Find out more about Papaya Global Remote Access ... We now have the ability to manage both our payroll and payments processes on one combined platform. It's as if our Chief Financial Officer has actually gotten a separate Chief Financial Officer specifically devoted to handling payments. This supplies us with a safe and secure and reputable approach of making payments to our 10,000 employees worldwide.}
The advanced worldwide payroll management app simplifies my payroll process, conserving me a substantial quantity of time each month. With its easy to use user interface, I have access to a single dashboard that effectively manages my payroll, EOR, and specialists.
The Staff member Website supplies employees with the capability to access and view crucial documents such as pay slips, wage and tax statements, and employment records. This portal is accessible on both desktop and mobile phones and is provided in different languages.
Advantages Administration
Papaya Global assists companies use competitive benefits bundles to worldwide staff members no matter the number of employees in the business. The company can set up health insurance, short-term and long-lasting impairment, vision, oral and maternity leave while eliminating the need to source local advantages companies in every country, produce local accounts and have a minimum number of workers.
The HR abilities offered by Worldwide HR encompass different functions such as keeping track of vacation time, ensuring compliance, assisting in the procedure of welcoming new staff members and bidding goodbye to departing ones, using a safe online platform for keeping employees' documents, and providing assistance for work permit procedures in case your workers need help because area.
HR Analytics
Papaya Global's payroll and HR analytics suite offers you insights into workforce costs, workforce variety, overall work costs dispersed per area, overall employment expenses per cycle and a lot more.
environments around the world I offered management and technique to populations of over a hundred thousand workers in more than 170 countries today I'm the payroll strategies for as Mark said I work throughout the business handling and structure external relationships supporting Enterprise customers and services along with serving as an advisor for those of you that do not understand who papaya Worldwide is papaya is the very first payroll and payments
As a global company, we are honored to be included on the distinguished Time 100 list of the most prominent companies worldwide. We specialize in offering payroll and labor force management services to employees in more than 160 countries. I am delighted to introduce Johnny Nash, as pointed out by Mark. Now, I'll let Johnny present himself. Good day to all, no matter your area. It's a satisfaction to fulfill you and thank you for your important time. As Ian mentioned, I am Johnny Nash, the director of payments at our company. With over a decade of experience in the payments industry, I have actually focused on payroll and payment options for the past seven years. The complexities and challenges of this field have actually constantly mesmerized me.
payroll payments and decided to sort of make a genuine go at that over the last five or six years where I have actually type of had a variety of various functions on the supplier side and also on the supplier side from a payroll point of view so actually anticipating this discussion today um and yeah thank you quite for your time everyone all right thanks Johnny uh we'll just offer everybody another couple of uh well among the 30 seconds or two 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 intriguing and I can see it going on already just to hear where everybody is um it's nice to to type of like see where everyone comes from and I actually do hope it's much sunnier than it is 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 really gloomy and I want I was somewhere else at this moment in time all right so let's begin our program for today is as follows um we are going to be looking at the challenge years of managing Worldwide payroll why business keep different
savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts simplifying papaya Global payroll payments as a tactical asset uh we'll also go over a recap which needs to leave his time at the really 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 workforces end up being increasingly more typical and managing them ends up being a growing number of complicated International organizations are wanting to find Solutions and brand-new methods to enhance procedures especially from a payroll and cross-border payment viewpoint lots of organizations preserve separate bank account just for payroll while some have multiple accounts in various countries does it make sense for business to preserve different checking account sometimes in various nations it does however just for payroll exists a much better way what function do virtual accounts and digital wallets likewise called virtual wallets play in assisting multinational business streamline the episode complex processes of
Guaranteeing precise, effective, and prompt payroll payments is a complex obstacle for companies running internationally. Join us for a webinar to check out the benefits and downsides of payroll wallets versus payroll checking account, learn how business forecast payroll expenses to enhance working capital, and find how improving international payroll payments can change them from a burdensome job into a tactical possession.
Handling payroll worldwide is a difficult task due to different policies, compliance requirements, data security concerns, and banking rules. The sheer variety of staff members and companies adds to the intricacy, with an approximated 3.5 billion individuals in the international labor force, 500 countless whom are in Africa, and 230 million companies worldwide.
Standard payroll systems frequently lead to manual procedures, information silos, and a lack of combination, leading to inconsistencies and inadequacies. Regardless of residing in a period of technological improvements, payroll management has been slow to adjust, with as much as 25% of payroll still processed manually, typically utilizing pen and paper. This webinar objectives to supply insights and services to simplify and optimize worldwide payroll payments.
