Find out more about Papaya Global Pay Elements ... We now have the ability to manage both our payroll and payments procedures on one combined platform. It's as if our Chief Financial Officer has acquired a separate Chief Financial Officer specifically dedicated to handling payments. This offers us with a secure and reliable approach of paying to our 10,000 workers worldwide.}
The cutting-edge global payroll management app simplifies my payroll procedure, conserving me a significant amount of time every month. With its user-friendly interface, I have access to a single dashboard that efficiently manages my payroll, EOR, and contractors.
The Staff member Website supplies workers with the ability to gain access to and view important files such as pay slips, wage and tax declarations, and work records. This website is accessible on both desktop and mobile phones and is offered in different languages.
Advantages Administration
Papaya Global assists companies provide competitive advantages bundles to international employees despite the variety of employees in the business. The company can establish medical insurance, short-term and long-term disability, vision, dental and maternity leave while removing the need to source local benefits companies in every country, create regional accounts and have a minimum number of employees.
The HR capabilities provided by International HR encompass different functions such as keeping track of holiday time, making sure compliance, assisting in the procedure of inviting new workers and bidding farewell to departing ones, providing a secure online platform for storing workers' documents, and offering support for work allow treatments in case your workers need support in that area.
HR Analytics
Papaya Global's payroll and HR analytics suite offers you insights into labor force spending, labor force diversity, overall employment expenses dispersed per place, total employment costs per cycle and a lot more.
environments across the globe I provided management and method to populations of over a hundred thousand staff members in more than 170 countries today I'm the payroll strategies for as Mark stated I work throughout the business handling and building external relationships supporting Business customers and solutions in addition to functioning as an advisor for those of you that don't know who papaya Worldwide is papaya is the first payroll and payments
As a global company, we are honored to be consisted of on the prestigious Time 100 list of the most influential companies worldwide. We focus on offering payroll and workforce management services to workers in more than 160 nations. I am delighted to present Johnny Nash, as mentioned by Mark. Now, I'll let Johnny present himself. Good day to all, despite your area. It's a satisfaction to satisfy you and thank you for your valuable time. As Ian pointed out, I am Johnny Nash, the director of payments at our company. With over a years of experience in the payments market, I have actually concentrated on payroll and payment services for the past 7 years. The complexities and difficulties of this field have actually always mesmerized me.
payroll payments and chose to sort of make a real go at that over the last 5 or 6 years where I have actually sort of had a variety of various functions on the provider side and likewise on the supplier side from a payroll perspective so actually eagerly anticipating this conversation today um and yeah thank you very much for your time everyone all right thanks Johnny uh we'll simply give everyone another couple of uh well one of the 30 seconds approximately to join all of us 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 already simply to hear where everyone is um it's nice to to sort of like see where everyone originates from and I truly 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 extremely really bleak and I want I was elsewhere at this moment in time fine so let's start our program for today is as follows um we are going to be looking at the obstacle years of managing International payroll why business maintain separate
bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts streamlining papaya Global payroll payments as a tactical asset uh we'll likewise discuss a recap and that needs to leave his time at the really really 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 Worldwide workforces end up being more and more typical and managing them ends up being a growing number of intricate Worldwide organizations are aiming to discover Solutions and brand-new ways to improve processes particularly from a payroll and cross-border payment standpoint numerous organizations keep separate bank account just for payroll while some have multiple accounts in different nations does it make sense for companies to preserve different checking account often in various nations it does but just for payroll exists a much better way what role do virtual accounts and digital wallets also known as virtual wallets play in assisting multinational companies streamline the episode complex processes of
Making sure accurate, effective, and timely payroll payments is a complex difficulty for companies operating internationally. Join us for a webinar to explore the advantages and drawbacks of payroll wallets versus payroll checking account, learn how business anticipate payroll costs to optimize working capital, and find how simplifying global payroll payments can change them from a difficult task into a tactical asset.
Handling payroll globally is a complicated job due to various policies, compliance requirements, data security issues, and banking rules. The large variety of employees and organizations contributes to the intricacy, with an estimated 3.5 billion individuals in the worldwide workforce, 500 million of whom remain in Africa, and 230 million organizations worldwide.
Standard payroll systems often result in manual procedures, data silos, and a lack of combination, leading to disparities and ineffectiveness. Despite residing in an era of technological improvements, payroll management has been slow to adapt, with as much as 25% of payroll still processed by hand, typically utilizing pen and paper. This webinar aims to provide insights and solutions to streamline and optimize worldwide payroll payments.
