Find out more about Papaya Global Tax Calendar 2021/22 ... We now have the capability to manage both our payroll and payments processes on one merged platform. It's as if our Chief Financial Officer has actually acquired a separate Chief Financial Officer specifically dedicated to handling payments. This supplies us with a safe and secure and trustworthy technique of making payments to our 10,000 workers worldwide.}
The innovative worldwide payroll management app streamlines my payroll procedure, conserving me a substantial amount of time every month. With its easy to use user interface, I have access to a single dashboard that efficiently manages my payroll, EOR, and specialists.
Employee Portal
Employees have access to an Employee Website where they can see their pay slips, wage and tax declarations and employment files. The website is readily available in several languages and can be accessed on a desktop or mobile device.
Benefits Administration
Papaya Global assists companies provide competitive benefits plans to international employees no matter the number of workers in the business. The company can set up medical insurance, short-term and long-lasting disability, vision, dental and maternity leave while removing the need to source regional benefits suppliers in every nation, produce local accounts and have a minimum number of employees.
The HR abilities offered by International HR incorporate different functions such as keeping an eye on vacation time, guaranteeing compliance, helping with the process of inviting brand-new staff members and bidding goodbye to departing ones, offering a secure online platform for keeping employees' files, and providing assistance for work allow treatments in case your employees require assistance because location.
HR Analytics
Papaya Global's payroll and HR analytics suite gives you insights into workforce spending, workforce variety, total work costs dispersed per location, total employment costs per cycle and a lot more.
environments around the world I supplied management and method to populations of over a hundred thousand workers in more than 170 nations today I'm the payroll methods for as Mark stated I work across the business managing and structure external relationships supporting Enterprise clients and solutions along with functioning as a consultant for those of you that do not understand who papaya International is papaya is the first payroll and payments
company to make the time 100 list for most influential companies in the world we provide payroll payments and labor force management to all worker types in over 160 countries I am pleased to state that we likewise have as Mark stated Johnny Nash with us today Johnny would you like to present yourself of course thank you good morning great afternoon excellent evening depending upon where you remain in the world it's beautiful to satisfy you and thank you quite 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 market for over 10 years and particularly dealing with the payroll and payment sector for over 7 years um I was captivated by the intricacy the problem in all of the above of
payroll payments and chose to sort of make a genuine go at that over the last 5 or six years where I have actually kind of had a range of various functions on the provider side and likewise on the supplier side from a payroll point of view so actually anticipating this discussion today um and yeah thank you very much for your time everybody fine thanks Johnny uh we'll just give 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 quite fascinating and I can see it going on currently simply to hear where everyone 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 is in the UK today definitely not the peak of the sunshine is it it's not no it's it's drizzling here it's very really uninspiring and I want I was somewhere else at this moment in time alright so let's start our program for today is as follows um we are going to be taking a look at the challenge years of managing Global payroll why business preserve separate
checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts enhancing papaya Global payroll payments as a tactical possession uh we'll likewise go over a recap and that must leave his time at the extremely really 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 end up being a growing number of common and managing them becomes increasingly more complex Worldwide companies are seeking to discover Solutions and new methods to improve procedures especially from a payroll and cross-border payment perspective many organizations maintain separate checking account just for payroll while some have several accounts in different countries does it make sense for business to preserve different savings account sometimes in different nations it does but just for payroll is there a better method what function do virtual accounts and digital wallets also called virtual wallets play in helping international business simplify the episode complex processes of
making payroll payments precisely efficiently securely and on time throughout this webinar we'll stroll you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll savings account how business precisely anticipate their payroll costs 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 sufficient in one nation but when you're doing it internationally it's next level and Beyond it becomes complicated for a range of reasons most significantly guidelines compliance data security and banking rules then there are the large numbers they add additional intricacy the worldwide Labor force is currently three and a half billion people by 2030 it's approximated that in Africa alone they will contribute and further 1.1 billion people that number is currently 500 million just for for a scale then factor in that there are some 230 million organizations and growing all doing their own thing worldwide in the standard payroll model there's often a frustrating variety of different systems causing lengthy manual procedures and silos the variety of Integrations could be non-existent in large quantities and or really extremely fundamental there's no genuine consistency structure we're residing in a period of tech however payroll has actually been slow to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper and that just blows my mind each time I I think
about it to give you a concept of how far there still is to come according to Deloitte just 11 of businesses state they have Labor force data in real time that's another number that provides me sleepless nights and quite honestly the more an organization spends on international payroll the less of an image they see an absence of visibility likewise extends to payroll payments and failure to properly track these payments can result in compliance accidents in the last mile of the transaction nearly half of worldwide services have revealed that they don't have the level of standardization they require in their processes or desire and as a result eighty percent of errors are because of time reporting bad HCM data data entry mistakes badly interacted hires and terminations as well as lack management and system setups 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 data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash worldwide payroll and payments do not run smoothly if they depend on the essential multiple processes systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the difficulties business face when they're making payments to staff members or otherwise that's a good concern I always throw this back and state what is it what doesn't require to be consisted of ideal and what does
