Find out more about Papaya Global Avcount.And Serial.Not Recignised ... 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 acquired a separate Chief Financial Officer specifically devoted to handling payments. This provides us with a secure and trusted technique of paying to our 10,000 staff members worldwide.}
the very best global payroll managment app, conserves me hours of time on a monthly basis, one single dashboard for my payroll, EOR and professionals
Staff member Website
Staff members have access to a Worker Portal where they can view their pay slips, wage and tax statements and employment documents. The portal is available in multiple languages and can be accessed on a desktop or mobile device.
Benefits Administration
Papaya Global assists companies offer competitive advantages plans to global workers regardless of the variety of workers in the company. The business can set up health insurance, short-term and long-term special needs, vision, dental and maternity leave while eliminating the requirement to source local benefits companies in every country, produce regional accounts and have a minimum variety of workers.
International HR Performances
's HR functionalities 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 offers you insights into workforce costs, labor force diversity, overall employment expenses dispersed per area, total employment expenses per cycle and a lot more.
environments across the globe I provided management and method to populations of over a hundred thousand workers in more than 170 nations today I'm the payroll strategies for as Mark said I work across the business managing and structure external relationships supporting Business customers and options along with serving as a consultant for those of you that do not know who papaya International is papaya is the very first payroll and payments
company to make the time 100 list for many prominent business on the planet we offer payroll payments and workforce management to all worker enters 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 present yourself of course thank you good morning good afternoon excellent evening depending upon where you remain in the world it's lovely 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 remained in the payments industry for over 10 years and particularly dealing with the payroll and payment sector for over 7 years um I was amazed by the complexity the problem in all of the above of
payroll payments and decided to type of make a genuine go at that over the last five or six years where I've kind of had a variety of various roles on the company side and also on the vendor side from a payroll viewpoint so truly eagerly anticipating this conversation today um and yeah thank you very much for your time everybody all right 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 sort of let them do that so it 'd be rather fascinating and I can see it going on already just to hear where everybody is um it's nice to to sort of like see where everybody originates from and I actually 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 extremely very bleak and I want I was somewhere else at this moment in time alright so let's begin our program for today is as follows um we are going to be taking a look at the obstacle years of handling Global payroll why business maintain different
savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts streamlining papaya Global payroll payments as a strategic possession uh we'll likewise discuss a recap which must leave his time at the very really end for a q a session so as the title of the webinar suggests payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and International labor forces end up being a growing number of typical and managing them becomes a growing number of complicated Worldwide companies are aiming to find Solutions and brand-new methods to streamline procedures especially from a payroll and cross-border payment perspective many companies keep separate bank account just for payroll while some have multiple accounts in different countries does it make sense for companies to keep different checking account often in different nations it does but just for payroll exists a better method what function do virtual accounts and digital wallets also known as virtual wallets play in assisting multinational companies improve the episode complex procedures of
making payroll payments accurately efficiently securely and on time throughout this webinar we'll stroll you through the global benefits and drawbacks of a payroll wallet versus a payroll bank account how companies properly anticipate their payroll expenses to increase working capital and how enhancing Worldwide payroll payments can turn them from a siled pane into a strategic property so payroll can be challenging in sufficient in one country but when you're doing it worldwide it's next level and Beyond it becomes intricate for a range of reasons most significantly policies compliance information security and banking rules then there are the sheer numbers they add further complexity the global Workforce is presently 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 factor in that there are some 230 million organizations and growing all doing their own thing around the world in the traditional payroll design there's typically an overwhelming number of various systems causing lengthy manual procedures and silos the number of Integrations could be non-existent in large quantities and or really extremely standard there's no genuine consistency framework 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 frequently with pen and paper and that simply blows my mind whenever I I think
about it to give you a concept of how far there still is to come according to Deloitte only 11 of companies state they have Labor force data in real time that's another number that provides me sleepless nights and quite honestly the more a business spends on international payroll the less of an image they see a lack of presence also extends to payroll payments and failure to precisely track these payments can cause compliance incidents in the last mile of the transaction nearly half of international businesses have actually revealed that they don't have the level of standardization they need in their processes or desire and as a result eighty percent of errors are because of time reporting bad HCM information information entry errors improperly interacted hires and terminations along with lack management and system configurations and then when you round it all off and the information is shipped to the wrong place the typical expense of a worldwide information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash worldwide payroll and payments don't run smoothly if they rely on the essential several 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 paying to workers or otherwise that's a good question I always throw this back and state what is it what does not require to be consisted of right and what does
