Find out more about Papaya Global Case Study Pay Elements ... We now have the ability to manage both our payroll and payments processes on one unified platform. It's as if our Chief Financial Officer has actually gotten a separate Chief Financial Officer particularly committed to managing payments. This offers us with a protected and dependable approach of paying to our 10,000 employees worldwide.}
The advanced international payroll management app enhances my payroll process, saving me a significant amount of time each month. With its easy to use interface, I have access to a single dashboard that efficiently handles my payroll, EOR, and contractors.
The Staff member Website provides workers with the ability to gain access to and view crucial files such as pay slips, wage and tax statements, and employment records. This website is accessible on both desktop and mobile phones and is offered in numerous languages.
Benefits Administration
Papaya Global helps companies offer competitive benefits packages to international staff members no matter the variety of employees in the company. The company can set up medical insurance, short-term and long-term impairment, vision, oral and maternity leave while removing the need to source regional advantages providers in every country, produce regional accounts and have a minimum variety of employees.
Global HR Performances
's HR functionalities include PTO tracking, compliance, onboarding/offboarding tools, online storage for employees' files and immigration services if your workers need work authorization help.
HR Analytics
Papaya Global's payroll and HR analytics suite offers you insights into workforce spending, labor force diversity, total employment costs dispersed per location, overall employment costs per cycle and a lot more.
environments across the globe I offered management and strategy to populations of over a hundred thousand workers in more than 170 nations today I'm the payroll methods for as Mark stated I work across business handling and building external relationships supporting Enterprise customers and solutions in addition to functioning as an advisor for those of you that do not understand who papaya International is papaya is the first payroll and payments
company to make the time 100 list for many influential business in the world we supply payroll payments and labor force management to all worker types in over 160 countries I am pleased to say that we likewise have as Mark stated Johnny Nash with us today Johnny would you like to present yourself naturally thank you good morning good afternoon excellent night depending upon where you remain in the world it's charming to meet 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 particularly dealing with the payroll and payment sector for over 7 years um I was captivated by the complexity the problem in all of the above of
payroll payments and chose to kind of make a real go at that over the last 5 or 6 years where I've kind of had a range of different roles on the provider side and also 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 number of uh well one of 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 quite fascinating and I can see it going on already just to hear where everyone is um it's nice to to kind of like see where everyone comes from and I really do hope it's much sunnier than it is 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 really very bleak and I want I was elsewhere at this moment in time alright so let's get going 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 business maintain separate
Virtual payroll accounts are an option to conventional savings account for managing payroll payments. This is especially beneficial for international organizations with dispersed and remote workforces, as it streamlines the complicated process of cross-border payments. Instead of keeping separate checking account for payroll in various nations, virtual accounts and digital wallets provide a more structured solution. In this webinar, we will explore the benefits of using virtual payroll accounts and discuss why they are becoming a strategic asset for payroll executives. We will likewise provide a recap of the main points covered and leave time for a Q&A session at the end.
Making sure accurate, efficient, and timely payroll payments is a complex obstacle for companies running worldwide. Join us for a webinar to check out the advantages and disadvantages of payroll wallets versus payroll bank accounts, discover how companies anticipate payroll expenses to enhance working capital, and discover how simplifying international payroll payments can transform them from a challenging job into a tactical possession.
Managing payroll globally is a difficult job due to different guidelines, compliance requirements, information security issues, and banking guidelines. The large number of employees and organizations adds to the intricacy, with an estimated 3.5 billion people in the global workforce, 500 countless whom remain in Africa, and 230 million businesses worldwide.
Standard payroll systems frequently lead to manual procedures, data silos, and a lack of combination, resulting in disparities and ineffectiveness. In spite of residing in a period of technological developments, payroll management has actually been sluggish to adjust, with as much as 25% of payroll still processed manually, frequently using pen and paper. This webinar objectives to supply insights and services to streamline and enhance international payroll payments.
