Find out more about Papaya Global E Banking ... We now have the capability to manage both our payroll and payments procedures on one unified platform. It's as if our Chief Financial Officer has actually acquired a separate Chief Financial Officer particularly dedicated to managing payments. This supplies us with a protected and reliable approach of making payments to our 10,000 staff members worldwide.}
The innovative international payroll management app enhances my payroll process, saving me a significant quantity of time monthly. With its user-friendly user interface, I have access to a single control panel that effectively handles my payroll, EOR, and contractors.
The Employee Website provides staff members with the capability to gain access to and view essential files such as pay slips, wage and tax declarations, and employment records. This portal is accessible on both desktop and mobile devices and is offered in different languages.
Advantages Administration
Papaya Global assists companies provide competitive benefits packages to international workers despite the variety of employees in the business. The company can set up health insurance, short-term and long-term special needs, vision, dental and maternity leave while removing the need to source regional benefits providers in every country, produce regional accounts and have a minimum number of workers.
International HR Performances
's HR functionalities consist of PTO tracking, compliance, onboarding/offboarding tools, online storage for workers' files and migration services if your workers need work license help.
HR Analytics
Papaya Global's payroll and HR analytics suite gives you insights into workforce costs, labor force diversity, overall employment expenses distributed per location, total work costs per cycle and much more.
environments across the globe I supplied leadership and strategy to populations of over a hundred thousand staff members in more than 170 nations today I'm the payroll strategies for as Mark stated I work across the business handling and structure external relationships supporting Enterprise customers and solutions as well as serving as an advisor for those of you that don't understand who papaya International is papaya is the very first payroll and payments
business to make the time 100 list for many influential companies in the world we offer payroll payments and workforce management to all worker 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 present yourself naturally thank you good morning great afternoon great night depending upon where you remain in the world it's lovely to fulfill you and thank you quite for your time as Ian said my name is Johnny Nash and I'm the payments director here at um I've remained in the payments market for over ten years and particularly dealing with the payroll and payment sector for over seven years um I was amazed by the intricacy the trouble in all of the above of
payroll payments and chose to type of make a real 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 vendor side from a payroll point of view so actually eagerly anticipating this conversation today um and yeah thank you quite for your time everyone okay thanks Johnny uh we'll simply offer everybody another number of uh well one of the 30 seconds or two to join we all work back to back these days so we'll type of let them do that so it 'd be rather intriguing 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 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 drizzling here it's extremely extremely bleak and I want I was somewhere else at this moment in time fine 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 companies preserve separate
checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts enhancing papaya Global payroll payments as a tactical possession uh we'll also discuss a recap and that should leave his time at the extremely really 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 International labor forces end up being increasingly more common and managing them ends up being more and more complex Worldwide companies are aiming to discover Solutions and new methods to improve processes particularly from a payroll and cross-border payment standpoint numerous organizations maintain separate checking account just for payroll while some have multiple accounts in different nations does it make good sense for companies to preserve separate checking account often in different nations it does however just for payroll is there a better way what function do virtual accounts and digital wallets also referred to as virtual wallets play in assisting international business simplify the episode complex procedures of
Ensuring accurate, effective, and prompt payroll payments is a complex difficulty for companies operating worldwide. Join us for a webinar to check out the advantages and drawbacks of payroll wallets versus payroll savings account, find out how business anticipate payroll expenses to enhance working capital, and discover how enhancing global payroll payments can change them from a challenging task into a tactical possession.
Managing payroll globally is a complicated task due to different guidelines, compliance requirements, information security concerns, and banking guidelines. The large variety of staff members and companies adds to the complexity, with an approximated 3.5 billion individuals in the international workforce, 500 million of whom remain in Africa, and 230 million businesses worldwide.
Traditional payroll systems often lead to manual processes, data silos, and an absence of integration, resulting in inconsistencies and inefficiencies. Regardless of living in an age of technological advancements, payroll management has actually been slow to adapt, with as much as 25% of payroll still processed by hand, often using pen and paper. This webinar objectives to provide insights and options to simplify and enhance worldwide payroll payments.
