Find out more about Papaya Global Tax Code Changes 2021/22 ... 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 obtained a different Chief Financial Officer specifically dedicated to handling payments. This provides us with a safe and trustworthy method of making payments to our 10,000 employees worldwide.}
the BEST worldwide payroll managment app, conserves me hours of time every month, one single dashboard for my payroll, EOR and professionals
Worker Portal
Staff members have access to a Staff member Portal where they can view their pay slips, wage and tax statements and employment files. The website is readily available in several languages and can be accessed on a desktop or mobile phone.
Benefits Administration
Papaya Global assists companies provide competitive advantages plans to worldwide staff members regardless of the number of staff members in the company. The business can establish medical insurance, short-term and long-term disability, vision, oral and maternity leave while eliminating the need to source local advantages companies in every country, develop regional accounts and have a minimum number of employees.
Worldwide HR Performances
's HR functionalities include PTO tracking, compliance, onboarding/offboarding tools, online storage for workers' files and immigration services if your workers need work permit help.
HR Analytics
Papaya Global's payroll and HR analytics suite gives you insights into labor force spending, workforce variety, total work expenses distributed per place, total work costs 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 techniques for as Mark said I work across business handling and building external relationships supporting Enterprise clients and options in addition to functioning as a consultant for those of you that do not understand who papaya Global is papaya is the first payroll and payments
business to make the time 100 list for the majority of influential companies on the planet we supply payroll payments and workforce management to all employee 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 present yourself of course thank you good morning great afternoon excellent evening depending on where you are in the world it's charming to satisfy you and thank you quite 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 dealing with the payroll and payment sector for over seven years um I was amazed by the intricacy the trouble in all of the above of
payroll payments and decided to sort of make a real go at that over the last five or 6 years where I have actually type of had a range of various roles on the service provider side and also on the vendor side from a payroll perspective so actually anticipating this conversation today um and yeah thank you very much for your time everybody fine thanks Johnny uh we'll just offer everyone another couple of uh well among the 30 seconds or two to join all of us work back to back these days so we'll type of let them do that so it 'd be rather intriguing and I can see it going on currently simply to hear where everyone is um it's nice to to kind of like see where everyone originates from and I truly do hope it's much sunnier than it remains in the UK today certainly not the peak of the sunshine is it it's not no it's it's drizzling here it's very very gloomy and I wish I was elsewhere at this moment in time all right so let's start our program for today is as follows um we are going to be taking a look at the difficulty years of handling Global payroll why business keep separate
bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts streamlining papaya Global payroll payments as a strategic property uh we'll also go over a recap which ought to leave his time at the extremely extremely end for a q a session so as the title of the webinar suggests payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces become more and more typical and managing them ends up being increasingly more complicated Global companies are aiming to discover Solutions and brand-new ways to simplify procedures specifically from a payroll and cross-border payment viewpoint numerous organizations maintain separate savings account just for payroll while some have several accounts in different nations does it make good sense for business to maintain separate checking account often in different countries it does however just for payroll exists a better method what role do virtual accounts and digital wallets also called virtual wallets play in helping international business improve the episode complex processes of
making payroll payments properly efficiently firmly and on time throughout this webinar we'll walk you through the global advantages and disadvantages of a payroll wallet versus a payroll bank account how companies accurately forecast their payroll costs to increase working capital and how enhancing Worldwide payroll payments can turn them from a siled pane into a strategic asset so payroll can be difficult in enough in one country however when you're doing it internationally it's next level and Beyond it ends up being complex for a variety of reasons most notably policies compliance data security and banking guidelines then there are the large numbers they add more intricacy the global Workforce is currently 3 and a half billion individuals by 2030 it's approximated that in Africa alone they will contribute and more 1.1 billion people that number is presently 500 million just for for a scale then consider that there are some 230 million organizations and growing all doing their own thing all over the world in the conventional payroll design there's often an overwhelming variety of different systems causing time-consuming manual processes and silos the number of Integrations could be non-existent in large quantities and or extremely extremely basic there's no genuine consistency structure we're living in an age of tech however payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper which just blows my mind every time I I think
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of services state they have Workforce data in real time that's another number that gives me sleep deprived nights and rather frankly the more an organization invests in international payroll the less of a photo they see an absence of exposure likewise encompasses payroll payments and inability to properly track these payments can cause compliance accidents in the last mile of the deal nearly half of global organizations have actually revealed that they don't have the level of standardization they require in their procedures or desire and as a result eighty percent of errors are because of time reporting poor HCM data data entry mistakes inadequately interacted hires and terminations along with absence management and system configurations and then when you round all of it off and the information is shipped to the wrong place the average expense of a global data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money around the globe payroll and payments don't run efficiently if they count on the required multiple processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the difficulties service face when they're making payments to employees or otherwise that's a great question I constantly toss this back and state what is it what doesn't need to be included ideal and what does
