Find out more about Papaya Global P11D ... We now have the capability to handle both our payroll and payments procedures on one combined platform. It's as if our Chief Financial Officer has obtained a different Chief Financial Officer particularly dedicated to managing payments. This provides us with a safe and trustworthy method of paying to our 10,000 employees worldwide.}
The innovative international payroll management app streamlines my payroll process, conserving me a substantial amount of time each month. With its easy to use user interface, I have access to a single control panel that efficiently manages my payroll, EOR, and contractors.
Worker Website
Workers have access to a Worker Website where they can view their pay slips, wage and tax declarations and employment files. The portal is available in multiple languages and can be accessed on a desktop or mobile phone.
Advantages Administration
Papaya Global assists business provide competitive benefits plans to worldwide staff members no matter the number of workers in the company. The business can establish medical insurance, short-term and long-term disability, vision, oral and maternity leave while getting rid of the requirement to source regional benefits providers in every nation, produce local accounts and have a minimum variety of workers.
International HR Functionalities
's HR performances include PTO tracking, compliance, onboarding/offboarding tools, online storage for workers' files and migration services if your staff members require work authorization help.
HR Analytics
Papaya Global's payroll and HR analytics suite provides you insights into labor force costs, workforce variety, total work expenses distributed per place, total employment costs per cycle and far more.
Worldwide, I have shown management and strategic expertise in assisting large-scale populations of over 100,000 staff members throughout 170 nations. Currently, I am responsible for supervising payroll methods, as discussed by Mark. My function includes managing and developing external partnerships, supporting Business clients, and supplying advisory services. Additionally, I am proud to be a part of Papaya Global, a pioneering payroll and payments services provider.
As a global company, we are honored to be included on the prominent Time 100 list of the most prominent business worldwide. We focus on supplying payroll and workforce management services to workers in more than 160 nations. I am delighted to introduce Johnny Nash, as discussed by Mark. Now, I'll let Johnny present himself. Good day to all, despite your location. It's a pleasure to meet you and thank you for your important time. As Ian pointed out, I am Johnny Nash, the director of payments at our organization. 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 complexities and obstacles of this field have actually always mesmerized me.
payroll payments and decided to sort of make a genuine go at that over the last five or six years where I've sort of had a range of various roles on the service provider side and likewise on the vendor side from a payroll point of view so really looking forward to this conversation today um and yeah thank you quite for your time everybody all right thanks Johnny uh we'll just provide everyone another couple of uh well one of the 30 seconds or two to join we all work back to back these days so we'll kind of let them do that so it 'd be rather interesting and I can see it going on currently simply 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 is 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 very very gloomy and I wish I was somewhere else at this moment in time fine so let's get going 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 forecasting payroll expenses utilizing virtual payroll accounts enhancing papaya Worldwide payroll payments as a strategic property uh we'll likewise discuss a wrap-up and that needs to leave his time at the extremely really end for a q a session so as the title of the webinar recommends payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces end up being more and more typical and handling them becomes more and more intricate Worldwide companies are wanting to find Solutions and new ways to enhance procedures particularly from a payroll and cross-border payment standpoint lots of organizations keep separate bank account just for payroll while some have numerous accounts in different countries does it make sense for business to maintain different checking account in some cases in various nations it does however just for payroll exists a much better method what role do virtual accounts and digital wallets likewise known as virtual wallets play in helping multinational business improve the episode complex processes of
making payroll payments properly efficiently securely and on time throughout this webinar we'll walk you through the global advantages and disadvantages of a payroll wallet versus a payroll checking account how business precisely forecast their payroll expenses to increase working capital and how streamlining Global payroll payments can turn them from a siled pane into a tactical asset so payroll can be challenging in adequate in one country but when you're doing it internationally it's next level and Beyond it ends up being intricate for a range of factors most importantly policies compliance data security and banking guidelines then there are the large numbers they add more complexity the global Labor force is presently three and a half billion people by 2030 it's estimated that in Africa alone they will contribute and further 1.1 billion individuals that number is presently 500 million just for for a scale then consider that there are some 230 million companies and growing all doing their own thing all over the world in the standard payroll design there's typically a frustrating variety of different systems leading to lengthy manual procedures and silos the number of Combinations could be non-existent in big amounts and or extremely really basic there's no genuine consistency framework we're living in an age of tech however payroll has actually been slow 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 whenever I I believe
