Find out more about Papaya Global Auto Enrolment Reports ... 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 actually acquired a separate Chief Financial Officer specifically devoted to managing payments. This provides us with a secure and trustworthy approach of making payments to our 10,000 employees worldwide.}
The innovative international payroll management app improves my payroll procedure, saving me a considerable quantity of time each month. With its easy to use user interface, I have access to a single control panel that efficiently handles my payroll, EOR, and specialists.
Worker Portal
Workers have access to a Staff member Website where they can see their pay slips, wage and tax declarations and work documents. The website is offered in several languages and can be accessed on a desktop or mobile phone.
Benefits Administration
Papaya Global helps business use competitive advantages packages to worldwide workers no matter the number of employees in the business. The company can establish health insurance, short-term and long-lasting disability, vision, oral and maternity leave while eliminating the need to source regional advantages providers in every country, develop regional accounts and have a minimum number of staff members.
The HR capabilities provided by Worldwide HR incorporate different functions such as keeping track of holiday time, making sure compliance, helping with the process of welcoming brand-new employees and bidding farewell to departing ones, providing a safe online platform for storing workers' documents, and offering assistance for work allow procedures in case your workers require support in that location.
HR Analytics
Papaya Global's payroll and HR analytics suite gives you insights into labor force costs, workforce diversity, total employment costs dispersed per area, overall work costs per cycle and much more.
environments across the globe I provided management 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 across business managing and structure external relationships supporting Enterprise customers and options as well as acting as a consultant for those of you that do not know who papaya International is papaya is the first payroll and payments
company to make the time 100 list for the majority of prominent companies on the planet we supply payroll payments and labor force management to all worker key ins over 160 countries I am pleased to state that we also have as Mark said Johnny Nash with us today Johnny would you like to introduce yourself of course thank you good morning great afternoon great evening depending upon where you remain in the world it's beautiful to fulfill 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've been in the payments market for over ten years and particularly 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 sort of make a genuine go at that over the last five or six years where I've type of had a variety of various roles on the service provider side and also on the supplier side from a payroll perspective so actually eagerly anticipating this conversation today um and yeah thank you quite for your time everybody all right thanks Johnny uh we'll just offer everyone another number of uh well among the 30 seconds approximately 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 interesting and I can see it going on currently just to hear where everybody is um it's nice to to sort of like see where everyone comes from and I actually do hope it's much sunnier than it remains in the UK today certainly not the peak of the sunlight is it it's not no it's it's drizzling here it's extremely very bleak 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 difficulty years of handling International payroll why companies maintain different
bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts streamlining papaya International payroll payments as a tactical asset uh we'll likewise review a recap which ought to leave his time at the very very end for a q a session so as the title of the webinar suggests payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and International labor forces end up being more and more common and handling them becomes more and more complicated Worldwide organizations are looking to find Solutions and brand-new methods to streamline processes specifically from a payroll and cross-border payment viewpoint numerous organizations maintain different bank account just for payroll while some have several accounts in various countries does it make good sense for business to preserve separate bank accounts often in different countries it does however just for payroll is there a better method what role do virtual accounts and digital wallets also known as virtual wallets play in assisting international companies improve the episode complex procedures of
making payroll payments precisely efficiently firmly and on time during this webinar we'll stroll you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll checking account how companies precisely forecast their payroll expenses to increase working capital and how simplifying Global payroll payments can turn them from a siled pane into a strategic asset so payroll can be difficult in enough in one nation but when you're doing it globally it's next level and Beyond it becomes intricate for a range of reasons most notably guidelines compliance data security and banking rules then there are the large numbers they include more complexity the global Workforce is currently three and a half billion individuals by 2030 it's estimated that in Africa alone they will contribute and further 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 all over the world in the traditional payroll design there's typically an overwhelming number of various systems resulting in lengthy manual processes and silos the variety of Integrations could be non-existent in large quantities and or very really fundamental there's no real consistency structure we're living in an age of tech however payroll has actually been slow to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper and that just blows my mind whenever I I think
about it to offer you a concept of how far there still is to come according to Deloitte just 11 of organizations say they have Workforce information in real time that's another number that gives me sleep deprived nights and quite frankly the more a company spends on international payroll the less of a picture they see an absence of exposure likewise extends to payroll payments and inability to properly track these payments can lead to compliance incidents in the last mile of the deal almost half of international organizations have actually expressed that they don't 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 bad HCM information data entry errors improperly interacted hires and terminations along with absence management and system configurations and then when you round it all off and the information is delivered to the wrong location the typical cost of a global data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money around the globe payroll and payments don't run efficiently if they depend on the required several procedures systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the obstacles business face when they're paying to employees or otherwise that's a good concern I constantly throw this back and say what is it what doesn't require to be consisted of right and what does
