Find out more about Papaya Global Knowledge Base ... We now have the capability to handle both our payroll and payments processes on one unified platform. It's as if our Chief Financial Officer has actually acquired a different Chief Financial Officer particularly committed to managing payments. This offers us with a safe and secure and trusted approach of paying to our 10,000 staff members worldwide.}
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The Employee Website offers employees with the ability to access and view crucial files such as pay slips, wage and tax statements, and work records. This website is accessible on both desktop and mobile phones and is offered in various languages.
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Papaya Global assists companies offer competitive advantages plans to worldwide staff members despite the variety of staff members in the company. The company can establish health insurance, short-term and long-lasting special needs, vision, dental and maternity leave while removing the requirement to source local benefits service providers in every country, produce regional accounts and have a minimum number of staff members.
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Papaya Global's payroll and HR analytics suite offers you insights into labor force costs, workforce diversity, total employment expenses dispersed per place, total employment costs per cycle and far more.
environments across the globe I offered management and technique to populations of over a hundred thousand workers in more than 170 nations today I'm the payroll techniques for as Mark said I work throughout the business managing and building external relationships supporting Enterprise clients and services as well as acting as an advisor for those of you that do not understand who papaya International is papaya is the first payroll and payments
As a global company, we are honored to be consisted of on the prominent Time 100 list of the most prominent business worldwide. We focus on supplying payroll and labor force management services to workers in more than 160 nations. I am delighted to present Johnny Nash, as discussed by Mark. Now, I'll let Johnny introduce himself. Good day to all, no matter your area. It's a pleasure to fulfill you and thank you for your valuable time. As Ian discussed, I am Johnny Nash, the director of payments at our company. With over a years of experience in the payments market, I have focused on payroll and payment options for the past 7 years. The intricacies and obstacles of this field have actually always captivated me.
payroll payments and chose to type of make a genuine go at that over the last five or 6 years where I've kind of had a variety of different roles on the provider side and also on the vendor side from a payroll point of view so actually looking forward to this discussion today um and yeah thank you quite for your time everybody alright thanks Johnny uh we'll simply provide everyone another couple of uh well among the 30 seconds approximately to join all of us work back to back nowadays so we'll kind of let them do that so it 'd be quite intriguing and I can see it going on already just to hear where everybody is um it's nice to to sort of like see where everybody originates from and I actually 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 extremely dreary and I want I was elsewhere at this moment in time fine so let's get going our program for today is as follows um we are going to be looking at the obstacle years of handling International payroll why business keep separate
savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts enhancing papaya Worldwide payroll payments as a tactical possession uh we'll likewise go over a wrap-up and that should leave his time at the extremely very 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 International labor forces become a growing number of typical and managing them ends up being more and more complicated International organizations are looking to find Solutions and brand-new ways to streamline processes particularly from a payroll and cross-border payment standpoint many organizations preserve different savings account just for payroll while some have several accounts in various nations does it make good sense for companies to preserve separate bank accounts in some cases in various countries it does however just for payroll exists a much better way what role do virtual accounts and digital wallets likewise referred to as virtual wallets play in assisting international companies enhance the episode complex procedures of
making payroll payments precisely efficiently safely 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 companies accurately forecast their payroll costs to increase working capital and how simplifying International payroll payments can turn them from a siled pane into a strategic asset so payroll can be challenging in enough in one nation however when you're doing it internationally it's next level and Beyond it becomes complicated for a variety of reasons most notably guidelines compliance data security and banking guidelines then there are the large numbers they include more intricacy the international Workforce is presently three and a half billion individuals by 2030 it's estimated that in Africa alone they will contribute and more 1.1 billion people that number is presently 500 million just for for a scale then factor in that there are some 230 million businesses and growing all doing their own thing around the globe in the conventional payroll model there's typically an overwhelming number of different systems causing time-consuming manual procedures and silos the number of Integrations could be non-existent in big quantities and or really extremely basic there's no real consistency framework we're residing 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 frequently with pen and paper which simply blows my mind each time I I believe
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 Labor force information in real time that's another number that offers me sleepless nights and rather frankly the more an organization invests in worldwide payroll the less of an image they see a lack of presence also encompasses payroll payments and failure to precisely track these payments can result in compliance mishaps in the last mile of the deal nearly half of worldwide businesses have actually revealed that they don't have the level of standardization they require in their procedures or want and as a result eighty percent of errors are because of time reporting poor HCM data data entry errors improperly interacted hires and terminations along with lack management and system configurations and then when you round it all off and the information is shipped to the incorrect location the typical expense of a global information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash all over the world payroll and payments don't run smoothly if they count on the essential several processes systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the obstacles company face when they're making payments to staff members or otherwise that's a good concern I constantly toss this back and state what is it what doesn't require to be consisted of best and what does
