Find out more about Papaya Global Uruguay ... 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 gotten a different Chief Financial Officer specifically dedicated to handling payments. This offers us with a secure and dependable approach of paying to our 10,000 workers worldwide.}
the very best worldwide payroll managment app, conserves me hours of time monthly, one single control panel for my payroll, EOR and specialists
The Staff member Portal supplies employees with the ability to access and view essential files such as pay slips, wage and tax statements, and employment records. This portal is accessible on both desktop and mobile devices and is provided in numerous languages.
Advantages Administration
Papaya Global assists business use competitive advantages bundles to international staff members despite the variety of staff members in the business. The company can establish health insurance, short-term and long-lasting disability, vision, oral and maternity leave while eliminating the need to source regional advantages service providers in every nation, create regional accounts and have a minimum variety of employees.
The HR abilities provided by Worldwide HR encompass different functions such as keeping track of vacation time, making sure compliance, facilitating the process of welcoming brand-new workers and bidding farewell to departing ones, offering a safe and secure online platform for keeping workers' documents, and supplying support for work allow procedures in case your workers need assistance because area.
HR Analytics
Papaya Global's payroll and HR analytics suite offers you insights into labor force spending, workforce variety, total work costs dispersed per location, overall work costs per cycle and far more.
Internationally, I have actually shown leadership and tactical know-how in assisting large-scale populations of over 100,000 workers throughout 170 nations. Currently, I are accountable for managing payroll methods, as discussed by Mark. My function involves managing and establishing external collaborations, supporting Enterprise customers, and providing advisory services. Furthermore, I am proud to be a part of Papaya Global, a pioneering payroll and payments solutions supplier.
As an international company, we are honored to be consisted of on the prestigious Time 100 list of the most prominent companies worldwide. We focus on supplying payroll and labor force management services to employees in more than 160 countries. I am delighted to introduce Johnny Nash, as pointed out by Mark. Now, I'll let Johnny present himself. Good day to all, regardless of your area. It's a satisfaction to satisfy you and thank you for your important time. As Ian mentioned, I am Johnny Nash, the director of payments at our company. With over a decade of experience in the payments industry, I have concentrated on payroll and payment options for the past 7 years. The complexities and difficulties of this field have actually always mesmerized me.
payroll payments and chose to sort of make a genuine go at that over the last 5 or 6 years where I have actually type of had a variety of various roles on the service provider side and likewise on the vendor side from a payroll viewpoint so really eagerly anticipating this conversation today um and yeah thank you very much for your time everybody fine thanks Johnny uh we'll just offer everyone another couple of uh well among the 30 seconds approximately to join we all work back to back these days so we'll kind of let them do that so it 'd be rather interesting and I can see it going on currently just to hear where everyone is um it's nice to to kind of like see where everybody 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 drizzling here it's extremely very uninspiring and I want I was elsewhere at this moment in time okay 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 keep different
checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts enhancing papaya Worldwide payroll payments as a tactical possession uh we'll likewise review a wrap-up which needs to leave his time at the really extremely end for a q a session so as the title of the webinar recommends payroll execs 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 managing them ends up being more and more complicated Worldwide companies are looking to discover Solutions and brand-new ways to simplify processes particularly from a payroll and cross-border payment viewpoint numerous companies preserve different bank account just for payroll while some have numerous accounts in different nations does it make sense for companies to keep different checking account sometimes in various countries it does but just for payroll exists a better way what function do virtual accounts and digital wallets likewise called virtual wallets play in assisting multinational business enhance the episode complex procedures of
making payroll payments properly efficiently safely and on time during this webinar we'll stroll you through the global pros and cons of a payroll wallet versus a payroll bank account how business precisely forecast their payroll expenses to increase working capital and how enhancing International payroll payments can turn them from a siled pane into a strategic property so payroll can be challenging in sufficient in one nation but when you're doing it worldwide it's next level and Beyond it ends up being complicated for a range of reasons most importantly regulations compliance data security and banking guidelines then there are the large numbers they add additional complexity the international Labor force is currently 3 and a half billion individuals by 2030 it's approximated that in Africa alone they will contribute and additional 1.1 billion individuals that number is currently 500 million just for for a scale then factor in that there are some 230 million companies and growing all doing their own thing worldwide in the conventional payroll design there's often a frustrating number of different systems resulting in time-consuming manual processes and silos the number of Integrations could be non-existent in big quantities and or very very basic there's no real consistency structure we're residing in an age of tech however payroll has actually been slow to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper and that just blows my mind every time I I think
about it to offer you a concept of how far there still is to come according to Deloitte just 11 of businesses state they have Labor force information in real time that's another number that offers me sleep deprived nights and quite frankly the more an organization spends on international payroll the less of a picture they see a lack of visibility likewise reaches payroll payments and inability to properly track these payments can lead to compliance accidents in the last mile of the deal nearly half of worldwide services have actually expressed that they do not have the level of standardization they require in their processes or desire and as a result eighty percent of mistakes are because of time reporting bad HCM information information entry errors inadequately communicated hires and terminations along with absence management and system configurations and after that when you round all of it off and the information is shipped to the incorrect location the average cost of a worldwide data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money all over the world payroll and payments do not run smoothly if they count 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 requires to be factored into the difficulties business face when they're making payments to employees or otherwise that's an excellent concern I always toss this back and state what is it what does not require to be consisted of best and what does
