Find out more about Papaya Global Software Update ... 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 actually acquired a separate Chief Financial Officer specifically devoted to handling payments. This supplies us with a safe and trusted method of making payments to our 10,000 staff members worldwide.}
The innovative global payroll management app enhances my payroll process, saving me a considerable quantity of time every month. With its easy to use user interface, I have access to a single control panel that effectively handles my payroll, EOR, and professionals.
Worker Portal
Employees have access to an Employee Portal where they can view their pay slips, wage and tax statements and work documents. The website is available in several languages and can be accessed on a desktop or mobile phone.
Advantages Administration
Papaya Global assists companies offer competitive advantages packages to worldwide workers no matter the number of staff members in the business. The business can set up medical insurance, short-term and long-term impairment, vision, oral and maternity leave while getting rid of the need to source local advantages providers in every country, produce regional accounts and have a minimum variety of workers.
The HR capabilities supplied by Global HR incorporate various functions such as keeping track of getaway time, making sure compliance, helping with the process of inviting brand-new employees and bidding goodbye to departing ones, providing a secure online platform for storing workers' documents, and providing support for work permit treatments in case your workers need help in that location.
HR Analytics
Papaya Global's payroll and HR analytics suite provides you insights into workforce spending, labor force diversity, total employment expenses dispersed per location, total work expenses per cycle and a lot more.
environments around the world I provided management and strategy to populations of over a hundred thousand employees in more than 170 countries today I'm the payroll methods for as Mark stated I work throughout the business managing and structure external relationships supporting Business customers and options along with serving as a consultant for those of you that don't know who papaya Global is papaya is the very first payroll and payments
company to make the time 100 list for a lot of prominent business worldwide we supply payroll payments and labor force management to all staff member key ins over 160 countries I am pleased to say that we likewise have as Mark said Johnny Nash with us today Johnny would you like to introduce yourself naturally thank you good morning good afternoon great evening depending on where you are in the world it's lovely to fulfill you and thank you very much for your time as Ian stated my name is Johnny Nash and I'm the payments director here at um I have actually remained in the payments industry for over ten years and particularly dealing with the payroll and payment sector for over 7 years um I was amazed by the complexity the problem in all of the above of
payroll payments and chose to kind of make a real go at that over the last 5 or six years where I've type of had a variety of various functions on the provider side and also on the vendor side from a payroll viewpoint so truly looking forward to this conversation today um and yeah thank you very much for your time everyone fine thanks Johnny uh we'll just provide everyone another number of uh well one of the 30 seconds or two to join we all work back to back nowadays so we'll sort of let them do that so it 'd be rather intriguing and I can see it going on already just to hear where everyone is um it's nice to to sort of like see where everyone comes from and I actually do hope it's much sunnier than it is 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 extremely extremely uninspiring and I want I was somewhere else at this moment in time okay so let's get started our agenda for today is as follows um we are going to be looking at the difficulty years of handling Worldwide 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 enhancing papaya International payroll payments as a tactical asset uh we'll likewise review a recap and that needs to leave his time at the really very end for a q a session so as the title of the webinar suggests payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and International labor forces end up being increasingly more typical and managing them ends up being more and more complicated Worldwide organizations are looking to discover Solutions and brand-new ways to improve processes especially from a payroll and cross-border payment standpoint many companies keep different savings account just for payroll while some have multiple accounts in different nations does it make good sense for companies to keep different savings account in some cases in different nations it does but just for payroll exists a better method what function do virtual accounts and digital wallets likewise known as virtual wallets play in assisting international business enhance the episode complex processes of
Making sure accurate, efficient, and prompt payroll payments is a complex difficulty for services operating worldwide. Join us for a webinar to check out the advantages and drawbacks of payroll wallets versus payroll savings account, discover how companies forecast payroll expenses to optimize working capital, and find how streamlining international payroll payments can transform them from a burdensome task into a tactical asset.
Handling payroll internationally is a difficult task due to different guidelines, compliance requirements, data security concerns, and banking rules. The sheer number of staff members and organizations adds to the complexity, with an estimated 3.5 billion individuals in the international labor force, 500 countless whom remain in Africa, and 230 million companies worldwide.
Conventional payroll systems typically result in manual processes, data silos, and a lack of integration, leading to inconsistencies and inefficiencies. Regardless of residing in a period of technological advancements, payroll management has been slow to adapt, with as much as 25% of payroll still processed manually, frequently using pen and paper. This webinar objectives to supply insights and solutions to streamline and enhance international payroll payments.
