Find out more about Papaya Global Bureau Manager Webinar ... 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 acquired a separate Chief Financial Officer particularly devoted to handling payments. This offers us with a protected and trustworthy method of paying to our 10,000 employees worldwide.}
The cutting-edge international payroll management app enhances my payroll process, conserving me a substantial amount of time monthly. With its easy to use interface, I have access to a single control panel that efficiently manages my payroll, EOR, and professionals.
Staff member Website
Workers have access to a Staff member Portal where they can see their pay slips, wage and tax statements and work files. The website is readily available in numerous languages and can be accessed on a desktop or mobile phone.
Advantages Administration
Papaya Global assists companies provide competitive advantages packages to worldwide employees regardless of the number of staff members in the business. The business can set up medical insurance, short-term and long-term disability, vision, dental and maternity leave while eliminating the need to source local advantages suppliers in every country, develop regional accounts and have a minimum number of staff members.
The HR capabilities provided by Worldwide HR include different functions such as keeping track of vacation time, guaranteeing compliance, assisting in the process of welcoming brand-new employees and bidding goodbye to departing ones, offering a safe online platform for storing employees' documents, and supplying support for work permit procedures in case your workers need support because area.
HR Analytics
Papaya Global's payroll and HR analytics suite offers you insights into workforce spending, workforce diversity, overall work expenses distributed per place, overall employment costs per cycle and a lot more.
environments across the globe I offered management and technique to populations of over a hundred thousand staff members in more than 170 countries today I'm the payroll methods for as Mark said I work throughout the business managing and structure external relationships supporting Enterprise clients and services in addition to serving as a consultant for those of you that do not know who papaya Worldwide is papaya is the very first payroll and payments
company to make the time 100 list for many influential business on the planet we provide payroll payments and labor force management to all employee enters over 160 nations I am pleased to say that we likewise have as Mark said Johnny Nash with us today Johnny would you like to present yourself of course thank you good morning great afternoon excellent night depending upon where you remain in the world it's charming 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 have actually been in the payments industry for over 10 years and specifically working on the payroll and payment sector for over seven years um I was amazed by the intricacy the trouble in all of the above of
payroll payments and decided to sort of make a genuine go at that over the last five or 6 years where I have actually sort of had a range of various roles on the supplier side and also on the supplier side from a payroll viewpoint so truly looking forward to this discussion today um and yeah thank you very much for your time everyone fine thanks Johnny uh we'll just provide everyone another couple of uh well among the 30 seconds or two to join we all work back to back nowadays so we'll type of let them do that so it 'd be quite fascinating 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 really 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 drizzling here it's extremely very bleak and I wish I was somewhere else at this moment in time all right so let's begin our program for today is as follows um we are going to be taking a look at the challenge years of managing International payroll why companies preserve separate
Virtual payroll accounts are an option to traditional checking account for handling payroll payments. This is especially helpful for worldwide companies with dispersed and remote labor forces, as it streamlines the complex process of cross-border payments. Instead of preserving different bank accounts for payroll in different nations, virtual accounts and digital wallets offer a more streamlined solution. In this webinar, we will explore the benefits of using virtual payroll accounts and talk about why they are ending up being a tactical property for payroll executives. We will also provide a recap of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments accurately effectively safely and on time throughout this webinar we'll walk you through the international 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 country however when you're doing it worldwide it's next level and Beyond it becomes intricate for a variety of reasons most importantly guidelines compliance information security and banking rules then there are the large numbers they include additional intricacy the global Labor force is currently three and a half billion people by 2030 it's estimated 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 factor in that there are some 230 million organizations and growing all doing their own thing all over the world in the traditional payroll design there's often an overwhelming number of various systems causing lengthy manual processes and silos the variety of Integrations could be non-existent in big quantities and or very very fundamental there's no real consistency structure we're living in a period of tech but payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper which simply blows my mind every time I I believe
about it to provide you a concept of how far there still is to come according to Deloitte just 11 of companies say they have Labor force information in real time that's another number that offers me sleep deprived nights and quite frankly the more a company spends on global payroll the less of a picture they see an absence of exposure also encompasses payroll payments and failure to accurately track these payments can lead to compliance accidents in the last mile of the transaction nearly half of global companies have actually expressed that they don't have the level of standardization they require in their procedures or want and as a result eighty percent of errors are because of time reporting poor HCM information information entry mistakes poorly interacted hires and terminations in addition to absence management and system configurations and after that when you round it all off and the data is delivered to the incorrect place the average cost of an international information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash around the world payroll and payments don't run smoothly if they count on the required numerous 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 constantly toss this back and say what is it what does not need to be consisted of best and what does
