Find out more about Papaya Global Niger ... We now have the capability to manage both our payroll and payments processes on one unified platform. It's as if our Chief Financial Officer has actually acquired a different Chief Financial Officer particularly devoted to managing payments. This supplies us with a safe and reputable approach of making payments to our 10,000 employees worldwide.}
The innovative global payroll management app simplifies my payroll process, saving me a substantial quantity of time every month. With its easy to use user interface, I have access to a single control panel that effectively handles my payroll, EOR, and specialists.
The Staff member Website provides employees with the ability to access and view crucial documents such as pay slips, wage and tax statements, and work records. This portal is accessible on both desktop and mobile devices and is offered in numerous languages.
Advantages Administration
Papaya Global helps business provide competitive advantages packages to international staff members despite the number of employees in the company. The business can set up health insurance, short-term and long-term impairment, vision, dental and maternity leave while eliminating the requirement to source local benefits companies in every country, produce local accounts and have a minimum number of staff members.
International HR Functionalities
's HR performances include PTO tracking, compliance, onboarding/offboarding tools, online storage for workers' files and immigration services if your workers need work permit help.
HR Analytics
Papaya Global's payroll and HR analytics suite gives you insights into workforce costs, workforce diversity, overall work costs dispersed per place, total work costs per cycle and far more.
Globally, I have actually demonstrated leadership and tactical competence in guiding massive populations of over 100,000 workers throughout 170 countries. Presently, I are accountable for overseeing payroll techniques, as discussed by Mark. My function includes handling and establishing external collaborations, supporting Business clients, and providing advisory services. In addition, I am proud to be a part of Papaya Global, a pioneering payroll and payments options company.
As an international business, we are honored to be included on the prestigious Time 100 list of the most influential business worldwide. We focus on offering payroll and labor force management services to employees in more than 160 countries. I am delighted to introduce Johnny Nash, as mentioned by Mark. Now, I'll let Johnny present himself. Good day to all, despite your place. It's a satisfaction to meet you and thank you for your valuable time. As Ian discussed, I am Johnny Nash, the director of payments at our organization. With over a years of experience in the payments industry, I have concentrated on payroll and payment options for the past 7 years. The intricacies and challenges of this field have actually constantly mesmerized me.
payroll payments and decided to type of make a real go at that over the last 5 or 6 years where I've type of had a variety of different roles on the provider side and likewise on the vendor side from a payroll viewpoint so truly looking forward to this discussion today um and yeah thank you very much for your time everybody fine thanks Johnny uh we'll simply offer everybody another couple of uh well one of the 30 seconds or so to join all of us work back to back these days so we'll kind of let them do that so it 'd be rather intriguing 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 originates 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 drizzling here it's really really dreary and I wish I was elsewhere at this moment in time fine so let's get started our agenda for today is as follows um we are going to be taking a look at the difficulty years of handling International payroll why companies preserve different
checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts streamlining papaya Worldwide payroll payments as a tactical asset uh we'll likewise 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 execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and International workforces become increasingly more typical and handling them ends up being more and more intricate International companies are wanting to find Solutions and brand-new ways to improve processes particularly from a payroll and cross-border payment viewpoint many organizations keep different bank account just for payroll while some have multiple accounts in different countries does it make sense for business to maintain separate checking account often in different countries it does however just for payroll is there a much better method what role do virtual accounts and digital wallets also called virtual wallets play in helping multinational companies enhance the episode complex procedures of
Guaranteeing precise, efficient, and timely payroll payments is a complex difficulty for businesses operating worldwide. Join us for a webinar to explore the advantages and drawbacks of payroll wallets versus payroll savings account, find out how business anticipate payroll expenses to optimize working capital, and discover how improving international payroll payments can transform them from a challenging task into a tactical asset.
Handling payroll internationally is a daunting task due to different guidelines, compliance requirements, information security issues, and banking guidelines. The sheer variety of employees and businesses contributes to the complexity, with an estimated 3.5 billion individuals in the global labor force, 500 countless whom are in Africa, and 230 million businesses worldwide.
Standard payroll systems often lead to manual procedures, information silos, and a lack of integration, resulting in inconsistencies and ineffectiveness. Despite residing 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, frequently using pen and paper. This webinar goals to provide insights and services to simplify and optimize international payroll payments.