it require to be considered there's varying 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 capabilities 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 customer's own in-country account so there's intricacy wherever you look ideal eventually developing a knowledge base is definitely critical however all over you look with payroll payment they are like extremely 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 between fintech and payroll it's closer than ever I believe there's now a bit more recognition that payroll payments are absolutely fundamental and innovation is permitting us to kind of progress with that it likewise also to contribute to that payroll and financing need to work closer together um with differing Bank Account Particulars varying banking requirements and setup processes is absolutely crucial that payroll and finance groups work more detailed together than ever um I'm always astonished when people state I've divided payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn't operate in the payroll occupation would they split the payroll payment from estimation I would say no so why do we as an industry accept that why our payroll and payments so frequently split and cut up um ultimately it's payroll is an end-to-end process it's the point of data collection all the way through to paying people anywhere they are however also paying statutory authorities and on statutory third parties so with the
The modern world puts a high worth on well-being and the settlement landscape is ending up being progressively detailed. Companies are continuously introducing brand-new advantages and payment options, which adds to the general intricacy. Big corporations typically divide their payroll and payment processing into separate teams, which can cause inadequacies and traffic jams. In my opinion, this does not have to hold true. In today's technically sophisticated period, there's no justification for keeping troublesome procedures. Payroll, the business's most significant expense, must be processed correctly and on time. Even minor delays can negatively impact staff members' well-being and have far-reaching effects. Therefore, it's crucial to focus on precise and timely payments.
The payroll team may not have actually been thanked for correctly processing payroll throughout a webinar. If anybody has actually been thanked, it would be terrific to hear their success story, whether it's from all staff members or not. Payroll is a crucial cycle, and individuals only notice when things fail. Nevertheless, when things go right, it's viewed as simply a regular job. This is how it's perceived externally too. Therefore, it is essential to guarantee that tasks like Wi-Fi International and other important matters are done correctly. Utilizing the very first Worldwide Payments very first payroll payment solution is a terrific initial action towards providing an extensive payroll solution for employees worldwide. Standardization, global processes, and reducing the number of tools, platforms, and bank accounts essential for international payroll are crucial factors in accomplishing organization success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do sometimes get a few problems when things do not go as planned. Ultimately, we don't do it for the appreciation.
anyway we understand how how important a function 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 also so imagine sorry I'm just I was just gon na say think of the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I make sure we're speaking about numerous thousands possibly Millions think of getting that lots of thank you keeps in mind um I mean it 'd be interesting to see how many Post-it notes you got but it would absolutely be an intriguing task trying to clean all those up for sure oh absolutely I can't picture the size of my my Outlook inbox if that was the case um you 'd need days of the week to attempt to check out them and actually see what was going on and kind of shot to return to everyone so carrying on appearance why do business choose to primary different bank accounts there are organizations out there doing exactly this for particular countries and I have actually operated in a service or many companies doing precisely that I can state it doesn't always feel efficient and it does produce more work I understand we're not purposely doing that we're not producing additional work for anyone where we do not have to and anyone that's managing 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 standard I think individuals have actually got so used to we need a brand-new savings account we open an entity and rightly so you require it for payroll purposes but there are a variety of markets where it's not a requirement so I think it's just been the requirement and the norm the people have actually adopted and continue to do over years and years gone past to contribute to that people have actually looked at things like trust accounts and lots of other ways um to to kind of do it so I believe there's a variety I believe this is a process that requires looking at it needs changing however eventually people are extremely stuck to what they're familiar
with best um change is a challenging thing all of us don't like modification um so I think it's simply sort of moving away from the norm as we have actually said so yeah so it keeps a lot of track of stuff um I comprehend certainly the advantages of having preserving several bank accounts however there's a huge amount of intricacy opts for setting up a checking account keeping it ensuring it can send out International transfers ensuring it's set up with the ideal user accesses for private individuals so the complexity is huge but I think the honest answer is change um people have not had the ability to alter or have not had always the knowledge to truly make that change into alternate Solutions other than opening a checking account I believe you've struck the nail on the head I think it is knowledge you know and there is an aspect of resistance to change but we have actually always done it that way is no genuine excuse for not looking at the the advantages and the possibilities of proceeding and moving into you know what might nearly be figured out to be the next Century or two there is a lot to keep an eye on and this approach does position numerous obstacles um so Johnny could you tell us about those difficulties yeah naturally so there's a range right there is so
I just recently made a modification to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It feels like our CFO has gained another CFO, and with this boosted capability, I have actually effectively protected payments for our 10,000 staff members worldwide. Your commitment to mastering global payroll and payments using Papaya payroll OS is good. You should have a corner workplace with a parking space that is more detailed, considering your accomplishments.
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