Papaya Global After First Pension Submission Rates Different

Find out more about Papaya Global After First Pension Submission Rates Different ... We now have the capability to handle both our payroll and payments procedures on one merged platform. It's as if our Chief Financial Officer has actually acquired a separate Chief Financial Officer specifically committed to managing payments. This provides us with a protected and dependable method of making payments to our 10,000 staff members worldwide.}

the very best international payroll managment app, saves me hours of time each month, one single dashboard for my payroll, EOR and contractors

Worker Website
Workers have access to a Staff member Website where they can view their pay slips, wage and tax statements and work files. The portal is readily available in several languages and can be accessed on a desktop or mobile device.

Benefits Administration
Papaya Global assists business provide competitive advantages packages to international staff members no matter the number of workers in the company. The business can establish health insurance, short-term and long-lasting impairment, vision, dental and maternity leave while removing the requirement to source regional benefits providers in every country, create local accounts and have a minimum variety of staff members.

Global HR Performances
's HR performances consist of PTO tracking, compliance, onboarding/offboarding tools, online storage for employees' documents and immigration services if your staff members need work permit support.

HR Analytics
Papaya Global's payroll and HR analytics suite gives you insights into workforce spending, workforce diversity, total employment expenses dispersed per place, overall employment costs per cycle and a lot more.

Globally, I have shown management and tactical knowledge in assisting large-scale populations of over 100,000 staff members across 170 countries. Presently, I are accountable for managing payroll techniques, as discussed by Mark. My function involves handling and establishing external partnerships, supporting Enterprise customers, and supplying advisory services. Furthermore, I am proud to be a part of Papaya Global, a pioneering payroll and payments services service provider.

As a worldwide business, we are honored to be included on the distinguished Time 100 list of the most prominent companies worldwide. We focus on providing payroll and labor force management services to staff members in more than 160 countries. I am delighted to introduce Johnny Nash, as pointed out by Mark. Now, I'll let Johnny present himself. Good day to all, no matter your place. It's a satisfaction to fulfill you and thank you for your important time. As Ian pointed out, I am Johnny Nash, the director of payments at our company. With over a years of experience in the payments industry, I have actually concentrated on payroll and payment options for the past seven years. The complexities and challenges of this field have actually always mesmerized me.

payroll payments and chose to sort of make a real go at that over the last 5 or six years where I've sort of had a range of various roles on the provider side and also on the supplier side from a payroll perspective so really anticipating this conversation today um and yeah thank you quite for your time everyone fine thanks Johnny uh we'll just offer everybody another number of uh well among the 30 seconds approximately to join all of us work back to back these days so we'll kind of let them do that so it 'd be rather interesting 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 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 very very uninspiring and I wish I was somewhere else at this moment in time fine so let's begin our program for today is as follows um we are going to be taking a look at the difficulty years of managing Global payroll why companies keep different

bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts streamlining papaya International payroll payments as a tactical asset uh we'll also discuss a wrap-up and that should leave his time at the very 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 International workforces become increasingly more common and handling them becomes increasingly more complicated International companies are looking to find Solutions and new ways to streamline processes specifically from a payroll and cross-border payment viewpoint lots of companies maintain different savings account just for payroll while some have numerous accounts in various countries does it make sense for business to preserve different checking account in some cases in different nations it does but just for payroll is there a better way what function do virtual accounts and digital wallets likewise known as virtual wallets play in helping multinational companies simplify the episode complex processes of

making payroll payments precisely efficiently safely and on time during this webinar we'll walk you through the global benefits and drawbacks of a payroll wallet versus a payroll checking account how business accurately anticipate their payroll expenses to increase working capital and how streamlining Global payroll payments can turn them from a siled pane into a strategic asset so payroll can be challenging in sufficient in one country but when you're doing it internationally it's next level and Beyond it ends up being complex for a range of reasons most notably guidelines compliance data security and banking rules then there are the large numbers they include further complexity the worldwide Workforce is presently 3 and a half billion individuals by 2030 it's estimated that in Africa alone they will contribute and more 1.1 billion individuals that number is currently 500 million just for for a scale then consider that there are some 230 million companies and growing all doing their own thing around the globe in the conventional payroll model there's frequently an overwhelming number of various systems leading to time-consuming manual procedures and silos the number of Combinations could be non-existent in large amounts and or really really basic there's no real consistency structure we're living in a period of tech but payroll has actually been sluggish to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper which just blows my mind each time I I think

about it to provide you an idea of how far there still is to come according to Deloitte only 11 of organizations say they have Labor force data in real time that's another number that offers me sleepless nights and rather frankly the more a business spends on international payroll the less of a picture they see a lack of exposure likewise extends to payroll payments and inability to properly track these payments can lead to compliance accidents in the last mile of the deal almost half of global services have actually revealed that they do not have the level of standardization they need in their procedures or desire and as a result eighty percent of mistakes are due to time reporting bad HCM information data entry mistakes improperly communicated hires and terminations along with absence management and system setups and after that when you round everything off and the information is shipped to the wrong place the typical cost of a worldwide data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money around the world payroll and payments don't run smoothly if they depend on the needed several procedures systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the obstacles organization face when they're paying to staff members or otherwise that's a good question I always throw this back and say what is it what doesn't require to be included best and what does