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 Workforce data in real time that's another number that provides me sleepless nights and rather frankly the more a business spends on international payroll the less of a picture they see a lack of presence also encompasses payroll payments and inability to precisely track these payments can lead to compliance accidents in the last mile of the deal almost half of worldwide businesses 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 because of time reporting poor HCM data data entry errors badly communicated 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 incorrect location the typical cost of a worldwide data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash around the world payroll and payments don't run smoothly if they rely on the essential multiple processes systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the obstacles company face when they're paying to workers or otherwise that's a good concern I constantly toss this back and say what is it what does not require to be included best and what does
it need to be thought of there's differing Bank details so the length of an eye band a swift an account number routing code per nation there's payment timespan there's payment capabilities so can you pay it from International or do you have to pay from an in-country account do you need to pay from the client's own in-country account so there's intricacy any place you look ideal ultimately developing a knowledge base is definitely critical however all over you look with payroll payment they are like super payments no if however some infants about it you are all superheroes processing payments for payroll if you take a look at the kind of link between fintech and payroll it's closer than ever I believe there's now a bit more recognition that payroll payments are definitely fundamental and innovation is permitting us to sort of move on with that it also too to add to that payroll and finance need to work closer together um with varying Bank Account Details varying banking requirements and setup processes is absolutely vital that payroll and finance teams work closer together than ever um I'm constantly impressed when people state I've divided payroll and payment um if you stroll down the street and asked anyone what is payroll who does not operate in the payroll profession would they divide 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 procedure it's the point of data collection all the way through to paying people any place they are but likewise 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 significantly elaborate. Organizations are continually introducing new advantages and payment options, which contributes to the general intricacy. Large corporations typically divide their payroll and payment processing into separate teams, which can lead to ineffectiveness and traffic jams. In my opinion, this does not need to hold true. In today's technologically innovative era, there's no reason for maintaining cumbersome procedures. Payroll, the company's greatest expense, must be processed properly and on time. Even minor delays can negatively impact staff members' well-being and have significant repercussions. Therefore, it's vital to focus on accurate and timely payments.
The payroll team may not have actually been thanked for correctly processing payroll during a webinar. If anybody has actually been thanked, it would be excellent to hear their success story, whether it's from all workers or not. Payroll is a crucial cycle, and individuals only notice when things go wrong. However, when things go right, it's seen as just a routine task. This is how it's perceived externally as well. For that reason, it is essential to make sure that tasks like Wi-Fi Worldwide and other important matters are done properly. Utilizing the first International Payments very first payroll payment service is a great preliminary step towards supplying a comprehensive payroll option for workers worldwide. Standardization, global procedures, and decreasing the number of tools, platforms, and savings account required for worldwide payroll are crucial factors in achieving service success. While we don't expect a hundred thousand thank yous within a payroll cycle, we do occasionally get a few complaints when things do not go as prepared. Ultimately, we do not do it for the appreciation.
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 imagine sorry I'm just I was just gon na say imagine 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 talking about hundreds of thousands potentially Millions envision getting that numerous thank you notes um I imply it 'd be interesting to see how many Post-it notes you got however it would absolutely be an intriguing job trying to clean up all those up for sure oh definitely I can't think of the size of my my Outlook inbox if that held true um you 'd require days of the week to attempt to browse them and really see what was going on and kind of shot to return to everyone so proceeding look why do companies choose to main separate savings account there are companies out there doing exactly this for specific nations and I have actually operated in a company or lots of businesses doing precisely that I can state it doesn't always feel effective and it does develop more work I understand we're not purposely doing that we're not creating additional work for any person where we do not have to and anybody that's handling that process I 'd be interested to hear your ideas Johnny why do you believe that we're doing that in in the in the quantity that we are I think lots of factors one is it's the requirement 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 however there are a variety of markets where it's not a requirement so I believe it's simply been the standard and the standard individuals have adopted and continue to do over years and years passed by to add to that people have actually looked at things like trust accounts and many other ways um to to type of do it so I think there's a variety I think this is a procedure that needs looking at it needs changing but eventually individuals are really stuck with what they recognize
with right um modification is a challenging thing all of us 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 understand undoubtedly the advantages of having maintaining several bank accounts but there's a big amount of intricacy chooses establishing a checking account keeping it guaranteeing it can send out International transfers ensuring it's set up with the right user accesses for individual people so the intricacy is huge however I think the sincere response is modification um individuals haven't had the ability to alter or have not had always the knowledge to truly make that change into alternate Solutions besides opening a bank account I think you've struck the nail on the head I believe it is knowledge you know and there is an element of resistance to change however we have actually constantly done it that way is no real reason for not taking a look at the the advantages and the possibilities of carrying on and moving into you know what could almost be determined to be the next Century approximately there is a lot to track and this approach does pose a number of challenges um so Johnny might you tell us about those challenges yeah of course so there's a variety right there is so
I just did you switched our Business to OS so now we can do our payroll and payments operation on a single platform yes it resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 International staff members you deserve a corner workplace with a more detailed parking space since I mastered Worldwide payroll and payments with Papaya payroll OS did you
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