Find out more about Papaya Global Software For Small Business ... We now have the ability to manage both our payroll and payments procedures on one merged platform. It's as if our Chief Financial Officer has actually acquired a separate Chief Financial Officer specifically dedicated to managing payments. This offers us with a secure and reputable technique of making payments to our 10,000 staff members worldwide.}
The innovative international payroll management app improves 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 control panel that efficiently manages my payroll, EOR, and contractors.
Employee Website
Employees have access to a Worker Portal where they can see their pay slips, wage and tax declarations and employment files. The website is offered in multiple languages and can be accessed on a desktop or mobile device.
Advantages Administration
Papaya Global assists business offer competitive advantages plans to international staff members regardless of the variety of employees in the business. The business can set up medical insurance, short-term and long-lasting impairment, vision, oral and maternity leave while getting rid of the need to source regional benefits providers 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' documents and immigration services if your staff members need work license support.
HR Analytics
Papaya Global's payroll and HR analytics suite gives you insights into workforce costs, labor force variety, overall work costs distributed per area, overall employment expenses per cycle and much more.
environments across the globe I supplied leadership and method to populations of over a hundred thousand employees in more than 170 nations today I'm the payroll strategies for as Mark said I work throughout business handling and structure external relationships supporting Business clients and services along with acting as an advisor for those of you that don't know who papaya Global is papaya is the first payroll and payments
business to make the time 100 list for most influential business worldwide we offer payroll payments and workforce management to all staff member enters over 160 nations I am pleased to say that we likewise have as Mark stated Johnny Nash with us today Johnny would you like to present yourself obviously thank you good morning excellent afternoon good night depending upon where you are in the world it's beautiful to satisfy you and thank you very much for your time as Ian said my name is Johnny Nash and I'm the payments director here at um I've remained in the payments market for over ten years and particularly working on 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 decided to kind of make a real go at that over the last five or 6 years where I've kind of had a range of different functions on the supplier side and likewise on the vendor side from a payroll viewpoint so really eagerly anticipating this discussion today um and yeah thank you very much for your time everybody okay thanks Johnny uh we'll just give everyone another number of uh well one of the 30 seconds approximately to join we all work back to back nowadays so we'll kind of let them do that so it 'd be rather fascinating and I can see it going on currently simply to hear where everybody is um it's nice to to type of like see where everyone originates from and I truly do hope it's much sunnier than it remains in the UK today definitely not the peak of the sunlight is it it's not no it's it's raining here it's very really bleak and I wish I was somewhere else at this moment in time all right so let's begin our agenda for today is as follows um we are going to be taking a look at the challenge years of managing Worldwide payroll why business keep separate
Virtual payroll accounts are an option to traditional checking account for handling payroll payments. This is especially useful for global companies with dispersed and remote workforces, as it simplifies the complex process of cross-border payments. Instead of preserving separate bank accounts for payroll in different nations, virtual accounts and digital wallets offer a more streamlined option. In this webinar, we will check out the advantages of using virtual payroll accounts and talk about why they are ending up being a strategic property for payroll executives. We will likewise supply a wrap-up of the main points covered and leave time for a Q&A session at the end.
making payroll payments precisely efficiently firmly and on time during this webinar we'll stroll you through the worldwide pros and cons of a payroll wallet versus a payroll checking account how companies properly forecast their payroll expenses to increase working capital and how simplifying Worldwide payroll payments can turn them from a siled pane into a tactical possession so payroll can be hard in enough in one nation but when you're doing it worldwide it's next level and Beyond it becomes complicated for a range of reasons most significantly regulations compliance data security and banking guidelines then there are the large numbers they include more intricacy the international Workforce is currently three and a half billion individuals by 2030 it's estimated that in Africa alone they will contribute and more 1.1 billion individuals that number is presently 500 million just for for a scale then consider that there are some 230 million businesses and growing all doing their own thing around the globe in the traditional payroll design there's frequently an overwhelming variety of various systems leading to time-consuming manual processes and silos the number of Combinations could be non-existent in large quantities and or extremely very basic there's no genuine consistency structure we're residing in a period of tech but payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper which just blows my mind every time I I think
about it to provide you a concept of how far there still is to come according to Deloitte only 11 of organizations state they have Labor force data in real time that's another number that offers me sleepless nights and quite honestly the more a business invests in international payroll the less of an image they see a lack of presence likewise reaches payroll payments and inability to precisely track these payments can result in compliance mishaps in the last mile of the transaction nearly half of global services have actually revealed that they do not have the level of standardization they require in their procedures or want and as a result eighty percent of mistakes are because of time reporting bad HCM data information entry mistakes poorly interacted hires and terminations along with lack management and system setups and after that when you round everything off and the information is delivered to the wrong location the average cost of a worldwide data 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 several procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the challenges