Find out more about Papaya Global Company File Location ... We now have the ability to manage both our payroll and payments procedures on one unified platform. It's as if our Chief Financial Officer has acquired a separate Chief Financial Officer particularly committed to handling payments. This provides us with a safe and secure and dependable approach of paying to our 10,000 workers worldwide.}
the BEST global payroll managment app, saves me hours of time on a monthly basis, one single dashboard for my payroll, EOR and specialists
The Employee Portal offers workers with the ability to access and view important documents such as pay slips, wage and tax declarations, and work records. This website is accessible on both desktop and mobile phones and is used in numerous languages.
Benefits Administration
Papaya Global assists business provide competitive advantages bundles to international staff members despite the variety of staff members in the business. The company can establish medical insurance, short-term and long-term impairment, vision, oral and maternity leave while removing the need to source local benefits suppliers in every nation, produce local accounts and have a minimum variety of employees.
The HR abilities provided by Global HR encompass various functions such as keeping track of trip time, making sure compliance, facilitating the process of inviting brand-new staff members and bidding farewell to departing ones, using a protected online platform for saving employees' files, and supplying support for work permit procedures in case your workers need help in that area.
HR Analytics
Papaya Global's payroll and HR analytics suite offers you insights into workforce spending, labor force variety, overall employment expenses distributed per place, total employment costs per cycle and far more.
Internationally, I have actually demonstrated management and tactical proficiency in guiding large-scale populations of over 100,000 employees throughout 170 countries. Currently, I am responsible for managing payroll strategies, as discussed by Mark. My role includes managing and developing external partnerships, supporting Business clients, and supplying advisory services. Additionally, I am proud to be a part of Papaya Global, a pioneering payroll and payments solutions company.
As a worldwide business, we are honored to be included on the distinguished Time 100 list of the most prominent companies worldwide. We specialize in providing 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 present himself. Good day to all, regardless of your area. It's an enjoyment to satisfy you and thank you for your important time. As Ian pointed out, I am Johnny Nash, the director of payments at our company. With over a years of experience in the payments market, I have focused on payroll and payment solutions for the past seven years. The complexities and difficulties of this field have constantly mesmerized me.
payroll payments and chose to kind of make a genuine go at that over the last 5 or six years where I have actually sort of had a range of various functions on the service provider side and also on the supplier side from a payroll viewpoint so truly eagerly anticipating this conversation today um and yeah thank you very much for your time everyone fine thanks Johnny uh we'll just provide everybody another couple of uh well among the 30 seconds or two to join we all work back to back these days so we'll sort of let them do that so it 'd be quite interesting and I can see it going on currently simply to hear where everyone is um it's nice to to kind of like see where everyone comes from and I really do hope it's much sunnier than it remains in the UK today certainly not the peak of the sunlight is it it's not no it's it's drizzling here it's really really dreary and I wish I was somewhere else at this moment in time okay so let's begin our program for today is as follows um we are going to be looking at the obstacle years of managing International payroll why companies maintain different
bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts improving papaya International payroll payments as a tactical asset uh we'll likewise review a wrap-up and that needs to leave his time at the really very 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 labor forces end up being more and more common and handling them ends up being increasingly more complicated Global companies are seeking to find Solutions and new methods to streamline procedures especially from a payroll and cross-border payment perspective many companies keep different savings account just for payroll while some have multiple accounts in different nations does it make good sense for business to preserve different checking account sometimes in different countries it does but just for payroll is there a much better way what role do virtual accounts and digital wallets likewise called virtual wallets play in assisting international business improve the episode complex processes of
Making sure precise, efficient, and timely payroll payments is a complex challenge for businesses operating internationally. Join us for a webinar to check out the benefits and disadvantages of payroll wallets versus payroll checking account, find out how business forecast payroll expenses to optimize working capital, and find how streamlining global payroll payments can transform them from a difficult task into a strategic asset.
Managing payroll internationally is an overwhelming task due to different regulations, compliance requirements, data security concerns, and banking rules. The sheer number of staff members and businesses contributes to the complexity, with an approximated 3.5 billion people in the global labor force, 500 countless whom are in Africa, and 230 million companies worldwide.