it need to be considered there's varying Bank details so the length of an eye band a swift an account number routing code per nation there's payment time frames 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 consumer's own in-country account so there's complexity wherever you look right eventually building a knowledge base is absolutely crucial but everywhere 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 type of link in between fintech and payroll it's closer than ever I think there's now a bit more recognition that payroll payments are absolutely basic and innovation is permitting us to type of progress with that it likewise as well to add to that payroll and finance require to work closer together um with varying Savings account Particulars varying banking requirements and setup processes is definitely imperative that payroll and finance groups work better together than ever um I'm constantly surprised when people say I have actually divided payroll and payment um if you stroll down the street and asked anyone what is payroll who does not work in the payroll occupation would they divide the payroll payment from calculation I would say no so why do we as a market accept that why our payroll and payments so often split and cut up um eventually it's payroll is an end-to-end procedure it's the point of information collection all the way through to paying individuals wherever they are but also paying statutory authorities and on statutory third parties so with the
The contemporary world puts a high value on well-being and the settlement landscape is ending up being progressively detailed. Businesses are continually introducing brand-new benefits and payment alternatives, which adds to the total intricacy. Big corporations frequently divide their payroll and payment processing into different groups, which can cause inadequacies and traffic jams. In my viewpoint, this doesn't need to hold true. In today's technically innovative period, there's no justification for maintaining troublesome procedures. Payroll, the company's greatest cost, need to be processed properly and on time. Even minor delays can negatively affect staff members' wellness and have significant effects. Therefore, it's critical to prioritize accurate and prompt payments.
The payroll group might not have been thanked for properly processing payroll during a webinar. If anybody has been thanked, it would be fantastic to hear their success story, whether it's from all employees or not. Payroll is an important cycle, and individuals just observe when things fail. However, when things go right, it's seen as simply a regular task. This is how it's viewed externally as well. For that reason, it is essential to guarantee that jobs like Wi-Fi International and other vital matters are done correctly. Utilizing the very first Global Payments very first payroll payment option is a terrific initial step towards providing a comprehensive payroll option for employees worldwide. Standardization, global processes, and decreasing the variety of tools, platforms, and checking account required for global payroll are essential factors in attaining organization success. While we don't anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally get a couple of complaints when things don't go as prepared. Ultimately, we don't do it for the thankfulness.
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 imagine sorry I'm just I was simply gon na state picture the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I'm sure we're speaking about numerous thousands possibly Millions imagine getting that many thank you keeps in mind um I indicate it 'd be interesting to see how many Post-it notes you got however it would certainly be a fascinating job trying to clean up all those up for sure oh absolutely 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 attempt to check out them and really see what was going on and kind of try to return to everybody so moving on look why do companies choose to main separate savings account there are companies out there doing precisely this for specific nations and I've worked in a company or many organizations doing exactly that I can state it does not always feel efficient and it does produce more work I know we're not deliberately doing that we're not developing additional work for anyone where we don't have to and any person that's handling 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 quantity that we are I believe numerous factors one is it's the requirement I believe people have got so utilized to we require a brand-new bank 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 simply been the requirement and the norm individuals have adopted and continue to do over years and years gone past to contribute to that people have 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 range I think this is a procedure that requires looking at it requires altering however eventually people are really stuck to what they recognize
with ideal um modification is a hard thing all of us do not like change um so I think it's simply sort of moving far from the standard as we've said so yeah so it keeps a lot of track of stuff um I understand clearly the advantages of having preserving numerous checking account but there's a huge amount of complexity goes with setting up a bank account keeping it ensuring it can send out International transfers guaranteeing it's established with the ideal user accesses for specific people so the complexity is substantial but I think the truthful answer is modification um people haven't been able to alter or have not had always the understanding to truly make that change into alternate Solutions aside from opening a bank account I believe you've struck the nail on the head I think it is knowledge you know and there is a component of resistance to change but we've constantly done it that way is no genuine excuse for not looking at the the advantages and the possibilities of carrying on and moving into you understand what might almost be figured out to be the next Century or so there is a lot to keep track of and this method does position several difficulties um so Johnny could you tell us about those difficulties yeah naturally so there's a range right there is so
I just recently made a change to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It seems like our CFO has actually gained another CFO, and with this boosted ability, I have actually successfully secured payments for our 10,000 workers worldwide. Your commitment to mastering international payroll and payments utilizing Papaya payroll OS is good. You deserve a corner office with a parking space that is better, considering your accomplishments.
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