Find out more about Papaya Global 2022 Download ... We now have the ability to handle both our payroll and payments procedures on one unified platform. It's as if our Chief Financial Officer has acquired a different Chief Financial Officer particularly committed to handling payments. This supplies us with a safe and reliable approach of making payments to our 10,000 employees worldwide.}
The innovative international payroll management app simplifies my payroll procedure, conserving me a substantial amount of time every month. With its easy to use user interface, I have access to a single control panel that effectively manages my payroll, EOR, and contractors.
The Worker Website offers workers with the capability to access and view crucial files such as pay slips, wage and tax declarations, and employment records. This portal is accessible on both desktop and mobile devices and is offered in different languages.
Advantages Administration
Papaya Global helps companies provide competitive benefits bundles to global staff members regardless of the number of workers in the company. The company can establish medical insurance, short-term and long-lasting special needs, vision, oral and maternity leave while removing the need to source regional benefits providers in every nation, develop regional accounts and have a minimum variety 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 staff members require work authorization support.
HR Analytics
Papaya Global's payroll and HR analytics suite provides you insights into labor force costs, labor force variety, overall work costs distributed per place, total employment costs per cycle and much more.
environments across the globe I supplied management and method to populations of over a hundred thousand employees in more than 170 nations today I'm the payroll strategies for as Mark said I work throughout business managing and building external relationships supporting Enterprise customers and services in addition to acting as an advisor for those of you that do not understand who papaya Global is papaya is the very first payroll and payments
company to make the time 100 list for a lot of influential companies in the world we provide payroll payments and labor force management to all worker types in over 160 countries I am pleased to say that we likewise have as Mark stated Johnny Nash with us today Johnny would you like to present yourself of course thank you good morning great afternoon excellent evening depending on where you are in the world it's charming to fulfill 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 particularly dealing with the payroll and payment sector for over 7 years um I was fascinated by the intricacy the problem in all of the above of
payroll payments and decided to sort of make a real go at that over the last 5 or six years where I've sort of had a variety of different functions on the provider side and also on the supplier side from a payroll viewpoint so truly anticipating this conversation today um and yeah thank you very much for your time everybody fine thanks Johnny uh we'll just offer everybody another couple of uh well one of the 30 seconds or two to join all of us work back to back nowadays so we'll type of let them do that so it 'd be quite fascinating 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 everybody comes from and I actually do hope it's much sunnier than it remains in the UK today certainly not the peak of the sunshine is it it's not no it's it's raining here it's very really bleak and I want I was elsewhere at this moment in time okay so let's begin our agenda for today is as follows um we are going to be taking a look at the obstacle years of managing Global payroll why companies maintain separate
checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts simplifying papaya International payroll payments as a tactical asset uh we'll also review a recap and that needs 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 Global workforces become more and more typical and handling them becomes a growing number of intricate International companies are looking to discover Solutions and brand-new ways to enhance procedures specifically from a payroll and cross-border payment viewpoint numerous organizations keep separate bank account just for payroll while some have numerous accounts in various countries does it make sense for business to preserve different savings account often in different nations it does however just for payroll is there a better way what function do virtual accounts and digital wallets also known as virtual wallets play in helping international companies improve the episode complex procedures of
Making sure precise, efficient, and timely payroll payments is a complex challenge for companies operating worldwide. Join us for a webinar to check out the benefits and drawbacks of payroll wallets versus payroll checking account, discover how business anticipate payroll expenses to enhance working capital, and find how enhancing global payroll payments can transform them from a troublesome task into a tactical asset.
Managing payroll internationally is a daunting job due to different regulations, compliance requirements, data security issues, and banking rules. The sheer variety of workers and organizations contributes to the intricacy, with an estimated 3.5 billion individuals in the worldwide workforce, 500 countless whom remain in Africa, and 230 million organizations worldwide.
