Find out more about Papaya Global And Accounting Software ... We now have the capability to manage both our payroll and payments procedures on one combined platform. It's as if our Chief Financial Officer has acquired a separate Chief Financial Officer particularly devoted to handling payments. This supplies us with a secure and reputable technique of paying to our 10,000 staff members worldwide.}
The innovative international payroll management app streamlines my payroll procedure, saving me a considerable quantity of time every month. With its user-friendly interface, I have access to a single dashboard that effectively handles my payroll, EOR, and specialists.
Worker Portal
Workers have access to a Worker Portal where they can view their pay slips, wage and tax statements and work documents. The portal is readily available in numerous languages and can be accessed on a desktop or mobile device.
Benefits Administration
Papaya Global assists companies provide competitive advantages bundles to international employees despite the number of staff members in the business. The company can establish medical insurance, short-term and long-lasting impairment, vision, dental and maternity leave while eliminating the need to source regional advantages service providers in every country, develop regional accounts and have a minimum variety of employees.
The HR abilities supplied by Global HR incorporate numerous functions such as monitoring holiday time, ensuring compliance, assisting in the process of inviting brand-new staff members and bidding goodbye to leaving ones, using a protected online platform for storing employees' files, and offering assistance for work allow treatments in case your employees need assistance because area.
HR Analytics
Papaya Global's payroll and HR analytics suite provides you insights into workforce costs, workforce diversity, total employment costs distributed per place, total employment expenses per cycle and a lot more.
environments around the world I offered leadership and method 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 throughout the business handling and building external relationships supporting Business clients and services as well as functioning as a consultant for those of you that do not understand who papaya International is papaya is the very first payroll and payments
As an international business, we are honored to be consisted of on the prestigious Time 100 list of the most prominent business worldwide. We concentrate on providing payroll and labor force management services to workers in more than 160 countries. I am delighted to present Johnny Nash, as pointed out by Mark. Now, I'll let Johnny present himself. Good day to all, despite your place. It's an enjoyment to satisfy you and thank you for your important time. As Ian discussed, I am Johnny Nash, the director of payments at our organization. With over a years of experience in the payments industry, I have actually focused on payroll and payment solutions for the past 7 years. The intricacies and obstacles of this field have constantly mesmerized me.
payroll payments and decided to sort of make a real go at that over the last five or 6 years where I have actually sort of had a range of various roles on the company side and also on the vendor side from a payroll point of view so really looking forward to this discussion today um and yeah thank you quite for your time everyone alright thanks Johnny uh we'll simply provide everybody another number of uh well among the 30 seconds or so to join we all 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 everybody is um it's nice to to type of like see where everyone comes from and I really do hope it's much sunnier than it is 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 really really dreary and I wish I was elsewhere at this moment in time okay so let's begin our agenda for today is as follows um we are going to be looking at the challenge 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 forecasting payroll expenses using virtual payroll accounts enhancing papaya Worldwide payroll payments as a strategic property uh we'll also discuss a wrap-up and that ought to leave his time at the extremely really end for a q a session so as the title of the webinar suggests payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and International workforces end up being more and more common and managing them ends up being increasingly more complex Worldwide organizations are looking to find Solutions and brand-new methods to improve procedures specifically from a payroll and cross-border payment viewpoint many organizations maintain different bank account just for payroll while some have several accounts in various nations does it make sense for business to maintain separate checking account often in various countries it does however just for payroll is there a better method what function do virtual accounts and digital wallets also referred to as virtual wallets play in assisting multinational companies improve the episode complex procedures of
Ensuring accurate, effective, and timely payroll payments is a complex difficulty for organizations operating internationally. Join us for a webinar to explore the advantages and disadvantages of payroll wallets versus payroll checking account, learn how business anticipate payroll costs to optimize working capital, and find how simplifying worldwide payroll payments can change them from a difficult task into a strategic possession.
Handling payroll internationally is a complicated task due to various guidelines, compliance requirements, data security issues, and banking rules. The large number of staff members and services contributes to the intricacy, with an approximated 3.5 billion people in the global labor force, 500 countless whom remain in Africa, and 230 million businesses worldwide.
