Find out more about Papaya Global Sweden ... We now have the ability to handle both our payroll and payments processes on one merged platform. It's as if our Chief Financial Officer has acquired a separate Chief Financial Officer particularly devoted to managing payments. This provides us with a secure and reputable method of making payments to our 10,000 employees worldwide.}
The cutting-edge global payroll management app enhances my payroll process, conserving me a significant quantity of time every month. With its easy to use user interface, I have access to a single control panel that efficiently handles my payroll, EOR, and professionals.
Worker Website
Employees have access to a Worker Website where they can view their pay slips, wage and tax statements and employment files. The portal is offered in numerous languages and can be accessed on a desktop or mobile phone.
Benefits Administration
Papaya Global helps business provide competitive advantages bundles to international workers no matter the variety of staff members in the company. The business can establish health insurance, short-term and long-lasting special needs, vision, dental and maternity leave while getting rid of the requirement to source regional benefits providers in every nation, develop regional accounts and have a minimum variety of employees.
The HR abilities provided by Worldwide HR encompass numerous functions such as keeping an eye on trip time, making sure compliance, facilitating the procedure of welcoming brand-new staff members and bidding farewell to departing ones, providing a safe and secure online platform for storing workers' documents, and offering assistance for work allow procedures in case your employees need help because area.
HR Analytics
Papaya Global's payroll and HR analytics suite gives you insights into labor force costs, labor force diversity, total work costs distributed per location, overall employment expenses per cycle and much more.
environments around the world I provided leadership and method to populations of over a hundred thousand workers in more than 170 countries today I'm the payroll techniques for as Mark stated I work across business handling and structure external relationships supporting Enterprise customers and options in addition to acting as a consultant for those of you that do not understand who papaya Worldwide is papaya is the very first payroll and payments
business to make the time 100 list for most prominent business on the planet we offer payroll payments and workforce management to all worker types in 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 introduce yourself naturally thank you good morning good afternoon good night depending upon where you remain in the world it's charming 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've remained in the payments market for over 10 years and specifically working on the payroll and payment sector for over 7 years um I was fascinated by the intricacy the trouble in all of the above of
payroll payments and chose to kind of make a real go at that over the last five or six years where I have actually kind of had a variety of various functions on the company side and likewise on the supplier side from a payroll viewpoint so really eagerly anticipating this discussion today um and yeah thank you very much for your time everyone okay thanks Johnny uh we'll simply give everyone another number of uh well among the 30 seconds approximately to join we all work back to back these days so we'll type 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 sort of like see where everyone originates from and I actually do hope it's much sunnier than it remains in the UK today definitely not the peak of the sunlight is it it's not no it's it's drizzling here it's very very dreary and I want I was elsewhere at this moment in time alright so let's start our agenda for today is as follows um we are going to be taking a look at the difficulty years of managing Worldwide payroll why business preserve separate
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 Global payroll payments as a tactical property uh we'll also review a recap and that should leave his time at the really really end for a q a session so as the title of the webinar recommends payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces become increasingly more common and handling them ends up being a growing number of complicated Global organizations are seeking to find Solutions and brand-new methods to streamline processes specifically from a payroll and cross-border payment perspective many companies maintain separate savings account just for payroll while some have numerous accounts in various countries does it make sense for business to preserve different checking account often in various nations it does but just for payroll exists a better way what role do virtual accounts and digital wallets also known as virtual wallets play in helping multinational business improve the episode complex procedures of
Making sure accurate, effective, and timely payroll payments is a complex challenge for companies operating globally. Join us for a webinar to explore the advantages and downsides of payroll wallets versus payroll savings account, learn how companies anticipate payroll costs to enhance working capital, and discover how enhancing worldwide payroll payments can transform them from a burdensome job into a strategic possession.
Handling payroll worldwide is an overwhelming job due to different regulations, compliance requirements, data security issues, and banking guidelines. The large number of employees and organizations adds to the intricacy, with an approximated 3.5 billion people in the global workforce, 500 countless whom remain in Africa, and 230 million businesses worldwide.
Traditional payroll systems frequently result in manual processes, data silos, and a lack of integration, causing inconsistencies and inefficiencies. Regardless of living in an era 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 objectives to provide insights and options to streamline and optimize global payroll payments.
