Find out more about Papaya Global E Banking Setup ... We now have the capability to manage both our payroll and payments procedures on one merged platform. It's as if our Chief Financial Officer has gotten a different Chief Financial Officer particularly committed to managing payments. This offers us with a safe and dependable technique of paying to our 10,000 workers worldwide.}
the BEST global payroll managment app, saves me hours of time monthly, one single control panel for my payroll, EOR and professionals
The Worker Website supplies employees with the capability to access and view crucial files 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 various languages.
Benefits Administration
Papaya Global assists companies use competitive advantages packages to worldwide employees despite the variety of employees in the business. The business can establish health insurance, short-term and long-term disability, vision, oral and maternity leave while eliminating the requirement to source regional benefits service providers in every country, create regional accounts and have a minimum number of employees.
Worldwide HR Performances
's HR performances consist of PTO tracking, compliance, onboarding/offboarding tools, online storage for employees' documents and migration services if your workers need work license support.
HR Analytics
Papaya Global's payroll and HR analytics suite provides you insights into labor force costs, labor force variety, total employment costs distributed per place, total employment expenses per cycle and far more.
environments around the world I supplied leadership and method to populations of over a hundred thousand employees in more than 170 nations today I'm the payroll methods for as Mark stated I work throughout the business handling and building external relationships supporting Enterprise customers and options along with functioning as an advisor for those of you that don't understand who papaya Global is papaya is the very first payroll and payments
business to make the time 100 list for a lot of prominent business on the planet we supply payroll payments and labor force management to all worker key ins over 160 countries 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 excellent night depending upon where you are in the world it's beautiful 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 industry for over 10 years and specifically working on the payroll and payment sector for over 7 years um I was fascinated by the complexity the difficulty in all of the above of
payroll payments and decided to sort of make a real go at that over the last 5 or 6 years where I have actually type of had a variety of different roles on the supplier side and likewise on the vendor side from a payroll viewpoint so actually anticipating this discussion today um and yeah thank you very much for your time everybody all right thanks Johnny uh we'll just provide everybody another number of uh well one of the 30 seconds or two to join all of us work back to back these days so we'll type of let them do that so it 'd be rather interesting and I can see it going on already simply to hear where everyone is um it's nice to to sort of like see where everyone comes 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 drizzling here it's extremely very gloomy and I wish I was somewhere else at this moment in time alright so let's get started our program for today is as follows um we are going to be taking a look at the challenge years of handling Worldwide payroll why business preserve separate
Virtual payroll accounts are an option to conventional checking account for managing payroll payments. This is particularly helpful for international organizations with dispersed and remote workforces, as it simplifies the intricate procedure of cross-border payments. Instead of keeping different savings account for payroll in different countries, virtual accounts and digital wallets provide a more structured service. In this webinar, we will check out the benefits of using virtual payroll accounts and go over why they are becoming a strategic possession for payroll executives. We will also supply a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
Guaranteeing accurate, effective, and prompt payroll payments is a complex challenge for companies running globally. Join us for a webinar to explore the advantages and disadvantages of payroll wallets versus payroll savings account, find out how companies anticipate payroll expenses to enhance working capital, and find how improving global payroll payments can change them from a challenging task into a tactical asset.
Managing payroll internationally is a challenging job due to numerous policies, compliance requirements, information security concerns, and banking rules. The sheer number of employees and businesses adds to the intricacy, with an approximated 3.5 billion individuals in the international labor force, 500 million of whom are in Africa, and 230 million companies worldwide.
Traditional payroll systems often result in manual procedures, information silos, and an absence of integration, causing inconsistencies and inadequacies. Regardless of residing in a period of technological advancements, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed by hand, typically utilizing pen and paper. This webinar goals to offer insights and solutions to simplify and optimize global payroll payments.
