Find out more about Papaya Global Rollback Fps ... We now have the capability to handle both our payroll and payments procedures on one unified platform. It's as if our Chief Financial Officer has obtained a different Chief Financial Officer particularly devoted to handling payments. This offers us with a safe and trusted approach of making payments to our 10,000 workers worldwide.}
The cutting-edge international payroll management app streamlines my payroll procedure, saving me a considerable quantity of time each month. With its easy to use interface, I have access to a single control panel that effectively handles my payroll, EOR, and contractors.
The Staff member Portal provides employees with the capability to gain access to and view crucial files such as pay slips, wage and tax declarations, and work records. This portal is accessible on both desktop and mobile phones and is offered in different languages.
Benefits Administration
Papaya Global assists business use competitive advantages bundles to global employees no matter the number of staff members in the company. The company can set up medical insurance, short-term and long-lasting impairment, vision, dental and maternity leave while eliminating the requirement to source regional advantages companies in every country, develop regional accounts and have a minimum variety of workers.
International HR Performances
's HR functionalities include PTO tracking, compliance, onboarding/offboarding tools, online storage for workers' documents and migration services if your staff members require work license assistance.
HR Analytics
Papaya Global's payroll and HR analytics suite provides you insights into labor force costs, labor force variety, overall employment costs distributed per area, total employment expenses per cycle and much more.
Internationally, I have actually shown management and tactical knowledge in guiding large-scale populations of over 100,000 staff members throughout 170 nations. Presently, I are accountable for overseeing payroll techniques, as mentioned by Mark. My function includes managing and establishing external partnerships, supporting Enterprise customers, and supplying advisory services. In addition, I am proud to be a part of Papaya Global, a pioneering payroll and payments services service provider.
As a global business, we are honored to be included on the prestigious Time 100 list of the most influential business worldwide. We specialize in offering payroll and labor force management services to employees in more than 160 nations. I am delighted to present Johnny Nash, as discussed by Mark. Now, I'll let Johnny present himself. Good day to all, no matter your place. It's a satisfaction to fulfill you and thank you for your important time. As Ian discussed, I am Johnny Nash, the director of payments at our organization. With over a years of experience in the payments market, I have focused on payroll and payment solutions for the past seven years. The complexities and challenges of this field have constantly captivated me.
payroll payments and decided to sort of make a genuine go at that over the last 5 or 6 years where I have actually type of had a variety of different functions on the service provider side and likewise on the supplier side from a payroll viewpoint so actually looking forward to this discussion today um and yeah thank you very much for your time everyone okay thanks Johnny uh we'll just offer everybody another number of uh well among the 30 seconds or so to join all of us work back to back these days so we'll type of let them do that so it 'd be quite fascinating 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 everybody comes from and I really do hope it's much sunnier than it remains in the UK today certainly not the peak of the sunlight is it it's not no it's it's raining here it's extremely really dreary and I wish I was elsewhere at this moment in time okay so let's start our agenda for today is as follows um we are going to be looking at the challenge years of managing Global payroll why companies keep separate
bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts simplifying papaya Worldwide payroll payments as a tactical possession uh we'll likewise go over a wrap-up which needs to leave his time at the really extremely 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 Global labor forces end up being increasingly more typical and managing them ends up being a growing number of complicated International companies are wanting to discover Solutions and brand-new ways to enhance procedures specifically from a payroll and cross-border payment perspective numerous companies maintain different checking account just for payroll while some have several accounts in various nations does it make good sense for companies to keep different bank accounts sometimes in various nations it does however just for payroll is there a better way what function do virtual accounts and digital wallets also called virtual wallets play in assisting multinational business improve the episode complex processes of
Ensuring precise, effective, and prompt payroll payments is a complex obstacle for companies operating internationally. Join us for a webinar to explore the benefits and downsides of payroll wallets versus payroll bank accounts, find out how business forecast payroll costs to optimize working capital, and discover how simplifying global payroll payments can change them from a troublesome job into a tactical property.
Handling payroll worldwide is a complicated job due to different regulations, compliance requirements, information security concerns, and banking guidelines. The sheer variety of staff members and services adds to the intricacy, with an approximated 3.5 billion individuals in the worldwide labor force, 500 countless whom remain in Africa, and 230 million companies worldwide.
Traditional payroll systems frequently lead to manual procedures, information silos, and an absence of combination, resulting in disparities and ineffectiveness. In spite of residing in an era of technological advancements, payroll management has been sluggish to adjust, with as much as 25% of payroll still processed by hand, often using pen and paper. This webinar objectives to supply insights and services to simplify and optimize worldwide payroll payments.
