Find out more about Papaya Global Setup ... 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 actually acquired a separate Chief Financial Officer particularly committed to managing payments. This offers us with a protected and reliable approach of paying to our 10,000 staff members worldwide.}
The advanced worldwide payroll management app enhances my payroll process, conserving me a significant amount of time monthly. With its user-friendly interface, I have access to a single control panel that effectively manages my payroll, EOR, and specialists.
The Worker Website offers employees with the ability to access and view crucial files such as pay slips, wage and tax statements, and work records. This portal is accessible on both desktop and mobile devices and is used in different languages.
Benefits Administration
Papaya Global assists business use competitive advantages packages to global employees no matter the number of employees in the company. The company can establish health insurance, short-term and long-term impairment, vision, oral and maternity leave while getting rid of the requirement to source local advantages providers in every country, create regional accounts and have a minimum number of employees.
The HR capabilities offered by International HR include various functions such as keeping an eye on vacation time, guaranteeing compliance, helping with the procedure of welcoming new staff members and bidding goodbye to leaving ones, using a protected online platform for saving workers' files, and supplying support for work permit treatments in case your workers need help because location.
HR Analytics
Papaya Global's payroll and HR analytics suite offers you insights into labor force costs, workforce variety, overall employment costs distributed per location, total employment costs per cycle and a lot more.
environments across the globe I provided leadership and strategy to populations of over a hundred thousand staff members in more than 170 countries today I'm the payroll methods for as Mark stated I work across the business managing and building external relationships supporting Enterprise clients and options as well as acting as an advisor for those of you that don't know who papaya International is papaya is the first payroll and payments
As a worldwide company, we are honored to be included on the distinguished Time 100 list of the most influential business worldwide. We focus on offering payroll and labor force management services to staff members in more than 160 nations. I am delighted to present Johnny Nash, as pointed out by Mark. Now, I'll let Johnny introduce himself. Good day to all, regardless of your area. It's an enjoyment to satisfy you and thank you for your valuable time. As Ian mentioned, I am Johnny Nash, the director of payments at our company. With over a years of experience in the payments industry, I have focused on payroll and payment services for the past 7 years. The intricacies and obstacles of this field have always captivated me.
payroll payments and decided to kind of make a genuine go at that over the last five or 6 years where I've type of had a range of various roles on the supplier side and also on the supplier side from a payroll point of view so really eagerly anticipating this discussion today um and yeah thank you very much for your time everyone alright thanks Johnny uh we'll just offer everyone another couple of uh well one of the 30 seconds or so to join all of us work back to back nowadays 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 sort of like see where everyone originates 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 drizzling here it's extremely very uninspiring and I want I was somewhere else at this moment in time okay so let's begin our agenda for today is as follows um we are going to be looking at the challenge years of handling International payroll why companies keep different
checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts simplifying papaya International payroll payments as a tactical possession uh we'll also go over a wrap-up which must leave his time at the really extremely 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 International labor forces become more and more typical and managing them becomes increasingly more intricate Global companies are wanting to find Solutions and new methods to enhance procedures particularly from a payroll and cross-border payment viewpoint numerous companies preserve separate savings account just for payroll while some have numerous accounts in various countries does it make good sense for business to preserve separate bank accounts sometimes in various countries it does however just for payroll is there a much better way what function do virtual accounts and digital wallets also known as virtual wallets play in assisting international business enhance the episode complex processes of
Ensuring accurate, effective, and prompt payroll payments is a complex challenge for services running worldwide. Join us for a webinar to explore the advantages and disadvantages of payroll wallets versus payroll savings account, learn how business anticipate payroll expenses to enhance working capital, and find how simplifying worldwide payroll payments can change them from a troublesome task into a strategic asset.
Handling payroll worldwide is an overwhelming job due to different guidelines, compliance requirements, data security concerns, and banking guidelines. The sheer number of workers and businesses contributes to the complexity, with an estimated 3.5 billion individuals in the global labor force, 500 million of whom remain in Africa, and 230 million businesses worldwide.
