Find out more about Papaya Global And Ms Servers ... We now have the capability to handle both our payroll and payments procedures on one unified platform. It's as if our Chief Financial Officer has gotten a different Chief Financial Officer specifically dedicated to managing payments. This provides us with a protected and trusted method of making payments to our 10,000 employees worldwide.}
The innovative worldwide payroll management app streamlines my payroll procedure, saving me a significant quantity of time monthly. With its easy to use user interface, I have access to a single control panel that effectively handles my payroll, EOR, and contractors.
Worker Website
Workers have access to a Worker Website where they can see their pay slips, wage and tax statements and employment documents. The website is offered in several languages and can be accessed on a desktop or mobile phone.
Benefits Administration
Papaya Global assists business offer competitive advantages plans to international employees no matter the variety of workers in the business. The company can establish medical insurance, short-term and long-lasting impairment, vision, oral and maternity leave while removing the requirement to source regional advantages providers in every country, produce regional accounts and have a minimum variety of workers.
Worldwide HR Performances
's HR performances consist of PTO tracking, compliance, onboarding/offboarding tools, online storage for employees' documents and migration services if your staff members require work license assistance.
HR Analytics
Papaya Global's payroll and HR analytics suite provides you insights into workforce spending, workforce variety, total employment expenses distributed per area, total employment expenses per cycle and a lot more.
environments across the globe I offered management and method to populations of over a hundred thousand employees in more than 170 nations today I'm the payroll techniques for as Mark stated I work across business handling and structure external relationships supporting Enterprise customers and options as well as acting as an advisor for those of you that do not understand who papaya International is papaya is the very first payroll and payments
As a global company, we are honored to be included on the prestigious Time 100 list of the most influential business worldwide. We concentrate on offering payroll and labor force management services to workers in more than 160 countries. I am delighted to present Johnny Nash, as mentioned by Mark. Now, I'll let Johnny present himself. Good day to all, despite your place. It's a pleasure to fulfill you and thank you for your valuable time. As Ian discussed, I am Johnny Nash, the director of payments at our company. With over a years of experience in the payments market, I have concentrated on payroll and payment services for the past seven years. The intricacies and difficulties of this field have always captivated me.
payroll payments and decided to kind of make a genuine go at that over the last five or six years where I've kind of had a variety of different functions on the service provider side and also on the vendor side from a payroll viewpoint so really anticipating this discussion today um and yeah thank you quite for your time everyone okay thanks Johnny uh we'll just provide everyone another couple of uh well among the 30 seconds approximately to join we all work back to back nowadays so we'll type of let them do that so it 'd be quite interesting and I can see it going on currently just to hear where everyone is um it's nice to to kind of like see where everybody comes from and I really do hope it's much sunnier than it remains in the UK today definitely not the peak of the sunlight is it it's not no it's it's drizzling here it's really very uninspiring and I wish I was somewhere else at this moment in time all right so let's begin our agenda for today is as follows um we are going to be taking a look at the challenge years of handling Global payroll why business preserve different
checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts simplifying papaya Global payroll payments as a strategic property uh we'll also go over a recap which should leave his time at the very very 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 Global workforces become increasingly more common and handling them becomes a growing number of intricate Global organizations are looking to find Solutions and new methods to enhance processes especially from a payroll and cross-border payment perspective many companies keep different savings account just for payroll while some have multiple accounts in various nations does it make good sense for companies to keep separate checking account often in different nations it does but just for payroll is there a much better way what function do virtual accounts and digital wallets also called virtual wallets play in helping multinational companies streamline the episode complex procedures of
making payroll payments precisely efficiently safely and on time during this webinar we'll walk you through the international benefits and drawbacks of a payroll wallet versus a payroll bank account how business properly forecast their payroll costs to increase working capital and how streamlining International payroll payments can turn them from a siled pane into a strategic property so payroll can be tough in adequate in one nation but when you're doing it worldwide it's next level and Beyond it becomes intricate for a range of reasons most importantly guidelines compliance information security and banking guidelines then there are the sheer numbers they add additional intricacy the global Labor force is currently 3 and a half billion individuals by 2030 it's approximated that in Africa alone they will contribute and more 1.1 billion people that number is currently 500 million just for for a scale then consider that there are some 230 million services and growing all doing their own thing worldwide in the traditional payroll design there's frequently an overwhelming variety of different systems resulting in time-consuming manual processes and silos the number of Combinations could be non-existent in big quantities and or very really fundamental there's no genuine consistency framework we're living in an era of tech however payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper and that just blows my mind each time I I believe
about it to offer you an idea of how far there still is to come according to Deloitte only 11 of businesses say they have Workforce data in real time that's another number that offers me sleepless nights and rather frankly the more a company spends on international payroll the less of a photo they see a lack of exposure likewise reaches payroll payments and inability to properly track these payments can cause compliance mishaps in the last mile of the transaction almost half of international companies 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 poor HCM data data entry errors inadequately communicated hires and terminations as well as absence management and system configurations and after that when you round everything off and the data is shipped to the wrong place the typical expense of a worldwide data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money around the world payroll and payments don't run efficiently if they rely on the essential numerous 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 an excellent question I constantly throw this back and say what is it what doesn't need to be consisted of best and what does
