Find out more about Papaya Global Vietnam ... 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 actually acquired a different Chief Financial Officer specifically committed to handling payments. This supplies us with a secure and reliable approach of paying to our 10,000 workers worldwide.}
The innovative global payroll management app streamlines my payroll procedure, conserving me a considerable amount of time every month. With its user-friendly interface, I have access to a single dashboard that effectively handles my payroll, EOR, and specialists.
Staff member Website
Staff members have access to a Worker Portal where they can see their pay slips, wage and tax declarations and work documents. The website is readily available in multiple languages and can be accessed on a desktop or mobile phone.
Advantages Administration
Papaya Global helps business use competitive advantages packages to global workers no matter the number of staff members in the company. The business can establish health insurance, short-term and long-term impairment, vision, dental and maternity leave while eliminating the need to source regional advantages companies in every nation, develop regional accounts and have a minimum number of workers.
Global HR Performances
's HR performances consist of PTO tracking, compliance, onboarding/offboarding tools, online storage for employees' documents and migration services if your staff members need work license help.
HR Analytics
Papaya Global's payroll and HR analytics suite provides you insights into workforce spending, labor force variety, total employment expenses distributed per place, overall work costs per cycle and far more.
environments across the globe I supplied management and technique to populations of over a hundred thousand staff members in more than 170 nations today I'm the payroll methods for as Mark said I work across the business handling and structure external relationships supporting Enterprise clients and options as well as functioning as an advisor 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 the majority of influential companies on the planet we offer payroll payments and labor force management to all worker 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 good evening depending upon where you are in the world it's charming to meet 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 have actually been in the payments industry for over 10 years and particularly working on the payroll and payment sector for over seven years um I was interested by the complexity the trouble in all of the above of
payroll payments and decided to kind of make a real go at that over the last 5 or six years where I have actually sort of had a variety of various functions on the supplier side and also on the supplier side from a payroll perspective so really anticipating this discussion today um and yeah thank you quite for your time everyone alright thanks Johnny uh we'll just give everyone 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 fascinating and I can see it going on already just to hear where everybody is um it's nice to to sort of like see where everybody originates from and I truly do hope it's much sunnier than it remains in the UK today definitely not the peak of the sunshine is it it's not no it's it's drizzling here it's very extremely uninspiring and I wish I was somewhere else at this moment in time alright so let's get started our agenda for today is as follows um we are going to be looking at the obstacle years of managing Worldwide payroll why companies preserve different
bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts enhancing papaya International payroll payments as a strategic possession uh we'll also discuss a recap which ought to leave his time at the really really 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 Worldwide labor forces end up being increasingly more typical and handling them ends up being a growing number of complicated International companies are looking to discover Solutions and new methods to enhance processes particularly from a payroll and cross-border payment perspective numerous companies preserve different checking account just for payroll while some have multiple accounts in various nations does it make good sense for business to preserve separate savings account in some cases in various nations it does however just for payroll is there a better way what role do virtual accounts and digital wallets also called virtual wallets play in assisting multinational business enhance the episode complex processes of
making payroll payments precisely effectively firmly and on time throughout this webinar we'll stroll you through the international pros and cons of a payroll wallet versus a payroll bank account how business accurately anticipate their payroll costs to increase working capital and how simplifying Global payroll payments can turn them from a siled pane into a tactical asset so payroll can be hard in enough in one nation but when you're doing it internationally it's next level and Beyond it becomes complex for a range of reasons most importantly guidelines compliance information security and banking rules then there are the large numbers they add more complexity the worldwide Labor force is presently three and a half billion people by 2030 it's estimated that in Africa alone they will contribute and more 1.1 billion people that number is presently 500 million just for for a scale then consider that there are some 230 million companies and growing all doing their own thing worldwide in the conventional payroll model there's typically an overwhelming variety of various systems leading to lengthy manual procedures and silos the variety of Integrations could be non-existent in big quantities and or extremely very basic there's no genuine consistency structure we're residing in an age of tech however payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper which simply blows my mind every time I I think
about it to offer you an idea of how far there still is to come according to Deloitte only 11 of organizations state they have Workforce data in real time that's another number that gives me sleepless nights and rather honestly the more a service spends on worldwide payroll the less of a picture they see a lack of visibility likewise extends to payroll payments and failure to accurately track these payments can lead to compliance accidents in the last mile of the deal nearly half of international services have actually revealed that they don't have the level of standardization they require in their processes or desire and as a result eighty percent of errors are due to time reporting bad HCM information data entry errors improperly 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 global 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 globe payroll and payments do not run efficiently if they rely on the necessary multiple processes systems and partners it is just not possible so Johnny from a payments point of view 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 great question I constantly toss this back and say what is it what doesn't require to be consisted of ideal and what does
