Find out more about Papaya Global Calendar 2016 17 ... We now have the ability to manage both our payroll and payments procedures on one unified platform. It's as if our Chief Financial Officer has actually gotten a separate Chief Financial Officer specifically dedicated to handling payments. This supplies us with a safe and secure and trusted method of making payments to our 10,000 employees worldwide.}
The cutting-edge global payroll management app improves my payroll procedure, conserving me a significant amount of time monthly. With its user-friendly user interface, I have access to a single control panel that effectively manages my payroll, EOR, and specialists.
Employee Website
Staff members have access to an Employee Website where they can see their pay slips, wage and tax statements and work files. The website is offered in several languages and can be accessed on a desktop or mobile phone.
Advantages Administration
Papaya Global assists business offer competitive advantages bundles to international employees despite the number of workers in the company. The business can establish medical insurance, short-term and long-lasting special needs, vision, oral and maternity leave while eliminating the requirement to source local benefits providers in every nation, develop regional accounts and have a minimum variety of staff members.
Global HR Performances
's HR performances include PTO tracking, compliance, onboarding/offboarding tools, online storage for workers' documents and immigration services if your employees require work license assistance.
HR Analytics
Papaya Global's payroll and HR analytics suite offers you insights into labor force spending, workforce diversity, total work expenses distributed per area, overall employment expenses per cycle and a lot more.
environments around the world I supplied leadership and technique to populations of over a hundred thousand staff members in more than 170 countries today I'm the payroll techniques for as Mark stated I work throughout business managing and structure external relationships supporting Business clients and options in addition to functioning as an advisor for those of you that don't know who papaya Global is papaya is the very first payroll and payments
As an international company, we are honored to be included on the prominent Time 100 list of the most influential companies worldwide. We focus on supplying payroll and labor force management services to employees in more than 160 nations. I am delighted to present Johnny Nash, as mentioned by Mark. Now, I'll let Johnny present himself. Good day to all, no matter your area. It's an enjoyment to fulfill you and thank you for your important time. As Ian mentioned, I am Johnny Nash, the director of payments at our organization. With over a decade of experience in the payments industry, I have focused on payroll and payment options for the past 7 years. The intricacies and challenges of this field have actually always mesmerized me.
payroll payments and chose to kind of make a genuine go at that over the last 5 or 6 years where I have actually type of had a range of various roles on the service provider side and also on the supplier side from a payroll point of view so actually eagerly anticipating this conversation today um and yeah thank you very much for your time everybody okay thanks Johnny uh we'll just offer everyone another couple of uh well among the 30 seconds or so to join all of us 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 simply to hear where everyone is um it's nice to to kind of like see where everyone comes from and I actually do hope it's much sunnier than it remains in the UK today certainly not the peak of the sunlight is it it's not no it's it's drizzling here it's really really uninspiring and I wish I was elsewhere at this moment in time okay so let's get started our program for today is as follows um we are going to be looking at the difficulty years of managing Worldwide payroll why business preserve separate
checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts streamlining papaya International payroll payments as a tactical asset uh we'll also discuss a recap which ought to leave his time at the very extremely end for a q a session so as the title of the webinar recommends payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces become increasingly more common and handling them ends up being a growing number of intricate Global organizations are wanting to discover Solutions and brand-new ways to enhance processes particularly from a payroll and cross-border payment viewpoint lots of companies preserve separate savings account just for payroll while some have several accounts in various countries does it make good sense for business to preserve different checking account often in different countries it does but just for payroll exists a better way what role do virtual accounts and digital wallets also referred to as virtual wallets play in assisting international business improve the episode complex processes of
Ensuring precise, effective, and timely payroll payments is a complex difficulty for organizations running worldwide. Join us for a webinar to check out the benefits and drawbacks of payroll wallets versus payroll bank accounts, find out how business forecast payroll costs to optimize working capital, and find how improving international payroll payments can transform them from a burdensome job into a tactical property.
Managing payroll internationally is a daunting job due to numerous guidelines, compliance requirements, information security issues, and banking guidelines. The large number of employees and businesses adds to the intricacy, with an approximated 3.5 billion individuals in the global workforce, 500 million of whom remain in Africa, and 230 million businesses worldwide.
Standard payroll systems often result in manual procedures, information silos, and a lack of integration, leading to inconsistencies and inefficiencies. Despite residing in an era of technological developments, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed by hand, often utilizing pen and paper. This webinar goals to provide insights and solutions to simplify and optimize worldwide payroll payments.
