Find out more about Papaya Global And Bookkeeping Courses ... We now have the capability to handle both our payroll and payments processes on one combined platform. It's as if our Chief Financial Officer has acquired a separate Chief Financial Officer specifically devoted to managing payments. This provides us with a safe and trusted method of paying to our 10,000 employees worldwide.}
The cutting-edge international payroll management app simplifies my payroll procedure, conserving me a considerable amount of time monthly. With its easy to use user interface, I have access to a single dashboard that effectively manages my payroll, EOR, and professionals.
Staff member Website
Staff members have access to a Worker Website where they can view their pay slips, wage and tax statements and work documents. The portal is available in several languages and can be accessed on a desktop or mobile device.
Advantages Administration
Papaya Global assists business provide competitive advantages packages to worldwide workers despite the number of workers in the company. The business can establish health insurance, short-term and long-lasting special needs, vision, oral and maternity leave while removing the requirement to source regional advantages service providers in every country, develop regional accounts and have a minimum variety of employees.
The HR abilities supplied by Worldwide HR incorporate different functions such as keeping an eye on getaway time, guaranteeing compliance, assisting in the procedure of inviting brand-new employees and bidding farewell to leaving ones, offering a safe online platform for keeping workers' documents, and providing assistance for work permit treatments in case your workers require assistance because area.
HR Analytics
Papaya Global's payroll and HR analytics suite gives you insights into labor force costs, workforce diversity, overall employment costs distributed per place, overall employment expenses per cycle and a lot more.
Worldwide, I have shown management and strategic proficiency in directing large-scale populations of over 100,000 workers throughout 170 countries. Currently, I am responsible for supervising payroll strategies, as mentioned by Mark. My role includes managing and establishing external collaborations, supporting Enterprise clients, and supplying advisory services. Furthermore, I am proud to be a part of Papaya Global, a pioneering payroll and payments options company.
business to make the time 100 list for many influential companies on the planet we offer payroll payments and workforce management to all employee types in over 160 countries I am pleased to say that we also have as Mark stated Johnny Nash with us today Johnny would you like to present yourself naturally thank you good morning good afternoon excellent evening depending upon where you are in the world it's beautiful to meet you and thank you very much for your time as Ian stated my name is Johnny Nash and I'm the payments director here at um I have actually been in the payments industry for over 10 years and specifically working on the payroll and payment sector for over seven years um I was amazed by the intricacy the difficulty in all of the above of
payroll payments and chose to kind of make a real go at that over the last five or six years where I've type of had a range of different roles on the provider side and likewise on the vendor side from a payroll viewpoint so actually looking forward to this conversation today um and yeah thank you quite for your time everyone okay thanks Johnny uh we'll simply provide everyone another number of uh well one of the 30 seconds approximately to join we all work back to back nowadays so we'll kind of let them do that so it 'd be quite interesting and I can see it going on currently simply to hear where everybody is um it's nice to to kind of like see where everyone comes from and I truly do hope it's much sunnier than it is in the UK today certainly not the peak of the sunlight 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 get going our program for today is as follows um we are going to be taking a look at the obstacle years of managing International payroll why companies keep different
bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts simplifying papaya International payroll payments as a tactical property uh we'll likewise review a recap which needs to leave his time at the very extremely end for a q a session so as the title of the webinar recommends payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and International workforces become more and more typical and managing them ends up being a growing number of intricate Global companies are seeking to discover Solutions and brand-new methods to simplify processes especially from a payroll and cross-border payment viewpoint numerous organizations maintain separate checking account just for payroll while some have numerous accounts in different countries does it make good sense for business to keep different checking account in some cases in different countries it does however just for payroll exists a better method what function do virtual accounts and digital wallets likewise referred to as virtual wallets play in assisting multinational companies enhance the episode complex procedures of
Guaranteeing precise, effective, and timely payroll payments is a complex challenge for businesses operating internationally. Join us for a webinar to check out the benefits and disadvantages of payroll wallets versus payroll bank accounts, discover how business anticipate payroll expenses to optimize working capital, and discover how simplifying international payroll payments can transform them from a troublesome task into a strategic property.
Managing payroll internationally is a difficult job due to various regulations, compliance requirements, information security issues, and banking rules. The large number of staff members and services contributes to the complexity, with an approximated 3.5 billion people in the global workforce, 500 countless whom are in Africa, and 230 million businesses worldwide.
