Find out more about Papaya Global Re Enrolment ... We now have the ability to handle both our payroll and payments processes on one unified platform. It's as if our Chief Financial Officer has acquired a separate Chief Financial Officer particularly committed to managing payments. This supplies us with a secure and reputable technique of making payments to our 10,000 workers worldwide.}
The cutting-edge international payroll management app improves my payroll process, saving me a significant quantity of time every month. With its user-friendly user interface, I have access to a single control panel that efficiently handles my payroll, EOR, and specialists.
The Employee Website provides staff members with the capability to gain access to and view crucial documents such as pay slips, wage and tax statements, and employment records. This portal is accessible on both desktop and mobile devices and is used in various languages.
Advantages Administration
Papaya Global assists business use competitive benefits packages to worldwide staff members regardless of the variety of workers in the company. The business can set up health insurance, short-term and long-lasting disability, vision, dental and maternity leave while getting rid of the requirement to source local advantages suppliers in every country, create local accounts and have a minimum number of workers.
International HR Functionalities
's HR functionalities consist of PTO tracking, compliance, onboarding/offboarding tools, online storage for workers' files and immigration services if your workers require work permit help.
HR Analytics
Papaya Global's payroll and HR analytics suite gives you insights into labor force spending, workforce diversity, total work expenses distributed per place, total work costs per cycle and a lot more.
environments around the world I supplied 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 across business handling and structure external relationships supporting Business customers and options as well as functioning as a consultant for those of you that do not understand who papaya International is papaya is the very first payroll and payments
business to make the time 100 list for a lot of influential business on the planet we offer payroll payments and workforce management to all worker key ins over 160 countries I am pleased to say that we also have as Mark stated Johnny Nash with us today Johnny would you like to present yourself naturally thank you good morning excellent afternoon good evening depending upon where you remain in the world it's beautiful to meet you and thank you quite for your time as Ian said my name is Johnny Nash and I'm the payments director here at um I've been in the payments industry for over ten years and specifically dealing with the payroll and payment sector for over 7 years um I was amazed by the intricacy the difficulty in all of the above of
payroll payments and chose to sort of make a real go at that over the last five or 6 years where I have actually sort of had a variety of various functions on the service provider side and likewise on the supplier side from a payroll viewpoint so truly looking forward to this discussion today um and yeah thank you quite for your time everyone all right thanks Johnny uh we'll just give everybody another couple of uh well one of the 30 seconds or so to join we all work back to back these days so we'll type of let them do that so it 'd be rather fascinating and I can see it going on already simply to hear where everybody is um it's nice to to kind of like see where everybody comes 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 very very bleak and I wish I was somewhere else at this moment in time fine so let's begin our program for today is as follows um we are going to be looking at the challenge years of handling Global payroll why companies keep separate
bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts simplifying papaya Worldwide payroll payments as a strategic property uh we'll also discuss a recap and that ought to leave his time at the extremely very end for a q a session so as the title of the webinar suggests payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and International labor forces become more and more common and managing them becomes increasingly more complex Worldwide organizations are wanting to find Solutions and brand-new ways to streamline processes especially from a payroll and cross-border payment perspective many organizations preserve separate checking account just for payroll while some have multiple accounts in different nations does it make sense for business to preserve different bank accounts often in different countries it does however just for payroll exists a better way what function do virtual accounts and digital wallets also called virtual wallets play in helping international business streamline the episode complex processes of
Guaranteeing accurate, effective, and timely payroll payments is a complex difficulty for companies operating worldwide. Join us for a webinar to explore the advantages and downsides of payroll wallets versus payroll checking account, find out how companies anticipate payroll expenses to optimize working capital, and discover how simplifying international payroll payments can change them from a difficult job into a strategic asset.
Handling payroll globally is a difficult job due to different policies, compliance requirements, information security concerns, and banking rules. The sheer number of staff members and companies contributes to the intricacy, with an estimated 3.5 billion individuals in the worldwide labor force, 500 million of whom remain in Africa, and 230 million companies worldwide.
