Find out more about Papaya Global Courses Free ... We now have the ability to handle both our payroll and payments processes on one merged platform. It's as if our Chief Financial Officer has actually gotten a separate Chief Financial Officer particularly committed to managing payments. This offers us with a safe and secure and trusted approach of making payments to our 10,000 workers worldwide.}
the BEST global payroll managment app, saves me hours of time every month, one single dashboard for my payroll, EOR and contractors
The Worker Website supplies staff members with the ability to gain access to and view important documents such as pay slips, wage and tax statements, and work records. This website is accessible on both desktop and mobile phones and is used in various languages.
Advantages Administration
Papaya Global helps business use competitive benefits bundles to international staff members despite the number of workers in the company. The business can set up medical insurance, short-term and long-term special needs, vision, oral and maternity leave while getting rid of the need to source local advantages suppliers in every nation, create local accounts and have a minimum variety of workers.
The HR capabilities offered by International HR include various functions such as keeping an eye on vacation time, guaranteeing compliance, helping with the process of inviting brand-new employees and bidding goodbye to departing ones, using a safe online platform for keeping workers' files, and supplying assistance for work permit procedures in case your workers need help because area.
HR Analytics
Papaya Global's payroll and HR analytics suite offers you insights into labor force costs, labor force variety, total work expenses distributed per location, overall employment expenses per cycle and far more.
environments across the globe I provided leadership and technique to populations of over a hundred thousand workers in more than 170 nations today I'm the payroll methods for as Mark stated I work across the business managing and building external relationships supporting Business customers and options as well as acting as a consultant for those of you that do not know who papaya International is papaya is the very first payroll and payments
As an international business, we are honored to be included on the prominent Time 100 list of the most influential business worldwide. We concentrate on providing payroll and workforce management services to workers in more than 160 countries. I am delighted to introduce Johnny Nash, as mentioned by Mark. Now, I'll let Johnny introduce himself. Good day to all, regardless of your place. It's an enjoyment to satisfy you and thank you for your valuable time. As Ian pointed out, I am Johnny Nash, the director of payments at our organization. With over a years of experience in the payments market, I have actually concentrated on payroll and payment services for the past 7 years. The intricacies and obstacles of this field have constantly captivated me.
payroll payments and chose to type of make a genuine go at that over the last five or six years where I've type of had a range of various roles on the service provider side and likewise on the supplier side from a payroll perspective so truly anticipating this discussion today um and yeah thank you quite for your time everyone okay thanks Johnny uh we'll just give everybody another couple of uh well among 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 interesting and I can see it going on already just to hear where everyone is um it's nice to to kind of like see where everybody originates 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 drizzling here it's very really bleak and I wish I was somewhere else at this moment in time alright so let's begin our program for today is as follows um we are going to be looking at the difficulty years of handling Worldwide payroll why business maintain separate
checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts simplifying papaya International payroll payments as a strategic possession uh we'll likewise go over 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 International labor forces end up being a growing number of common and handling them ends up being more and more complex Worldwide companies are looking to find Solutions and new methods to improve procedures specifically from a payroll and cross-border payment perspective many companies maintain separate checking account just for payroll while some have multiple accounts in various countries does it make sense for business to keep different bank accounts often in different countries it does however just for payroll is there a much better way what function do virtual accounts and digital wallets also known as virtual wallets play in helping multinational business simplify the episode complex processes of
making payroll payments accurately effectively safely and on time throughout this webinar we'll stroll you through the global advantages and disadvantages of a payroll wallet versus a payroll savings account how companies accurately forecast their payroll expenses to increase working capital and how enhancing Global payroll payments can turn them from a siled pane into a strategic asset so payroll can be tough in sufficient in one country but when you're doing it internationally it's next level and Beyond it ends up being intricate for a range of reasons most importantly regulations compliance information security and banking rules then there are the sheer numbers they add more complexity the worldwide Labor force is presently three and a half billion individuals by 2030 it's approximated that in Africa alone they will contribute and more 1.1 billion people that number is currently 500 million just for for a scale then consider that there are some 230 million organizations and growing all doing their own thing all over the world in the conventional payroll model there's typically a frustrating number of various systems leading to lengthy manual procedures and silos the number of Combinations could be non-existent in big quantities and or very really standard there's no real consistency framework we're residing in a period 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 frequently with pen and paper and that just blows my mind whenever I I believe
