Find out more about Papaya Global Calendar 2020/21 ... We now have the capability to handle both our payroll and payments procedures on one combined platform. It's as if our Chief Financial Officer has actually acquired a different Chief Financial Officer particularly committed to handling payments. This offers us with a secure and trustworthy technique of paying to our 10,000 employees worldwide.}
The advanced worldwide 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 control panel that efficiently handles my payroll, EOR, and specialists.
Staff member Portal
Employees have access to a Worker Portal where they can see their pay slips, wage and tax declarations and work files. The website is readily available in several languages and can be accessed on a desktop or mobile device.
Advantages Administration
Papaya Global assists business provide competitive advantages packages to worldwide employees no matter the number of employees in the business. The business can establish health insurance, short-term and long-term disability, vision, oral and maternity leave while eliminating the requirement to source regional advantages providers in every nation, develop local accounts and have a minimum number of workers.
International HR Functionalities
's HR performances include PTO tracking, compliance, onboarding/offboarding tools, online storage for employees' files and immigration services if your staff members need work permit help.
HR Analytics
Papaya Global's payroll and HR analytics suite provides you insights into labor force spending, workforce variety, total employment expenses dispersed per place, total work expenses per cycle and a lot more.
environments across the globe I offered leadership and technique to populations of over a hundred thousand employees in more than 170 nations today I'm the payroll techniques for as Mark stated I work throughout business managing and structure external relationships supporting Enterprise customers and options along with functioning as a consultant for those of you that don't understand who papaya International is papaya is the first payroll and payments
As an international company, we are honored to be consisted of on the prestigious Time 100 list of the most prominent companies worldwide. We concentrate on supplying payroll and labor force management services to staff members in more than 160 countries. I am delighted to introduce Johnny Nash, as pointed out by Mark. Now, I'll let Johnny introduce himself. Good day to all, regardless of your area. It's an enjoyment to meet you and thank you for your valuable time. As Ian discussed, I am Johnny Nash, the director of payments at our company. With over a decade of experience in the payments market, I have actually concentrated on payroll and payment services for the past seven years. The intricacies and difficulties of this field have always captivated me.
payroll payments and decided to sort of make a genuine go at that over the last 5 or 6 years where I have actually sort of had a range of different functions on the service provider side and also on the supplier side from a payroll perspective so truly looking forward to this conversation today um and yeah thank you quite for your time everyone alright thanks Johnny uh we'll just provide everyone another number of uh well among the 30 seconds approximately to join all of us work back to back these days so we'll kind of let them do that so it 'd be quite interesting and I can see it going on already simply to hear where everybody 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 raining here it's extremely really bleak and I want I was elsewhere at this moment in time fine so let's begin 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 maintain separate
bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts simplifying papaya International payroll payments as a strategic asset uh we'll likewise discuss a wrap-up and that must leave his time at the very really end for a q a session so as the title of the webinar recommends payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces become more and more typical and managing them ends up being more and more complex Worldwide companies are looking to discover Solutions and new ways to enhance procedures particularly from a payroll and cross-border payment standpoint many companies preserve separate checking account just for payroll while some have numerous accounts in various nations does it make sense for business to keep separate bank accounts often in different countries it does but just for payroll is there a better way what role do virtual accounts and digital wallets also known as virtual wallets play in assisting international business enhance the episode complex processes of
making payroll payments properly efficiently safely and on time during this webinar we'll stroll you through the international advantages and disadvantages of a payroll wallet versus a payroll bank account how companies accurately forecast their payroll expenses to increase working capital and how improving Worldwide payroll payments can turn them from a siled pane into a tactical possession so payroll can be difficult in sufficient in one nation but when you're doing it globally it's next level and Beyond it becomes complex for a range of factors most importantly guidelines compliance information security and banking rules then there are the large numbers they add additional complexity the worldwide Workforce is currently 3 and a half billion individuals by 2030 it's estimated 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 services and growing all doing their own thing all over the world in the traditional payroll design there's frequently a frustrating number of various systems causing time-consuming manual processes and silos the number of Integrations could be non-existent in large quantities and or very extremely standard there's no real consistency structure we're residing in an era of tech but payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper which simply blows my mind whenever 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 say they have Labor force data in real time that's another number that offers me sleepless nights and rather frankly the more a business invests in worldwide payroll the less of a photo they see an absence of visibility likewise encompasses payroll payments and inability to precisely track these payments can result in compliance incidents in the last mile of the deal nearly half of global businesses have expressed that they don't have the level of standardization they need in their processes or desire and as a result eighty percent of mistakes are due to time reporting bad HCM information data entry mistakes poorly interacted hires and terminations in addition to absence management and system setups and then when you round all of it off and the information is delivered to the incorrect place the typical expense of an international information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money worldwide payroll and payments do not run efficiently if they rely on the needed multiple procedures 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 challenges organization face when they're paying to workers or otherwise that's an excellent question I always toss this back and say what is it what doesn't require to be included right and what does