it require to be thought of 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 crucial but everywhere you look with payroll payment they resemble super payments no if but some babies about it you are all superheroes processing payments for payroll if you take a look at the type of link in between fintech and payroll it's closer than ever I believe there's now a bit more acknowledgment that payroll payments are absolutely essential and innovation is allowing us to kind of move on with that it likewise too to add to that payroll and financing require to work closer together um with differing Checking account Details differing banking requirements and setup procedures is absolutely essential that payroll and finance teams work more detailed together than ever um I'm constantly surprised when people say I've divided payroll and payment um if you walk down the street and asked anybody what is payroll who does not work in the payroll occupation would they divide the payroll payment from calculation 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 procedure it's the point of data collection all the way through to paying people wherever they are however likewise paying statutory authorities and on statutory 3rd parties so with the
The contemporary world places a high worth on wellness and the payment landscape is becoming increasingly complex. Businesses are continuously presenting brand-new benefits and payment choices, which adds to the total complexity. Large corporations often divide their payroll and payment processing into separate groups, which can lead to ineffectiveness and bottlenecks. In my viewpoint, this doesn't have to hold true. In today's technically sophisticated era, there's no validation for preserving cumbersome procedures. Payroll, the business's biggest expenditure, need to be processed correctly and on time. Even small delays can adversely impact staff members' well-being and have significant consequences. For that reason, it's important to prioritize accurate and timely payments.
The payroll group may not have been thanked for properly processing payroll during a webinar. If anyone has actually been thanked, it would be terrific to hear their success story, whether it's from all staff members or not. Payroll is a crucial cycle, and individuals just discover when things fail. However, when things go right, it's seen as simply a regular job. This is how it's perceived externally as well. For that reason, it is important to guarantee that tasks like Wi-Fi International and other important matters are done properly. Utilizing the very first Worldwide Payments very first payroll payment solution is an excellent preliminary action towards providing a thorough payroll option for workers worldwide. Standardization, global procedures, and minimizing the number of tools, platforms, and bank accounts essential for worldwide payroll are essential consider attaining organization success. While we don't anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes receive a few complaints when things do not go as planned. Eventually, we do not do it for the gratitude.
anyway we know how how crucial a function 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 everybody that's associated with those processes and likewise so envision sorry I'm just I was simply gon na say envision the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make sure we're discussing numerous thousands potentially Millions imagine getting that lots of 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 intriguing task trying to clean up all those up for sure oh absolutely I can't imagine 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 really see what was going on and sort of shot to get back to everyone so moving on appearance why do business pick to main separate bank accounts there are organizations out there doing precisely this for particular countries and I've operated in a company or many businesses doing exactly that I can say it does not always feel effective and it does produce more work I understand we're not intentionally doing that we're not developing extra work for anyone where we don't need to and anybody that's handling that process 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 believe numerous reasons one is it's the requirement I believe people have actually got so used to we require a new savings account we open an entity and rightly so you need it for payroll purposes however there are a variety of markets where it's not a requirement so I think it's just been the requirement and the standard individuals have embraced and continue to do over years and years passed by to contribute to that people 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 believe this is a process that needs looking at it needs altering however eventually people are extremely stuck to what they recognize
with best um modification is a challenging thing we all do not like change um so I think 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 understand undoubtedly the benefits of having keeping several savings account but there's a huge amount of intricacy goes with establishing a savings account preserving it guaranteeing it can send International transfers ensuring it's set up with the best user accesses for specific people so the complexity is substantial however I think the truthful response is change um people have not been able to alter 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 struck the nail on the head I think it is knowledge you know and there is a component of resistance to alter however we have actually always done it that way is no real 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 figured out to be the next Century or two there is a lot to keep an eye on and this method does present numerous challenges um so Johnny might you inform us about those obstacles yeah of course so there's a range right there is so
I just did you changed our Business 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 International employees you deserve a corner workplace with a better parking space due to the fact that I mastered Global payroll and payments with Papaya payroll OS did you
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