Find out more about Papaya Global Cannot Select Current Year End ... We now have the ability to manage both our payroll and payments procedures on one combined platform. It's as if our Chief Financial Officer has actually obtained a separate Chief Financial Officer specifically dedicated to handling payments. This supplies us with a protected and reliable technique of paying to our 10,000 staff members worldwide.}
the BEST worldwide payroll managment app, conserves me hours of time on a monthly basis, one single dashboard for my payroll, EOR and professionals
The Employee Website provides employees with the capability to gain access to and view important documents such as pay slips, wage and tax declarations, and employment records. This website is accessible on both desktop and mobile devices and is offered in numerous languages.
Benefits Administration
Papaya Global helps business offer competitive advantages packages to international employees regardless of the number of workers in the business. The company can set up medical insurance, short-term and long-term disability, vision, oral and maternity leave while eliminating the need to source regional benefits service providers in every country, develop local accounts and have a minimum number of workers.
Global HR Performances
's HR performances consist of PTO tracking, compliance, onboarding/offboarding tools, online storage for workers' documents and immigration services if your workers need work license assistance.
HR Analytics
Papaya Global's payroll and HR analytics suite provides you insights into labor force costs, workforce diversity, overall work expenses dispersed per area, overall employment expenses per cycle and a lot more.
environments around the world I offered leadership and technique to populations of over a hundred thousand employees in more than 170 countries today I'm the payroll strategies for as Mark said I work across the business managing and structure external relationships supporting Business clients and services as well as acting as an advisor for those of you that do not know who papaya Global is papaya is the very first payroll and payments
As an international business, we are honored to be consisted of on the distinguished Time 100 list of the most prominent business worldwide. We focus on supplying payroll and workforce management services to employees in more than 160 nations. I am delighted to present Johnny Nash, as discussed by Mark. Now, I'll let Johnny introduce himself. Good day to all, no matter your area. It's a pleasure to satisfy you and thank you for your valuable time. As Ian discussed, I am Johnny Nash, the director of payments at our company. With over a decade of experience in the payments market, I have actually concentrated on payroll and payment services for the past 7 years. The complexities and obstacles of this field have constantly mesmerized me.
payroll payments and chose to type of make a real go at that over the last 5 or six years where I've kind of had a variety of different functions on the company side and likewise on the supplier side from a payroll point of view so really eagerly anticipating this discussion today um and yeah thank you quite for your time everybody alright thanks Johnny uh we'll just offer everybody another couple of uh well one of the 30 seconds or so to join we all work back to back these days so we'll sort of let them do that so it 'd be quite fascinating and I can see it going on currently 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 definitely 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 want I was elsewhere at this moment in time okay so let's start our program for today is as follows um we are going to be taking a look at the challenge years of handling Worldwide payroll why companies keep separate
checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts streamlining papaya International payroll payments as a tactical possession uh we'll also discuss a recap and that must leave his time at the very very 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 workforces end up being a growing number of common and managing them becomes a growing number of complex International companies are looking to find Solutions and new ways to enhance processes particularly from a payroll and cross-border payment perspective numerous companies preserve separate checking account just for payroll while some have multiple accounts in different nations does it make good sense for business to preserve separate savings account sometimes in various countries it does but just for payroll exists a better way what role do virtual accounts and digital wallets also known as virtual wallets play in assisting multinational companies simplify the episode complex procedures of
Making sure accurate, effective, and timely payroll payments is a complex challenge for organizations operating worldwide. Join us for a webinar to check out the advantages and downsides of payroll wallets versus payroll bank accounts, discover how companies anticipate payroll costs to enhance working capital, and find how streamlining international payroll payments can change them from a burdensome task into a tactical possession.
Managing payroll worldwide is an overwhelming job due to various regulations, compliance requirements, information security issues, and banking rules. The large variety of workers and businesses contributes to the complexity, with an approximated 3.5 billion people in the global labor force, 500 countless whom are in Africa, and 230 million businesses worldwide.
Traditional payroll systems often result in manual processes, information silos, and an absence of combination, leading to inconsistencies and inefficiencies. Regardless of living in an era of technological advancements, payroll management has been slow to adjust, with as much as 25% of payroll still processed by hand, often utilizing pen and paper. This webinar aims to supply insights and options to simplify and optimize global payroll payments.