about it to give you an idea of how far there still is to come according to Deloitte only 11 of companies say they have Workforce information in real time that's another number that gives me sleepless nights and rather frankly the more a company invests in worldwide payroll the less of a photo they see an absence of presence likewise encompasses payroll payments and inability to accurately track these payments can cause compliance incidents in the last mile of the transaction almost half of worldwide businesses have revealed that they don't have the level of standardization they require in their procedures or want and as a result eighty percent of mistakes are due to time reporting poor HCM information data entry errors badly communicated hires and terminations in addition to absence management and system configurations and then when you round all of it off and the data is shipped to the wrong place the average expense of an international information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money around the world payroll and payments do not run smoothly if they depend on the necessary multiple procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the difficulties business face when they're making payments to workers or otherwise that's an excellent concern I always toss this back and state what is it what does not require to be consisted of best and what does
it require to be thought of there's varying Bank details 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 need to pay from an in-country account do you have to pay from the client's own in-country account so there's complexity wherever you look right eventually developing a knowledge base is absolutely important however all over 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 kind of link in between fintech and payroll it's closer than ever I believe there's now a bit more acknowledgment that payroll payments are absolutely basic and innovation is enabling us to kind of move forward with that it likewise also to contribute to that payroll and financing require to work closer together um with differing Bank Account Details varying banking requirements and setup procedures is definitely vital that payroll and finance groups work closer together than ever um I'm always surprised when people state I've divided payroll and payment um if you walk down the street and asked anyone what is payroll who doesn't 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 ultimately it's payroll is an end-to-end procedure it's the point of data collection all the way through to paying people any place they are however also paying statutory authorities and on statutory 3rd parties so with the
world we reside in and well-being being more and more important to contribute to kind of the level of intricacy there's increasingly more benefits being organ or being offered by companies throughout the world so once again you're just aiming to add more and more payments to this currently intricate landscape so if you type of got any experience well I'm from your vast experience here and I'm sure but have you got any experience in kind of genuine obstacles or real tough sort of pay utilizes to play to pay individuals I believe yeah I imply over the last well yeah a couple of years I would absolutely state that the bigger a business gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the job there are teams feeding info into the next function as it were that's in fact handling the payment side of things but you know in in my opinion and my experience that doesn't always need to be the case you understand long gone are the times where we require to produce additional handoffs in the processes that we operate in they simply make them more prompt they make them less effective and they don't make them what they need to be in in an age of tech and an age that you know that we are operating in today there is no reason that 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 business has from an expense perspective from an impact point of view on employees it is definitely vital that it's done correctly and on time so what we indicate by that is not a day before not a day after on pay day and payments need to be done right it has the biggest damaging effect on people's well-being and many other aspects if people aren't paid uh I have actually constantly been astonished coming into this Market type of the last five to 10 years is how little thanks the
The payroll team might not have been thanked for correctly processing payroll during a webinar. If anybody has actually been thanked, it would be excellent to hear their success story, whether it's from all workers or not. Payroll is an important cycle, and people just observe when things fail. Nevertheless, when things go right, it's seen as just a regular job. This is how it's perceived externally too. Therefore, it is essential to guarantee that jobs like Wi-Fi Global and other essential matters are done correctly. Utilizing the first Global Payments very first payroll payment service is an excellent preliminary step towards providing a comprehensive payroll service for staff members worldwide. Standardization, worldwide processes, and lowering the variety of tools, platforms, and savings account necessary for worldwide payroll are crucial factors in attaining organization success. While we don't expect a hundred thousand thank yous within a payroll cycle, we do sometimes get a few problems when things do not go as planned. Eventually, we don't do it for the appreciation.
anyhow we know how how important 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 everybody that's involved in those processes and also so think of sorry I'm simply I was simply gon na state envision the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I make certain we're discussing numerous thousands potentially Millions think of getting that lots of thank you notes um I suggest it 'd be interesting to see the number of Post-it notes you got but it would definitely be an interesting task trying to clean up all those up for sure oh definitely I can't picture the size of my my Outlook inbox if that held true um you 'd require days of the week to try to check out them and really see what was going on and type of try to return to everyone so carrying on appearance why do companies select to main separate savings account there are businesses out there doing precisely this for specific countries and I have actually worked in an organization or numerous organizations doing precisely that I can state it doesn't always feel efficient and it does develop more work I understand we're not deliberately doing that we're not producing additional work for anybody where we do not have to and any person that's managing 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 quantity that we are I believe numerous reasons one is it's the requirement I believe individuals have got so used to we need a new checking account we open an entity and appropriately so you need it for payroll functions however there are a variety of markets where it's not a requirement so I think it's just been the standard and the standard individuals have actually adopted and continue to do over years and years gone past to add to that people have taken a look at things like trust accounts and many other methods um to to type of do it so I think there's a range I think this is a process that needs looking at it requires altering but ultimately people are extremely stuck to what they're familiar
with right um modification is a hard thing we all don't like modification um so I think it's just type of moving far from the norm as we've said so yeah so it keeps a great deal of track of stuff um I comprehend undoubtedly the advantages of having maintaining numerous checking account however there's a big amount of intricacy goes with setting up a savings account preserving it ensuring it can send out International transfers ensuring it's established with the right user accesses for specific people so the intricacy is huge however I believe the truthful answer is change um individuals haven't had the ability to change or have not had always the knowledge to actually make that change into alternate Solutions besides opening a bank account I believe you have actually hit the nail on the head I think it is knowledge you know and there is a component of resistance to change however we've always done it that way is no real excuse for not taking a look at the the benefits and the possibilities of proceeding and moving into you understand what could practically be identified to be the next Century or two there is a lot to monitor and this approach does posture several difficulties um so Johnny could you tell us about those difficulties yeah obviously so there's a variety right there is so
I recently made a modification to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It feels like our CFO has actually acquired another CFO, and with this enhanced capability, I have actually effectively secured payments for our 10,000 workers worldwide. Your commitment to mastering international payroll and payments utilizing Papaya payroll OS is commendable. You should have a corner workplace with a parking space that is better, considering your accomplishments.
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