Find out more about Papaya Global Bank Details For Attachments Of Earnings ... We now have the capability to manage both our payroll and payments procedures on one unified platform. It's as if our Chief Financial Officer has acquired a separate Chief Financial Officer particularly committed to managing payments. This provides us with a protected and trusted method of making payments to our 10,000 workers worldwide.}
the BEST international payroll managment app, conserves me hours of time on a monthly basis, one single control panel for my payroll, EOR and specialists
The Staff member Website supplies workers with the ability to access and view crucial files such as pay slips, wage and tax declarations, and employment records. This website is accessible on both desktop and mobile phones and is provided in various languages.
Advantages Administration
Papaya Global assists business offer competitive advantages bundles to global staff members no matter the variety of staff members in the company. The business can set up medical insurance, short-term and long-lasting disability, vision, dental and maternity leave while removing the need to source local benefits companies in every country, create regional accounts and have a minimum number of workers.
International HR Functionalities
's HR performances include PTO tracking, compliance, onboarding/offboarding tools, online storage for workers' documents and migration services if your employees require work authorization assistance.
HR Analytics
Papaya Global's payroll and HR analytics suite provides you insights into labor force costs, labor force diversity, overall work expenses distributed per area, total employment expenses per cycle and far more.
environments around the world I offered leadership and strategy to populations of over a hundred thousand staff members in more than 170 nations today I'm the payroll techniques for as Mark said I work across business managing and building external relationships supporting Business clients and options in addition to acting as an advisor for those of you that do not know who papaya International is papaya is the first payroll and payments
business to make the time 100 list for a lot of influential companies on the planet we offer payroll payments and workforce management to all staff member key ins over 160 countries I am pleased to state that we likewise have as Mark said Johnny Nash with us today Johnny would you like to introduce yourself of course thank you good morning excellent afternoon great evening depending upon where you are in the world it's beautiful to satisfy you and thank you quite for your time as Ian said my name is Johnny Nash and I'm the payments director here at um I've remained in the payments market for over ten years and particularly working on the payroll and payment sector for over 7 years um I was fascinated by the complexity the trouble 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 kind of had a variety of different functions on the provider side and likewise on the supplier 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 okay thanks Johnny uh we'll just provide everyone another couple 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 quite intriguing and I can see it going on already just to hear where everyone is um it's nice to to type of like see where everyone comes from and I actually do hope it's much sunnier than it remains in the UK today definitely not the peak of the sunshine is it it's not no it's it's raining here it's very really dreary 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 International payroll why companies maintain separate
checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts simplifying papaya Global payroll payments as a strategic asset uh we'll also review a wrap-up and that should leave his time at the extremely very end for a q a session so as the title of the webinar suggests payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces end up being more and more typical and handling them becomes increasingly more intricate International organizations are looking to discover Solutions and brand-new ways to simplify processes especially from a payroll and cross-border payment perspective lots of organizations preserve separate bank account just for payroll while some have numerous accounts in different countries does it make good sense for companies to maintain different checking account sometimes in different countries it does however just for payroll is there a much better way what role do virtual accounts and digital wallets likewise referred to as virtual wallets play in helping multinational companies improve the episode complex procedures of
Ensuring precise, efficient, and timely payroll payments is a complex challenge for organizations operating globally. Join us for a webinar to explore the advantages and drawbacks of payroll wallets versus payroll savings account, find out how business forecast payroll costs to optimize working capital, and discover how simplifying global payroll payments can change them from a troublesome job into a tactical asset.
Managing payroll globally is a daunting task due to numerous regulations, compliance requirements, data security concerns, and banking rules. The large variety of workers and businesses adds to the complexity, with an estimated 3.5 billion people in the worldwide workforce, 500 million of whom are in Africa, and 230 million organizations worldwide.
Standard payroll systems typically result in manual processes, data silos, and a lack of combination, causing disparities and inefficiencies. Despite living in a period of technological developments, payroll management has actually been slow to adjust, with as much as 25% of payroll still processed by hand, often using pen and paper. This webinar goals to offer insights and options to streamline and optimize international payroll payments.
