Find out more about Papaya Global Crashing When Fps ... We now have the capability to manage both our payroll and payments processes on one merged platform. It's as if our Chief Financial Officer has acquired a separate Chief Financial Officer particularly devoted to managing payments. This supplies us with a safe and trustworthy technique of making payments to our 10,000 employees worldwide.}
the BEST worldwide payroll managment app, saves me hours of time on a monthly basis, one single control panel for my payroll, EOR and specialists
Employee Portal
Staff members have access to a Staff member Portal where they can see their pay slips, wage and tax statements and work files. The portal is readily available in multiple languages and can be accessed on a desktop or mobile device.
Benefits Administration
Papaya Global assists business provide competitive advantages bundles to global workers despite the number of staff members in the business. The business can set up health insurance, short-term and long-term impairment, vision, oral and maternity leave while getting rid of the requirement to source local benefits suppliers in every country, create local accounts and have a minimum variety of workers.
Worldwide HR Performances
's HR functionalities consist of PTO tracking, compliance, onboarding/offboarding tools, online storage for workers' documents and immigration services if your workers require work authorization support.
HR Analytics
Papaya Global's payroll and HR analytics suite gives you insights into workforce spending, labor force variety, overall work costs dispersed per location, overall employment expenses per cycle and a lot more.
Globally, I have actually demonstrated leadership and tactical knowledge in guiding large-scale populations of over 100,000 workers across 170 countries. Currently, I are accountable for overseeing payroll methods, as discussed by Mark. My function involves handling and developing external collaborations, supporting Business customers, and supplying advisory services. In addition, I am proud to be a part of Papaya Global, a pioneering payroll and payments solutions company.
business to make the time 100 list for most influential companies worldwide we provide payroll payments and labor force management to all staff member types in over 160 nations I am pleased to state that we also 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 night depending on where you remain in the world it's lovely to satisfy you and thank you quite for your time as Ian stated my name is Johnny Nash and I'm the payments director here at um I've been in the payments industry for over 10 years and specifically dealing with the payroll and payment sector for over 7 years um I was fascinated by the intricacy the difficulty in all of the above of
payroll payments and decided to sort of make a genuine go at that over the last five or six years where I have actually type of had a range of different functions on the provider side and also on the supplier side from a payroll point of view so really looking forward to this discussion today um and yeah thank you quite for your time everybody okay thanks Johnny uh we'll simply offer everyone another couple of uh well among the 30 seconds or two to join all of us 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 already simply to hear where everyone is um it's nice to to kind of like see where everybody comes from and I really do hope it's much sunnier than it remains in the UK today definitely not the peak of the sunshine is it it's not no it's it's raining here it's extremely very bleak and I wish I was somewhere else at this moment in time okay so let's begin our agenda for today is as follows um we are going to be looking at the difficulty years of managing Global payroll why companies preserve separate
bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts enhancing papaya International payroll payments as a strategic possession uh we'll likewise review a recap and that must leave his time at the extremely very 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 workforces end up being more and more common and handling them ends up being increasingly more complicated Global companies are looking to find Solutions and brand-new methods to simplify processes particularly from a payroll and cross-border payment viewpoint many companies maintain separate checking account just for payroll while some have multiple accounts in various countries does it make good sense for business to maintain separate savings 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 also referred to as virtual wallets play in helping multinational companies streamline the episode complex processes of
Guaranteeing precise, efficient, and prompt payroll payments is a complex challenge for services running worldwide. Join us for a webinar to explore the benefits and drawbacks of payroll wallets versus payroll savings account, learn how companies anticipate payroll expenses to enhance working capital, and find how simplifying global payroll payments can change them from a difficult job into a strategic property.
Managing payroll globally is a daunting task due to various guidelines, compliance requirements, data security concerns, and banking rules. The large variety of employees and services contributes to the complexity, with an estimated 3.5 billion individuals in the worldwide labor force, 500 million of whom remain in Africa, and 230 million services worldwide.
Standard payroll systems typically lead to manual processes, information silos, and an absence of integration, leading to inconsistencies and ineffectiveness. In spite of residing in an era of technological developments, payroll management has actually been slow to adjust, with as much as 25% of payroll still processed by hand, frequently using pen and paper. This webinar objectives to provide insights and solutions to simplify and enhance international payroll payments.