about it to offer you an idea of how far there still is to come according to Deloitte only 11 of companies state they have Labor force data in real time that's another number that offers me sleep deprived nights and rather honestly the more an organization invests in international payroll the less of a photo they see an absence of exposure also reaches payroll payments and failure to precisely track these payments can result in compliance accidents in the last mile of the transaction nearly half of worldwide companies have actually revealed that they do not have the level of standardization they require in their processes or desire and as a result eighty percent of mistakes are due to time reporting bad HCM information data entry mistakes badly communicated hires and terminations along with lack management and system configurations and after that when you round everything off and the data is delivered to the wrong location the average cost of a global data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash around the globe payroll and payments do not run efficiently if they rely on the needed several procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the difficulties organization face when they're paying to employees or otherwise that's a great question I always toss this back and state what is it what doesn't require to be consisted of ideal and what does
it require to be thought about there's differing Bank information 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 abilities 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 consumer's own in-country account so there's complexity any place you look best eventually constructing a knowledge base is definitely critical but everywhere you look with payroll payment they are like super payments no if however some babies about it you are all superheroes processing payments for payroll if you take a look at the sort 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 definitely basic and technology is enabling us to sort of move forward with that it likewise too to add to that payroll and finance need to work closer together um with differing Bank Account Details varying banking requirements and setup procedures is definitely crucial that payroll and financing teams work closer together than ever um I'm always astonished when people say I have actually split payroll and payment um if you stroll down the street and asked anyone what is payroll who does not operate in the payroll occupation would they divide the payroll payment from computation 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 process it's the point of information collection all the way through to paying people wherever they are but also 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 progressively complex. Organizations are constantly presenting brand-new advantages and payment options, which adds to the overall intricacy. Big corporations often divide their payroll and payment processing into separate groups, which can result in ineffectiveness and traffic jams. In my viewpoint, this does not need to hold true. In today's highly sophisticated period, there's no validation for maintaining troublesome treatments. Payroll, the company's most significant expenditure, must be processed correctly and on time. Even slight hold-ups can adversely affect employees' wellness and have significant repercussions. For that reason, it's crucial to focus on accurate and prompt payments.
payroll team get um so I'm uncertain anybody on this sort of webinar has actually been told thank you for processing my payroll correctly if you have it 'd be great to hear your success story and whether that's been from all staff members or not um however eventually payroll is such an essential cycle we all hear about it when it goes wrong everyone jumps up and down when it goes wrong however 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 likewise like why WI-Fi Global why all of this stuff is definitely essential that all of this things is done properly so leveraging the very first Worldwide Payments very first payroll payment option is a terrific initial step um providing an end-to-end payroll option for your workers internationally once again I believe is another substantial um procedure again aligning and guaranteeing you have standardization Global procedures all of those things are definitely essential to success success of companies and reducing the number of tools platforms and savings account they need for their International payroll too couldn't agree with you more and on the the front in regards to of the thank yous for getting payroll done I've never had a hundred thousand of them within a payroll cycle don't anticipate to you do get the odd five or 10 or whatever it might be with the with the the grievances where things haven't gone quite where they're implied to be um I don't think any of us are really doing that for for the thanks
anyway we understand how how important 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 everybody that's involved in those procedures and likewise so picture sorry I'm simply I was just gon na say think of the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I'm sure we're talking about numerous thousands possibly Millions picture getting that numerous thank you keeps in mind um I indicate it 'd be interesting to see the number of Post-it notes you got but it would definitely be an intriguing job trying to clean all those up for sure oh definitely I can't envision the size of my my Outlook inbox if that was the case um you 'd need days of the week to attempt to look through them and in fact see what was going on and kind of try to return to everybody so moving on appearance why do business choose to primary separate checking account there are organizations out there doing precisely this for specific countries and I've worked in an organization or many companies doing exactly that I can state it doesn't constantly feel effective and it does develop more work I know we're not purposely doing that we're not producing extra work for anybody where we do not have to and any person that's dealing with that process 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 many factors one is it's the requirement I believe people have actually got so utilized to we need a brand-new bank 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 standard and the norm the people have embraced and continue to do over years and years gone past to add to that individuals have looked at things like trust accounts and many other methods um to to sort of do it so I believe there's a range I believe this is a process that requires taking a look at it requires altering but eventually individuals are really stuck to what they recognize
with best um modification is a tough thing all of us don't like modification um so I think it's just kind of moving away from the norm as we've said so yeah so it keeps a lot of track of stuff um I comprehend certainly the advantages of having maintaining several checking account but there's a big quantity of intricacy chooses setting up a savings account keeping it ensuring it can send International transfers ensuring it's established with the right user accesses for specific individuals so the complexity is huge however I believe the truthful answer is modification um people have not been able to alter or haven't had always the understanding to truly make that change into alternate Solutions aside from opening a bank account I think you have actually hit the nail on the head I think it is understanding you know and there is an aspect of resistance to alter however we have actually always done it that way is no real excuse for not looking at the the advantages and the possibilities of moving on and moving into you understand what might almost be determined to be the next Century approximately there is a lot to keep track of and this approach does posture a number of difficulties um so Johnny could you inform us about those obstacles yeah obviously so there's a variety right there is so
I just recently made a modification to our Enterprise 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 acquired another CFO, and with this improved ability, I have actually successfully secured payments for our 10,000 staff members worldwide. Your devotion to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You should have a corner workplace with a parking space that is better, considering your achievements.
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