about it to give you an idea of how far there still is to come according to Deloitte just 11 of companies state they have Workforce information in real time that's another number that offers me sleep deprived nights and rather frankly the more a company spends on international payroll the less of an image they see an absence of visibility also extends to payroll payments and inability to accurately track these payments can lead to compliance incidents in the last mile of the deal almost half of global organizations have expressed that they do not have the level of standardization they need in their procedures or want and as a result eighty percent of errors are because of time reporting bad HCM information information entry errors badly interacted hires and terminations in addition to absence management and system configurations and then when you round it all off and the data is shipped to the wrong place the typical cost 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 money around the globe payroll and payments don't run smoothly if they depend on the needed numerous procedures systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the difficulties service face when they're paying to staff members or otherwise that's a good question I always toss this back and say what is it what doesn't need to be included 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 nation 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 have to pay from the customer's own in-country account so there's intricacy wherever you look ideal eventually building a knowledge base is absolutely vital but all over 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 sort of link between fintech and payroll it's closer than ever I think there's now a bit more acknowledgment that payroll payments are absolutely basic and innovation is allowing us to type of move forward with that it likewise as well to add to that payroll and financing need to work closer together um with differing Checking account Particulars varying banking requirements and setup processes is definitely imperative that payroll and finance groups work more detailed together than ever um I'm always amazed when individuals state I have actually divided payroll and payment um if you walk down the street and asked anyone what is payroll who doesn't work in the payroll profession would they divide the payroll payment from computation I would say no so why do we as an industry accept that why our payroll and payments so frequently 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 individuals anywhere they are but also paying statutory authorities and on statutory third parties so with the
The modern-day world positions a high value on wellness and the settlement landscape is becoming progressively intricate. Organizations are constantly introducing brand-new benefits and payment choices, which contributes to the total complexity. Large corporations typically divide their payroll and payment processing into separate teams, which can lead to inefficiencies and bottlenecks. In my opinion, this does not need to be the case. In today's technologically innovative age, there's no validation for keeping cumbersome procedures. Payroll, the company's most significant expenditure, should be processed properly and on time. Even minor hold-ups can negatively affect employees' well-being and have far-reaching effects. For that reason, it's crucial to prioritize accurate and prompt payments.
The payroll group might not have been thanked for properly processing payroll during a webinar. If anybody has been thanked, it would be great to hear their success story, whether it's from all employees or not. Payroll is a crucial cycle, and individuals only observe when things fail. However, when things go right, it's viewed as simply a routine task. This is how it's perceived externally also. Therefore, it is essential to guarantee that jobs like Wi-Fi Global and other vital matters are done properly. Using the very first International Payments very first payroll payment service is a terrific preliminary action towards offering an extensive payroll option for employees worldwide. Standardization, global procedures, and lowering the number of tools, platforms, and checking account required for worldwide payroll are essential factors in accomplishing business success. While we don't anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes get a couple of grievances when things do not go as prepared. Ultimately, we don't do it for the thankfulness.
anyhow we know how how important 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 everyone that's associated with those processes and also so envision sorry I'm just I was just gon na say think of the amount of thanks you got if you might cover the quantity of people that we cover within this webinar I'm sure we're speaking about hundreds of thousands potentially Millions think of getting that many thank you notes um I mean it 'd be interesting to see how many Post-it notes you got however it would certainly be an intriguing task trying to clean up all those up for sure oh definitely I can't envision the size of my my Outlook inbox if that was the case um you 'd require days of the week to try to check out them and actually see what was going on and type of try to get back to everyone so carrying on appearance why do companies choose to main separate savings account there are organizations out there doing exactly this for specific nations and I have actually operated in a service or many services doing precisely that I can state it does not constantly feel effective and it does create more work I know we're not deliberately doing that we're not creating extra work for anyone where we don't have to and anybody 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 amount that we are I think lots of factors one is it's the standard I think people have got so used to we need a new savings account we open an entity and rightly so you need it for payroll functions however 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 passed by to contribute to that people have actually 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 think this is a procedure that requires looking at it requires changing but eventually individuals are extremely stuck with what they're familiar
with best um modification is a tough thing we all do not like change um so I think it's simply sort of moving far from the norm as we have actually said so yeah so it keeps a great deal of track of stuff um I comprehend clearly the advantages of having keeping multiple checking account however there's a substantial amount of intricacy opts for establishing a savings account maintaining it guaranteeing it can send out International transfers guaranteeing it's set up with the right user accesses for specific people so the intricacy is huge but I believe the truthful response is modification um people have not had the ability to change or haven't had always the understanding to truly make that change into alternate Solutions aside from opening a bank account I believe you've hit the nail on the head I believe it is knowledge you understand and there is an element of resistance to alter however we've constantly done it that way is no real reason for not looking at the the advantages and the possibilities of moving on and moving into you understand what might almost be determined to be the next Century approximately there is a lot to track and this technique does position a number of difficulties um so Johnny could you inform us about those difficulties yeah naturally so there's a range right there is so
I simply did you changed our Enterprise 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 Worldwide employees you should have a corner workplace with a better parking space since I mastered Worldwide payroll and payments with Papaya payroll OS did you
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