Find out more about Papaya Global Download V26 ... We now have the capability to handle both our payroll and payments procedures on one merged platform. It's as if our Chief Financial Officer has actually acquired a separate Chief Financial Officer specifically devoted to managing payments. This provides us with a secure and trustworthy approach of paying to our 10,000 employees worldwide.}
The advanced worldwide payroll management app simplifies my payroll process, conserving me a substantial quantity of time every month. With its easy to use user interface, I have access to a single dashboard that efficiently handles my payroll, EOR, and specialists.
The Employee Website supplies employees with the capability to gain access to and view important documents such as pay slips, wage and tax statements, and employment records. This portal is accessible on both desktop and mobile phones and is offered in numerous languages.
Advantages Administration
Papaya Global assists business provide competitive benefits bundles to worldwide staff members despite the variety of employees in the company. The company can set up medical insurance, short-term and long-term impairment, vision, dental and maternity leave while getting rid of the requirement to source regional benefits companies in every nation, produce regional accounts and have a minimum variety of workers.
The HR capabilities provided by Worldwide HR incorporate numerous functions such as keeping an eye on holiday time, ensuring compliance, facilitating the procedure of inviting new staff members and bidding goodbye to departing ones, using a protected online platform for storing workers' files, and offering support for work allow procedures in case your staff members need assistance in that area.
HR Analytics
Papaya Global's payroll and HR analytics suite provides you insights into workforce spending, labor force diversity, total employment expenses distributed per location, overall work expenses per cycle and a lot more.
environments around the world I provided management and technique to populations of over a hundred thousand workers in more than 170 nations today I'm the payroll strategies for as Mark said I work across business managing and building external relationships supporting Business clients and services as well as functioning as a consultant for those of you that don't understand who papaya Worldwide is papaya is the very first payroll and payments
As an international business, we are honored to be included on the distinguished Time 100 list of the most influential companies worldwide. We focus on offering payroll and labor force management services to staff members in more than 160 countries. I am delighted to introduce Johnny Nash, as mentioned by Mark. Now, I'll let Johnny present himself. Good day to all, despite your place. It's a satisfaction to meet you and thank you for your valuable time. As Ian mentioned, I am Johnny Nash, the director of payments at our organization. With over a years of experience in the payments industry, I have actually concentrated on payroll and payment services for the past 7 years. The intricacies and difficulties of this field have actually constantly captivated me.
payroll payments and chose to kind of make a genuine go at that over the last five or six years where I've kind of had a variety of various roles on the provider side and likewise on the vendor side from a payroll perspective so truly anticipating this conversation today um and yeah thank you quite for your time everybody okay thanks Johnny uh we'll simply provide everyone another couple of uh well among the 30 seconds or so to join all of us work back to back these days so we'll kind of let them do that so it 'd be rather fascinating and I can see it going on currently just to hear where everybody is um it's nice to to type of like see where everyone originates from and I really 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 drizzling here it's extremely really bleak and I want I was elsewhere at this moment in time all right so let's begin our program for today is as follows um we are going to be taking a look at the difficulty years of handling Global payroll why business keep separate
savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts enhancing papaya International payroll payments as a tactical asset uh we'll likewise review a recap and that must leave his time at the very extremely 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 Worldwide workforces become more and more common and managing them ends up being more and more complex Global companies are wanting to find Solutions and new methods to streamline procedures especially from a payroll and cross-border payment standpoint numerous organizations maintain separate bank account just for payroll while some have several accounts in different nations does it make sense for business to keep different checking account sometimes in different countries it does but just for payroll is there a better method what role do virtual accounts and digital wallets also called virtual wallets play in helping multinational business streamline the episode complex procedures of
making payroll payments properly efficiently securely and on time during this webinar we'll walk you through the international pros and cons of a payroll wallet versus a payroll bank account how business accurately anticipate their payroll costs to increase working capital and how enhancing Global payroll payments can turn them from a siled pane into a strategic possession so payroll can be hard in adequate in one nation however when you're doing it worldwide it's next level and Beyond it ends up being complex for a variety of factors most significantly regulations compliance information security and banking guidelines then there are the sheer numbers they add further intricacy the worldwide Workforce is presently three and a half billion people by 2030 it's approximated 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 conventional payroll design there's frequently an overwhelming number of different systems leading to lengthy manual processes and silos the variety of Combinations could be non-existent in large quantities and or really extremely basic there's no real consistency framework we're living in a period of tech however 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 and that simply blows my mind each time I I think
about it to provide you a concept of how far there still is to come according to Deloitte just 11 of organizations state they have Labor force information in real time that's another number that offers me sleep deprived nights and rather frankly the more a business invests in international payroll the less of a photo they see an absence of visibility also extends to payroll payments and inability to precisely track these payments can cause compliance mishaps in the last mile of the deal nearly half of worldwide services have actually revealed that they don't 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 poor HCM data information entry errors poorly communicated hires and terminations along with absence management and system setups and then when you round all of it off and the data is shipped to the wrong location the typical expense of a global data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money worldwide payroll and payments do not run efficiently if they rely on the needed numerous procedures systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the difficulties business face when they're making payments to workers or otherwise that's a good question I constantly toss this back and state what is it what doesn't require to be consisted of right and what does