about it to give you an idea of how far there still is to come according to Deloitte just 11 of companies say they have Workforce information in real time that's another number that provides me sleepless nights and quite honestly the more a company invests in worldwide payroll the less of a photo they see an absence of presence also extends to payroll payments and inability to properly track these payments can result in compliance incidents in the last mile of the deal almost half of global services have actually expressed that they do not have the level of standardization they need in their processes or desire and as a result eighty percent of mistakes are because of time reporting bad HCM information data entry mistakes poorly interacted hires and terminations along with lack management and system setups and after that when you round everything off and the information is shipped to the wrong place the typical cost of an international information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money around the world payroll and payments do not run smoothly if they count on the needed multiple processes systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the challenges business face when they're making payments to workers or otherwise that's a good concern I always toss this back and say what is it what doesn't need to be consisted of right and what does
it require to be considered there's varying Bank information so the length of an eye band a swift an account number routing code per nation 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 client's own in-country account so there's intricacy anywhere you look best eventually constructing a knowledge base is definitely important but all over you look with payroll payment they resemble extremely 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 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 technology is permitting us to type of move forward with that it likewise too to contribute to that payroll and finance require to work closer together um with differing Bank Account Particulars varying banking requirements and setup procedures is absolutely crucial that payroll and financing teams work better together than ever um I'm always amazed when people state I have actually split 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 divide the payroll payment from estimation I would say no so why do we as a market accept that why our payroll and payments so frequently 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 individuals wherever they are however likewise paying statutory authorities and on statutory 3rd parties so with the
world we live in and well-being being increasingly more essential to add to sort of the level of intricacy there's a growing number of benefits being organ or being provided by services throughout the world so once again you're simply looking to include more and more payments to this already intricate landscape so if you type 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 genuine difficulties or genuine difficult kind of pay uses to play to pay people I think yeah I imply over the last well yeah a couple of years I would absolutely say that the bigger a service gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the job there are teams feeding information into the next function as it were that's really managing the payment side of things but you understand in in my viewpoint and my experience that doesn't necessarily need to be the case you know long gone are the times where we require to produce additional handoffs while doing sos that we run in they just make them more prompt they make them less effective and they don't make them what they require to be in in an age of tech and an age that you know that we are operating in today there is no reason that 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 business has from an expense viewpoint from an impact viewpoint on staff members it is absolutely vital 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 greatest destructive result on individuals's well-being and numerous other elements if individuals aren't paid uh I have actually constantly been amazed coming into this Market type of the last 5 to 10 years is how little thanks the
payroll team get um so I'm not sure anybody on this kind of webinar has been told thank you for processing my payroll properly if you have it 'd be fantastic to hear your success story and whether that's been from all employees or not um but eventually payroll is such an essential cycle we all hear about it when it fails everybody jumps up and down when it fails but when it goes right it's simply a tick box exercise and I believe that's how it's seen from the external deem well um so yeah it's also like why WI-Fi Global why all of this stuff is definitely essential that all of this things is done correctly so leveraging the first International Payments very first payroll payment service is an excellent primary step um providing an end-to-end payroll service for your workers globally again I think is another substantial um process again aligning and ensuring you have standardization Global processes all of those things are definitely essential to success success of businesses and lowering the number of tools platforms and savings account they need for their Global 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 had a hundred countless them within a payroll cycle don't expect to you do get the odd 5 or ten or whatever it might be with the with the the problems where things haven't gone rather where they're indicated to be um I don't believe any of us are actually doing that for for the thanks
anyhow we know how how essential 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 involved in those procedures and also so think of sorry I'm simply I was just gon na say envision the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I make certain we're speaking about numerous thousands possibly Millions imagine getting that lots of thank you notes um I indicate it 'd be interesting to see the number of Post-it notes you got however it would definitely be a fascinating job attempting 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 check out them and really see what was going on and kind of shot to return to everyone so proceeding appearance why do companies pick to main different bank accounts there are businesses out there doing exactly this for particular countries and I have actually worked in a business or numerous businesses doing exactly that I can say it does not always feel effective and it does produce more work I understand we're not purposely doing that we're not developing additional work for anybody where we don't have to and any person that's managing that procedure 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 factors one is it's the standard I think individuals have actually got so utilized to we need a new checking account we open an entity and rightly so you need it for payroll functions but there are a variety of markets where it's not a requirement so I think it's simply been the requirement and the norm the people have actually adopted and continue to do over years and years passed by to add to that people have looked at things like trust accounts and numerous other methods um to to sort of do it so I believe there's a range I believe this is a procedure that needs taking a look at it requires altering however eventually individuals are extremely stuck with what they're familiar
with best um change is a tough thing all of us don't like change um so I believe it's simply type of moving away from the standard as we've said so yeah so it keeps a great deal of track of stuff um I understand obviously the benefits of having maintaining numerous checking account but there's a substantial amount of intricacy opts for establishing a bank account maintaining it guaranteeing it can send International transfers guaranteeing it's established with the ideal user accesses for specific people so the complexity is big but I believe the sincere response is change um individuals haven't been able to alter or have not had necessarily the knowledge to truly make that change into alternate Solutions besides 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 always done it that way is no real reason for not looking at the the benefits and the possibilities of moving on and moving into you understand what might almost be identified to be the next Century or so there is a lot to keep an eye on and this method does position numerous difficulties um so Johnny could you inform us about those challenges yeah obviously so there's a variety right there is so
I just recently made a modification 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 actually acquired another CFO, and with this improved capability, I have effectively protected payments for our 10,000 employees worldwide. Your dedication to mastering international payroll and payments using Papaya payroll OS is good. You deserve a corner office with a parking space that is better, considering your achievements.
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