Conventional payroll systems typically result in manual procedures, data silos, and an absence of integration, resulting in disparities and ineffectiveness. Despite residing in an age of technological improvements, payroll management has actually been sluggish to adjust, with as much as 25% of payroll still processed by hand, often using pen and paper. This webinar aims to supply insights and options to simplify and enhance global payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of organizations state they have Workforce data in real time that's another number that offers me sleepless nights and rather frankly the more an organization invests in international payroll the less of a picture they see a lack of exposure also encompasses payroll payments and inability to properly track these payments can cause compliance incidents in the last mile of the deal almost half of global businesses have actually expressed that they don't have the level of standardization they require in their procedures or desire and as a result eighty percent of mistakes are due to time reporting bad HCM data data entry errors improperly communicated hires and terminations along with absence management and system setups and then when you round everything off and the data is delivered to the wrong place the typical cost of a worldwide information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money all over the world payroll and payments don't run efficiently if they rely on the needed multiple processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the obstacles business face when they're paying to employees or otherwise that's a good concern I constantly toss this back and say what is it what does not need to be consisted of right and what does
it require to be considered there's differing Bank information so the length of an eye band a swift an account number routing code per country 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 complexity wherever you look best eventually constructing a knowledge base is absolutely vital however everywhere you look with payroll payment they resemble incredibly payments no if but 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 basic and technology is allowing us to sort of move forward with that it also as well to add to that payroll and financing require to work closer together um with differing Checking account Details differing banking requirements and setup procedures is absolutely imperative that payroll and financing teams work better together than ever um I'm constantly astonished when individuals say I've split 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 estimation 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 procedure it's the point of information collection all the way through to paying people wherever they are however also paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being increasingly more essential to contribute to type of the level of complexity there's more and more benefits being organ or being provided by companies across the world so again you're simply aiming to add more and more payments to this currently complicated landscape so if you type of got any experience well I'm from your large experience here and I'm sure however have you got any experience in kind of genuine challenges or genuine difficult kind of pay uses to play to pay people I think yeah I mean over the last well yeah a couple of years I would certainly say that the bigger a company gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the job there are groups feeding details into the next function as it were that's in fact managing the payment side of things but you know in in my viewpoint and my experience that does not always need to be the case you know long gone are the times where we require to create additional handoffs in the processes that we operate in they simply make them more timely they make them less effective and they don't make them what they require to be in in a period of tech and a period that you know that we are working in today there is no reason we are still making this as challenging as it requires to be agreed and rightly as you said payroll is the single biggest liability that any service has from a cost point of view from an effect perspective on employees it is definitely vital that it's done correctly and on time so what we suggest by that is not a day before not a day after on pay day and payments have to be done right it has the greatest detrimental result on people's wellness and lots of other elements if people aren't paid uh I've constantly been astonished entering this Market sort of the last five to ten years is how little thanks the
payroll group get um so I'm not sure anybody on this type of webinar has been informed thank you for processing my payroll properly if you have it 'd be great to hear your success story and whether that's been from all workers or not um but eventually payroll is such an important cycle all of us hear about it when it fails everyone jumps up and down when it goes wrong but when it goes right it's simply a tick box workout and I think that's how it's seen from the external consider as well um so yeah it's also like why WI-Fi Global why all of this stuff is absolutely essential that all of this things is done correctly so leveraging the first Global Payments very first payroll payment option is a fantastic initial step um providing an end-to-end payroll option for your staff members worldwide again I think is another substantial um procedure again lining up and ensuring you have standardization Global processes all of those things are absolutely crucial to success success of businesses and lowering the variety of tools platforms and bank accounts they need for their Worldwide 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 anticipate to you do get the odd five or ten 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 do not think any of us are really doing that for for the thanks
anyhow 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 easy as possible for everyone that's involved in those procedures and also so imagine sorry I'm just I was simply 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 make certain we're talking about numerous thousands potentially Millions imagine getting that many thank you keeps in mind um I mean it 'd be interesting to see the number of Post-it notes you got however it would certainly be an interesting task trying to clean all those up for sure oh definitely 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 browse them and actually see what was going on and kind of try to get back to everybody so proceeding appearance why do companies pick to main separate checking account there are services out there doing precisely this for specific nations and I have actually operated in a company or lots of services doing exactly that I can state it does not always feel effective and it does produce more work I understand we're not intentionally doing that we're not creating additional work for anybody where we do not need to and any person that's handling 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 believe many reasons one is it's the standard I believe individuals have got so utilized to we need a new checking 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 think it's simply been the requirement and the norm individuals have adopted and continue to do over years and years gone past to add to that people have actually looked at things like trust accounts and lots of other ways um to to sort of do it so I think there's a range I believe this is a procedure that needs taking a look at it needs changing but eventually people are very stuck with what they recognize
with ideal um modification is a difficult thing all of us don't like modification um so I believe it's simply sort of moving away from the standard as we've said so yeah so it keeps a lot of track of stuff um I understand certainly the advantages of having keeping multiple bank accounts but there's a big quantity of complexity goes with establishing a savings account maintaining it ensuring it can send International transfers guaranteeing it's established with the right user accesses for specific individuals so the complexity is big however I believe the honest response is modification um people have not been able to change or have not had necessarily the understanding to truly make that change into alternate Solutions aside from opening a checking account I believe you have actually hit the nail on the head I believe it is understanding you understand and there is an element of resistance to alter but we've constantly done it that way is no real reason for not looking at the the benefits and the possibilities of proceeding and moving into you understand what might almost be identified to be the next Century or two there is a lot to keep an eye on and this approach does position a number of challenges um so Johnny might you tell us about those obstacles yeah obviously so there's a range right there is so
I simply did you changed our Enterprise 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 Global workers you deserve a corner office with a more detailed parking space due to the fact that I mastered Worldwide payroll and payments with Papaya payroll OS did you
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