Standard payroll systems frequently result in manual procedures, information silos, and an absence of combination, resulting in disparities and inefficiencies. Despite residing in an era of technological improvements, payroll management has actually been slow to adapt, with as much as 25% of payroll still processed manually, frequently utilizing pen and paper. This webinar aims to supply insights and options to simplify and enhance international payroll payments.
about it to give you a concept of how far there still is to come according to Deloitte only 11 of companies say they have Workforce data in real time that's another number that provides me sleepless nights and rather frankly the more a company spends on worldwide payroll the less of a picture they see a lack of exposure likewise extends to payroll payments and inability to properly track these payments can lead to compliance incidents in the last mile of the deal nearly half of global organizations have expressed that they do not have the level of standardization they require in their procedures or want and as a result eighty percent of errors are because of time reporting bad HCM information data entry errors inadequately communicated hires and terminations as well as absence management and system setups and then when you round all of it off and the information is shipped to the incorrect location the average cost of a global information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money around the world payroll and payments do not run smoothly if they rely on the required several processes systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the difficulties organization face when they're making payments to staff members or otherwise that's an excellent question I always toss this back and state what is it what does not need to be consisted of ideal and what does
it need to be thought about there's differing Bank information so the length of an eye band a swift an account number routing code per country there's payment amount of time there's payment abilities so can you pay it from International or do you have to pay from an in-country account do you have to pay from the consumer's own in-country account so there's intricacy anywhere you look ideal eventually constructing a knowledge base is definitely crucial but everywhere you look with payroll payment they are like very payments no if however some infants 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 believe there's now a bit more acknowledgment that payroll payments are absolutely basic and technology is permitting us to type of move forward with that it likewise also to add to that payroll and financing require to work closer together um with varying Bank Account Details differing banking requirements and setup processes is definitely imperative that payroll and financing groups work better together than ever um I'm always amazed 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 estimation I would say no so why do we as a market accept that why our payroll and payments so often split and cut up um ultimately 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
The modern-day world puts a high worth on well-being and the payment landscape is becoming progressively intricate. Organizations are continuously presenting new benefits and payment choices, which adds to the general complexity. Large corporations typically divide their payroll and payment processing into separate groups, which can lead to inadequacies and bottlenecks. In my viewpoint, this doesn't need to hold true. In today's highly innovative era, there's no reason for maintaining cumbersome procedures. Payroll, the company's greatest cost, must be processed correctly and on time. Even slight hold-ups can adversely affect workers' well-being and have significant repercussions. Therefore, it's crucial to focus on accurate and timely payments.
The payroll group might not have been thanked for properly processing payroll throughout a webinar. If anybody has been thanked, it would be terrific to hear their success story, whether it's from all workers or not. Payroll is an important cycle, and individuals only see when things fail. Nevertheless, when things go right, it's viewed as simply a regular task. This is how it's perceived externally as well. Therefore, it is vital to ensure that tasks like Wi-Fi Global and other important matters are done properly. Utilizing the first Global Payments first payroll payment service is a fantastic preliminary action towards supplying a detailed payroll service for staff members worldwide. Standardization, global processes, and decreasing the number of tools, platforms, and bank accounts necessary for global payroll are crucial consider achieving business success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally get a few complaints when things don't go as prepared. Ultimately, we don't do it for the gratitude.
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 everybody that's involved in those procedures and also so think of sorry I'm just I was simply gon na state imagine the quantity of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make certain we're discussing numerous thousands potentially Millions envision getting that many thank you notes um I mean it 'd be interesting to see how many Post-it notes you got but 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 try to look through them and in fact see what was going on and sort of shot to get back to everybody so carrying on look why do business pick to primary different savings account there are businesses out there doing exactly this for particular countries and I've operated in a company or numerous companies doing precisely that I can say it does not constantly feel efficient and it does develop more work I know we're not deliberately doing that we're not producing additional work for anybody where we do not have to and anybody that's handling 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 numerous factors one is it's the requirement I think people have got so utilized to we need a brand-new savings account we open an entity and appropriately so you require it for payroll functions but there are a number of markets where it's not a requirement so I believe it's just been the standard and the standard the people have actually adopted and continue to do over years and years passed by 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 variety I believe this is a procedure that needs looking at it requires changing however eventually people are very stuck with what they're familiar
with best um modification is a difficult thing we all do not like modification um so I think it's just kind of moving far 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 maintaining multiple bank accounts however there's a huge amount of intricacy goes with setting up a bank account preserving it guaranteeing it can send International transfers guaranteeing it's set up with the right user accesses for private individuals so the intricacy is big however I believe the truthful response is change um people haven't had the ability to alter or have not had necessarily the knowledge to truly make that change into alternate Solutions other than opening a savings account I believe you've hit the nail on the head I believe it is understanding you know and there is an element of resistance to alter however we have actually constantly done it that way is no real excuse for not looking at the the benefits and the possibilities of proceeding and moving into you understand what could practically be determined to be the next Century approximately there is a lot to monitor and this approach does posture a number of difficulties um so Johnny might you inform us about those challenges yeah naturally so there's a range right there is so
I simply did you switched 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 International workers you deserve a corner workplace with a closer parking space because I mastered International payroll and payments with Papaya payroll OS did you
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