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of businesses state they have Workforce information in real time that's another number that provides me sleepless nights and quite honestly the more a business spends on international payroll the less of a picture they see an absence of exposure likewise encompasses payroll payments and inability to accurately track these payments can result in compliance incidents in the last mile of the transaction nearly half of global services 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 information information entry errors improperly interacted hires and terminations in addition to lack management and system configurations and then when you round everything off and the information is delivered 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 need to move the money around the globe payroll and payments don't run efficiently if they count on the necessary several procedures 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 business face when they're paying to staff members or otherwise that's a good question 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 differing 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 have to pay from an in-country account do you need to pay from the client's own in-country account so there's intricacy anywhere you look ideal ultimately building a knowledge base is absolutely critical but everywhere you look with payroll payment they resemble very payments no if but some infants about it you are all superheroes processing payments for payroll if you take a look at the type of link in between fintech and payroll it's closer than ever I think there's now a bit more acknowledgment that payroll payments are absolutely fundamental and innovation is permitting us to sort of progress with that it also also to add to that payroll and financing need to work closer together um with differing Bank Account Details differing banking requirements and setup processes is absolutely crucial that payroll and finance teams work more detailed together than ever um I'm always amazed when people state I have actually divided payroll and payment um if you walk down the street and asked anyone what is payroll who does not operate 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 typically split and cut up um eventually it's payroll is an end-to-end process it's the point of information collection all the way through to paying people wherever they are but likewise paying statutory authorities and on statutory third parties so with the
The modern world puts a high worth on well-being and the payment landscape is becoming significantly elaborate. Businesses are continuously introducing new advantages and payment choices, which contributes to the total complexity. Big corporations often divide their payroll and payment processing into different groups, which can lead to inefficiencies and traffic jams. In my opinion, this does not need to hold true. In today's highly innovative period, there's no justification for preserving troublesome treatments. Payroll, the business's biggest cost, should be processed correctly and on time. Even small hold-ups can negatively affect staff members' well-being and have far-reaching consequences. Therefore, it's vital to focus on precise and timely payments.
payroll group get um so I'm uncertain anyone on this sort of webinar has been told thank you for processing my payroll correctly if you have it 'd be excellent to hear your success story and whether that's been from all workers or not um however eventually payroll is such a crucial cycle all of us find out about it when it fails everyone jumps up and down when it goes wrong however when it goes right it's just a tick box workout and I think that's how it's seen from the external consider as well um so yeah it's likewise like why WI-Fi Global why all of this stuff is absolutely important that all of this things is done properly so leveraging the very first International Payments very first payroll payment option is a fantastic initial step um supplying an end-to-end payroll service for your staff members globally once again I believe is another huge um process again lining up and ensuring you have standardization Global processes all of those things are definitely key to success success of services and reducing the number of tools platforms and savings account they need 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 countless them within a payroll cycle do not expect to you do get the odd 5 or 10 or whatever it might be with the with the the grievances where things haven't gone quite where they're meant to be um I don't believe any of us are really doing that for for the thanks
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 associated with those processes and likewise so picture sorry I'm simply I was simply gon na state picture the amount 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 possibly Millions think of getting that lots of thank you notes um I suggest it 'd be interesting to see how many Post-it notes you got but it would certainly be a fascinating task trying to clean up all those up for sure oh definitely I can't think of the size of my my Outlook inbox if that was the case um you 'd need days of the week to attempt to browse them and really see what was going on and kind of shot to get back to everybody so moving on appearance why do business select to primary different bank accounts there are services out there doing exactly this for particular nations and I've operated in a business or lots of businesses 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 developing extra work for any person where we don't 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 amount that we are I believe many factors one is it's the requirement I think people have got so utilized to we need a new savings account we open an entity and appropriately so you require it for payroll functions but there are a variety of markets where it's not a requirement so I think it's just been the requirement and the norm individuals have adopted 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 sort of do it so I believe there's a range I believe this is a procedure that needs looking at it needs altering but ultimately people are very stuck to what they're familiar
with right um change is a challenging thing we all do not like change um so I think it's simply sort of moving away from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I understand obviously the advantages of having maintaining several checking account but there's a big quantity of intricacy goes with setting up a savings account maintaining it guaranteeing it can send out International transfers ensuring it's established with the ideal user accesses for private individuals so the complexity is substantial however I believe the honest response is change um people have not been able to alter or haven't had always the knowledge to truly make that change into alternate Solutions aside from opening a checking account I think you've struck the nail on the head I think it is knowledge 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 benefits and the possibilities of carrying on and moving into you know what might almost be identified to be the next Century or two there is a lot to keep an eye on and this method does posture a number of challenges um so Johnny might you inform us about those challenges yeah of course so there's a range right there is so
I recently made a modification to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It feels like our CFO has actually gotten another CFO, and with this enhanced capability, I have successfully protected payments for our 10,000 workers worldwide. Your dedication to mastering global payroll and payments utilizing Papaya payroll OS is good. You should have a corner office with a parking space that is better, considering your accomplishments.
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