it require to be thought of there's differing 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 abilities 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 client's own in-country account so there's complexity wherever you look ideal eventually building a knowledge base is absolutely important however everywhere you look with payroll payment they resemble extremely payments no if however some children 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 definitely basic and technology is enabling us to kind of move forward with that it also also to contribute to that payroll and financing require to work closer together um with differing Checking account Particulars differing banking requirements and setup processes is absolutely important that payroll and financing groups work better together than ever um I'm always impressed when people say I've divided payroll and payment um if you walk down the street and asked anybody what is payroll who doesn't operate in the payroll profession would they split the payroll payment from calculation I would say no so why do we as an industry 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 information collection all the way through to paying people any place they are but likewise paying statutory authorities and on statutory 3rd parties so with the
The modern-day world puts a high worth on wellness and the settlement landscape is becoming progressively intricate. Services are constantly presenting new advantages and payment options, which adds to the total intricacy. Large corporations typically divide their payroll and payment processing into different teams, which can result in ineffectiveness and traffic jams. In my opinion, this doesn't need to be the case. In today's technologically sophisticated age, there's no justification for keeping troublesome treatments. Payroll, the business's biggest expense, must be processed correctly and on time. Even minor hold-ups can negatively impact employees' well-being and have far-reaching effects. For that reason, it's vital to prioritize precise and prompt payments.
payroll group get um so I'm unsure anybody on this kind of webinar has actually been told thank you for processing my payroll correctly if you have it 'd be terrific to hear your success story and whether that's been from all staff members or not um however ultimately payroll is such an important cycle all of us hear about it when it fails everybody jumps up and down when it goes wrong however when it goes right it's just a tick box workout and I think that's how it's seen from the external consider as well um so yeah it's also like why WI-Fi Global why all of this stuff is definitely vital that all of this things is done properly so leveraging the very first Worldwide Payments very first payroll payment option is a terrific initial step um supplying an end-to-end payroll service for your workers worldwide again I think is another huge um process once again aligning and ensuring you have standardization International processes all of those things are absolutely key to success success of services and reducing the variety of tools platforms and checking account they require for their Worldwide payroll too could not agree with you more and on the the front in terms of 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 expect to you do get the odd 5 or 10 or whatever it might be with the with the the problems where things have not gone rather where they're suggested to be um I do not think any of us are in fact doing that for for the thanks
anyhow we know how how important 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 simple as possible for everybody that's involved in those procedures and likewise so envision sorry I'm simply I was just gon na state imagine the amount of thanks you got if you might cover the amount of individuals that we cover within this webinar I'm sure we're talking about hundreds of thousands possibly Millions picture getting that many thank you keeps in mind um I indicate it 'd be interesting to see the number of Post-it notes you got however it would definitely be an intriguing job trying to clean all those up for sure oh absolutely I can't think of the size of my my Outlook inbox if that held true um you 'd need days of the week to try to check out them and really see what was going on and type of try to get back to everybody so carrying on appearance why do companies choose to main different bank accounts there are services out there doing exactly this for particular nations and I've operated in a company or many businesses doing precisely that I can state it does not constantly feel efficient and it does create more work I know we're not deliberately doing that we're not developing extra work for anyone where we do not have to and any person that's dealing with that procedure I 'd be interested to hear your thoughts Johnny why do you think that we're doing that in in the in the amount that we are I think lots of reasons one is it's the standard I believe individuals have got so utilized to we require a brand-new checking account we open an entity and appropriately so you require it for payroll functions however 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 adopted and continue to do over years and years passed by to add to that people have looked at things like trust accounts and many other methods um to to kind of do it so I believe there's a variety I think this is a procedure that requires taking a look at it requires altering but ultimately individuals are really stuck with what they're familiar
with right um change is a hard thing all of us don't like modification um so I believe 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 clearly the advantages of having maintaining several checking account but there's a big quantity of complexity opts for setting up a savings account keeping it guaranteeing it can send out International transfers ensuring it's established with the best user accesses for individual individuals so the intricacy is big but I believe the sincere response is change um people haven't been able to alter or have not had always the understanding to really make that change into alternate Solutions other than opening a bank account I believe you've hit the nail on the head I think it is knowledge you know and there is an element of resistance to change but we've constantly done it that way is no real excuse for not looking at the the advantages and the possibilities of carrying on and moving into you know what could practically be determined to be the next Century or two there is a lot to keep an eye on and this approach does position a number of challenges um so Johnny might you inform us about those challenges yeah of course so there's a variety 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 employees you should have a corner workplace with a better parking space because I mastered Global payroll and payments with Papaya payroll OS did you
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