Traditional payroll systems frequently result in manual procedures, information silos, and a lack of combination, resulting in disparities and inefficiencies. In spite of living in an era of technological improvements, payroll management has been sluggish to adjust, with as much as 25% of payroll still processed manually, typically using pen and paper. This webinar aims to provide insights and solutions to streamline and optimize international 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 sleep deprived nights and quite honestly the more a business invests in global payroll the less of an image they see an absence of visibility likewise reaches payroll payments and inability to accurately track these payments can cause compliance accidents in the last mile of the deal nearly half of worldwide businesses have revealed that they do not have the level of standardization they need in their processes or want and as a result eighty percent of errors are due to time reporting bad HCM information data entry mistakes improperly interacted hires and terminations as well as lack management and system setups and then when you round all of it off and the data is delivered to the incorrect place the typical cost of an international data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash all over the world payroll and payments don't run efficiently if they depend on the needed numerous 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 organization face when they're making payments to staff members or otherwise that's an excellent concern I always toss this back and state what is it what doesn't need to be consisted of right and what does
it need 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 abilities 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 consumer's own in-country account so there's intricacy anywhere you look ideal eventually building a knowledge base is definitely vital but all over you look with payroll payment they resemble super payments no if but some infants about it you are all superheroes processing payments for payroll if you look at the kind of link between fintech and payroll it's closer than ever I believe there's now a bit more acknowledgment that payroll payments are absolutely fundamental and innovation is allowing us to sort of progress with that it also as well to add to that payroll and finance need to work closer together um with varying Savings account Details varying banking requirements and setup procedures is absolutely crucial that payroll and finance teams work closer together than ever um I'm constantly astonished when people state I've divided payroll and payment um if you walk down the street and asked anyone what is payroll who does not work in the payroll profession 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 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 any place they are but likewise paying statutory authorities and on statutory third parties so with the
The contemporary world positions a high value on wellness and the payment landscape is ending up being significantly complex. Businesses are continually presenting new advantages and payment alternatives, which contributes to the total complexity. Big corporations typically divide their payroll and payment processing into different teams, which can cause inefficiencies and traffic jams. In my viewpoint, this doesn't need to hold true. In today's technologically sophisticated period, there's no reason for maintaining troublesome procedures. Payroll, the business's most significant expense, need to be processed properly and on time. Even minor delays can negatively impact staff members' well-being and have significant effects. Therefore, it's important to focus on accurate and timely payments.
payroll team get um so I'm unsure anyone on this sort of webinar has been told thank you for processing my payroll correctly if you have it 'd be excellent to hear your success story and whether that's been from all employees or not um but ultimately payroll is such an essential 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 simply a tick box workout and I believe that's how it's seen from the external consider as well um so yeah it's also like why WI-Fi Global why all of this things is definitely important that all of this things is done correctly so leveraging the very first Worldwide Payments first payroll payment solution is a fantastic first step um providing an end-to-end payroll option for your workers globally again I think is another huge um process again aligning and ensuring you have standardization Worldwide processes all of those things are definitely essential to success success of services and reducing the number of tools platforms and checking account they require for their Worldwide payroll too couldn't agree with you more and on the the front in regards to of the thank yous for getting payroll done I've never ever had a hundred thousand of them within a payroll cycle don't anticipate to you do get the odd five or ten or whatever it might be with the with the the grievances where things haven't gone rather where they're indicated to be um I do not think any of us are actually 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 everyone that's associated with those processes and likewise so envision sorry I'm simply I was just gon na say picture the quantity of thanks you got if you could cover the amount of individuals that we cover within this webinar I make certain we're talking about hundreds of thousands possibly Millions imagine getting that numerous thank you notes um I suggest it 'd be interesting to see how many Post-it notes you got however it would certainly be an interesting job attempting to clean up all those up for sure oh absolutely I can't envision the size of my my Outlook inbox if that held true um you 'd require days of the week to try to look through them and actually see what was going on and type of try to return to everyone so moving on appearance why do companies choose to main different savings account there are organizations out there doing exactly this for particular nations and I've operated in an organization or many businesses doing exactly that I can say it doesn't always feel effective and it does develop more work I know we're not intentionally doing that we're not developing additional work for anyone where we do not have to and anyone that's dealing with 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 many reasons one is it's the standard I think individuals have got so used to we require a new bank account we open an entity and appropriately so you need it for payroll purposes 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 embraced and continue to do over years and years gone past to add to that people have actually taken a look at things like trust accounts and numerous other methods um to to kind of do it so I believe there's a range I believe this is a process that requires taking a look at it needs altering but eventually people are very stuck with what they recognize
with ideal um modification is a hard thing all of us don't like modification um so I think 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 understand obviously the advantages of having keeping several checking account however there's a huge quantity of complexity goes with setting up a checking account maintaining it ensuring it can send International transfers ensuring it's established with the best user accesses for private people so the complexity is substantial however I think the sincere response is modification um people have not had the ability to change or have not had necessarily the knowledge to really make that change into alternate Solutions aside from opening a savings account I think you've struck the nail on the head I believe it is knowledge you understand and there is an element of resistance to change but we have actually constantly done it that way is no real reason for not looking at the the benefits and the possibilities of proceeding and moving into you understand what might practically be determined to be the next Century or so there is a lot to monitor and this method does position a number of difficulties um so Johnny could you inform us about those difficulties yeah of course so there's a variety right there is so
I just recently made a change to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It feels like our CFO has actually acquired another CFO, and with this enhanced capability, I have actually effectively protected payments for our 10,000 workers worldwide. Your dedication to mastering international payroll and payments utilizing Papaya payroll OS is good. You are worthy of a corner workplace with a parking space that is more detailed, considering your accomplishments.
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