Papaya Global Correcting Errors

Find out more about Papaya Global Correcting Errors ... We now have the ability to handle both our payroll and payments processes on one combined platform. It's as if our Chief Financial Officer has actually obtained a different Chief Financial Officer particularly devoted to handling payments. This offers us with a safe and secure and trustworthy method of making payments to our 10,000 staff members worldwide.}

the BEST global payroll managment app, conserves me hours of time monthly, one single control panel for my payroll, EOR and professionals

The Employee Website provides workers with the ability to gain access to and view crucial documents such as pay slips, wage and tax declarations, and employment records. This portal is accessible on both desktop and mobile phones and is used in numerous languages.

Advantages Administration
Papaya Global helps business offer competitive advantages bundles to worldwide staff members no matter the number of employees in the company. The business can set up medical insurance, short-term and long-lasting disability, vision, oral and maternity leave while getting rid of the need to source local benefits companies in every country, create local accounts and have a minimum number of staff members.

Worldwide HR Functionalities
's HR functionalities consist of PTO tracking, compliance, onboarding/offboarding tools, online storage for workers' files and migration services if your workers need work permit help.

HR Analytics
Papaya Global's payroll and HR analytics suite gives you insights into workforce spending, labor force diversity, total work expenses distributed per area, total work costs per cycle and a lot more.

Worldwide, I have shown management and strategic competence in assisting massive populations of over 100,000 staff members throughout 170 nations. Currently, I am responsible for managing payroll strategies, as pointed out by Mark. My role involves managing and establishing external partnerships, supporting Business clients, and offering advisory services. Additionally, I am proud to be a part of Papaya Global, a pioneering payroll and payments services company.

company to make the time 100 list for most influential business in the world we supply payroll payments and labor force management to all staff member types in over 160 countries I am pleased to state that we likewise have as Mark said Johnny Nash with us today Johnny would you like to introduce yourself of course thank you good morning excellent afternoon great evening depending upon 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 have actually been in the payments market for over ten years and particularly dealing with the payroll and payment sector for over 7 years um I was amazed by the complexity the difficulty in all of the above of

payroll payments and chose to sort of make a genuine go at that over the last five or six years where I have actually sort of had a range of various roles on the provider side and also on the supplier side from a payroll viewpoint so really eagerly anticipating this conversation today um and yeah thank you very much for your time everybody okay thanks Johnny uh we'll just give everyone another couple of uh well one of the 30 seconds approximately to join we all work back to back nowadays so we'll type of let them do that so it 'd be quite intriguing and I can see it going on currently simply to hear where everyone is um it's nice to to sort 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 sunlight is it it's not no it's it's raining here it's very very dreary and I wish I was somewhere else at this moment in time alright so let's begin our agenda for today is as follows um we are going to be looking at the difficulty years of handling Worldwide payroll why business preserve different

Virtual payroll accounts are an option to standard savings account for handling payroll payments. This is especially beneficial for global organizations with dispersed and remote workforces, as it streamlines the complicated procedure of cross-border payments. Instead of keeping different savings account for payroll in different countries, virtual accounts and digital wallets provide a more streamlined option. In this webinar, we will explore the advantages of using virtual payroll accounts and discuss why they are ending up being a strategic property for payroll executives. We will likewise provide a recap of the bottom lines covered and leave time for a Q&A session at the end.

making payroll payments properly effectively securely and on time during this webinar we'll stroll you through the international pros and cons of a payroll wallet versus a payroll savings account how companies precisely forecast their payroll expenses to increase working capital and how simplifying Worldwide payroll payments can turn them from a siled pane into a strategic property so payroll can be tough in sufficient in one nation however when you're doing it internationally it's next level and Beyond it ends up being complicated for a variety of factors most importantly guidelines compliance data security and banking rules then there are the sheer numbers they include additional complexity the global Labor force is presently 3 and a half billion people by 2030 it's estimated that in Africa alone they will contribute and additional 1.1 billion people that number is presently 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 standard payroll design there's typically an overwhelming number of various systems resulting in lengthy manual procedures and silos the number of Combinations could be non-existent in big amounts and or extremely very fundamental there's no genuine consistency framework we're residing in an age of tech however payroll has actually been sluggish to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper and that simply blows my mind each time I I believe

about it to provide you an idea of how far there still is to come according to Deloitte only 11 of businesses say they have Labor force information in real time that's another number that provides me sleepless nights and rather honestly the more a company spends on worldwide payroll the less of a photo they see a lack of presence also encompasses payroll payments and failure to accurately track these payments can cause compliance accidents in the last mile of the transaction nearly half of global businesses have expressed that they don't have the level of standardization they need in their procedures or desire and as a result eighty percent of errors are due to time reporting poor HCM information information entry errors poorly communicated hires and terminations in addition to absence management and system setups and after that when you round everything off and the information is shipped to the incorrect place the typical expense of a worldwide information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash around the globe payroll and payments don't run smoothly if they depend on the essential multiple procedures 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 organization face when they're making payments to workers or otherwise that's an excellent question I constantly throw this back and state what is it what does not need to be consisted of best and what does

