Find out more about Papaya Global Training Course ... We now have the ability to handle both our payroll and payments procedures on one unified platform. It's as if our Chief Financial Officer has acquired a separate Chief Financial Officer specifically dedicated to handling payments. This offers us with a safe and trusted method of making payments to our 10,000 workers worldwide.}
The cutting-edge international payroll management app simplifies my payroll process, conserving me a significant amount of time monthly. With its user-friendly user interface, I have access to a single control panel that effectively handles my payroll, EOR, and contractors.
The Employee Portal provides employees with the capability to gain access to and view crucial files such as pay slips, wage and tax statements, and work records. This website is accessible on both desktop and mobile phones and is provided in various languages.
Advantages Administration
Papaya Global helps companies provide competitive advantages packages to global workers despite the variety of workers in the business. The business can establish health insurance, short-term and long-lasting special needs, vision, dental and maternity leave while removing the need to source regional advantages companies in every nation, create local accounts and have a minimum variety of staff members.
International HR Functionalities
's HR functionalities consist of PTO tracking, compliance, onboarding/offboarding tools, online storage for employees' files and migration services if your workers require work license help.
HR Analytics
Papaya Global's payroll and HR analytics suite offers you insights into labor force costs, workforce variety, overall work costs dispersed per area, total work costs per cycle and much more.
Globally, I have demonstrated leadership and tactical know-how in guiding large-scale populations of over 100,000 workers throughout 170 nations. Presently, I are accountable for overseeing payroll strategies, as discussed by Mark. My role includes handling and developing external collaborations, supporting Business customers, and providing advisory services. Additionally, I am proud to be a part of Papaya Global, a pioneering payroll and payments services provider.
As a worldwide business, we are honored to be consisted of on the prestigious Time 100 list of the most influential companies worldwide. We focus on offering payroll and labor force management services to staff members in more than 160 nations. I am delighted to present Johnny Nash, as mentioned by Mark. Now, I'll let Johnny introduce himself. Good day to all, regardless of your location. It's a pleasure to satisfy you and thank you for your valuable time. As Ian pointed out, I am Johnny Nash, the director of payments at our company. With over a decade of experience in the payments industry, I have actually concentrated on payroll and payment services for the past seven years. The complexities and challenges of this field have actually always captivated me.
payroll payments and decided to type of make a real go at that over the last five or 6 years where I have actually kind of had a range of different functions on the supplier side and also on the supplier side from a payroll viewpoint so really looking forward to this conversation today um and yeah thank you quite for your time everyone alright thanks Johnny uh we'll just give everyone another couple of uh well one of 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 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 everybody originates from and I actually do hope it's much sunnier than it remains 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 very very dreary and I wish I was somewhere else at this moment in time okay so let's start our program for today is as follows um we are going to be looking at the challenge years of handling Worldwide payroll why business maintain separate
bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts streamlining papaya Global payroll payments as a tactical possession uh we'll also discuss a wrap-up and that should leave his time at the extremely extremely end for a q a session so as the title of the webinar recommends payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and International workforces become increasingly more typical and handling them ends up being increasingly more complicated International companies are wanting to find Solutions and brand-new methods to enhance procedures specifically from a payroll and cross-border payment viewpoint many organizations maintain separate checking account just for payroll while some have several accounts in different nations does it make sense for companies to maintain different savings account sometimes in different countries it does but just for payroll exists a better method what function do virtual accounts and digital wallets also called virtual wallets play in helping international business improve the episode complex procedures of
making payroll payments accurately efficiently safely and on time during this webinar we'll walk you through the international pros and cons of a payroll wallet versus a payroll checking account how business accurately forecast their payroll expenses to increase working capital and how improving Global payroll payments can turn them from a siled pane into a strategic asset so payroll can be tough in sufficient in one country however when you're doing it worldwide it's next level and Beyond it ends up being complicated for a variety of factors most importantly policies compliance information security and banking guidelines then there are the sheer numbers they add additional complexity the global Workforce is currently 3 and a half billion people by 2030 it's estimated that in Africa alone they will contribute and additional 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 model there's often an overwhelming variety of different systems resulting in time-consuming manual procedures and silos the variety of Combinations could be non-existent in big quantities and or really really basic there's no real consistency structure we're living in an age of tech but 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 provide you an idea of how far there still is to come according to Deloitte just 11 of organizations say they have Labor force data in real time that's another number that offers me sleepless nights and quite frankly the more a business spends on global payroll the less of a photo they see a lack of exposure also 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 global companies have actually revealed that they do not have the level of standardization they require in their procedures or desire and as a result eighty percent of mistakes are because of time reporting poor HCM data data entry mistakes inadequately communicated hires and terminations in addition to lack management and system configurations and then when you round everything off and the information is shipped to the incorrect place the average cost of a worldwide information 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 do not run efficiently if they depend on the needed numerous 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 challenges company face when they're paying to staff members or otherwise that's an excellent question I constantly toss this back and say what is it what does not require to be consisted of ideal and what does