about it to give you an idea of how far there still is to come according to Deloitte only 11 of organizations state they have Workforce data in real time that's another number that gives me sleep deprived nights and quite frankly the more an organization invests in global payroll the less of an image they see a lack of visibility also extends to payroll payments and inability to precisely track these payments can lead to compliance accidents in the last mile of the deal nearly half of global organizations have expressed that they don't have the level of standardization they need in their processes or desire and as a result eighty percent of errors are due to time reporting poor HCM information information entry mistakes inadequately communicated hires and terminations along with lack management and system setups and then when you round all of it off and the data is shipped to the wrong place the typical cost of a worldwide information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash around the globe payroll and payments do not run smoothly if they depend on the essential multiple processes 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 obstacles service face when they're paying to employees or otherwise that's a great concern I always toss this back and say what is it what does not require to be consisted of right and what does
it require to be thought about there's varying Bank details 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 capabilities so can you pay it from International or do you need to pay from an in-country account do you have to pay from the client's own in-country account so there's intricacy any place you look ideal ultimately building a knowledge base is absolutely vital but everywhere you look with payroll payment they resemble super payments no if however some infants about it you are all superheroes processing payments for payroll if you look at the kind of link in between fintech and payroll it's closer than ever I think there's now a bit more recognition that payroll payments are definitely fundamental and technology is permitting us to type of move on with that it also as well to contribute to that payroll and financing need to work closer together um with differing Savings account Details differing banking requirements and setup procedures is definitely crucial that payroll and financing groups work more detailed together than ever um I'm constantly impressed when individuals state I have actually divided payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn't operate 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 frequently 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 individuals wherever they are but also paying statutory authorities and on statutory 3rd parties so with the
world we reside in and well-being being increasingly more important to contribute to type of the level of complexity there's a growing number of benefits being organ or being used by organizations throughout the world so once again you're simply wanting to add more and more payments to this currently complex landscape so if you kind of got any experience well I'm from your vast experience here and I make sure but have you got any experience in kind of genuine difficulties or real difficult sort of pay uses to play to pay people I believe yeah I suggest over the last well yeah a couple of decades I would definitely state that the larger an organization gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the task there are groups feeding details into the next function as it were that's really handling the payment side of things but you understand in in my viewpoint and my experience that doesn't necessarily need to be the case you know long gone are the times where we require to develop additional handoffs while doing sos that we run in they just make them more timely they make them less effective and they don't make them what they require to be in in a period of tech and a period that you understand that we are working in today there is no reason we are still making this as tough as it needs to be agreed and appropriately as you said payroll is the single most significant liability that any organization has from a cost point of view from an effect perspective on employees it is definitely important that it's done properly and on time so what we indicate by that is not a day before not a day after on pay day and payments need to be done right it has the most significant harmful impact on individuals's wellness and lots of other elements if individuals aren't paid uh I've always been astonished entering into this Market kind of the last 5 to 10 years is how little thanks the
The payroll group might not have been thanked for properly processing payroll throughout a webinar. If anyone has actually been thanked, it would be terrific to hear their success story, whether it's from all employees or not. Payroll is a crucial cycle, and individuals just notice when things go wrong. However, when things go right, it's seen as just a routine task. This is how it's viewed externally too. Therefore, it is necessary to ensure that tasks like Wi-Fi Global and other crucial matters are done correctly. Using the first Worldwide Payments very first payroll payment solution is a fantastic preliminary step towards offering a detailed payroll option for employees worldwide. Standardization, worldwide procedures, and decreasing the number of tools, platforms, and checking account required for international payroll are essential factors in accomplishing business success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do sometimes receive a couple of complaints when things don't go as prepared. Ultimately, we do not do it for the appreciation.
anyway we know how how crucial 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 everyone that's associated with those procedures and also so imagine sorry I'm simply I was just gon na say envision 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 discussing hundreds of thousands potentially Millions picture getting that many thank you notes um I imply it 'd be interesting to see how many Post-it notes you got however it would absolutely be an intriguing task attempting to clean all those up for sure oh absolutely I can't imagine the size of my my Outlook inbox if that held true um you 'd need days of the week to try to browse them and really see what was going on and sort of try to get back to everyone so moving on appearance why do companies pick to primary separate bank accounts there are businesses out there doing exactly this for particular countries and I have actually operated in a business or many organizations doing precisely that I can say it doesn't always feel effective and it does create more work I know we're not intentionally doing that we're not producing additional work for any person where we do not have to and anyone that's managing 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 think lots of factors one is it's the requirement I believe people have actually got so utilized to we require a new checking account we open an entity and rightly so you require it for payroll purposes however there are a number of markets where it's not a requirement so I think it's just been the requirement and the standard individuals have embraced and continue to do over years and years gone past to contribute to that people have taken a look at things like trust accounts and many other methods um to to type of do it so I think there's a range I think this is a procedure that needs taking a look at it requires altering but eventually people are extremely stuck with what they're familiar
with best um modification is a hard thing all of us don't like change um so I believe it's simply sort of moving far from the norm as we have actually said so yeah so it keeps a lot of track of stuff um I comprehend certainly the advantages of having preserving numerous bank accounts however there's a big amount of intricacy opts for establishing a checking account keeping it guaranteeing it can send out International transfers ensuring it's established with the ideal user accesses for individual people so the intricacy is huge however I believe the honest answer is modification um people haven't been able to change or have not had necessarily the understanding to really make that change into alternate Solutions other than opening a savings account I believe you have actually hit the nail on the head I believe it is understanding you understand and there is an element of resistance to alter but we've always done it that way is no real reason for not looking at the the benefits and the possibilities of proceeding and moving into you know what might almost be determined to be the next Century approximately there is a lot to monitor and this approach does present a number of obstacles um so Johnny could you tell us about those challenges yeah of course so there's a range right there is so
I recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It seems like our CFO has actually gained another CFO, and with this enhanced capability, I have successfully protected payments for our 10,000 staff members worldwide. Your commitment to mastering global payroll and payments utilizing Papaya payroll OS is good. You should have a corner office with a parking space that is more detailed, considering your accomplishments.
Nominal Link Settings Papaya Global