it need to be thought about there's varying Bank information so the length of an eye band a swift an account number routing code per nation there's payment timespan there's payment abilities 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 building a knowledge base is absolutely crucial but everywhere you look with payroll payment they are like incredibly payments no if but some children 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 think there's now a bit more acknowledgment that payroll payments are definitely basic and innovation is enabling us to kind of progress with that it also as well to contribute to that payroll and finance need to work closer together um with varying Checking account Details differing banking requirements and setup procedures is absolutely necessary that payroll and financing teams work better together than ever um I'm constantly amazed when people state I've divided payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn't operate in the payroll profession 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 often 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 wherever they are but likewise paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being increasingly more essential to contribute to sort of the level of complexity there's increasingly more benefits being organ or being provided by services throughout the world so again you're just wanting to add increasingly more payments to this currently complicated landscape so if you sort of got any experience well I'm from your huge experience here and I make sure but have you got any experience in kind of genuine difficulties or real difficult sort of pay uses to play to pay people I believe yeah I suggest over the last well yeah a number of years I would certainly say that the larger an organization gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the job there are teams feeding information into the next function as it were that's actually handling the payment side of things however you understand in in my opinion and my experience that doesn't necessarily require to be the case you know long gone are the times where we need to produce extra handoffs at the same times that we run in they simply make them more prompt they make them less efficient and they don't make them what they need to be in in an era of tech and a period that you understand that we are operating in today there is no reason why we are still making this as difficult as it needs to be concurred and rightly as you stated payroll is the single most significant liability that any company has from a cost viewpoint from an effect perspective on staff members it is absolutely vital that it's done correctly and on time so what we mean by that is not a day before not a day after on pay day and payments have to be done right it has the biggest damaging result on individuals's wellness and many other elements if individuals aren't paid uh I've constantly been amazed entering this Market type of the last 5 to 10 years is how little thanks the
payroll group get um so I'm not sure anyone on this kind 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 workers or not um but eventually payroll is such a crucial cycle all of us become aware of it when it fails everybody jumps up and down when it fails however when it goes right it's simply a tick box workout and I think 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 first Worldwide Payments very first payroll payment solution is a terrific initial step um providing an end-to-end payroll solution for your employees worldwide once again I believe is another huge um process again lining up and ensuring you have standardization Worldwide procedures all of those things are definitely key to success success of organizations and minimizing the number of tools platforms and checking account they need for their Worldwide 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 expect to you do get the odd 5 or 10 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 in fact doing that for for the thanks
anyhow we know how how essential 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 easy as possible for everybody that's associated with those procedures and likewise so picture sorry I'm just I was simply gon na state think of the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I'm sure we're speaking about numerous thousands potentially Millions think of getting that many thank you keeps in mind um I suggest it 'd be interesting to see how many Post-it notes you got however it would definitely be an intriguing task trying to clean 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 attempt to browse them and really see what was going on and kind of shot to return to everyone so moving on look why do business select to primary separate bank accounts there are businesses out there doing exactly this for particular countries and I have actually worked in a service or lots of companies doing precisely that I can say it doesn't always feel effective and it does create more work I know we're not intentionally doing that we're not producing extra work for any person where we don't have to and anyone that's handling that procedure I 'd be interested to hear your thoughts Johnny why do you think 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 people have got so utilized to we need a new bank account we open an entity and appropriately so you require it for payroll functions but there are a variety of markets where it's not a requirement so I believe it's simply been the requirement and the standard the people have actually adopted and continue to do over years and years gone past to contribute to that people have actually looked at things like trust accounts and lots of other methods um to to kind of do it so I think there's a range I believe this is a process that needs looking at it needs altering however ultimately people are extremely stuck to what they're familiar
with ideal um change is a challenging thing we all do not like change um so I believe it's just sort of moving away from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I understand undoubtedly the benefits of having preserving multiple savings account however there's a big amount of intricacy opts for setting up a savings account maintaining it guaranteeing it can send International transfers guaranteeing it's established with the ideal user accesses for private individuals so the intricacy is substantial however I think the truthful response is modification um people have not been able to alter or haven't had necessarily the knowledge to actually make that change into alternate Solutions other than opening a checking account I think you've hit the nail on the head I think it is knowledge you understand and there is an element of resistance to alter but we've constantly done it that way is no real reason for not taking a look at the the advantages and the possibilities of carrying on and moving into you know what might almost be determined to be the next Century or two there is a lot to monitor and this method does position several challenges um so Johnny might you tell us about those challenges yeah naturally so there's a variety right there is so
I recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It feels like our CFO has actually acquired another CFO, and with this improved capability, I have effectively secured payments for our 10,000 workers worldwide. Your devotion to mastering global payroll and payments using Papaya payroll OS is good. You deserve a corner workplace with a parking space that is closer, considering your accomplishments.
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