Find out more about Papaya Global Basic ... 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 actually gotten a different Chief Financial Officer specifically dedicated to handling payments. This provides us with a safe and reliable method of making payments to our 10,000 staff members worldwide.}
The cutting-edge global payroll management app streamlines my payroll procedure, saving me a considerable quantity of time each month. With its user-friendly user interface, I have access to a single control panel that efficiently manages my payroll, EOR, and professionals.
Staff member Website
Employees have access to an Employee Website where they can see their pay slips, wage and tax statements and work documents. The website is available in several languages and can be accessed on a desktop or mobile device.
Benefits Administration
Papaya Global helps business offer competitive benefits bundles to worldwide workers regardless of the variety of employees in the company. The business can set up health insurance, short-term and long-term impairment, vision, dental and maternity leave while getting rid of the requirement to source regional advantages service providers in every nation, develop local accounts and have a minimum number of workers.
Global HR Functionalities
's HR performances consist of PTO tracking, compliance, onboarding/offboarding tools, online storage for workers' files and migration services if your staff members require work authorization support.
HR Analytics
Papaya Global's payroll and HR analytics suite provides you insights into labor force spending, workforce diversity, overall work expenses distributed per area, overall work costs per cycle and much more.
Globally, I have actually shown leadership and tactical know-how in assisting massive populations of over 100,000 staff members throughout 170 countries. Currently, I am responsible for managing payroll strategies, as pointed out by Mark. My function involves managing and establishing external collaborations, supporting Enterprise clients, and providing advisory services. Additionally, I am proud to be a part of Papaya Global, a pioneering payroll and payments solutions service provider.
business to make the time 100 list for a lot of influential companies on the planet we provide payroll payments and workforce management to all staff member key ins over 160 countries I am pleased to state that we also have as Mark stated Johnny Nash with us today Johnny would you like to introduce yourself naturally thank you good morning good afternoon good evening depending on where you remain in the world it's beautiful to satisfy 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 industry for over ten years and particularly working on the payroll and payment sector for over 7 years um I was captivated by the intricacy the difficulty in all of the above of
payroll payments and decided to sort of make a genuine go at that over the last 5 or six years where I've type of had a variety of various roles on the company side and likewise on the supplier side from a payroll viewpoint so truly anticipating this discussion today um and yeah thank you very much for your time everyone alright thanks Johnny uh we'll simply offer everyone another couple of uh well among the 30 seconds or two to join all of us work back to back nowadays so we'll sort 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 type of like see where everyone originates from and I truly 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 uninspiring 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 looking at the difficulty years of managing Global payroll why companies preserve different
bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts enhancing papaya International payroll payments as a strategic possession uh we'll likewise go over a recap and that needs to leave his time at the very really end for a q a session so as the title of the webinar recommends payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces become more and more typical and managing them becomes increasingly more intricate Global organizations are looking to find Solutions and brand-new ways to improve processes particularly from a payroll and cross-border payment standpoint numerous companies maintain separate checking account just for payroll while some have several accounts in different nations does it make good sense for business to maintain different bank accounts sometimes in different nations it does however just for payroll is there a much better method what function do virtual accounts and digital wallets also called virtual wallets play in assisting multinational companies improve the episode complex processes of
making payroll payments properly efficiently safely and on time throughout this webinar we'll walk you through the international advantages and disadvantages of a payroll wallet versus a payroll savings account how business accurately anticipate their payroll costs to increase working capital and how streamlining Global payroll payments can turn them from a siled pane into a strategic property so payroll can be challenging in sufficient in one country however when you're doing it worldwide it's next level and Beyond it becomes complex for a range of factors most notably policies compliance data security and banking rules then there are the sheer numbers they add more intricacy the worldwide Labor force is currently 3 and a half billion individuals by 2030 it's approximated that in Africa alone they will contribute and further 1.1 billion individuals that number is presently 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 conventional payroll model there's frequently a frustrating variety of different systems resulting in time-consuming manual processes and silos the number of Integrations could be non-existent in large quantities and or very really standard there's no genuine consistency structure we're living in a period of tech however payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper and that just blows my mind whenever I I believe
about it to give you a concept of how far there still is to come according to Deloitte just 11 of businesses state they have Labor force data in real time that's another number that offers me sleep deprived nights and quite frankly the more a business invests in international payroll the less of an image they see a lack of visibility likewise reaches payroll payments and inability to accurately track these payments can cause compliance mishaps in the last mile of the deal nearly half of global businesses have actually revealed that they do not have the level of standardization they need in their processes or want and as a result eighty percent of errors are due to time reporting poor HCM data information entry mistakes improperly interacted hires and terminations in addition to lack management and system configurations and after that when you round everything off and the data is shipped to the wrong place the average cost of an international information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money worldwide payroll and payments don't run smoothly if they depend on the required numerous procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the challenges organization face when they're making payments to workers or otherwise that's a great question I constantly toss this back and say what is it what doesn't need to be included best and what does