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of companies state they have Workforce information in real time that's another number that gives me sleepless nights and quite honestly the more an organization invests in global payroll the less of an image they see a lack of visibility also reaches payroll payments and failure to precisely track these payments can result in compliance incidents in the last mile of the deal nearly half of global companies have expressed 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 bad HCM information information entry mistakes inadequately interacted hires and terminations along with absence management and system configurations and after that when you round all of it off and the data is delivered to the wrong place the typical expense of a worldwide information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money worldwide payroll and payments do not run efficiently if they count on the essential several procedures 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 challenges service face when they're paying to staff members or otherwise that's a great question I constantly toss this back and say what is it what does not need to be consisted of best and what does
it require to be thought about there's varying 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 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 wherever you look right eventually building a knowledge base is absolutely crucial 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 between fintech and payroll it's closer than ever I believe there's now a bit more acknowledgment that payroll payments are definitely basic and technology is enabling us to kind of progress with that it also as well to contribute to that payroll and financing need to work closer together um with differing Bank Account Details varying banking requirements and setup processes is absolutely necessary that payroll and finance teams work closer together than ever um I'm always astonished when individuals say I have actually divided payroll and payment um if you stroll 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 a market 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 data collection all the way through to paying people any place they are but likewise paying statutory authorities and on statutory third parties so with the
The contemporary world places a high value on wellness and the settlement landscape is becoming significantly complex. Companies are continuously presenting brand-new advantages and payment options, which adds to the overall intricacy. Big corporations frequently divide their payroll and payment processing into different teams, which can result in inadequacies and traffic jams. In my opinion, this does not need to be the case. In today's highly innovative era, there's no validation for maintaining troublesome treatments. Payroll, the company's greatest expenditure, need to be processed correctly and on time. Even minor hold-ups can adversely affect workers' well-being and have significant consequences. Therefore, it's crucial to prioritize accurate and prompt payments.
payroll team get um so I'm not exactly sure anyone on this kind of webinar has been informed thank you for processing my payroll correctly if you have it 'd be fantastic to hear your success story and whether that's been from all staff members or not um but eventually payroll is such a crucial cycle all of us find out about it when it goes wrong everyone jumps up and down when it fails but when it goes right it's just a tick box exercise 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 stuff is absolutely crucial that all of this stuff is done correctly so leveraging the very first International Payments very first payroll payment service is a fantastic initial step um supplying an end-to-end payroll solution for your workers worldwide again I think is another big um process again lining up and guaranteeing you have standardization Worldwide procedures all of those things are definitely key to success success of businesses and lowering the number of tools platforms and checking account they need for their International payroll too could not agree with you more and on the the front in regards to of the thank yous for getting payroll done I have actually never ever had a hundred thousand of them within a payroll cycle do not 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 in fact doing that for for the thanks
anyway we know 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 simple as possible for everyone that's involved in those procedures and likewise so envision sorry I'm just I was simply gon na say picture the quantity of thanks you got if you could cover the amount of individuals that we cover within this webinar I'm sure we're talking about hundreds of thousands potentially Millions envision getting that numerous thank you notes um I indicate it 'd be interesting to see the number of Post-it notes you got however it would definitely be an intriguing task trying to clean all those up for sure oh absolutely I can't envision the size of my my Outlook inbox if that held true um you 'd require days of the week to attempt to browse them and in fact see what was going on and sort of shot to get back to everybody so moving on appearance why do companies choose to primary different savings account there are companies out there doing precisely this for specific countries and I have actually worked in an organization or numerous companies doing precisely that I can say it does not constantly feel effective and it does create more work I understand we're not purposely doing that we're not producing additional work for any person where we don't have to and any person that's dealing with that process 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 lots of reasons one is it's the requirement I believe people have actually got so utilized to we require a new bank account we open an entity and rightly so you require it for payroll functions but there are a number of markets where it's not a requirement so I think it's simply been the requirement and the standard individuals have actually embraced and continue to do over years and years gone past to add to that individuals have actually looked at things like trust accounts and many other methods um to to type of do it so I think there's a variety I think this is a process that requires looking at it requires changing however ultimately individuals are very stuck to what they're familiar
with right um modification is a hard thing all of us don't like change um so I think it's simply sort of moving away from the norm as we've said so yeah so it keeps a great deal of track of stuff um I understand obviously the benefits of having keeping multiple bank accounts but there's a huge amount of intricacy chooses setting up a checking account keeping it ensuring it can send out International transfers guaranteeing it's established with the ideal user accesses for private individuals so the complexity is huge but I think the truthful answer is change um individuals 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 believe you have actually struck the nail on the head I think it is understanding you understand and there is a component of resistance to change but we've always done it that way is no real reason for not looking at the the advantages and the possibilities of proceeding and moving into you understand what might almost be determined to be the next Century or so there is a lot to keep track of and this method does position numerous difficulties um so Johnny could you tell us about those difficulties 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 handle our payroll and payment tasks on one platform. It seems like our CFO has actually gained another CFO, and with this boosted ability, I have successfully secured payments for our 10,000 employees worldwide. Your devotion to mastering global payroll and payments utilizing Papaya payroll OS is commendable. You are worthy of a corner office with a parking space that is better, considering your achievements.
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