it require to be considered there's varying Bank details 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 need to pay from an in-country account do you need to pay from the client's own in-country account so there's intricacy wherever you look ideal eventually constructing a knowledge base is definitely crucial but all over you look with payroll payment they resemble very payments no if however some babies about it you are all superheroes processing payments for payroll if you look at the type 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 innovation is enabling us to type of move on with that it also too to add to that payroll and finance require to work closer together um with varying Bank Account Details differing banking requirements and setup procedures is absolutely vital that payroll and financing teams work more detailed together than ever um I'm constantly surprised when people state I've split payroll and payment um if you stroll down the street and asked anybody what is payroll who does not work in the payroll occupation would they split the payroll payment from estimation 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 individuals any place they are but likewise paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being increasingly more essential to contribute to sort of the level of complexity there's increasingly more benefits being organ or being used by organizations throughout the world so again you're simply wanting to add increasingly more payments to this already complex landscape so if you kind of got any experience well I'm from your huge experience here and I'm sure but have you got any experience in kind of genuine obstacles or genuine challenging sort of pay utilizes to play to pay individuals I believe yeah I imply over the last well yeah a number of decades I would definitely state that the larger an organization gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the job there are groups feeding info into the next function as it were that's really managing the payment side of things however you know in in my opinion and my experience that doesn't always require to be the case you know long gone are the times where we need to produce extra handoffs at the same times that we run in they simply make them more prompt they make them less effective and they do not make them what they require to be in in a period of tech and a period that you know that we are operating in today there is no reason why we are still making this as tough as it requires to be agreed and rightly as you said payroll is the single greatest liability that any business has from an expense perspective from an impact point of view on employees it is absolutely important that it's done correctly and on time so what we imply 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 effect on people's wellness and many other aspects if people aren't paid uh I have actually constantly been amazed entering this Market sort of the last 5 to ten years is how little thanks the
payroll team get um so I'm uncertain anyone on this type of webinar has been informed thank you for processing my payroll properly if you have it 'd be terrific to hear your success story and whether that's been from all staff members or not um but ultimately payroll is such an important cycle all of us find out about it when it fails everyone jumps up and down when it fails but when it goes right it's just a tick box workout and I believe that's how it's seen from the external deem well um so yeah it's also like why WI-Fi Global why all of this stuff is definitely important that all of this stuff is done properly so leveraging the first Global Payments first payroll payment service is a terrific first step um offering an end-to-end payroll service for your workers internationally again I think is another substantial um process again lining up and ensuring you have standardization Global processes all of those things are definitely crucial to success success of companies and minimizing the variety of tools platforms and savings account they require 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 have actually never ever had a hundred thousand of them within a payroll cycle do not anticipate to you do get the odd five or ten or whatever it might be with the with the the grievances where things have not gone rather where they're implied to be um I do not believe any of us are really doing that for for the thanks
anyway we know how how essential 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 everybody that's associated with those procedures and likewise so think of sorry I'm just 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 talking about numerous thousands potentially Millions think of getting that numerous thank you notes um I mean it 'd be interesting to see the number of Post-it notes you got however it would definitely be an intriguing task trying to clean up 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 check out them and actually see what was going on and type of shot to return to everyone so carrying on appearance why do companies select to main different savings account there are services out there doing exactly this for particular nations and I have actually worked in an organization or many organizations doing exactly that I can state it does not always feel efficient and it does create more work I understand we're not intentionally doing that we're not producing additional work for anybody where we do not need to and any person that's dealing with that process I 'd be interested to hear your thoughts Johnny why do you believe that we're doing that in in the in the amount that we are I think lots of factors one is it's the requirement I think people have actually got so used to we need a brand-new savings account we open an entity and rightly so you need it for payroll purposes but 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 embraced and continue to do over years and years passed by to contribute to that individuals have actually 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 believe this is a process that requires looking at it requires changing but ultimately people are very stuck to what they recognize
with best um modification is a challenging thing all of us do not like change um so I believe it's simply type of moving far from the standard as we've said so yeah so it keeps a great deal of track of stuff um I understand clearly the advantages of having keeping numerous bank accounts but there's a substantial amount of intricacy goes with setting up a bank account preserving it ensuring it can send International transfers ensuring it's established with the right user accesses for private individuals so the complexity is big however I think the honest response is change um individuals have not been able to alter or have not had always the knowledge to really make that change into alternate Solutions aside from opening a savings account I believe you've hit the nail on the head I think it is understanding you understand and there is an element of resistance to change but we have actually 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 almost be determined to be the next Century or two there is a lot to keep an eye on and this technique does present several challenges um so Johnny might you tell us about those challenges yeah of course so there's a range right there is so
I just did you changed our Business 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 International employees you should have a corner office with a closer parking space since I mastered International payroll and payments with Papaya payroll OS did you
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