about it to give you an idea of how far there still is to come according to Deloitte just 11 of services say they have Labor force information in real time that's another number that gives me sleepless nights and quite frankly the more a business spends on international payroll the less of an image they see a lack of exposure likewise extends to payroll payments and failure to accurately track these payments can lead to compliance accidents in the last mile of the transaction nearly half of global organizations have revealed that they don't have the level of standardization they require in their processes or desire and as a result eighty percent of mistakes are because of time reporting poor HCM data information entry mistakes improperly communicated hires and terminations as well as lack management and system configurations and after that when you round everything off and the information is delivered to the incorrect location the average cost of a global data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash worldwide payroll and payments do not run efficiently if they count on the essential multiple processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the difficulties organization face when they're making payments to staff members or otherwise that's an excellent concern I always throw this back and state what is it what does not require to be included ideal and what does
it require 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 time frames there's payment capabilities 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 complexity any place you look best ultimately building a knowledge base is absolutely crucial however everywhere you look with payroll payment they are like extremely 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 believe there's now a bit more acknowledgment that payroll payments are absolutely fundamental and innovation is allowing us to type of progress with that it likewise as well to contribute to that payroll and financing require to work closer together um with varying Savings account Details varying banking requirements and setup procedures is definitely crucial that payroll and finance teams work closer together than ever um I'm always astonished when individuals state I've divided payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn't work in the payroll profession 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 procedure it's the point of data collection all the way through to paying people any place they are but also paying statutory authorities and on statutory 3rd parties so with the
The modern world places a high worth on well-being and the payment landscape is ending up being significantly elaborate. Services are continuously introducing new advantages and payment alternatives, which contributes to the general complexity. Big corporations often divide their payroll and payment processing into different groups, which can cause ineffectiveness and traffic jams. In my opinion, this does not need to be the case. In today's technically advanced period, there's no validation for keeping cumbersome procedures. Payroll, the company's biggest expenditure, should be processed properly and on time. Even minor delays can negatively affect employees' well-being and have significant effects. For that reason, it's critical to prioritize precise and timely payments.
The payroll group may not have been thanked for properly processing payroll during a webinar. If anyone has actually been thanked, it would be great to hear their success story, whether it's from all employees or not. Payroll is an essential cycle, and individuals only discover when things fail. Nevertheless, when things go right, it's viewed as simply a regular task. This is how it's viewed externally as well. Therefore, it is necessary to make sure that jobs like Wi-Fi International and other essential matters are done properly. Using the very first Worldwide Payments very first payroll payment option is an excellent initial step towards providing a thorough payroll solution for staff members worldwide. Standardization, international processes, and minimizing the number of tools, platforms, and checking account necessary for international payroll are crucial factors in attaining company success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes get a few problems when things don't go as planned. Eventually, we don't do it for the thankfulness.
anyhow we understand how how essential a function 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 involved in those processes and also so picture sorry I'm simply I was simply gon na state think of the amount of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make sure we're speaking about numerous thousands potentially Millions imagine getting that numerous thank you keeps in mind um I imply it 'd be interesting to see how many Post-it notes you got however it would definitely be an interesting task attempting 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 attempt to check out them and actually see what was going on and type of try to return to everyone so proceeding appearance why do business select to primary separate savings account there are organizations out there doing exactly this for particular nations and I have actually operated in a company or lots of organizations doing exactly that I can state it does not always feel efficient and it does produce more work I know we're not deliberately doing that we're not producing additional work for anyone where we do not need to and anyone 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 quantity that we are I think lots of reasons one is it's the standard I think individuals have got so used to we need a new savings account we open an entity and appropriately 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 simply been the requirement and the norm individuals have adopted and continue to do over years and years passed by to add to that individuals have looked at things like trust accounts and numerous other methods um to to type of do it so I believe there's a range I think this is a procedure that requires looking at it requires altering however ultimately people are really stuck with what they recognize
with ideal um modification is a difficult thing we all do not like modification um so I believe it's just 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 certainly the advantages of having keeping numerous savings account however there's a huge quantity of complexity goes with setting up a bank account preserving it ensuring it can send out International transfers guaranteeing it's set up with the best user accesses for specific people so the complexity is substantial however I believe the sincere answer is change um people haven't had the ability to alter or have not had always the understanding to truly make that change into alternate Solutions aside from opening a bank account I think you've struck the nail on the head I think it is knowledge you understand and there is a component of resistance to change but we've always done it that way is no genuine reason for not looking at the the benefits and the possibilities of carrying on and moving into you know what could nearly be figured out to be the next Century or so there is a lot to keep track of and this method does position numerous obstacles um so Johnny could you inform us about those challenges yeah naturally so there's a variety 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 staff members you are worthy of a corner office with a closer parking space due to the fact that I mastered International payroll and payments with Papaya payroll OS did you
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