it need to be thought about there's differing 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 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 right eventually constructing a knowledge base is definitely critical but all over you look with payroll payment they resemble extremely payments no if but some children about it you are all superheroes processing payments for payroll if you take a look at the type of link between fintech and payroll it's closer than ever I believe there's now a bit more recognition that payroll payments are absolutely fundamental and technology is permitting us to sort of progress with that it also as well to add to that payroll and financing need to work closer together um with varying Checking account Details differing banking requirements and setup processes is definitely imperative that payroll and financing teams work more detailed together than ever um I'm constantly impressed when people state I have actually split payroll and payment um if you stroll down the street and asked anybody what is payroll who does not work 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 typically split and cut up um eventually it's payroll is an end-to-end procedure it's the point of information collection all the way through to paying people any place they are however likewise paying statutory authorities and on statutory 3rd parties so with the

The contemporary world puts a high worth on well-being and the compensation landscape is ending up being progressively complex. Companies are constantly introducing new advantages and payment alternatives, which adds to the overall complexity. Large corporations typically divide their payroll and payment processing into separate teams, which can result in inefficiencies and bottlenecks. In my opinion, this does not have to be the case. In today's technically innovative period, there's no validation for preserving cumbersome procedures. Payroll, the business's greatest expenditure, need to be processed correctly and on time. Even minor hold-ups can adversely impact employees' wellness and have far-reaching repercussions. For that reason, it's important to focus on accurate and prompt 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 workers or not um but ultimately payroll is such a crucial cycle we all find out about it when it fails everybody jumps up and down when it fails but when it goes right it's just a tick box exercise and I think that's how it's seen from the external consider as well um so yeah it's likewise like why WI-Fi Global why all of this things is definitely essential that all of this stuff is done correctly so leveraging the first Global Payments very first payroll payment service is an excellent initial step um offering an end-to-end payroll service for your staff members globally once again I think is another big um process once again lining up and guaranteeing you have standardization Global processes all of those things are definitely essential to success success of companies and decreasing the number of tools platforms and checking account they require for their Global 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've never had a hundred countless them within a payroll cycle don't anticipate to you do get the odd five or 10 or whatever it might be with the with the the grievances where things haven't gone rather where they're meant to be um I don't think any of us are actually doing that for for the thanks

anyway we understand how how essential a role 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 involved in those procedures and also so picture sorry I'm just I was simply gon na say imagine the amount of thanks you got if you might cover the amount of individuals that we cover within this webinar I'm sure we're talking about numerous thousands possibly Millions think of getting that many thank you notes um I suggest it 'd be interesting to see the number of Post-it notes you got however it would definitely be an intriguing task trying to clean up all those up for sure oh definitely I can't imagine the size of my my Outlook inbox if that was the case um you 'd need days of the week to attempt to look through them and really see what was going on and type of try to get back to everyone so moving on appearance why do companies choose to main separate bank accounts there are organizations out there doing precisely this for particular nations and I've operated in an organization or numerous businesses doing exactly that I can state it does not constantly feel efficient and it does produce more work I understand we're not deliberately doing that we're not creating extra work for any person where we do not 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 amount that we are I think numerous factors one is it's the requirement I believe individuals have got so used to we need a brand-new bank 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 believe it's just been the requirement and the standard the people have embraced and continue to do over years and years passed by to add to that people have taken a look at things like trust accounts and numerous other methods um to to type of do it so I think there's a variety I think this is a procedure that needs looking at it requires altering but ultimately people are very stuck with what they're familiar

with best um change is a challenging thing all of us don't like change um so I believe it's simply type of moving far from the standard as we have actually said so yeah so it keeps a lot of track of things um I understand certainly the benefits of having keeping several savings account however there's a huge quantity of complexity goes with establishing a bank account preserving it ensuring it can send International transfers guaranteeing it's set up with the right user accesses for specific individuals so the complexity is substantial but I think the honest response is change um people have not had the ability to change or have not had always the understanding to really make that change into alternate Solutions other than opening a bank account I think you've struck the nail on the head I think it is knowledge you know and there is a component of resistance to alter but we've constantly done it that way is no real excuse for not taking a look at the the advantages and the possibilities of carrying on and moving into you know what could practically be identified to be the next Century or two there is a lot to monitor and this approach does position a number of difficulties um so Johnny could you tell us about those challenges yeah obviously so there's a range right there is so

I just recently made a change to our Enterprise 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 gained another CFO, and with this improved capability, I have successfully secured payments for our 10,000 workers worldwide. Your devotion to mastering global payroll and payments utilizing Papaya payroll OS is commendable. You deserve a corner workplace with a parking space that is more detailed, considering your achievements.

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