Find out more about Papaya Global Bank Details For Attachments ... We now have the ability to manage both our payroll and payments procedures on one merged platform. It's as if our Chief Financial Officer has gotten a different Chief Financial Officer particularly devoted to managing payments. This supplies us with a safe and secure and reliable approach of making payments to our 10,000 staff members worldwide.}
The innovative global payroll management app simplifies my payroll process, conserving me a substantial amount of time every month. With its user-friendly user interface, I have access to a single dashboard that efficiently manages my payroll, EOR, and professionals.
Employee Portal
Workers have access to a Staff member Portal where they can see their pay slips, wage and tax declarations and work documents. The website is readily available in several languages and can be accessed on a desktop or mobile device.
Advantages Administration
Papaya Global helps business provide competitive advantages bundles to global workers no matter the variety of staff members in the business. The company can establish medical insurance, short-term and long-lasting special needs, vision, dental and maternity leave while getting rid of the requirement to source regional advantages providers in every nation, create local accounts and have a minimum variety of employees.
Global HR Performances
's HR functionalities include PTO tracking, compliance, onboarding/offboarding tools, online storage for workers' files and migration services if your employees require work license help.
HR Analytics
Papaya Global's payroll and HR analytics suite provides you insights into labor force costs, workforce variety, overall employment expenses dispersed per area, total employment costs per cycle and a lot more.
Globally, I have actually demonstrated management and strategic knowledge in directing large-scale populations of over 100,000 staff members across 170 nations. Currently, I are accountable for overseeing payroll techniques, as discussed by Mark. My role includes managing and establishing external partnerships, supporting Enterprise clients, and providing advisory services. In addition, I am proud to be a part of Papaya Global, a pioneering payroll and payments services company.
As a worldwide company, we are honored to be included on the distinguished Time 100 list of the most influential business worldwide. We focus on supplying payroll and labor force management services to employees in more than 160 countries. I am delighted to introduce Johnny Nash, as mentioned by Mark. Now, I'll let Johnny introduce himself. Good day to all, no matter your area. It's a satisfaction to satisfy you and thank you for your valuable time. As Ian pointed out, I am Johnny Nash, the director of payments at our company. With over a years of experience in the payments industry, I have concentrated on payroll and payment services for the past seven years. The complexities and obstacles of this field have actually constantly captivated me.
payroll payments and chose to type of make a genuine go at that over the last five or 6 years where I have actually kind of had a variety of various functions on the supplier side and also on the vendor side from a payroll point of view so truly anticipating this conversation today um and yeah thank you very much for your time everyone fine thanks Johnny uh we'll just give everyone another couple of uh well among the 30 seconds approximately to join we all work back to back these days so we'll type of let them do that so it 'd be rather intriguing and I can see it going on currently just to hear where everyone is um it's nice to to sort of like see where everyone originates 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 gloomy and I wish I was somewhere else at this moment in time all right so let's get started our agenda for today is as follows um we are going to be taking a look at the obstacle years of handling International payroll why companies preserve separate
bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts improving papaya Worldwide payroll payments as a strategic asset uh we'll also discuss a recap and that needs to leave his time at the very very end for a q a session so as the title of the webinar suggests payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces become a growing number of typical and managing them ends up being increasingly more intricate Worldwide organizations are aiming to discover Solutions and new ways to streamline procedures specifically from a payroll and cross-border payment perspective lots of organizations maintain separate bank account just for payroll while some have several accounts in different nations does it make good sense for companies to maintain different bank accounts often in different countries it does but just for payroll is there a better method 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
making payroll payments properly efficiently securely and on time throughout this webinar we'll walk you through the global benefits and drawbacks of a payroll wallet versus a payroll checking account how companies accurately forecast their payroll expenses to increase working capital and how streamlining Worldwide payroll payments can turn them from a siled pane into a strategic possession so payroll can be difficult in adequate in one nation however when you're doing it internationally it's next level and Beyond it becomes complex for a range of factors most notably regulations compliance data security and banking rules then there are the large numbers they add more intricacy the worldwide Workforce is currently 3 and a half billion people by 2030 it's estimated that in Africa alone they will contribute and more 1.1 billion people that number is presently 500 million just for for a scale then factor in that there are some 230 million businesses and growing all doing their own thing around the globe in the conventional payroll model there's often an overwhelming variety of different systems causing time-consuming manual processes and silos the number of Integrations could be non-existent in large quantities and or extremely really basic there's no genuine consistency framework we're residing in a period of tech but payroll has actually 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 whenever I I believe
about it to give you an idea of how far there still is to come according to Deloitte just 11 of businesses say they have Labor force information in real time that's another number that provides me sleepless nights and rather honestly the more a business spends on worldwide payroll the less of a picture they see an absence of exposure likewise reaches payroll payments and inability to properly track these payments can cause compliance incidents in the last mile of the transaction nearly half of worldwide services have actually revealed that they do not have the level of standardization they require in their processes or want and as a result eighty percent of mistakes are due to time reporting poor HCM information data entry errors inadequately interacted hires and terminations in addition to absence management and system configurations and then when you round everything off and the data is shipped to the incorrect place the average expense of an international information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money worldwide payroll and payments do not run efficiently if they depend on the necessary multiple 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 obstacles service face when they're making payments to staff members or otherwise that's a good concern I constantly throw this back and state what is it what does not require to be consisted of right and what does