about it to provide you a concept of how far there still is to come according to Deloitte just 11 of services say they have Workforce data in real time that's another number that gives me sleepless nights and rather frankly the more a service spends on international payroll the less of an image they see an absence of visibility likewise reaches payroll payments and failure to accurately track these payments can cause compliance incidents in the last mile of the deal nearly half of global 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 errors are because of time reporting bad HCM information information entry errors improperly interacted hires and terminations in addition to absence management and system setups and after that when you round everything off and the data is delivered to the incorrect location the average expense of an international data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash around the world payroll and payments don't run smoothly if they count on the essential multiple processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the obstacles service face when they're paying to employees or otherwise that's a great concern I always throw this back and say what is it what does not require to be consisted of best and what does
it require to be thought about there's differing Bank information so the length of an eye band a swift an account number routing code per nation there's payment amount of time there's payment capabilities so can you pay it from International or do you have to pay from an in-country account do you need to pay from the customer's own in-country account so there's intricacy any place you look best ultimately building a knowledge base is definitely important however 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 sort 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 enabling us to kind of move forward with that it likewise also to add to that payroll and finance need to work closer together um with varying Checking account Particulars differing banking requirements and setup procedures is absolutely vital that payroll and financing groups work better together than ever um I'm constantly astonished when individuals state I have actually split payroll and payment um if you walk 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 an industry accept that why our payroll and payments so typically split and cut up um eventually it's payroll is an end-to-end procedure it's the point of data collection all the way through to paying people anywhere they are however likewise paying statutory authorities and on statutory third parties so with the
The contemporary world positions a high worth on well-being and the compensation landscape is becoming significantly intricate. Businesses are continually introducing new advantages and payment options, which adds to the general intricacy. Big corporations often divide their payroll and payment processing into separate teams, which can lead to ineffectiveness and bottlenecks. In my opinion, this does not need to hold true. In today's technologically sophisticated age, there's no reason for keeping cumbersome treatments. Payroll, the company's greatest expenditure, must be processed correctly and on time. Even slight delays can negatively affect employees' wellness and have significant effects. Therefore, it's vital to prioritize accurate and prompt payments.
payroll team get um so I'm uncertain anybody on this sort of webinar has been informed thank you for processing my payroll correctly if you have it 'd be great to hear your success story and whether that's been from all employees or not um however eventually payroll is such an important cycle all of us find out about it when it goes wrong everyone jumps up and down when it goes wrong however when it goes right it's just a tick box exercise 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 stuff is definitely vital that all of this stuff is done properly so leveraging the very first Global Payments first payroll payment solution is a fantastic first step um offering an end-to-end payroll solution for your employees worldwide again I think is another substantial um process once again aligning and ensuring you have standardization Worldwide procedures all of those things are absolutely crucial to success success of businesses and lowering the variety of tools platforms and savings account they need for their International payroll too could not agree with you more and on the the front in terms of of the thank yous for getting payroll done I have actually never had a hundred thousand of them within a payroll cycle don't expect to you do get the odd 5 or 10 or whatever it might be with the with the the complaints where things haven't gone quite where they're suggested to be um I don't think any of us are in fact doing that for for the thanks
anyhow we know how how crucial a role 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 processes and likewise so picture sorry I'm just I was just gon na state think of the quantity of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make sure we're speaking about numerous thousands possibly Millions envision getting that many thank you notes um I mean it 'd be interesting to see how many Post-it notes you got but it would definitely be an interesting task attempting to clean all those up for sure oh absolutely I can't envision the size of my my Outlook inbox if that was the case um you 'd need days of the week to attempt to browse them and really see what was going on and sort of shot to get back to everybody so proceeding look why do companies pick to main separate bank accounts there are services out there doing exactly this for specific nations and I've worked in a service or lots of services doing exactly that I can state it doesn't constantly feel efficient and it does create more work I understand we're not deliberately doing that we're not developing additional work for anybody where we don't need to and any person that's managing 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 quantity that we are I believe lots of reasons one is it's the requirement I think individuals have got so used to we need a new bank account we open an entity and rightly so you require it for payroll functions but there are a variety of markets where it's not a requirement so I think it's just been the standard and the norm the people have actually adopted and continue to do over years and years passed by to add to that individuals have 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 needs taking a look at it needs altering however eventually individuals are extremely stuck to what they recognize
with right um change is a hard thing all of us do not like modification um so I think it's just kind of moving away from the norm as we've said so yeah so it keeps a lot of track of stuff um I comprehend obviously the advantages of having maintaining numerous checking account but there's a substantial quantity of complexity goes with establishing a checking account keeping it guaranteeing it can send International transfers ensuring it's set up with the best user accesses for private people so the intricacy is big but I think the sincere response is change um individuals have not been able to change or have not had always the knowledge to really make that change into alternate Solutions other than opening a savings account I think you have actually hit the nail on the head I think it is knowledge you understand and there is an aspect of resistance to change however we've always done it that way is no genuine excuse for not taking a look at the the benefits and the possibilities of carrying on and moving into you understand what could nearly be determined to be the next Century or so there is a lot to monitor and this method does pose numerous difficulties um so Johnny could you inform us about those obstacles yeah of course so there's a range right there is so
I recently made a change to our Business 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 gained another CFO, and with this enhanced ability, I have effectively secured payments for our 10,000 staff members worldwide. Your commitment to mastering worldwide payroll and payments using Papaya payroll OS is good. You should have a corner workplace with a parking space that is closer, considering your accomplishments.
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