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 data in real time that's another number that offers me sleepless nights and quite honestly the more a business invests in international payroll the less of a picture they see a lack of presence also encompasses payroll payments and inability to accurately track these payments can lead to compliance mishaps in the last mile of the transaction nearly half of international services have revealed that they do not 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 data data entry mistakes improperly communicated hires and terminations as well as absence management and system configurations and after that when you round it all off and the information is shipped to the wrong location the average expense of a global information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash around the world payroll and payments do not run efficiently if they rely on the needed several 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 challenges company face when they're making payments to staff members or otherwise that's a good concern I always toss this back and say what is it what doesn't require to be consisted of best and what does
it need to be considered there's differing Bank details 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 anywhere you look right ultimately constructing a knowledge base is absolutely critical however all over you look with payroll payment they are like super payments no if however some children about it you are all superheroes processing payments for payroll if you take a look at the sort of link between fintech and payroll it's closer than ever I think there's now a bit more acknowledgment that payroll payments are definitely fundamental and innovation is allowing us to kind of move forward with that it also also to contribute to that payroll and finance need to work closer together um with differing Bank Account Details differing banking requirements and setup procedures is definitely vital that payroll and finance teams work closer together than ever um I'm always impressed when people state I've split payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn't work in the payroll profession 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 typically 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 people wherever they are but also paying statutory authorities and on statutory 3rd parties so with the
world we reside in and wellness being a growing number of important to contribute to type of the level of complexity there's more and more benefits being organ or being offered by services throughout the world so once again you're simply seeking to include a growing number of payments to this currently complex landscape so if you sort of got any experience well I'm from your vast experience here and I make sure but have you got any experience in kind of genuine challenges or genuine difficult type of pay uses to play to pay people I believe yeah I indicate over the last well yeah a couple of years I would definitely state that the bigger a company gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the task there are groups feeding information into the next function as it were that's in fact managing the payment side of things however you know in in my opinion and my experience that doesn't necessarily require to be the case you understand long gone are the times where we require to produce extra handoffs in the processes that we run in they simply make them more prompt they make them less efficient and they do not make them what they require to be in in a period of tech and an era that you understand that we are operating in today there is no reason that we are still making this as challenging as it requires to be agreed and rightly as you stated payroll is the single most significant liability that any service has from an expense point of view from an effect viewpoint on employees it is absolutely important that it's done properly and on time so what we suggest by that is not a day before not a day after on pay day and payments have to be done right it has the biggest detrimental effect on people's well-being and numerous other factors if individuals aren't paid uh I've always been amazed entering into this Market kind of the last 5 to ten years is how little thanks the
The payroll team might not have been thanked for properly processing payroll during a webinar. If anybody has actually been thanked, it would be great to hear their success story, whether it's from all workers or not. Payroll is an important cycle, and people only notice when things fail. However, when things go right, it's viewed as just a regular job. This is how it's viewed externally also. Therefore, it is important to make sure that jobs like Wi-Fi International and other vital matters are done correctly. Utilizing the first International Payments very first payroll payment service is a fantastic initial step towards offering an extensive payroll option for employees worldwide. Standardization, global procedures, and reducing the number of tools, platforms, and savings account necessary for international payroll are essential consider achieving organization success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do periodically get a few complaints when things do not go as planned. Ultimately, we don't do it for the thankfulness.
anyhow 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 everyone that's involved in those processes and also so imagine sorry I'm just I was just gon na state envision the quantity of thanks you got if you might cover the amount of people that we cover within this webinar I make sure we're speaking about numerous thousands possibly Millions imagine getting that many thank you notes um I suggest it 'd be interesting to see the number of Post-it notes you got but it would definitely be a fascinating task trying to clean all those up for sure oh absolutely I can't think of the size of my my Outlook inbox if that was the case um you 'd require days of the week to try to look through them and really see what was going on and sort of try to return to everybody so moving on appearance why do business choose to main separate savings account there are companies out there doing exactly this for particular nations and I've operated in a business or lots of services doing exactly that I can say it does not always feel efficient and it does produce more work I know we're not intentionally doing that we're not creating extra work for any person where we don't need 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 quantity that we are I think numerous factors one is it's the standard I believe individuals have got so utilized to we require a new checking account we open an entity and rightly so you require 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 standard and the norm individuals have actually adopted and continue to do over years and years passed by to contribute to that individuals have actually looked at things like trust accounts and lots of 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 however ultimately people are very stuck to what they recognize
with right um modification is a hard thing we all do not like change um so I think it's just kind of moving away from the norm as we have actually said so yeah so it keeps a great deal of track of stuff um I understand obviously the benefits of having keeping multiple checking account but there's a substantial amount of complexity opts for establishing a checking account preserving it ensuring it can send International transfers ensuring it's set up with the ideal user accesses for individual people so the intricacy is substantial but I believe the truthful answer is change um individuals haven't had the ability to alter or haven't had necessarily the knowledge to really make that change into alternate Solutions other than opening a savings account I believe you have actually struck the nail on the head I believe it is knowledge you understand and there is an element of resistance to change but we've constantly done it that way is no genuine reason for not taking a look at the the advantages and the possibilities of moving on and moving into you know what might practically be identified to be the next Century or two there is a lot to keep track of and this technique does position numerous challenges um so Johnny could you inform us about those obstacles yeah naturally so there's a variety right there is so
I simply did you changed 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 Worldwide workers you deserve a corner workplace with a closer parking space because I mastered Worldwide payroll and payments with Papaya payroll OS did you
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