Find out more about Papaya Global The Program Settings Cannot Be Changed ... We now have the ability to manage both our payroll and payments procedures on one unified platform. It's as if our Chief Financial Officer has gotten a separate Chief Financial Officer particularly dedicated to managing payments. This provides us with a safe and dependable technique of paying to our 10,000 workers worldwide.}
the very best international payroll managment app, conserves me hours of time on a monthly basis, one single control panel for my payroll, EOR and professionals
The Staff member Website provides workers with the capability to gain access to and view important files such as pay slips, wage and tax declarations, and employment records. This portal is accessible on both desktop and mobile phones and is offered in numerous languages.
Benefits Administration
Papaya Global helps business use competitive benefits packages to worldwide employees despite the number of employees in the business. The business can establish medical insurance, short-term and long-lasting impairment, vision, dental and maternity leave while removing the requirement to source local advantages companies in every nation, produce local accounts and have a minimum variety of employees.
The HR capabilities supplied by Worldwide HR incorporate various functions such as monitoring getaway time, ensuring compliance, assisting in the procedure of welcoming new staff members and bidding goodbye to leaving ones, offering a secure online platform for storing workers' documents, and offering assistance for work permit procedures in case your employees need support in that area.
HR Analytics
Papaya Global's payroll and HR analytics suite offers you insights into workforce spending, labor force variety, overall work costs distributed per area, overall work costs per cycle and a lot more.
Worldwide, I have demonstrated management and strategic competence in assisting massive populations of over 100,000 staff members across 170 nations. Currently, I are accountable for managing payroll methods, as pointed out by Mark. My role involves managing and developing external collaborations, supporting Business clients, and supplying advisory services. In addition, I am proud to be a part of Papaya Global, a pioneering payroll and payments options provider.
As a global company, we are honored to be included on the prominent Time 100 list of the most influential companies worldwide. We specialize in providing payroll and workforce management services to staff members in more than 160 countries. I am delighted to introduce Johnny Nash, as discussed by Mark. Now, I'll let Johnny present himself. Good day to all, regardless of your place. It's a pleasure to fulfill 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 market, I have actually concentrated on payroll and payment services for the past seven years. The intricacies and difficulties of this field have actually always mesmerized me.
payroll payments and decided to kind of make a genuine go at that over the last 5 or 6 years where I've type of had a range of various functions on the provider side and likewise 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 all right thanks Johnny uh we'll just give everybody another couple of uh well one of the 30 seconds approximately to join we all work back to back these days so we'll sort of let them do that so it 'd be rather fascinating and I can see it going on already just to hear where everyone 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 certainly not the peak of the sunshine is it it's not no it's it's drizzling here it's extremely really gloomy and I wish I was somewhere else at this moment in time alright so let's begin our agenda for today is as follows um we are going to be looking at the obstacle years of managing International payroll why companies preserve different
savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts enhancing papaya Global payroll payments as a strategic property uh we'll also go over a wrap-up which ought to leave his time at the extremely very 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 end up being more and more typical and handling them ends up being a growing number of intricate Worldwide companies are wanting to find Solutions and new methods to enhance processes specifically from a payroll and cross-border payment viewpoint lots of companies preserve different checking account just for payroll while some have multiple accounts in different nations does it make sense for business to preserve different bank accounts sometimes in various nations it does but just for payroll exists a better method what function do virtual accounts and digital wallets also known as virtual wallets play in assisting international companies improve the episode complex procedures of
Making sure precise, efficient, and prompt payroll payments is a complex difficulty for companies running internationally. Join us for a webinar to explore the benefits and disadvantages of payroll wallets versus payroll bank accounts, learn how companies forecast payroll costs to optimize working capital, and find how simplifying global payroll payments can transform them from a difficult job into a strategic possession.
Managing payroll globally is a complicated job due to different regulations, compliance requirements, data security concerns, and banking rules. The large variety of workers and services adds to the intricacy, with an estimated 3.5 billion people in the worldwide workforce, 500 million of whom are in Africa, and 230 million services worldwide.