it require to be thought about there's varying Bank details so the length of an eye band a swift an account number routing code per nation there's payment amount of time there's payment capabilities so can you pay it from International or do you have to pay from an in-country account do you have to pay from the client's own in-country account so there's intricacy wherever you look ideal eventually developing a knowledge base is absolutely important however everywhere you look with payroll payment they are like incredibly payments no if however some infants about it you are all superheroes processing payments for payroll if you look at the type of link between fintech and payroll it's closer than ever I think there's now a bit more recognition that payroll payments are absolutely essential and technology is enabling us to type of move on with that it also as well to contribute to that payroll and financing need to work closer together um with differing Savings account Particulars differing banking requirements and setup procedures is absolutely crucial that payroll and finance teams work more detailed together than ever um I'm always surprised when individuals say I've split 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 an industry 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 people wherever they are but also paying statutory authorities and on statutory 3rd parties so with the
world we live in and wellness being increasingly more important to contribute to kind of the level of intricacy there's increasingly more advantages being organ or being offered by services across the world so once again you're just wanting to include a growing number of payments to this already intricate landscape so if you kind of got any experience well I'm from your huge experience here and I make sure but have you got any experience in kind of real challenges or genuine difficult sort of pay uses to play to pay individuals I think yeah I mean over the last well yeah a couple of decades I would absolutely say that the larger a service gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the job there are groups feeding information into the next function as it were that's in fact managing the payment side of things but you understand in in my opinion and my experience that does not always need to be the case you understand long gone are the times where we need to produce additional handoffs at the same times that we run in they just 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 age that you know that we are working in today there is no reason we are still making this as tough as it needs to be concurred and appropriately as you stated payroll is the single most significant liability that any service has from an expense viewpoint from an impact perspective on employees it is absolutely crucial that it's done properly and on time so what we mean 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 destructive impact on people's well-being and numerous other aspects if individuals aren't paid uh I've constantly been amazed entering into this Market kind of the last 5 to 10 years is how little thanks the
The payroll team may not have actually 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 people just discover when things fail. However, when things go right, it's seen as simply a routine job. This is how it's viewed externally also. Therefore, it is necessary to ensure that tasks like Wi-Fi International and other important matters are done properly. Using the very first Worldwide Payments very first payroll payment service is an excellent preliminary step towards supplying a detailed payroll option for workers worldwide. Standardization, global procedures, and minimizing the number of tools, platforms, and savings account needed for global payroll are crucial consider accomplishing organization success. While we don't expect a hundred thousand thank yous within a payroll cycle, we do occasionally get a couple of grievances when things do not go as planned. Ultimately, we do not do it for the gratitude.
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 also so envision sorry I'm just I was simply gon na say picture the amount of thanks you got if you might cover the quantity of individuals that we cover within this webinar I'm sure we're speaking about hundreds of thousands possibly Millions think of getting that lots of thank you notes um I indicate it 'd be interesting to see how many Post-it notes you got but it would certainly be a fascinating task trying to clean up 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 require days of the week to try to browse them and actually see what was going on and sort of try to get back to everyone so moving on look why do business choose to primary separate checking account there are organizations out there doing precisely this for specific countries and I have actually worked in a service or numerous organizations doing exactly that I can say it does not always feel efficient and it does develop more work I understand we're not deliberately doing that we're not developing 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 thoughts Johnny why do you think that we're doing that in in the in the amount that we are I think many reasons one is it's the standard I think people have got so used to we need a brand-new bank account we open an entity and rightly so you require it for payroll purposes but there are a variety of markets where it's not a requirement so I think it's simply been the requirement and the standard the people have actually adopted and continue to do over years and years gone past to add to that people have looked at things like trust accounts and numerous other ways um to to type 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 really stuck with what they recognize
with right um modification is a challenging thing we all do not like change um so I believe it's just kind of moving far from the standard as we've said so yeah so it keeps a lot of track of things um I comprehend obviously the advantages of having keeping multiple bank accounts but there's a big quantity of intricacy goes with setting up a checking account preserving it ensuring it can send out International transfers guaranteeing it's set up with the right user accesses for private people so the complexity is big but I think the sincere response is modification um individuals have not been able to change or have not had always the knowledge to actually make that change into alternate Solutions besides opening a checking account I believe you have actually struck the nail on the head I believe it is understanding you know and there is a component of resistance to change however we've always done it that way is no genuine reason for not taking a look at the the benefits and the possibilities of carrying on and moving into you know what might nearly be figured out to be the next Century or two there is a lot to monitor and this method does pose several obstacles um so Johnny could you tell us about those difficulties yeah of course so there's a range right there is so
I simply did you switched 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 should have a corner office with a closer parking space because I mastered Worldwide payroll and payments with Papaya payroll OS did you
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