Standard payroll systems frequently result in manual procedures, data silos, and a lack of integration, leading to disparities and inefficiencies. In spite of living in an era of technological advancements, payroll management has been sluggish to adjust, with as much as 25% of payroll still processed by hand, typically utilizing pen and paper. This webinar objectives to provide insights and solutions to streamline and optimize worldwide payroll payments.
about it to provide you a concept of how far there still is to come according to Deloitte only 11 of businesses say they have Workforce information in real time that's another number that gives me sleep deprived nights and quite honestly the more a company invests in worldwide payroll the less of an image they see an absence of presence likewise extends to payroll payments and failure to accurately track these payments can cause compliance incidents in the last mile of the transaction almost half of worldwide businesses have actually revealed that they do not 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 inadequately communicated hires and terminations along with absence management and system configurations and then when you round all of it off and the data is shipped to the wrong place the typical cost of a global information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash around the world payroll and payments do not run smoothly if they rely on the necessary multiple processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the challenges service face when they're paying to staff members or otherwise that's a great concern I always toss this back and state what is it what doesn't require to be consisted of best and what does
it require to be thought about there's varying Bank information so the length of an eye band a swift an account number routing code per country 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 need to pay from the client's own in-country account so there's complexity any place you look right eventually developing a knowledge base is absolutely crucial however all over you look with payroll payment they resemble extremely payments no if however some babies about it you are all superheroes processing payments for payroll if you look at the sort 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 fundamental and technology is allowing us to sort of progress with that it also as well to add to that payroll and finance require to work closer together um with differing Checking account Particulars differing banking requirements and setup procedures is absolutely imperative that payroll and financing groups work better together than ever um I'm always surprised when individuals say I have actually split payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn't operate 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 ultimately it's payroll is an end-to-end process it's the point of information collection all the way through to paying individuals any place they are but also paying statutory authorities and on statutory third parties so with the
The modern-day world places a high value on wellness and the settlement landscape is ending up being significantly detailed. Services are continually presenting new advantages and payment options, which contributes to the general intricacy. Large corporations typically divide their payroll and payment processing into separate groups, which can result in ineffectiveness and bottlenecks. In my opinion, this does not have to be the case. In today's technologically innovative age, there's no reason for maintaining cumbersome procedures. Payroll, the business's biggest expenditure, should be processed correctly and on time. Even slight hold-ups can negatively affect 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 kind of webinar has actually been told thank you for processing my payroll correctly if you have it 'd be terrific to hear your success story and whether that's been from all staff members or not um but ultimately payroll is such an important 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 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 absolutely important that all of this things is done properly so leveraging the very first International Payments first payroll payment option is an excellent first step um offering an end-to-end payroll service for your employees worldwide again I believe is another big um procedure once again aligning and guaranteeing you have standardization Global processes all of those things are absolutely crucial to success success of companies and decreasing the variety of tools platforms and savings account they need for their International payroll too couldn't agree with you more and on the the front in terms of 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 ten or whatever it might be with the with the the grievances where things have not gone rather where they're suggested to be um I don't believe any of us are in fact doing that for for the thanks
anyway we understand how how important 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 involved in those processes and also so think of sorry I'm simply I was just gon na say picture the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I make certain we're speaking about numerous thousands possibly Millions imagine getting that lots of thank you keeps in mind um I mean it 'd be interesting to see the number of Post-it notes you got but it would certainly be an interesting task trying to clean up all those up for sure oh absolutely I can't think of the size of my my Outlook inbox if that was the case um you 'd need days of the week to try to check out them and in fact see what was going on and sort of shot to get back to everybody so proceeding look why do business select to primary different checking account there are services out there doing exactly this for specific nations and I have actually worked in an organization or many companies doing precisely that I can state it does not always feel effective and it does create more work I know we're not deliberately doing that we're not developing extra work for anyone where we don't need to and anyone that's dealing with 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 requirement I think individuals have actually got so utilized to we require 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 think it's just been the standard and the standard individuals have adopted and continue to do over years and years passed by to add to that people have looked at things like trust accounts and many other methods um to to kind of do it so I believe there's a range I believe this is a procedure that needs looking at it needs changing however ultimately individuals are extremely stuck to what they're familiar
with ideal um modification is a challenging thing we all do not like change um so I think it's simply sort of moving away from the standard as we've said so yeah so it keeps a great deal of track of things um I comprehend clearly the benefits of having keeping multiple savings account but there's a substantial quantity of complexity chooses establishing a bank account preserving it ensuring it can send out International transfers ensuring it's established with the ideal user accesses for specific individuals so the intricacy is substantial however I believe the sincere answer is change um individuals haven't been able to change or haven't had necessarily the knowledge to truly make that change into alternate Solutions aside from 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 but we have actually always done it that way is no real excuse for not taking a look at the the advantages and the possibilities of moving on and moving into you know what might nearly be determined to be the next Century approximately there is a lot to keep an eye on and this method does pose numerous challenges um so Johnny might you inform us about those obstacles yeah of course so there's a variety right there is so
I just did you changed our Enterprise to OS so now we can do our payroll and payments operation on a single platform yes it resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global employees you deserve a corner workplace with a closer parking space because I mastered Global payroll and payments with Papaya payroll OS did you
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