Find out more about Papaya Global Network Install ... We now have the capability to manage both our payroll and payments procedures on one combined platform. It's as if our Chief Financial Officer has acquired a different Chief Financial Officer specifically dedicated to managing payments. This provides us with a protected and trusted approach of making payments to our 10,000 employees worldwide.}
The cutting-edge worldwide payroll management app enhances my payroll procedure, conserving me a significant quantity of time every month. With its easy to use interface, I have access to a single dashboard that effectively handles my payroll, EOR, and specialists.
Worker Portal
Workers have access to a Staff member Website where they can see their pay slips, wage and tax declarations and work documents. The website is offered in numerous languages and can be accessed on a desktop or mobile phone.
Benefits Administration
Papaya Global helps business provide competitive advantages bundles to worldwide employees despite the variety of staff members in the business. The business can set up health insurance, short-term and long-lasting special needs, vision, oral and maternity leave while eliminating the requirement to source regional benefits providers in every country, produce regional accounts and have a minimum variety of workers.
International HR Functionalities
's HR performances consist of PTO tracking, compliance, onboarding/offboarding tools, online storage for workers' documents and immigration services if your employees require work license help.
HR Analytics
Papaya Global's payroll and HR analytics suite provides you insights into workforce costs, workforce variety, overall employment costs distributed per location, overall employment expenses per cycle and far more.
environments around the world I offered leadership and strategy to populations of over a hundred thousand workers in more than 170 countries today I'm the payroll methods for as Mark said I work across business managing and building external relationships supporting Business customers and solutions along with acting as a consultant for those of you that do not know who papaya Global is papaya is the first payroll and payments
company to make the time 100 list for a lot of influential companies in the world we offer payroll payments and workforce management to all staff member enters 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 introduce yourself obviously thank you good morning excellent afternoon excellent evening depending on where you remain in the world it's lovely to fulfill you and thank you quite for your time as Ian stated 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 specifically dealing with the payroll and payment sector for over 7 years um I was fascinated by the intricacy the problem in all of the above of
payroll payments and chose to sort of make a real go at that over the last 5 or 6 years where I've type of had a range of various functions on the service provider side and also on the supplier side from a payroll perspective so really eagerly anticipating this conversation today um and yeah thank you quite for your time everybody fine thanks Johnny uh we'll simply give 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 quite interesting 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 everyone comes from and I really do hope it's much sunnier than it remains 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 very very uninspiring and I wish I was somewhere else at this moment in time fine 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 managing International payroll why companies preserve separate
bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts enhancing papaya Global payroll payments as a tactical property uh we'll also review a wrap-up which ought to leave his time at the extremely really end for a q a session so as the title of the webinar suggests payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces end up being more and more typical and handling them becomes more and more intricate Worldwide organizations are aiming to find Solutions and new methods to simplify processes especially from a payroll and cross-border payment viewpoint lots of organizations maintain separate savings account just for payroll while some have several accounts in different countries does it make good sense for companies to maintain separate savings account sometimes in various countries it does however just for payroll exists a much better method what role do virtual accounts and digital wallets likewise called virtual wallets play in helping international business enhance the episode complex procedures of
Guaranteeing precise, effective, and timely payroll payments is a complex difficulty for businesses running worldwide. Join us for a webinar to explore the benefits and drawbacks of payroll wallets versus payroll bank accounts, find out how companies anticipate payroll costs to optimize working capital, and discover how improving global payroll payments can transform them from a burdensome task into a strategic asset.
Handling payroll internationally is a daunting job due to different policies, compliance requirements, information security issues, and banking guidelines. The sheer number of staff members and businesses adds to the intricacy, with an approximated 3.5 billion individuals in the international labor force, 500 countless whom remain in Africa, and 230 million businesses worldwide.
