Find out more about Papaya Global Ireland Support ... We now have the capability to handle both our payroll and payments processes on one combined platform. It's as if our Chief Financial Officer has gotten a separate Chief Financial Officer specifically devoted to handling payments. This provides us with a secure and trusted technique of paying to our 10,000 staff members worldwide.}
the BEST global payroll managment app, saves me hours of time every month, one single control panel for my payroll, EOR and specialists
The Employee Website provides employees with the capability to access and view important files such as pay slips, wage and tax statements, and employment records. This website is accessible on both desktop and mobile phones and is used in numerous languages.
Benefits Administration
Papaya Global helps companies use competitive benefits bundles to international staff members regardless of the variety of workers in the business. The business can set up health insurance, short-term and long-term special needs, vision, oral and maternity leave while removing the need to source local benefits providers in every nation, produce local accounts and have a minimum number of workers.
The HR abilities supplied by Global HR encompass numerous functions such as keeping an eye on trip time, guaranteeing compliance, assisting in the process of welcoming new staff members and bidding farewell to departing ones, offering a safe online platform for storing employees' files, and offering assistance for work permit procedures in case your workers require assistance in that location.
HR Analytics
Papaya Global's payroll and HR analytics suite offers you insights into workforce spending, workforce variety, overall employment costs dispersed per place, total employment costs per cycle and a lot more.
Internationally, I have actually shown management and tactical competence in assisting large-scale populations of over 100,000 workers across 170 nations. Currently, I are accountable for managing payroll methods, as pointed out by Mark. My function involves managing and establishing external partnerships, supporting Business customers, and offering advisory services. In addition, I am proud to be a part of Papaya Global, a pioneering payroll and payments options provider.
As an international company, we are honored to be consisted of on the prestigious Time 100 list of the most prominent companies worldwide. We concentrate on providing payroll and labor force management services to staff members in more than 160 countries. I am delighted to introduce Johnny Nash, as pointed out by Mark. Now, I'll let Johnny present himself. Good day to all, no matter your location. It's a pleasure to fulfill you and thank you for your important time. As Ian mentioned, I am Johnny Nash, the director of payments at our company. With over a decade of experience in the payments industry, I have actually focused on payroll and payment solutions for the past seven years. The intricacies and obstacles of this field have constantly mesmerized me.
payroll payments and chose to kind of make a genuine go at that over the last 5 or 6 years where I've kind of had a range of various roles on the service provider side and also on the vendor side from a payroll perspective so truly eagerly anticipating this conversation today um and yeah thank you quite for your time everybody all right thanks Johnny uh we'll simply provide everyone another number 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 type of like see where everybody comes from and I actually do hope it's much sunnier than it is in the UK today definitely not the peak of the sunlight is it it's not no it's it's drizzling here it's very really gloomy and I want I was somewhere else at this moment in time alright so let's get going our program for today is as follows um we are going to be looking at the challenge years of handling International payroll why business preserve separate
bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts streamlining papaya International payroll payments as a tactical possession uh we'll likewise discuss a wrap-up and that ought to leave his time at the really extremely end for a q a session so as the title of the webinar recommends payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and International workforces end up being more and more typical and handling them ends up being more and more complicated International organizations are seeking to find Solutions and brand-new methods to streamline processes specifically from a payroll and cross-border payment standpoint numerous companies keep different savings account just for payroll while some have numerous accounts in various countries does it make good sense for companies to preserve separate checking account sometimes in various nations it does however just for payroll exists a better method what function do virtual accounts and digital wallets likewise called virtual wallets play in helping multinational business improve the episode complex procedures of
Ensuring accurate, efficient, and prompt payroll payments is a complex obstacle for organizations operating worldwide. Join us for a webinar to check out the advantages and drawbacks of payroll wallets versus payroll bank accounts, discover how business anticipate payroll costs to optimize working capital, and discover how improving international payroll payments can change them from a challenging job into a tactical asset.
Handling payroll worldwide is a daunting job due to various regulations, compliance requirements, information security issues, and banking rules. The sheer number of staff members and services adds to the intricacy, with an approximated 3.5 billion individuals in the worldwide workforce, 500 countless whom remain in Africa, and 230 million services worldwide.