it need to be considered 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 abilities 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 anywhere you look ideal ultimately developing a knowledge base is definitely crucial but everywhere you look with payroll payment they resemble super payments no if however some children about it you are all superheroes processing payments for payroll if you look at the kind of link between fintech and payroll it's closer than ever I think there's now a bit more recognition that payroll payments are definitely basic and innovation is allowing us to type of move on with that it also as well to add to that payroll and financing need to work closer together um with varying Savings account Details differing banking requirements and setup procedures is definitely imperative that payroll and financing groups work more detailed together than ever um I'm constantly amazed when people say I've split payroll and payment um if you walk down the street and asked anyone what is payroll who does not operate in the payroll occupation would they split 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 ultimately it's payroll is an end-to-end process it's the point of information collection all the way through to paying people any place they are however likewise paying statutory authorities and on statutory third parties so with the
The modern-day world positions a high value on well-being and the settlement landscape is becoming increasingly intricate. Organizations are continually presenting new benefits and payment alternatives, which adds to the overall intricacy. Large corporations often divide their payroll and payment processing into separate teams, which can result in inefficiencies and bottlenecks. In my viewpoint, this does not have to hold true. In today's technically innovative period, there's no justification for maintaining cumbersome procedures. Payroll, the company's most significant expenditure, should be processed properly and on time. Even small delays can adversely affect workers' well-being and have significant effects. Therefore, it's crucial to focus on precise and prompt payments.
payroll group get um so I'm not exactly sure anyone on this kind of webinar has actually 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 staff members or not um however eventually payroll is such an important cycle we all become aware of it when it fails 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 view as well um so yeah it's likewise like why WI-Fi Global why all of this things is definitely vital that all of this things is done correctly so leveraging the very first Worldwide Payments very first payroll payment solution is a terrific first step um providing an end-to-end payroll solution for your workers globally again I think is another big um procedure once again lining up and ensuring you have standardization Worldwide procedures all of those things are absolutely crucial to success success of businesses and lowering the variety of tools platforms and checking account they require for their Worldwide 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 have actually never ever had a hundred countless them within a payroll cycle do not 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 suggested to be um I do not believe any of us are actually doing that for for the thanks
anyhow we know 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 easy as possible for everyone that's associated with those processes and likewise so envision sorry I'm just I was simply gon na say envision the quantity of thanks you got if you might cover the quantity of people that we cover within this webinar I make sure we're talking about hundreds of thousands potentially Millions imagine getting that lots of thank you notes um I mean it 'd be interesting to see how many Post-it notes you got but it would definitely be a fascinating task trying to clean all those up for sure oh definitely I can't picture the size of my my Outlook inbox if that was the case um you 'd need days of the week to attempt to check out them and really see what was going on and kind of shot to return to everybody so moving on look why do companies select to primary separate checking account there are companies out there doing precisely this for particular countries and I've operated in a company or many services doing precisely that I can say it does not always feel efficient and it does produce more work I know we're not purposely doing that we're not producing additional work for any person where we do not have to and anybody that's managing that process 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 many factors one is it's the standard I think individuals have actually got so used to we require a brand-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 believe it's just been the standard and the standard the people have actually adopted and continue to do over years and years gone past to add to that individuals have actually looked at things like trust accounts and lots of other methods um to to kind of do it so I believe there's a variety I believe this is a process that requires looking at it needs altering but eventually individuals are extremely stuck with what they're familiar
with right um change is a challenging thing all of us do not like modification um so I think it's just 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 understand obviously the advantages of having preserving multiple bank accounts but there's a big amount of complexity opts for establishing a bank account preserving it ensuring it can send out International transfers ensuring it's established with the ideal user accesses for specific people so the intricacy is big but I believe the truthful answer is change um people have not had the ability to change or haven't had always the understanding to really make that change into alternate Solutions other than opening a checking account I believe you have actually struck the nail on the head I think it is understanding you understand and there is a component of resistance to alter however we've always done it that way is no real reason for not looking at the the advantages and the possibilities of moving on and moving into you know what could almost be identified to be the next Century or so there is a lot to keep an eye on and this technique does pose a number of challenges um so Johnny might you tell us about those difficulties yeah of course so there's a range right there is so
I just recently made a change to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It feels like our CFO has gotten another CFO, and with this enhanced ability, I have actually successfully secured payments for our 10,000 employees worldwide. Your devotion to mastering international payroll and payments utilizing Papaya payroll OS is commendable. You deserve a corner office with a parking space that is better, considering your accomplishments.
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