there is no reason that we are still making this as difficult as it requires to be concurred and rightly as you stated payroll is the single greatest liability that any business has from an expense perspective from an effect perspective on employees it is absolutely crucial that it's done correctly and on time so what we imply by that is not a day before not a day after on pay day and payments have to be done right it has the greatest damaging result on individuals's well-being and many other aspects if individuals aren't paid uh I've always been amazed entering into this Market type of the last five to 10 years is how little thanks the
The payroll team may 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 employees or not. Payroll is an essential cycle, and people just discover when things go wrong. However, when things go right, it's viewed as simply a regular task. This is how it's viewed externally as well. For that reason, it is important to ensure that tasks like Wi-Fi International and other important matters are done properly. Utilizing the very first International Payments very first payroll payment service is a terrific initial action towards supplying a detailed payroll service for employees worldwide. Standardization, global procedures, and decreasing the variety of tools, platforms, and bank accounts needed for international payroll are key consider accomplishing company success. While we don't expect a hundred thousand thank yous within a payroll cycle, we do sometimes get a couple of complaints when things do not go as prepared. Eventually, we do not do it for the gratitude.
anyway 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 procedures and also so picture sorry I'm just I was just gon na state think of the amount of thanks you got if you might cover the amount of people that we cover within this webinar I'm sure we're speaking about numerous thousands potentially Millions imagine getting that many thank you notes um I mean it 'd be interesting to see the number of Post-it notes you got but it would certainly be a fascinating task trying to clean up all those up for sure oh absolutely I can't think of the size of my my Outlook inbox if that held true um you 'd require days of the week to try to check out them and actually see what was going on and sort of try to return to everybody so proceeding look why do business select to primary separate checking account there are businesses out there doing precisely this for specific countries and I've worked in a service or lots of businesses doing precisely that I can say it does not always feel efficient and it does develop more work I understand we're not deliberately doing that we're not developing extra work for anybody where we do not need to and anyone that's managing that procedure 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 people have got so used to we require a brand-new checking account we open an entity and appropriately so you require it for payroll purposes however there are a number of markets where it's not a requirement so I think it's simply been the standard and the standard individuals have embraced and continue to do over years and years gone past to add to that individuals have looked at things like trust accounts and lots of other ways um to to type of do it so I believe there's a variety I think this is a process that requires taking a look at it needs changing however ultimately individuals are extremely stuck with what they're familiar
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 comprehend undoubtedly the advantages of having preserving multiple savings account however there's a big quantity of intricacy chooses establishing a checking account keeping it guaranteeing it can send International transfers ensuring it's set up with the ideal user accesses for specific people so the intricacy is big however I think the sincere response is change um people have not been able to change or have not had necessarily the knowledge to actually make that change into alternate Solutions besides opening a savings account I believe you have actually hit the nail on the head I believe it is understanding you know and there is an aspect of resistance to alter but we've constantly done it that way is no real reason for not looking at the the benefits and the possibilities of moving on and moving into you understand what could practically be identified to be the next Century or two there is a lot to track and this approach does present several challenges um so Johnny might you tell us about those difficulties yeah obviously so there's a variety right there is so
I recently made a modification to our Enterprise 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 gotten another CFO, and with this boosted ability, I have actually effectively protected payments for our 10,000 staff members worldwide. Your commitment to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You deserve a corner workplace with a parking space that is better, considering your accomplishments.
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