about it to give you a concept of how far there still is to come according to Deloitte only 11 of services say they have Workforce data in real time that's another number that provides me sleepless nights and quite honestly the more an organization invests in worldwide payroll the less of a picture they see a lack of presence also encompasses payroll payments and failure to properly track these payments can cause compliance incidents in the last mile of the transaction almost half of worldwide services have revealed that they don't have the level of standardization they need in their procedures or want and as a result eighty percent of mistakes are due to time reporting bad HCM information data entry errors improperly communicated hires and terminations along with absence management and system setups and after that when you round everything off and the data is delivered to the wrong place the average expense of an international information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash all over the world payroll and payments don't run efficiently if they count on the needed multiple processes systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the challenges service face when they're making payments to employees or otherwise that's a great question I constantly throw this back and say what is it what doesn't need to be included best and what does
it require to be thought of there's varying Bank details so the length of an eye band a swift an account number routing code per country there's payment amount of time there's payment capabilities 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 customer's own in-country account so there's complexity wherever you look right ultimately developing a knowledge base is absolutely crucial however all over you look with payroll payment they resemble incredibly payments no if but some children about it you are all superheroes processing payments for payroll if you look at the type of link between fintech and payroll it's closer than ever I believe there's now a bit more recognition that payroll payments are definitely basic and innovation is permitting us to type of progress with that it also also to contribute to that payroll and financing require to work closer together um with differing Bank Account Particulars varying banking requirements and setup processes is definitely 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 walk down the street and asked anyone what is payroll who doesn't operate in the payroll profession would they split the payroll payment from calculation I would say no so why do we as an industry 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 data collection all the way through to paying people wherever they are but likewise paying statutory authorities and on statutory third parties so with the
The contemporary world puts a high worth on well-being and the payment landscape is becoming significantly complex. Services are continuously introducing brand-new benefits and payment choices, which contributes to the general complexity. Big corporations frequently divide their payroll and payment processing into different teams, which can cause inadequacies and bottlenecks. In my opinion, this does not need to hold true. In today's technically innovative age, there's no validation for keeping troublesome procedures. Payroll, the business's biggest cost, should be processed correctly and on time. Even slight hold-ups can adversely affect staff members' wellness and have significant effects. Therefore, it's vital to prioritize precise and prompt payments.
payroll group get um so I'm not sure anyone on this kind 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 staff members or not um however ultimately payroll is such a crucial cycle all of us become aware of it when it fails everyone jumps up and down when it fails but when it goes right it's just a tick box workout and I think 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 important that all of this stuff is done correctly so leveraging the very first International Payments very first payroll payment service is a fantastic first step um providing an end-to-end payroll solution for your workers worldwide again I believe is another huge um procedure once again aligning and guaranteeing you have standardization International procedures all of those things are definitely crucial to success success of businesses and decreasing the number of tools platforms and bank accounts they require for their International 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 countless them within a payroll cycle don't anticipate to you do get the odd 5 or ten or whatever it might be with the with the the complaints where things have not gone rather where they're meant to be um I don't think any of us are really doing that for for the thanks
anyway we understand how how crucial a function 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 everyone that's associated with those procedures and also so envision sorry I'm simply I was simply gon na state imagine the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I make sure we're talking about hundreds of thousands possibly Millions think of getting that many thank you notes um I indicate it 'd be interesting to see how many Post-it notes you got however it would certainly be an interesting task trying to clean up all those up for sure oh definitely 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 attempt to look through them and really see what was going on and sort of shot to get back to everyone so proceeding look why do business pick to main separate savings account there are companies out there doing precisely this for particular countries and I've worked in a business or lots of businesses doing precisely that I can say it doesn't always feel effective and it does create more work I understand we're not deliberately doing that we're not creating extra work for anybody where we do not need to and any person that's dealing with 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 amount that we are I believe many factors one is it's the requirement I think people have actually got so utilized to we need a new checking account we open an entity and rightly so you need it for payroll functions but there are a variety of markets where it's not a requirement so I think it's simply been the standard and the standard individuals have actually adopted and continue to do over years and years gone past to contribute to that people have actually taken a look at things like trust accounts and numerous other methods um to to type of do it so I think there's a variety I believe this is a procedure that needs looking at it needs changing but eventually people are very stuck with what they're familiar
with ideal um modification is a challenging thing all of us do not like change um so I believe it's simply type of moving far from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I understand clearly the benefits of having preserving several savings account but there's a substantial amount of intricacy goes with setting up a checking account keeping it guaranteeing it can send International transfers ensuring it's established with the best user accesses for specific people so the complexity is big but I think the truthful response is modification um people have not had the ability to change or have not had always the understanding to truly make that change into alternate Solutions aside from opening a bank account I believe you've struck the nail on the head I think it is understanding you understand and there is an aspect of resistance to change however we've always done it that way is no genuine reason for not taking a look at the the benefits and the possibilities of carrying on and moving into you understand what might practically be identified to be the next Century approximately there is a lot to track and this approach does position a number of challenges um so Johnny could you tell us about those obstacles yeah of course so there's a variety right there is so
I simply did you switched our Enterprise to OS so now we can do our payroll and payments operation on a single platform yes it's like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide staff members you deserve a corner workplace with a closer parking space due to the fact that I mastered International payroll and payments with Papaya payroll OS did you
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