about it to give you a concept of how far there still is to come according to Deloitte just 11 of organizations say they have Workforce information in real time that's another number that offers me sleep deprived nights and rather honestly the more a service spends on international payroll the less of a picture they see a lack of exposure also extends to payroll payments and failure to accurately track these payments can cause compliance incidents in the last mile of the deal nearly half of international services have actually revealed that they do not have the level of standardization they require in their processes or desire and as a result eighty percent of mistakes are because of time reporting bad HCM data information entry mistakes poorly interacted hires and terminations along with lack management and system setups and after that when you round it all off and the information is delivered to the incorrect location the typical expense of a worldwide data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money around the world payroll and payments don't run efficiently if they rely on the essential numerous processes systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the difficulties company face when they're making payments to workers or otherwise that's an excellent concern I constantly toss this back and state what is it what doesn't need to be included right and what does
it require to be thought of 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 capabilities 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 consumer's own in-country account so there's intricacy any place you look ideal eventually developing a knowledge base is definitely important however 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 look at the sort 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 fundamental and technology is allowing us to type of move on with that it also as well to add to that payroll and finance need to work closer together um with differing Savings account Details varying banking requirements and setup procedures is definitely crucial that payroll and financing groups work better together than ever um I'm always impressed when people say I have actually split 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 estimation I would say no so why do we as a market accept that why our payroll and payments so typically split and cut up um ultimately it's payroll is an end-to-end procedure it's the point of data collection all the way through to paying people wherever they are but also paying statutory authorities and on statutory third parties so with the
world we live in and wellness being increasingly more crucial to add to kind of the level of complexity there's a growing number of benefits being organ or being used by businesses across the world so once again you're simply seeking to include increasingly more payments to this already complicated landscape so if you sort of got any experience well I'm from your large experience here and I make certain however have you got any experience in kind of real difficulties or genuine difficult sort of pay utilizes to play to pay people I believe yeah I mean over the last well yeah a number of years I would definitely say that the bigger a business gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the job there are teams feeding details into the next function as it were that's in fact managing the payment side of things but you know in in my viewpoint and my experience that doesn't always need to be the case you know long gone are the times where we require to produce additional handoffs at the same times that we operate in they just make them more timely they make them less efficient and they do not make them what they require to be in in an era of tech and an age that you know that we are working in today there is no reason that we are still making this as difficult as it needs to be concurred and rightly as you said payroll is the single most significant liability that any business has from a cost perspective from an impact perspective on employees it is definitely vital 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 need to be done right it has the most significant detrimental result on individuals's well-being and numerous other factors if people aren't paid uh I've constantly been impressed entering this Market type of the last 5 to ten years is how little thanks the
The payroll group may not have been thanked for properly processing payroll throughout a webinar. If anyone has actually been thanked, it would be terrific to hear their success story, whether it's from all staff members or not. Payroll is an essential cycle, and individuals just discover when things fail. Nevertheless, when things go right, it's seen as just a regular task. This is how it's perceived externally as well. For that reason, it is important to make sure that jobs like Wi-Fi International and other essential matters are done properly. Using the first International Payments first payroll payment option is an excellent initial action towards providing an extensive payroll option for employees worldwide. Standardization, global procedures, and lowering the variety of tools, platforms, and savings account necessary for worldwide payroll are key consider achieving business success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally get a couple of grievances when things do not go as planned. Eventually, we do not do it for the appreciation.
anyway we understand how how important 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 processes and likewise so imagine sorry I'm simply I was just gon na state picture the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I'm sure we're speaking about numerous thousands possibly Millions imagine getting that numerous thank you notes um I indicate it 'd be interesting to see how many Post-it notes you got however it would definitely be an interesting task attempting to clean up all those up for sure oh definitely I can't envision the size of my my Outlook inbox if that was the case um you 'd need days of the week to try to check out them and in fact see what was going on and sort of try to get back to everybody so proceeding look why do business select to main different bank accounts there are companies out there doing exactly this for specific countries and I've worked in a company or lots of companies doing exactly that I can say it does not constantly feel effective and it does develop more work I know we're not deliberately doing that we're not producing additional work for anyone 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 think that we're doing that in in the in the amount that we are I believe lots of factors one is it's the standard I think individuals have actually got so used to we require a brand-new bank account we open an entity and rightly so you require it for payroll purposes however there are a variety of markets where it's not a requirement so I think it's simply been the standard and the standard the people have actually adopted and continue to do over years and years passed by to add to that people have taken a look at things like trust accounts and numerous other ways um to to type of do it so I think there's a range I believe this is a process that requires looking at it requires altering however ultimately people are very stuck to what they recognize
with right um change is a challenging thing all of us don't like modification um so I think it's just sort of moving away from the standard as we have actually said so yeah so it keeps a great deal of track of things um I comprehend certainly the advantages of having maintaining numerous checking account but there's a huge quantity of complexity goes with setting up a bank account maintaining it ensuring it can send International transfers guaranteeing it's established with the ideal user accesses for specific people so the complexity is huge however I believe the sincere response is change um people haven't been able to alter or have not had always the understanding to really make that change into alternate Solutions besides opening a bank account I think you have actually struck the nail on the head I believe it is understanding you understand and there is a component of resistance to alter however we've constantly done it that way is no genuine reason for not taking a look at the the advantages and the possibilities of carrying on and moving into you know what might almost be identified to be the next Century approximately there is a lot to track and this approach does pose several challenges um so Johnny might you tell us about those obstacles yeah obviously so there's a variety right there is so
I recently made a change to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It seems like our CFO has gotten another CFO, and with this boosted ability, I have actually effectively secured payments for our 10,000 workers worldwide. Your devotion to mastering global payroll and payments using Papaya payroll OS is commendable. You are worthy of a corner office with a parking space that is more detailed, considering your accomplishments.
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