it need to be considered 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 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 complexity any place you look best eventually constructing a knowledge base is absolutely crucial however all over you look with payroll payment they are like very payments no if but some infants 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 innovation is permitting us to sort of progress with that it also also to contribute to that payroll and finance need to work closer together um with varying Savings account Details differing banking requirements and setup procedures is definitely important that payroll and financing teams work better together than ever um I'm constantly astonished when individuals state I've split payroll and payment um if you walk down the street and asked anyone what is payroll who does not work in the payroll profession would they split the payroll payment from calculation I would say no so why do we as a market accept that why our payroll and payments so often split and cut up um ultimately it's payroll is an end-to-end process it's the point of information collection all the way through to paying individuals any place they are however also paying statutory authorities and on statutory third parties so with the

world we reside in and well-being being a growing number of crucial to add to type of the level of complexity there's a growing number of benefits being organ or being used by organizations across the world so again you're just wanting to include increasingly more payments to this already complicated landscape so if you type of got any experience well I'm from your huge experience here and I make sure however have you got any experience in kind of real difficulties or genuine difficult sort of pay uses to play to pay people I believe yeah I mean over the last well yeah a couple of decades I would absolutely state that the bigger an organization gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the task there are teams feeding details into the next function as it were that's actually handling the payment side of things but you know in in my opinion and my experience that doesn't always require to be the case you know long gone are the times where we require to produce additional handoffs in the processes that we operate in they just make them more timely they make them less effective and they don't make them what they require to be in in a period of tech and a period that you know that we are operating in today there is no reason that we are still making this as challenging as it needs to be concurred and appropriately as you stated payroll is the single most significant liability that any service has from an expense viewpoint from an effect point of view on staff members it is absolutely vital that it's done correctly and on time so what we imply by that is not a day before not a day after on pay day and payments need to be done right it has the most significant detrimental result on individuals's well-being and many other aspects if individuals aren't paid uh I've always been astonished entering into this Market sort of the last 5 to ten years is how little thanks the

payroll team get um so I'm unsure anybody on this kind of webinar has been told thank you for processing my payroll correctly if you have it 'd be excellent to hear your success story and whether that's been from all workers or not um but eventually payroll is such an essential cycle all of us find out about it when it goes wrong everybody jumps up and down when it fails however when it goes right it's just a tick box exercise and I think that's how it's seen from the external deem well um so yeah it's also like why WI-Fi Global why all of this stuff is definitely essential that all of this stuff is done properly so leveraging the very first Global Payments very first payroll payment option is a terrific primary step um supplying an end-to-end payroll service for your staff members globally once again I believe is another big um process again aligning and guaranteeing you have standardization International procedures all of those things are definitely essential to success success of companies and minimizing the variety of tools platforms and checking account they require for their International payroll too could not agree with you more and on the the front in regards to of the thank yous for getting payroll done I have actually never ever had a hundred countless them within a payroll cycle don't expect to you do get the odd 5 or ten or whatever it might be with the with the the problems where things haven't gone quite where they're suggested to be um I don't think any of us are really doing that for for the thanks

anyway we understand how how crucial 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 also so envision sorry I'm simply I was simply gon na state imagine the quantity of thanks you got if you might cover the quantity of people that we cover within this webinar I make certain we're discussing hundreds of thousands possibly Millions picture getting that numerous 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 task 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 require days of the week to try to browse them and really see what was going on and kind of try to get back to everyone so moving on look why do companies pick to main separate checking account there are companies out there doing precisely this for specific nations and I've operated in a company or numerous companies doing exactly that I can say it does not constantly feel effective and it does produce more work I know we're not purposely doing that we're not creating extra work for anyone where we do not need to and anybody that's managing that process 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 believe many reasons one is it's the standard I believe people have got so used to we require a brand-new bank account we open an entity and rightly so you need 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 standard and the standard individuals have actually embraced and continue to do over years and years passed by to contribute to that individuals have looked at things like trust accounts and numerous other methods um to to type of do it so I think there's a range I believe this is a procedure that needs looking at it requires changing but ultimately people are really stuck to what they recognize

with right um modification is a hard thing all of us don't like change um so I think it's just type of moving far from the standard as we've said so yeah so it keeps a lot of track of things um I comprehend certainly the benefits of having preserving multiple bank accounts however 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 established with the best user accesses for specific individuals so the intricacy is huge however I believe the honest response is change um individuals haven't had the ability to change or haven't had necessarily the knowledge to really make that change into alternate Solutions aside from opening a checking account I think you've hit the nail on the head I believe it is knowledge you understand and there is an aspect of resistance to change but we've always done it that way is no real reason for not taking a look at the the advantages and the possibilities of carrying on and moving into you know what might almost be identified to be the next Century or so there is a lot to keep track of and this technique does pose numerous obstacles um so Johnny might you inform us about those obstacles yeah obviously so there's a range right there is so

I just 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 staff members you are worthy of a corner office with a closer parking space because I mastered International payroll and payments with Papaya payroll OS did you

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