about it to offer you a concept of how far there still is to come according to Deloitte only 11 of businesses say they have Labor force data in real time that's another number that offers me sleepless nights and quite honestly the more an organization spends on worldwide payroll the less of a photo they see a lack of presence likewise reaches payroll payments and failure to properly track these payments can cause compliance accidents in the last mile of the transaction nearly half of worldwide services have expressed that they do not have the level of standardization they need in their procedures or desire and as a result eighty percent of mistakes are because of time reporting poor HCM data data entry errors improperly interacted hires and terminations in addition to absence management and system configurations and then when you round everything off and the data is shipped to the wrong location the average expense of a global information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money all over the world payroll and payments don't run efficiently if they count on the necessary numerous procedures systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the challenges company face when they're paying to staff members or otherwise that's an excellent concern I always toss this back and say 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 nation there's payment time frames 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 customer's own in-country account so there's intricacy wherever you look best eventually constructing a knowledge base is absolutely vital but all over you look with payroll payment they resemble incredibly payments no if but some infants 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 definitely essential and technology is permitting us to sort of move forward with that it also also to add to that payroll and finance need to work closer together um with differing Bank Account Particulars varying banking requirements and setup procedures is definitely essential that payroll and financing groups work better together than ever um I'm constantly astonished when people say I've divided payroll and payment um if you walk down the street and asked anybody what is payroll who doesn't work in the payroll occupation would they divide the payroll payment from calculation I would say no so why do we as a market accept that why our payroll and payments so often split and cut up um eventually it's payroll is an end-to-end process it's the point of information collection all the way through to paying people anywhere they are however likewise paying statutory authorities and on statutory third parties so with the
The contemporary world positions a high value on wellness and the settlement landscape is becoming significantly complex. Organizations are constantly introducing new advantages and payment choices, which contributes to the overall intricacy. Large corporations typically divide their payroll and payment processing into separate teams, which can lead to ineffectiveness and traffic jams. In my viewpoint, this does not need to be the case. In today's technologically advanced age, there's no reason for maintaining cumbersome procedures. Payroll, the business's most significant cost, should be processed correctly and on time. Even slight delays can negatively impact employees' well-being and have significant consequences. Therefore, it's important to prioritize accurate and timely payments.
payroll group get um so I'm unsure anybody on this sort of webinar has actually been told thank you for processing my payroll correctly if you have it 'd be great to hear your success story and whether that's been from all workers or not um however ultimately payroll is such a crucial cycle all of us become aware of it when it goes wrong everybody jumps up and down when it fails however when it goes right it's simply a tick box exercise 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 vital that all of this things is done correctly so leveraging the very first Worldwide Payments first payroll payment service is a great primary step um supplying an end-to-end payroll service for your employees globally again I think is another huge um procedure once again aligning and ensuring you have standardization Worldwide processes all of those things are definitely crucial to success success of organizations and lowering the number of tools platforms and checking account they need for their Worldwide 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've never had a hundred countless them within a payroll cycle don't expect 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 quite where they're indicated to be um I don't believe any of us are really doing that for for the thanks
anyhow we know 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 likewise so envision sorry I'm simply I was simply gon na state think of the quantity of thanks you got if you might cover the quantity of people that we cover within this webinar I make certain we're discussing hundreds of thousands potentially Millions imagine getting that numerous thank you keeps in mind um I indicate it 'd be interesting to see the number of Post-it notes you got however it would certainly be an interesting task attempting to clean up all those up for sure oh absolutely I can't picture the size of my my Outlook inbox if that was the case um you 'd require days of the week to attempt to look through them and actually see what was going on and sort of try to return to everybody so proceeding look why do companies pick to primary separate bank accounts there are companies out there doing exactly this for particular nations and I've operated in a company or numerous companies doing exactly that I can state it does not always feel effective and it does produce more work I know we're not purposely doing that we're not developing additional work for anybody where we do not have to and any person that's handling that procedure I 'd be interested to hear your ideas 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 used to we require a new bank account we open an entity and rightly so you need it for payroll functions but there are a number of markets where it's not a requirement so I believe it's simply been the requirement and the standard individuals have actually adopted 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 many other ways um to to kind of do it so I believe there's a range I believe this is a procedure that requires taking a look at it requires changing however ultimately individuals are very stuck to what they recognize
with ideal um change is a hard thing all of us do not like change um so I think it's simply type of moving away from the norm as we've said so yeah so it keeps a lot of track of stuff um I comprehend clearly the advantages of having maintaining multiple savings account but there's a substantial amount of intricacy opts for setting up a savings account keeping it guaranteeing it can send International transfers guaranteeing it's set up with the ideal user accesses for individual people so the complexity is substantial but I think the honest response is change um people haven't been able to change or have not had necessarily the knowledge to really make that change into alternate Solutions besides opening a checking account I believe you've struck the nail on the head I believe it is knowledge you understand and there is a component of resistance to alter but we've constantly done it that way is no genuine reason for not taking a look at the the benefits and the possibilities of moving on and moving into you know what might nearly be figured out to be the next Century or so there is a lot to track and this method does posture a number of challenges um so Johnny could you inform us about those challenges yeah naturally so there's a range right there is so
I just recently made a change to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It feels like our CFO has 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 utilizing Papaya payroll OS is commendable. You should have a corner office with a parking space that is closer, considering your accomplishments.
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