it need to be thought about there's varying Bank information so the length of an eye band a swift an account number routing code per nation there's payment time frames 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 any place you look right ultimately developing a knowledge base is definitely crucial but everywhere you look with payroll payment they are like super payments no if however some children about it you are all superheroes processing payments for payroll if you look at the kind of link in between fintech and payroll it's closer than ever I believe there's now a bit more recognition that payroll payments are definitely basic and technology is permitting us to type of move forward with that it also too to add to that payroll and finance require to work closer together um with differing Savings account Details differing banking requirements and setup processes is absolutely vital that payroll and finance groups work closer together than ever um I'm constantly surprised when individuals say I have actually split 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 divide the payroll payment from calculation 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 eventually 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 3rd parties so with the
The contemporary world puts a high worth on wellness and the settlement landscape is ending up being progressively complex. Services are continually introducing new benefits and payment alternatives, which adds to the general intricacy. Big corporations frequently divide their payroll and payment processing into different groups, which can result in inefficiencies and bottlenecks. In my viewpoint, this doesn't need to be the case. In today's technologically innovative era, there's no validation for keeping cumbersome procedures. Payroll, the business's biggest expense, must be processed correctly and on time. Even minor hold-ups can adversely impact employees' wellness and have far-reaching consequences. For that reason, it's crucial to prioritize accurate and timely payments.
payroll group get um so I'm not sure anyone on this kind of webinar has actually been informed thank you for processing my payroll correctly if you have it 'd be fantastic to hear your success story and whether that's been from all workers or not um however ultimately payroll is such a crucial cycle we all hear about it when it fails everyone jumps up and down when it fails however when it goes right it's simply a tick box workout and I believe that's how it's seen from the external consider as well um so yeah it's likewise like why WI-Fi Global why all of this things is definitely essential that all of this things is done correctly so leveraging the first Global Payments very first payroll payment solution is a terrific primary step um supplying an end-to-end payroll service for your workers worldwide once again I think is another substantial um process again lining up and guaranteeing you have standardization Global processes all of those things are definitely crucial to success success of services and decreasing the number of tools platforms and checking account they need for their Worldwide 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 thousand of them within a payroll cycle don't anticipate to you do get the odd five or 10 or whatever it might be with the with the the problems where things haven't gone rather where they're implied to be um I don't think any of us are actually doing that for for the thanks
anyhow we understand how how crucial a role 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 easy as possible for everybody that's involved in those processes and also so picture sorry I'm just I was simply gon na state picture the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I'm sure we're talking about hundreds of thousands potentially Millions think of getting that lots of thank you keeps in mind um I indicate it 'd be interesting to see how many Post-it notes you got however it would absolutely be a fascinating task trying to clean up all those up for sure oh definitely 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 attempt to look through them and actually see what was going on and type of shot to get back to everybody so proceeding look why do companies pick to main different checking account there are companies out there doing exactly this for specific nations and I've worked in an organization or lots of organizations doing precisely that I can state it does not always feel effective and it does create more work I understand we're not purposely doing that we're not creating extra work for anyone where we do not need to and anyone that's dealing with 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 believe many factors one is it's the requirement I think people have got so utilized to we need a brand-new bank account we open an entity and rightly so you require it for payroll functions but there are a variety of markets where it's not a requirement so I think it's just been the standard and the norm the people have actually adopted and continue to do over years and years gone past to add to that people have actually looked at things like trust accounts and many 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 requires changing but eventually people are very stuck to what they're familiar
with best um change is a challenging thing all of us do not like modification um so I believe it's simply type of moving away from the norm as we've said so yeah so it keeps a lot of track of stuff um I understand certainly the benefits of having preserving several savings account however there's a big amount of intricacy goes with setting up a checking account maintaining it ensuring it can send International transfers ensuring it's established with the ideal user accesses for specific individuals so the complexity is big but I think the sincere answer is change um people haven't had the ability to change or haven't had always the understanding to truly make that change into alternate Solutions besides opening a checking account I think you've struck the nail on the head I think it is understanding you know and there is an aspect of resistance to change however we have actually always done it that way is no genuine excuse for not taking a look at the the benefits and the possibilities of carrying on and moving into you understand what could almost be identified to be the next Century approximately there is a lot to keep track of and this method does posture several challenges um so Johnny could you inform us about those challenges yeah of course so there's a range right there is so
I simply did you switched our Business 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 Global employees you should have a corner workplace with a closer parking space since I mastered Worldwide payroll and payments with Papaya payroll OS did you
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