it need to be thought about 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 need 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 ideal eventually developing a knowledge base is definitely important however everywhere you look with payroll payment they resemble extremely 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 absolutely fundamental and technology is allowing us to kind of move on with that it likewise also to contribute to that payroll and finance require to work closer together um with varying Savings account Particulars differing banking requirements and setup procedures is absolutely vital that payroll and finance teams work closer together than ever um I'm constantly surprised when individuals say I have actually split payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn't work in the payroll occupation would they split the payroll payment from estimation 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 information collection all the way through to paying individuals any place they are however likewise paying statutory authorities and on statutory third parties so with the
The contemporary world puts a high worth on wellness and the settlement landscape is ending up being increasingly intricate. Businesses are constantly introducing new benefits and payment options, which adds to the overall intricacy. Big corporations often divide their payroll and payment processing into separate teams, which can cause ineffectiveness and bottlenecks. In my opinion, this doesn't have to hold true. In today's highly advanced period, there's no validation for keeping cumbersome treatments. Payroll, the company's biggest expense, must be processed correctly and on time. Even slight hold-ups can adversely affect workers' wellness and have significant consequences. For that reason, it's important to focus on accurate and timely payments.
payroll team get um so I'm uncertain anyone on this sort of webinar has been told thank you for processing my payroll properly if you have it 'd be great to hear your success story and whether that's been from all employees or not um but eventually payroll is such an important cycle all of us become aware of it when it goes wrong everybody jumps up and down when it fails but when it goes right it's just a tick box workout and I think 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 absolutely vital that all of this stuff is done correctly so leveraging the very first Global Payments first payroll payment option is a terrific first step um providing an end-to-end payroll service for your employees internationally again I believe is another big um procedure again lining up and guaranteeing you have standardization International processes all of those things are absolutely essential to success success of businesses and decreasing the number of tools platforms and checking account they need for their Global 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've never ever had a hundred countless them within a payroll cycle don't expect to you do get the odd 5 or 10 or whatever it might be with the with the the complaints where things haven't gone rather where they're indicated to be um I don't believe any of us are in fact doing that for for the thanks
anyhow we understand how how essential a function 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 simple as possible for everyone that's associated with those processes and likewise so picture sorry I'm just I was simply gon na state envision 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 numerous thousands potentially Millions imagine getting that lots of thank you keeps in mind um I imply it 'd be interesting to see how many Post-it notes you got however it would absolutely be an intriguing job trying 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 check out them and in fact see what was going on and sort of try to get back to everybody so moving on look why do business choose to main separate bank accounts there are services out there doing exactly this for specific countries and I have actually worked in a service or lots of businesses doing precisely that I can say it doesn't constantly feel effective and it does produce more work I know we're not intentionally doing that we're not creating extra work for anyone where we do not have to and anyone that's handling 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 need a brand-new bank account we open an entity and rightly so you need it for payroll functions however there are a variety of markets where it's not a requirement so I believe it's just been the requirement and the norm individuals have adopted 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 many other ways um to to type of do it so I believe there's a range I believe this is a procedure that requires looking at it needs altering however ultimately people are very stuck to what they recognize
with best um modification is a difficult thing all of us don't like change um so I think it's simply kind of moving away from the standard as we've said so yeah so it keeps a great deal of track of things um I comprehend certainly the benefits of having keeping numerous bank accounts but there's a huge amount of complexity chooses establishing a savings account keeping it ensuring it can send out International transfers guaranteeing it's set up with the best user accesses for specific people so the complexity is substantial but I think the honest response is change um people have not had the ability to alter or haven't had always the knowledge to actually make that change into alternate Solutions besides opening a checking account I think you have actually hit the nail on the head I think it is understanding you understand and there is a component of resistance to change however we have actually always done it that way is no real excuse for not taking a look at the the benefits and the possibilities of moving on and moving into you know what could nearly be determined to be the next Century or two there is a lot to monitor and this method does present a number of challenges um so Johnny could you tell us about those challenges yeah obviously so there's a variety right there is so
I recently made a change to our Enterprise 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 gotten another CFO, and with this improved ability, I have actually successfully secured payments for our 10,000 employees worldwide. Your commitment to mastering worldwide payroll and payments utilizing Papaya payroll OS is good. You are worthy of a corner workplace with a parking space that is better, considering your accomplishments.
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