it need to be considered there's differing Bank details so the length of an eye band a swift an account number routing code per country 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 client's own in-country account so there's complexity anywhere you look ideal ultimately developing a knowledge base is definitely vital however all over you look with payroll payment they are like incredibly payments no if but some babies about it you are all superheroes processing payments for payroll if you take a look at the kind of link in between fintech and payroll it's closer than ever I believe there's now a bit more recognition that payroll payments are absolutely basic and innovation is permitting us to kind of progress with that it also also to add to that payroll and finance require to work closer together um with differing Savings account Particulars varying banking requirements and setup procedures is definitely necessary that payroll and financing teams work better together than ever um I'm always amazed when individuals say I have actually divided payroll and payment um if you walk down the street and asked anyone 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 wherever they are but also paying statutory authorities and on statutory third parties so with the
The modern world puts a high worth on well-being and the settlement landscape is becoming increasingly complex. Services are constantly presenting new advantages and payment alternatives, which adds to the total complexity. Large corporations often divide their payroll and payment processing into separate groups, which can cause inadequacies and bottlenecks. In my opinion, this does not have to be the case. In today's highly advanced age, there's no reason for keeping cumbersome procedures. Payroll, the company's greatest expenditure, must be processed properly and on time. Even minor delays can adversely impact employees' wellness and have far-reaching repercussions. Therefore, it's critical to focus on precise and prompt payments.
payroll group get um so I'm unsure anybody 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 staff members or not um but ultimately payroll is such an essential cycle we all find out about it when it goes wrong everybody jumps up and down when it fails but when it goes right it's just a tick box workout and I think that's how it's seen from the external view as well um so yeah it's likewise like why WI-Fi Global why all of this stuff is absolutely vital that all of this stuff is done properly so leveraging the very first International Payments very first payroll payment option is a fantastic first step um offering an end-to-end payroll solution for your workers worldwide again I think is another substantial um procedure once again lining up and guaranteeing you have standardization International processes all of those things are definitely crucial to success success of companies and reducing the variety of tools platforms and checking account they need for their Global 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 thousand of 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 complaints where things haven't gone rather where they're indicated to be um I do not believe any of us are in fact doing that for for the thanks
anyway we understand 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 procedures and also so envision sorry I'm just I was simply gon na say imagine the amount of thanks you got if you might cover the amount of people that we cover within this webinar I make certain we're talking about numerous thousands potentially Millions picture getting that lots of thank you keeps in mind um I imply it 'd be interesting to see how many Post-it notes you got however it would certainly be an interesting task attempting 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 require days of the week to attempt to check out them and really see what was going on and kind of try to return to everyone so proceeding appearance why do business choose to primary different bank accounts there are companies out there doing exactly this for particular countries and I have actually worked in an organization or many businesses doing precisely that I can state it doesn't constantly feel effective and it does create more work I know we're not deliberately doing that we're not developing additional work for any person where we do not have to and any person that's handling that process I 'd be interested to hear your ideas Johnny why do you believe that we're doing that in in the in the amount that we are I think numerous reasons one is it's the standard I think people have actually got so used to we require a brand-new savings account we open an entity and rightly so you require 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 standard and the standard the people have adopted and continue to do over years and years passed by to add to that individuals have taken a look at things like trust accounts and numerous other ways um to to sort of do it so I believe there's a variety I think this is a procedure that needs taking a look at it needs altering but eventually individuals are very stuck with what they recognize
with best um change is a challenging thing all of us don't like modification um so I believe it's just sort of moving away from the norm as we've said so yeah so it keeps a great deal of track of things um I understand certainly the benefits of having maintaining numerous checking account but there's a huge quantity of complexity chooses setting up a checking account preserving it guaranteeing it can send International transfers ensuring it's set up with the right user accesses for individual individuals so the intricacy is huge but I believe the truthful answer is modification um people haven't had the ability to alter or haven't had always the understanding to truly make that change into alternate Solutions other than opening a savings account I believe you've struck the nail on the head I think it is knowledge you understand and there is an aspect of resistance to change but we've always done it that way is no genuine excuse for not taking a look at the the benefits and the possibilities of moving on and moving into you understand what could nearly be figured out to be the next Century or two there is a lot to track and this technique does position several obstacles um so Johnny could you inform us about those difficulties yeah of course so there's a range right there is so
I just did you switched 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 workers you are worthy of a corner workplace with a more detailed parking space since I mastered International payroll and payments with Papaya payroll OS did you
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