Standard payroll systems often result in manual processes, data silos, and a lack of combination, causing disparities and ineffectiveness. Regardless of living in an era of technological improvements, payroll management has been sluggish to adjust, with as much as 25% of payroll still processed manually, frequently using pen and paper. This webinar objectives to supply insights and solutions to simplify and enhance international payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of services say they have Workforce data in real time that's another number that provides me sleep deprived nights and quite honestly the more a business spends on worldwide payroll the less of a photo they see a lack of visibility likewise reaches payroll payments and failure to accurately track these payments can result in compliance mishaps in the last mile of the deal almost half of worldwide services have actually revealed that they don't have the level of standardization they need in their processes or want and as a result eighty percent of mistakes are because of time reporting poor HCM information data entry errors badly interacted hires and terminations as well as lack management and system setups and after that when you round all of it off and the data is shipped to the incorrect location the average expense of an international data breach at this moment is 3.9 billion dollars as soon as 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 needed multiple procedures systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the difficulties organization face when they're paying to workers or otherwise that's a great question I always throw this back and state what is it what doesn't require to be included ideal and what does
it need to be thought about there's differing 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 capabilities 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 customer's own in-country account so there's complexity anywhere you look ideal eventually building a knowledge base is definitely vital however all over 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 kind of link 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 forward with that it likewise as well to add to that payroll and financing require to work closer together um with differing Checking account Particulars varying banking requirements and setup processes is definitely necessary that payroll and financing teams work more detailed together than ever um I'm always amazed when people say I have actually divided payroll and payment um if you walk down the street and asked anyone 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 an industry accept that why our payroll and payments so typically split and cut up um ultimately it's payroll is an end-to-end process it's the point of data collection all the way through to paying people anywhere they are but likewise paying statutory authorities and on statutory third parties so with the
The contemporary world puts a high worth on wellness and the settlement landscape is ending up being progressively elaborate. Organizations are continuously introducing new advantages and payment choices, which contributes to the total complexity. Big corporations typically divide their payroll and payment processing into separate groups, which can result in inadequacies and bottlenecks. In my opinion, this doesn't have to be the case. In today's highly sophisticated period, there's no validation for preserving troublesome treatments. Payroll, the company's most significant cost, must be processed correctly and on time. Even minor delays can adversely affect staff members' well-being and have far-reaching effects. For that reason, it's crucial to prioritize accurate and prompt payments.
payroll group get um so I'm unsure anybody on this kind of webinar has actually been told 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 however ultimately payroll is such an important cycle we all find out about it when it fails everyone jumps up and down when it fails however when it goes right it's just a tick box workout and I believe 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 things is absolutely essential that all of this stuff is done properly so leveraging the very first Global Payments first payroll payment solution is an excellent first step um offering an end-to-end payroll service for your staff members globally again I think is another substantial um procedure again lining up and ensuring you have standardization Global processes all of those things are absolutely key to success success of services and minimizing the variety of tools platforms and checking account they require for their International payroll too could not 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 countless them within a payroll cycle don't expect to you do get the odd five or 10 or whatever it might be with the with the the problems where things haven't gone rather where they're indicated to be um I don't think any of us are really doing that for for the thanks
anyhow we understand how how crucial 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 easy as possible for everyone that's associated with those processes and also so think of sorry I'm just I was just gon na state imagine the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I'm sure we're speaking about hundreds of thousands potentially Millions envision getting that lots of thank you keeps in mind um I indicate it 'd be interesting to see the number of Post-it notes you got however it would definitely be an interesting job attempting to clean all those up for sure oh absolutely I can't picture 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 sort of try to return to everybody so moving on look why do companies select to primary different checking account there are organizations out there doing precisely this for specific countries and I've operated in a business or numerous services doing exactly that I can say it doesn't constantly feel efficient and it does develop more work I understand we're not deliberately doing that we're not creating extra work for any person where we do not need to and any person that's dealing with that procedure 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 believe lots of reasons one is it's the requirement I believe people have got so utilized to we require a new checking account we open an entity and appropriately so you need it for payroll purposes but there are a variety of markets where it's not a requirement so I think it's just been the requirement and the standard the people have adopted and continue to do over years and years gone past to contribute to that individuals have looked at things like trust accounts and many other ways um to to sort of do it so I think there's a variety I think this is a procedure that needs taking a look at it needs altering however eventually individuals are extremely stuck with what they recognize
with best um modification is a difficult thing we all don't like modification um so I believe it's just sort of moving away from the standard as we've said so yeah so it keeps a lot of track of stuff um I comprehend clearly the benefits of having preserving numerous bank accounts however there's a huge amount of intricacy opts for establishing a checking account preserving it ensuring it can send International transfers guaranteeing it's set up with the ideal user accesses for specific people so the complexity is substantial however I think the truthful response is change um people have not had the ability to change or haven't had necessarily the understanding to actually make that change into alternate Solutions aside from opening a checking account I believe you've struck the nail on the head I believe it is understanding you know and there is an aspect of resistance to alter but we have actually constantly done it that way is no real reason for not looking at the the advantages and the possibilities of moving on and moving into you know what could nearly be identified to be the next Century approximately there is a lot to track and this method does posture several obstacles um so Johnny could you tell us about those obstacles yeah naturally so there's a variety right there is so
I recently made a change to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It seems like our CFO has actually gained another CFO, and with this boosted capability, I have actually effectively secured payments for our 10,000 staff members worldwide. Your commitment to mastering global payroll and payments utilizing Papaya payroll OS is commendable. You deserve a corner office with a parking space that is better, considering your achievements.
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