Standard payroll systems often lead to manual procedures, information silos, and a lack of integration, leading to disparities and inadequacies. In spite of living in an era of technological developments, payroll management has actually been sluggish to adjust, with as much as 25% of payroll still processed by hand, typically utilizing pen and paper. This webinar aims to provide insights and solutions to streamline and enhance international payroll payments.
about it to give you a concept of how far there still is to come according to Deloitte just 11 of services state they have Workforce information in real time that's another number that gives me sleepless nights and quite frankly the more a business invests in global payroll the less of a photo they see a lack of visibility likewise encompasses payroll payments and inability to accurately track these payments can lead to compliance mishaps in the last mile of the deal nearly half of international businesses have actually expressed that they don't have the level of standardization they need in their processes or want and as a result eighty percent of mistakes are because of time reporting poor HCM information data entry errors inadequately interacted hires and terminations in addition to absence management and system setups and then when you round everything off and the data is delivered to the incorrect place the typical cost of a global information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money around the globe payroll and payments do not run efficiently if they count 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 company face when they're paying to employees or otherwise that's an excellent concern I always toss this back and state what is it what does not need to be included best and what does
it need to be thought about there's differing Bank details so the length of an eye band a swift an account number routing code per nation 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 need to pay from the consumer's own in-country account so there's complexity any place you look best ultimately developing a knowledge base is definitely vital however everywhere you look with payroll payment they resemble incredibly payments no if but some children 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 recognition that payroll payments are absolutely essential and innovation is permitting us to kind of move on with that it also also to add to that payroll and financing need to work closer together um with varying Bank Account Details varying banking requirements and setup processes is absolutely crucial that payroll and finance teams work closer together than ever um I'm constantly impressed when people state I have actually divided payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn't work in the payroll profession would they divide the payroll payment from estimation I would say no so why do we as an industry accept that why our payroll and payments so often split and cut up um ultimately it's payroll is an end-to-end procedure it's the point of information collection all the way through to paying people wherever they are but also paying statutory authorities and on statutory 3rd parties so with the
world we reside in and well-being being increasingly more essential to add to sort of the level of intricacy there's more and more advantages being organ or being offered by companies across the world so once again you're simply seeking to include a growing number of payments to this currently complicated landscape so if you type of got any experience well I'm from your large experience here and I make sure however have you got any experience in kind of genuine difficulties or genuine difficult type of pay uses to play to pay people I believe yeah I suggest over the last well yeah a number of decades I would definitely say that the bigger a service 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 info into the next function as it were that's actually managing the payment side of things but you understand in in my viewpoint and my experience that doesn't necessarily need to be the case you understand long gone are the times where we require to develop additional handoffs while doing sos that we operate in they just make them more timely they make them less efficient and they do not make them what they need to be in in a period of tech and a period that you understand that we are working in today there is no reason why we are still making this as hard as it needs to be agreed and appropriately as you stated payroll is the single biggest liability that any company has from a cost point of view from an impact point of view on workers it is absolutely crucial that it's done properly and on time so what we mean by that is not a day before not a day after on pay day and payments need to be done right it has the biggest harmful result on individuals's well-being and lots of other elements if people aren't paid uh I've always been astonished entering into this Market kind of the last 5 to 10 years is how little thanks the
The payroll group may not have been thanked for properly processing payroll throughout a webinar. If anyone has been thanked, it would be fantastic to hear their success story, whether it's from all employees or not. Payroll is an important cycle, and individuals just see when things go wrong. Nevertheless, when things go right, it's seen as just a regular job. This is how it's viewed externally also. For that reason, it is necessary to make sure that tasks like Wi-Fi Worldwide and other crucial matters are done properly. Using the first Worldwide Payments very first payroll payment solution is a fantastic preliminary action towards providing a detailed payroll solution for workers worldwide. Standardization, global procedures, and reducing the variety of tools, platforms, and savings account needed for international payroll are crucial factors in achieving business success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do periodically get a few problems when things don't go as prepared. Eventually, we don't do it for the gratitude.
anyway we know 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 think of sorry I'm just I was simply gon na say imagine the quantity of thanks you got if you might cover the amount of people that we cover within this webinar I make certain we're talking about hundreds of thousands potentially Millions think of getting that lots of thank you notes um I suggest it 'd be interesting to see the number of Post-it notes you got but it would certainly be an interesting task attempting 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 really see what was going on and type of try to return to everybody so proceeding look why do business select to main separate bank accounts there are services out there doing precisely this for specific nations and I've operated in a company or many businesses doing precisely that I can state it does not constantly feel effective and it does create more work I know we're not intentionally doing that we're not producing extra work for anyone where we don't have to and anyone that's managing that procedure 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 numerous factors one is it's the standard I believe people have got so utilized to we require a new savings account we open an entity and rightly so you require 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 standard and the standard the people have actually embraced and continue to do over years and years passed by to contribute to that people have taken a look 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 think this is a process that needs taking a look at it requires altering but eventually individuals are extremely stuck to what they're familiar
with ideal um modification is a difficult thing we all do not like change um so I think it's simply kind of moving far from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I comprehend clearly the advantages of having maintaining several bank accounts but there's a substantial quantity of intricacy goes with establishing a savings account keeping it ensuring it can send International transfers guaranteeing it's established with the ideal user accesses for individual people so the complexity is big however I believe the sincere response is modification um individuals haven't had the ability to alter or have not had necessarily the understanding to truly make that change into alternate Solutions besides opening a bank account I believe 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've constantly 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 could nearly be determined to be the next Century or so there is a lot to track and this technique does present several challenges um so Johnny could you tell us about those difficulties yeah naturally 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 employees you deserve a corner workplace with a more detailed parking space because I mastered International payroll and payments with Papaya payroll OS did you
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