Conventional payroll systems often lead to manual procedures, information silos, and an absence of combination, causing inconsistencies and inadequacies. Regardless of residing in an age of technological improvements, payroll management has been slow to adjust, with as much as 25% of payroll still processed manually, often using pen and paper. This webinar aims to provide insights and services to simplify and enhance worldwide payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of services state they have Workforce data in real time that's another number that gives me sleepless nights and quite honestly the more a service spends on international payroll the less of a picture they see a lack of exposure likewise encompasses 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 businesses have expressed that they do not have the level of standardization they require in their processes or desire and as a result eighty percent of errors are because of time reporting poor HCM information data entry errors badly communicated hires and terminations as well as absence management and system setups and after that when you round all of it off and the data is shipped to the wrong place the average expense of a global data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money around the world payroll and payments don't run efficiently if they rely on the needed several processes 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 obstacles organization face when they're paying to staff members or otherwise that's a good concern I always throw this back and state what is it what doesn't need to be consisted of ideal and what does
it need 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 timespan 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 ideal eventually building a knowledge base is absolutely vital however everywhere you look with payroll payment they are like extremely payments no if but some infants about it you are all superheroes processing payments for payroll if you look at the sort 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 essential and innovation is permitting us to kind of move on with that it also also to contribute to that payroll and financing require to work closer together um with differing Bank Account Details differing banking requirements and setup procedures is definitely important that payroll and financing teams work closer together than ever um I'm constantly amazed when people say I've divided payroll and payment um if you walk down the street and asked anybody what is payroll who does not operate 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 frequently split and cut up um ultimately it's payroll is an end-to-end procedure it's the point of information collection all the way through to paying people any place they are however also paying statutory authorities and on statutory third parties so with the
The modern world puts a high value on well-being and the payment landscape is becoming increasingly complex. Services are continuously presenting brand-new advantages and payment choices, which adds to the general intricacy. Big corporations typically divide their payroll and payment processing into separate teams, which can cause ineffectiveness and bottlenecks. In my viewpoint, this doesn't need to hold true. In today's highly sophisticated era, there's no reason for maintaining cumbersome treatments. Payroll, the company's greatest expenditure, need to be processed properly and on time. Even slight hold-ups can negatively affect staff members' well-being and have significant effects. Therefore, it's important to prioritize precise and prompt payments.
The payroll group may not have actually been thanked for correctly processing payroll during a webinar. If anyone has been thanked, it would be fantastic to hear their success story, whether it's from all staff members or not. Payroll is a crucial cycle, and individuals only see when things fail. Nevertheless, when things go right, it's seen as simply a regular task. This is how it's perceived externally also. For that reason, it is essential to guarantee that tasks like Wi-Fi Worldwide and other essential matters are done correctly. Utilizing the first International Payments first payroll payment option is a fantastic preliminary action towards offering an extensive payroll solution for staff members worldwide. Standardization, global procedures, and reducing the variety of tools, platforms, and bank accounts essential for worldwide payroll are key factors in achieving service success. While we don't anticipate a hundred thousand thank yous within a payroll cycle, we do periodically get a few problems when things do not go as planned. Ultimately, we do not do it for the thankfulness.
anyway we know 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 everybody that's involved in those processes and also so imagine sorry I'm just I was just gon na state imagine the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I'm sure we're speaking about hundreds of thousands potentially Millions picture getting that lots of thank you keeps in mind um I suggest it 'd be interesting to see how many Post-it notes you got but it would certainly be an intriguing task attempting to clean all those up for sure oh absolutely 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 look through them and actually see what was going on and sort of shot to return to everybody so proceeding appearance why do companies select to primary separate bank accounts there are services out there doing precisely this for specific nations and I have actually worked in an organization or numerous services doing precisely that I can state it doesn't constantly feel effective and it does produce more work I understand we're not purposely doing that we're not creating additional work for anybody where we do not need to and anybody that's handling that procedure 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 believe numerous reasons one is it's the standard I believe people have got so used to we need a brand-new checking account we open an entity and appropriately so you require it for payroll purposes however there are a number of markets where it's not a requirement so I believe it's just been the standard and the norm the people have embraced and continue to do over years and years gone past to add to that individuals have actually taken a look at things like trust accounts and many other ways um to to kind of do it so I think there's a range I believe this is a procedure that needs looking at it needs changing but ultimately people are really stuck with what they recognize
with best um modification is a hard thing we all don't like change um so I think it's simply type of moving far from the standard as we have actually said so yeah so it keeps a great deal of track of stuff um I comprehend undoubtedly the benefits of having keeping several bank accounts however there's a huge quantity of intricacy goes with establishing a bank account maintaining it ensuring it can send out International transfers guaranteeing it's set up with the ideal user accesses for individual people so the complexity is big however I think the sincere answer is change um people have not been able to change or have not had always the knowledge to really make that change into alternate Solutions besides opening a bank account I think you have actually struck the nail on the head I think it is understanding you know and there is a component of resistance to change however we have actually constantly done it that way is no real reason for not looking at the the benefits and the possibilities of moving on and moving into you know what might practically be identified to be the next Century or two there is a lot to monitor and this technique does present numerous obstacles um so Johnny might you inform us about those difficulties yeah of course so there's a variety right there is so
I just recently made a modification 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 actually gained another CFO, and with this enhanced ability, I have actually successfully protected payments for our 10,000 staff members worldwide. Your devotion to mastering international payroll and payments utilizing Papaya payroll OS is good. You should have a corner office with a parking space that is closer, considering your accomplishments.
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