service face when they're making payments to employees or otherwise that's an excellent question I constantly toss this back and say what is it what doesn't need to be consisted of best 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 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 intricacy any place you look right eventually building a knowledge base is definitely important but all over 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 take a look at the kind 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 essential and innovation is enabling us to sort of move on with that it likewise also to add to that payroll and finance require to work closer together um with differing Checking account Details varying banking requirements and setup procedures is definitely vital that payroll and financing groups work better together than ever um I'm constantly surprised when individuals state I've split payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn't work in the payroll profession would they split the payroll payment from calculation I would say no so why do we as a market accept that why our payroll and payments so typically 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 anywhere they are but likewise paying statutory authorities and on statutory third parties so with the
The modern-day world puts a high worth on wellness and the settlement landscape is becoming progressively elaborate. Companies are constantly introducing new benefits and payment choices, which contributes to the total intricacy. Large corporations frequently divide their payroll and payment processing into different teams, which can lead to ineffectiveness and traffic jams. In my viewpoint, this does not need to be the case. In today's highly sophisticated age, there's no justification for keeping troublesome treatments. Payroll, the business's most significant expenditure, should be processed properly and on time. Even minor hold-ups can negatively affect workers' wellness and have far-reaching effects. For that reason, it's crucial to focus on accurate and prompt payments.
payroll team get um so I'm not exactly sure anybody on this kind of webinar has actually been told thank you for processing my payroll properly if you have it 'd be terrific to hear your success story and whether that's been from all employees or not um however ultimately payroll is such a crucial cycle all of us become aware of 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 exercise 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 things is definitely vital that all of this stuff is done properly so leveraging the first Worldwide Payments first payroll payment service is a great initial step um offering an end-to-end payroll service for your workers globally again I believe is another substantial um procedure again lining up and ensuring you have standardization Worldwide procedures all of those things are definitely essential to success success of businesses and minimizing the variety of tools platforms and checking account they need for their Global 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 have actually never had a hundred countless them within a payroll cycle do not expect to you do get the odd five or ten or whatever it might be with the with the the complaints where things have not gone rather where they're meant to be um I do not think any of us are in fact doing that for for the thanks
anyhow we know how how essential 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 simple as possible for everyone that's associated with those processes and likewise so imagine sorry I'm just I was simply gon na state envision 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 speaking about numerous thousands possibly Millions think of 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 but it would definitely be an interesting job trying to clean 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 need days of the week to try to browse them and in fact see what was going on and kind of shot to get back to everyone so moving on appearance why do business select to main separate checking account there are businesses out there doing exactly this for particular nations and I've operated in an organization or lots of businesses doing exactly that I can say it does not constantly feel effective and it does create more work I know we're not deliberately doing that we're not developing additional work for any person where we do not have to and anybody that's handling that process I 'd be interested to hear your thoughts Johnny why do you think that we're doing that in in the in the quantity that we are I think many reasons one is it's the standard I believe individuals have actually got so utilized to we need a new bank account we open an entity and rightly so you need it for payroll functions however 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 embraced and continue to do over years and years passed by to add to that people have taken a look at things like trust accounts and numerous other methods um to to type of do it so I believe there's a variety I believe this is a procedure that requires looking at it needs changing but eventually people are extremely stuck to what they recognize
with right um change is a tough thing we all do not like modification um so I believe it's simply 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 preserving numerous bank accounts but there's a big amount of complexity opts for establishing a savings account keeping it guaranteeing it can send out International transfers guaranteeing it's set up with the ideal user accesses for private people so the complexity is substantial however I think the honest answer is modification um individuals haven't been able to change or have not had always the understanding to actually make that change into alternate Solutions other than opening a bank account I believe you've hit the nail on the head I believe it is knowledge you know and there is an aspect of resistance to change but we have actually constantly done it that way is no genuine excuse for not looking at the the advantages and the possibilities of moving on and moving into you know what might nearly be identified to be the next Century approximately there is a lot to keep an eye on and this method does pose several obstacles um so Johnny might you tell us about those challenges yeah naturally 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 manage our payroll and payment tasks on one platform. It seems like our CFO has gotten another CFO, and with this improved ability, I have actually effectively protected payments for our 10,000 workers worldwide. Your commitment to mastering international payroll and payments using Papaya payroll OS is good. You should have a corner office with a parking space that is more detailed, considering your accomplishments.
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