Conventional payroll systems typically result in manual procedures, information silos, and a lack of integration, leading to inconsistencies and inadequacies. In spite of living in an age of technological advancements, payroll management has actually been sluggish to adjust, with as much as 25% of payroll still processed by hand, typically using pen and paper. This webinar goals to supply insights and options to simplify and optimize worldwide payroll payments.
about it to provide 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 offers me sleepless nights and rather honestly the more an organization spends on international payroll the less of an image they see an absence of visibility likewise encompasses payroll payments and failure to precisely track these payments can cause compliance mishaps in the last mile of the deal nearly half of international companies have actually expressed that they don't have the level of standardization they need in their procedures or desire and as a result eighty percent of errors are due to time reporting poor HCM data information entry errors improperly interacted hires and terminations in addition to lack management and system configurations and then when you round it all off and the data is delivered to the incorrect location the average cost of a global data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash all over the world payroll and payments don't run smoothly if they count on the essential multiple procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the difficulties company face when they're making payments to staff members or otherwise that's a great question I constantly throw this back and say what is it what doesn't need to be included right and what does
it require to be thought about 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 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 ideal eventually constructing a knowledge base is absolutely vital however all over you look with payroll payment they resemble super 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 between fintech and payroll it's closer than ever I believe there's now a bit more acknowledgment that payroll payments are absolutely essential and innovation is allowing us to sort of move on with that it likewise also to contribute to that payroll and finance need to work closer together um with varying Checking account Details varying banking requirements and setup procedures is definitely imperative that payroll and finance groups work closer together than ever um I'm constantly impressed when individuals say I have actually split payroll and payment um if you stroll down the street and asked anyone what is payroll who does not work in the payroll profession would they divide the payroll payment from computation 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 any place they are however also paying statutory authorities and on statutory third parties so with the
The contemporary world positions a high worth on well-being and the settlement landscape is becoming significantly intricate. Companies are constantly presenting brand-new advantages and payment options, which contributes to the general intricacy. Big corporations frequently divide their payroll and payment processing into separate teams, which can cause ineffectiveness and traffic jams. In my viewpoint, this doesn't need to hold true. In today's technologically innovative era, there's no justification for preserving cumbersome treatments. Payroll, the company's biggest expense, must be processed properly and on time. Even minor delays can negatively impact employees' wellness and have significant repercussions. For that reason, it's vital to focus on accurate and timely payments.
The payroll team may not have actually been thanked for properly processing payroll during a webinar. If anybody has been thanked, it would be excellent to hear their success story, whether it's from all employees or not. Payroll is a crucial cycle, and people only notice when things go wrong. Nevertheless, when things go right, it's seen as simply a routine task. This is how it's viewed externally also. For that reason, it is important to ensure that tasks like Wi-Fi Worldwide and other important matters are done correctly. Using the very first Worldwide Payments very first payroll payment option is a great preliminary step towards supplying a comprehensive payroll service for staff members worldwide. Standardization, global processes, and minimizing the number of tools, platforms, and bank accounts essential for worldwide payroll are key factors in achieving organization success. While we don't anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally get a few problems when things do not 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 associated with those procedures and also so picture sorry I'm just I was just gon na state envision the amount of thanks you got if you could cover the amount of people that we cover within this webinar I make sure we're speaking about numerous thousands potentially Millions imagine getting that lots of thank you keeps in mind um I suggest it 'd be interesting to see how many Post-it notes you got however it would definitely be an interesting task attempting to clean all those up for sure oh definitely 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 try to look through them and actually see what was going on and kind of try to get back to everybody so proceeding appearance why do business select to primary different checking account there are businesses out there doing exactly this for particular countries and I have actually operated in a company or lots of services doing precisely that I can state it doesn't constantly feel effective and it does produce more work I know we're not purposely doing that we're not developing additional work for any person where we do not need 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 think lots of reasons one is it's the requirement I believe people have actually got so used to we require 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 think it's just been the standard and the norm 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 kind of do it so I think there's a variety I think this is a process that requires looking at it needs altering but eventually individuals are extremely stuck to what they recognize
with ideal um modification is a hard thing all of us do not like modification 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 great deal of track of things um I understand certainly the advantages of having maintaining multiple checking account but there's a substantial amount of intricacy chooses setting up a checking account preserving it ensuring it can send out International transfers guaranteeing it's established with the best user accesses for individual individuals so the intricacy is substantial however I think the sincere response is modification um people have not been able to alter or have not had necessarily 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 a component of resistance to alter but we have actually always done it that way is no real reason for not looking at the the benefits and the possibilities of carrying on and moving into you understand what might practically be determined to be the next Century or so there is a lot to monitor and this approach does present numerous difficulties um so Johnny might you tell us about those difficulties yeah naturally so there's a variety right there is so
I simply did you changed our Enterprise 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 workplace with a better parking space because I mastered International payroll and payments with Papaya payroll OS did you
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