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of businesses say they have Labor force data in real time that's another number that provides me sleepless nights and rather frankly the more an organization spends on worldwide payroll the less of an image they see a lack of visibility likewise reaches payroll payments and inability to precisely track these payments can result in compliance mishaps in the last mile of the deal nearly half of international organizations have actually expressed that they do not have the level of standardization they need in their processes or want and as a result eighty percent of errors are because of time reporting bad HCM information data entry errors inadequately interacted hires and terminations in addition to absence management and system configurations and then when you round everything off and the data is shipped to the wrong location the average expense of an international data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash around the world payroll and payments do not run efficiently if they rely on the necessary several procedures 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 obstacles business face when they're paying to workers or otherwise that's a good question I constantly throw this back and state what is it what does not need to be included best and what does
it need to be thought of there's differing 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 anywhere you look best eventually constructing a knowledge base is absolutely critical but all over you look with payroll payment they are like incredibly payments no if but some children about it you are all superheroes processing payments for payroll if you look at the type of link between fintech and payroll it's closer than ever I think there's now a bit more recognition that payroll payments are absolutely essential and innovation is allowing us to type of move forward with that it also too to add to that payroll and financing need to work closer together um with varying Savings account Particulars varying banking requirements and setup processes is definitely vital that payroll and financing teams work better together than ever um I'm always surprised when individuals state I've divided payroll and payment um if you stroll down the street and asked anyone what is payroll who does not operate in the payroll profession would they divide 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 eventually it's payroll is an end-to-end process it's the point of information collection all the way through to paying people anywhere they are however likewise paying statutory authorities and on statutory 3rd parties so with the
The contemporary world places a high value on wellness and the payment landscape is becoming increasingly detailed. Services are constantly presenting new benefits and payment options, which adds to the overall complexity. Big corporations often divide their payroll and payment processing into separate teams, which can cause inefficiencies and bottlenecks. In my opinion, this does not have to hold true. In today's technically sophisticated era, there's no reason for preserving troublesome procedures. Payroll, the company's most significant cost, must be processed correctly and on time. Even slight hold-ups can adversely affect workers' wellness and have significant repercussions. For that reason, it's crucial to prioritize precise and timely payments.
The payroll team might not have actually been thanked for correctly processing payroll throughout a webinar. If anyone has actually been thanked, it would be excellent to hear their success story, whether it's from all staff members or not. Payroll is an essential cycle, and people just observe when things fail. Nevertheless, when things go right, it's seen as just a regular task. This is how it's perceived externally too. Therefore, it is essential to make sure that jobs like Wi-Fi Global and other important matters are done properly. Utilizing the very first Worldwide Payments very first payroll payment option is a terrific preliminary action towards providing a detailed payroll solution for workers worldwide. Standardization, global procedures, and minimizing the number of tools, platforms, and savings account required for international payroll are essential factors in accomplishing service success. While we don't anticipate a hundred thousand thank yous within a payroll cycle, we do periodically get a few grievances when things don't go as prepared. Eventually, we don't do it for the gratitude.
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 simple as possible for everybody that's involved in those procedures and also so imagine sorry I'm simply I was simply gon na state picture the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make sure we're talking about hundreds of thousands possibly Millions picture getting that lots of thank you notes um I suggest it 'd be interesting to see how many Post-it notes you got but it would certainly be an intriguing job attempting to clean all those up for sure oh absolutely I can't envision the size of my my Outlook inbox if that was the case um you 'd require days of the week to attempt to check out them and actually see what was going on and type of try to get back to everybody so carrying on look why do business choose to main separate savings account there are organizations out there doing exactly this for particular countries and I've operated in a service 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 purposely doing that we're not developing additional work for anyone where we do not have to and anyone that's handling that procedure I 'd be interested to hear your ideas Johnny why do you think 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 think people have actually got so utilized to we require a brand-new savings account we open an entity and rightly so you need it for payroll functions but there are a variety 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 contribute to that people have actually taken a look at things like trust accounts and numerous other ways um to to type of do it so I think there's a variety I think this is a procedure that requires taking a look at it requires altering however ultimately people are extremely stuck to what they're familiar
with best um change is a hard thing we all do not like change um so I believe it's simply sort of moving far from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I comprehend obviously the advantages of having maintaining numerous checking account but there's a huge quantity of intricacy goes with setting up a savings account preserving it guaranteeing it can send International transfers guaranteeing it's set up with the best user accesses for individual individuals so the intricacy is big but I think the truthful response is change um individuals haven't been able to alter or haven't had always the understanding to actually make that change into alternate Solutions besides opening a bank account I believe you've hit the nail on the head I believe it is knowledge you understand and there is a component of resistance to change however we have actually constantly done it that way is no genuine excuse for not looking at the the benefits and the possibilities of moving on and moving into you understand what might practically be determined to be the next Century or so there is a lot to keep an eye on and this method does pose several obstacles um so Johnny could you inform us about those challenges yeah obviously so there's a variety right there is so
I just did you changed our Business to OS so now we can do our payroll and payments operation on a single platform yes it resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global workers you are worthy of a corner office with a closer parking space due to the fact that I mastered Global payroll and payments with Papaya payroll OS did you
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