it require 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 abilities so can you pay it from International or do you need to pay from an in-country account do you need to pay from the client's own in-country account so there's complexity any place you look best eventually developing a knowledge base is definitely crucial however all over you look with payroll payment they resemble incredibly payments no if but some infants about it you are all superheroes processing payments for payroll if you take a look at the kind 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 permitting us to kind of move forward with that it likewise too to add to that payroll and financing require to work closer together um with differing Bank Account Particulars differing banking requirements and setup procedures is definitely crucial that payroll and finance teams work better together than ever um I'm constantly impressed when individuals state I have actually divided payroll and payment um if you stroll down the street and asked anybody what is payroll who does not work in the payroll occupation would they split the payroll payment from calculation 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 ultimately 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 also paying statutory authorities and on statutory 3rd parties so with the
The modern-day world puts a high worth on wellness and the payment landscape is becoming increasingly detailed. Companies are constantly introducing new advantages and payment options, which contributes to the overall intricacy. Big corporations often divide their payroll and payment processing into separate groups, which can cause inadequacies and traffic jams. In my viewpoint, this does not have to be the case. In today's technologically advanced age, there's no validation for maintaining troublesome treatments. Payroll, the company's most significant cost, need to be processed correctly and on time. Even slight hold-ups can adversely affect employees' well-being and have significant effects. For that reason, it's critical to focus on precise and prompt payments.
The payroll team might not have been thanked for properly processing payroll during a webinar. If anybody has been thanked, it would be excellent to hear their success story, whether it's from all employees or not. Payroll is an important cycle, and people just observe when things go wrong. Nevertheless, when things go right, it's seen as just a routine job. This is how it's viewed externally too. For that reason, it is necessary to guarantee that tasks like Wi-Fi Worldwide and other important matters are done properly. Utilizing the first Global Payments first payroll payment option is a fantastic preliminary step towards offering an extensive payroll solution for employees worldwide. Standardization, worldwide processes, and lowering the variety of tools, platforms, and bank accounts needed for international payroll are crucial consider accomplishing service success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally get a few complaints when things do not go as planned. Eventually, we do not do it for the appreciation.
anyway we understand 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 simple as possible for everyone that's associated with those procedures and likewise so imagine sorry I'm simply I was just gon na state 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 discussing hundreds of thousands possibly Millions envision getting that many thank you notes um I imply it 'd be interesting to see the number of Post-it notes you got however it would definitely be an intriguing job trying to clean up all those up for sure oh absolutely I can't envision the size of my my Outlook inbox if that held true um you 'd need days of the week to attempt to browse them and really see what was going on and kind of try to get back to everybody so proceeding appearance why do companies pick to main different bank accounts there are services out there doing precisely this for specific nations and I have actually operated in a service or lots of organizations doing precisely that I can state it does not always feel effective and it does produce more work I know we're not deliberately doing that we're not producing additional work for any person where we do not need to and anyone that's dealing with that process I 'd be interested to hear your thoughts Johnny why do you believe that we're doing that in in the in the quantity that we are I think many reasons one is it's the requirement I think people have actually got so utilized to we need a brand-new savings account we open an entity and appropriately so you require it for payroll purposes but there are a number of markets where it's not a requirement so I think it's simply been the standard and the standard the people have embraced and continue to do over years and years gone past to contribute to that individuals have actually taken a look at things like trust accounts and numerous other ways um to to sort of do it so I believe there's a variety I think this is a procedure that requires taking a look at it needs changing but eventually people are very stuck to what they recognize
with right um change is a difficult thing all of us don't like change um so I think it's just sort of moving far from the norm as we've said so yeah so it keeps a lot of track of stuff um I comprehend undoubtedly the advantages of having preserving multiple savings account but there's a huge quantity of intricacy chooses setting up a checking account preserving it ensuring it can send International transfers ensuring it's set up with the right user accesses for specific people so the complexity is big however I think the truthful response is modification um people haven't had the ability to alter or haven't had necessarily the knowledge to truly make that change into alternate Solutions other than opening a checking account I think you've hit the nail on the head I believe it is knowledge you understand and there is an aspect of resistance to alter but we've constantly done it that way is no real reason for not looking at the the benefits and the possibilities of proceeding and moving into you understand what might nearly be identified to be the next Century or so there is a lot to keep an eye on and this approach does position a number of challenges um so Johnny could you inform us about those challenges yeah obviously so there's a variety right there is so
I simply did you changed 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 workers you deserve a corner office with a closer parking space since I mastered Global payroll and payments with Papaya payroll OS did you
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