it need to be considered there's varying Bank details so the length of an eye band a swift an account number routing code per country there's payment timespan there's payment capabilities so can you pay it from International or do you need to pay from an in-country account do you need to pay from the client's own in-country account so there's complexity wherever you look ideal ultimately developing a knowledge base is absolutely critical however everywhere you look with payroll payment they resemble incredibly payments no if however some children about it you are all superheroes processing payments for payroll if you look at the kind 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 absolutely fundamental and technology is enabling us to type of move forward with that it likewise also to contribute to that payroll and finance need to work closer together um with varying Bank Account Particulars varying banking requirements and setup procedures is absolutely vital that payroll and finance teams work more detailed together than ever um I'm always surprised when individuals say 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 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 process it's the point of information collection all the way through to paying people any place they are but likewise paying statutory authorities and on statutory 3rd parties so with the
The modern world positions a high value on wellness and the payment landscape is ending up being increasingly elaborate. Businesses are continuously introducing brand-new advantages and payment options, which contributes to the total intricacy. Big corporations typically divide their payroll and payment processing into separate groups, which can result in inefficiencies and bottlenecks. In my opinion, this does not have to be the case. In today's technologically advanced age, there's no reason for keeping cumbersome procedures. Payroll, the business's most significant cost, should be processed correctly and on time. Even small hold-ups can negatively impact employees' well-being and have far-reaching repercussions. Therefore, it's critical to focus on accurate and prompt payments.
The payroll group might not have actually been thanked for properly processing payroll throughout a webinar. If anyone has actually been thanked, it would be terrific to hear their success story, whether it's from all workers or not. Payroll is an important cycle, and individuals just see when things go wrong. Nevertheless, when things go right, it's viewed as just a routine job. This is how it's perceived externally as well. Therefore, it is necessary to ensure that jobs like Wi-Fi Global and other vital matters are done properly. Utilizing the very first International Payments very first payroll payment option is a fantastic preliminary step towards supplying an extensive payroll service for staff members worldwide. Standardization, international processes, and minimizing the number of tools, platforms, and checking account needed for worldwide payroll are key factors in achieving organization success. While we don't anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally receive a couple of grievances when things do not go as planned. Eventually, we do not do it for the gratitude.
anyhow we understand how how essential 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 everybody that's associated with those processes and likewise so think of sorry I'm just I was simply gon na state imagine the amount of thanks you got if you could cover the amount of people that we cover within this webinar I'm sure we're talking about hundreds of thousands potentially Millions envision getting that many thank you notes um I imply it 'd be interesting to see the number of Post-it notes you got however it would definitely 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 held true um you 'd need days of the week to try to look through them and in fact see what was going on and kind of shot to get back to everyone so carrying on look why do companies pick to primary separate bank accounts there are businesses out there doing precisely this for particular nations and I've operated in a company or many companies doing precisely that I can state it doesn't constantly feel effective and it does produce more work I know we're not intentionally doing that we're not producing extra work for anyone where we don't need to and any person that's handling 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 numerous reasons one is it's the standard I think individuals have actually got so used to we need a new checking account we open an entity and rightly so you require it for payroll purposes but there are a number of markets where it's not a requirement so I believe it's just been the standard and the norm individuals have adopted and continue to do over years and years passed by to contribute to that people have looked at things like trust accounts and numerous other ways um to to type of do it so I think there's a range I believe this is a procedure that needs looking at it needs altering but eventually people are really stuck to what they recognize
with right um modification is a tough thing we all don't like modification um so I believe it's simply kind of moving far from the standard as we've said so yeah so it keeps a great deal of track of stuff um I comprehend clearly the advantages of having preserving multiple checking account however there's a huge amount of complexity opts for setting up a bank account maintaining it ensuring it can send International transfers guaranteeing it's set up with the best user accesses for private individuals so the intricacy is huge but I think the honest response is modification um individuals haven't been able to alter or have not had always the knowledge to truly make that change into alternate Solutions other than opening a bank account I believe you have actually struck the nail on the head I believe it is understanding you know and there is a component of resistance to alter but we have actually constantly done it that way is no genuine excuse for not looking at the the advantages 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 keep an eye on and this technique does pose numerous challenges um so Johnny could you inform us about those difficulties yeah of course so there's a variety right there is so
I recently made a modification to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It seems like our CFO has gained another CFO, and with this boosted ability, I have successfully protected payments for our 10,000 employees worldwide. Your commitment to mastering global payroll and payments using Papaya payroll OS is good. You are worthy of a corner workplace with a parking space that is better, considering your accomplishments.
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