it require to be thought of there's differing Bank information 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 need to pay from the client's own in-country account so there's complexity anywhere you look ideal eventually developing a knowledge base is definitely critical but all over you look with payroll payment they are like very 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 absolutely basic and innovation is allowing us to type of move on with that it also also to add to that payroll and financing require to work closer together um with differing Savings account Particulars differing banking requirements and setup procedures is definitely vital that payroll and financing groups work better together than ever um I'm constantly astonished when individuals say I have actually divided payroll and payment um if you walk down the street and asked anyone what is payroll who doesn't operate in the payroll profession would they divide the payroll payment from estimation 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 eventually it's payroll is an end-to-end process it's the point of information collection all the way through to paying individuals wherever they are but also paying statutory authorities and on statutory third parties so with the
The modern world puts a high worth on wellness and the payment landscape is ending up being significantly intricate. Services are continuously introducing new advantages and payment alternatives, which adds to the total complexity. Large corporations frequently divide their payroll and payment processing into different groups, which can lead to inefficiencies and traffic jams. In my opinion, this doesn't have to be the case. In today's technically advanced era, there's no validation for preserving troublesome procedures. Payroll, the business's biggest expense, must be processed properly and on time. Even minor hold-ups can adversely affect employees' wellness and have far-reaching consequences. For that reason, it's crucial to prioritize accurate and timely payments.
The payroll team may not have been thanked for correctly processing payroll throughout a webinar. If anyone has been thanked, it would be fantastic to hear their success story, whether it's from all workers or not. Payroll is a crucial cycle, and individuals only observe when things go wrong. Nevertheless, when things go right, it's seen as simply a regular job. This is how it's perceived externally also. Therefore, it is important to guarantee that jobs like Wi-Fi Global and other essential matters are done properly. Utilizing the very first Global Payments very first payroll payment option is a fantastic initial action towards offering an extensive payroll service for employees worldwide. Standardization, global procedures, and minimizing the number of tools, platforms, and savings account needed for worldwide payroll are key factors in accomplishing company success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally get a few problems when things don't go as prepared. Ultimately, we don't do it for the gratitude.
anyway we understand 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 simple as possible for everybody that's involved in those procedures and likewise so think of sorry I'm simply I was just gon na say envision the amount of thanks you got if you might cover the amount of people that we cover within this webinar I make sure we're discussing hundreds of thousands possibly Millions picture 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 but it would certainly be an intriguing task trying to clean all those up for sure oh absolutely I can't imagine the size of my my Outlook inbox if that held true um you 'd need days of the week to attempt to check out them and actually see what was going on and sort of try to get back to everyone so carrying on look why do companies choose to primary separate checking account there are services out there doing exactly this for specific nations and I've worked in an organization or numerous businesses doing exactly that I can state it doesn't always feel efficient and it does produce more work I understand we're not purposely doing that we're not creating extra work for any person where we don't need to and any person 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 think lots of reasons one is it's the requirement I believe individuals have actually got so utilized to we need a new bank account we open an entity and appropriately so you require it for payroll purposes however there are a number of markets where it's not a requirement so I believe it's simply been the requirement and the norm the people have adopted and continue to do over years and years gone past to add to that people have actually taken a look at things like trust accounts and many other ways um to to kind of do it so I believe there's a range I believe this is a process that needs looking at it requires changing but ultimately individuals are really stuck to what they're familiar
with ideal um change is a difficult thing we all do not like change um so I believe it's simply sort of moving away from the standard as we've said so yeah so it keeps a great deal of track of things um I understand obviously the advantages of having preserving several savings account however there's a huge amount of intricacy chooses setting up a bank account preserving it guaranteeing it can send out International transfers ensuring it's set up with the right user accesses for specific people so the intricacy is substantial but I believe the sincere answer is modification um people have not had the ability to change or haven't had necessarily the knowledge to really make that change into alternate Solutions aside from opening a bank account I think you've hit the nail on the head I think it is understanding you understand and there is an element of resistance to alter but we've constantly done it that way is no real reason for not taking a look at the the advantages and the possibilities of proceeding and moving into you know what might practically be determined to be the next Century or two there is a lot to monitor and this method does present a number of obstacles um so Johnny could you tell us about those challenges yeah obviously so there's a range right there is so
I just recently made a modification to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It feels like our CFO has actually gained another CFO, and with this improved capability, I have effectively protected payments for our 10,000 staff members worldwide. Your commitment to mastering international payroll and payments utilizing Papaya payroll OS is commendable. You deserve a corner workplace with a parking space that is more detailed, considering your achievements.
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