Traditional payroll systems typically result in manual procedures, information silos, and a lack of integration, causing disparities and ineffectiveness. In spite of residing in an age of technological developments, payroll management has actually been slow to adjust, with as much as 25% of payroll still processed manually, frequently using pen and paper. This webinar objectives to offer insights and solutions to streamline and enhance global payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of services say they have Labor force information in real time that's another number that provides me sleep deprived nights and rather honestly the more a service invests in international payroll the less of a picture they see an absence of visibility also encompasses payroll payments and inability to precisely track these payments can result in compliance mishaps in the last mile of the deal nearly half of international companies have actually expressed that they do not have the level of standardization they need in their processes or desire and as a result eighty percent of mistakes are because of time reporting bad HCM information information entry errors badly interacted hires and terminations as well as lack management and system configurations and after that when you round everything off and the data is delivered to the wrong place the typical cost of a global information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash around the world payroll and payments don't run efficiently if they depend on the needed numerous processes 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 business face when they're making payments to employees or otherwise that's a great concern I always throw this back and state what is it what doesn't need to be consisted of ideal and what does
it need to be thought about there's varying Bank details so the length of an eye band a swift an account number routing code per nation 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 need to pay from the consumer's own in-country account so there's intricacy any place you look best eventually building a knowledge base is definitely crucial however everywhere you look with payroll payment they resemble super payments no if however some babies about it you are all superheroes processing payments for payroll if you take a look at the type of link in between fintech and payroll it's closer than ever I think there's now a bit more acknowledgment that payroll payments are definitely essential and innovation is enabling us to kind of progress with that it also as well to add to that payroll and finance require to work closer together um with varying Savings account Particulars differing banking requirements and setup processes is definitely essential that payroll and financing teams work closer together than ever um I'm constantly surprised when individuals say I've divided payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn't operate in the payroll occupation would they divide the payroll payment from computation I would say no so why do we as a market accept that why our payroll and payments so typically 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 wherever they are but likewise paying statutory authorities and on statutory 3rd parties so with the
The modern-day world puts a high value on well-being and the payment landscape is ending up being increasingly elaborate. Companies are continuously presenting new advantages and payment alternatives, which contributes to the general complexity. Big corporations typically divide their payroll and payment processing into different teams, which can lead to inadequacies and traffic jams. In my viewpoint, this doesn't need to be the case. In today's technologically sophisticated era, there's no justification for preserving troublesome procedures. Payroll, the business's greatest cost, should be processed correctly and on time. Even slight hold-ups can adversely impact employees' well-being and have significant effects. Therefore, it's crucial to prioritize precise and prompt payments.
The payroll team might not have been thanked for properly processing payroll during 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 an important cycle, and individuals only observe when things fail. However, when things go right, it's seen as simply a routine task. This is how it's viewed externally as well. For that reason, it is necessary to make sure that jobs like Wi-Fi International and other important matters are done correctly. Utilizing the first Worldwide Payments first payroll payment option is a terrific initial step towards supplying a thorough payroll service for staff members worldwide. Standardization, international processes, and reducing the variety of tools, platforms, and bank accounts necessary for global payroll are key factors in attaining business success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do periodically receive a couple of problems when things do not go as planned. Eventually, we don't do it for the appreciation.
anyway we understand 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 processes and also so envision sorry I'm simply I was simply gon na say envision the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I'm sure we're discussing numerous thousands potentially Millions picture getting that numerous thank you notes um I indicate it 'd be interesting to see the number of Post-it notes you got but it would absolutely be an intriguing task attempting to clean up all those up for sure oh definitely I can't picture the size of my my Outlook inbox if that held true um you 'd require days of the week to attempt to look through them and really see what was going on and sort of shot to get back to everybody so moving on appearance why do companies select to main different savings account there are businesses out there doing precisely this for particular nations and I've operated in a company or lots of businesses doing exactly that I can state it does not always feel effective and it does create more work I know we're not purposely doing that we're not producing additional work for any person where we do not need to and anybody 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 lots of reasons one is it's the requirement I think people have actually got so used to we require a brand-new bank account we open an entity and appropriately so you need it for payroll purposes however there are a variety of markets where it's not a requirement so I think it's just been the requirement and the standard individuals have adopted and continue to do over years and years gone past to contribute to that individuals have actually taken a look at things like trust accounts and numerous other ways um to to type of do it so I think there's a variety I believe this is a process that requires taking a look at it needs altering but ultimately individuals are really stuck with what they recognize
with ideal um change is a challenging thing we all do not like change um so I think it's just sort of moving far from the standard as we've said so yeah so it keeps a lot of track of stuff um I comprehend obviously the advantages of having keeping numerous checking account but there's a huge amount of intricacy chooses setting up a savings account keeping it ensuring it can send out International transfers ensuring it's set up with the right user accesses for specific people so the complexity is substantial but I believe the honest response is change um individuals haven't been able to alter or haven't had necessarily the knowledge to truly make that change into alternate Solutions aside from opening a bank account I believe you have actually hit the nail on the head I think it is knowledge you understand and there is an aspect of resistance to change but we have actually constantly done it that way is no real excuse for not taking a look at the the advantages and the possibilities of moving on and moving into you know what might almost be determined to be the next Century or so there is a lot to keep track of and this technique does position several challenges um so Johnny might you tell us about those challenges yeah naturally so there's a variety right there is so
I just 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 staff members you should have a corner workplace with a better parking space since I mastered Worldwide payroll and payments with Papaya payroll OS did you
Papaya Global Aeo