Find out more about Papaya Global Check For Accountants ... 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 obtained a different Chief Financial Officer particularly devoted to managing payments. This provides us with a safe and secure and trustworthy approach of paying to our 10,000 workers worldwide.}
The innovative global payroll management app simplifies my payroll process, conserving me a substantial amount of time every month. With its easy to use interface, I have access to a single control panel that efficiently handles my payroll, EOR, and professionals.
Staff member Website
Staff members have access to a Staff member Portal where they can see their pay slips, wage and tax declarations and employment documents. The website is offered in multiple languages and can be accessed on a desktop or mobile device.
Advantages Administration
Papaya Global assists business offer competitive benefits packages to international workers no matter the variety of workers in the business. The business can set up health insurance, short-term and long-lasting special needs, vision, dental and maternity leave while eliminating the need to source local advantages providers in every nation, develop regional accounts and have a minimum number of employees.
The HR capabilities offered by Global HR include various functions such as keeping track of trip time, making sure compliance, assisting in the process of inviting brand-new staff members and bidding farewell to leaving ones, using a secure online platform for keeping workers' documents, and providing support for work permit procedures in case your staff members require assistance in that location.
HR Analytics
Papaya Global's payroll and HR analytics suite provides you insights into workforce spending, workforce variety, total employment expenses dispersed per location, total work costs per cycle and a lot more.
environments across the globe I offered leadership and method to populations of over a hundred thousand employees in more than 170 countries today I'm the payroll methods for as Mark said I work across the business handling and building external relationships supporting Enterprise clients and services along with acting as a consultant for those of you that don't know who papaya Global is papaya is the first payroll and payments
As an international company, we are honored to be consisted of on the prominent Time 100 list of the most prominent business worldwide. We specialize in supplying payroll and workforce management services to staff members in more than 160 nations. I am delighted to introduce Johnny Nash, as pointed out 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 important time. As Ian pointed out, I am Johnny Nash, the director of payments at our organization. With over a years of experience in the payments market, I have actually concentrated on payroll and payment solutions for the past seven years. The intricacies and obstacles of this field have always captivated me.
payroll payments and chose to type of make a genuine go at that over the last five or six years where I've sort of had a variety of different functions on the provider side and also on the vendor side from a payroll point of view so actually anticipating this discussion today um and yeah thank you very much for your time everyone okay thanks Johnny uh we'll just give everyone another number of uh well one of the 30 seconds or so to join all of us work back to back these days so we'll kind of let them do that so it 'd be rather interesting and I can see it going on already just to hear where everyone is um it's nice to to sort of like see where everyone originates from and I really 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 extremely really uninspiring and I want I was elsewhere at this moment in time okay so let's get going our agenda for today is as follows um we are going to be taking a look at the difficulty years of handling Global payroll why companies preserve different
checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts enhancing papaya Worldwide payroll payments as a strategic possession uh we'll likewise go over a recap and that should leave his time at the very very 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 International workforces become increasingly more common and managing them becomes increasingly more intricate Global companies are looking to discover Solutions and new methods to streamline processes especially from a payroll and cross-border payment perspective numerous organizations preserve separate savings account just for payroll while some have numerous accounts in different nations does it make good sense for companies to preserve separate bank accounts in some cases in various nations it does but just for payroll is there a better way what role do virtual accounts and digital wallets likewise known as virtual wallets play in helping multinational companies simplify the episode complex processes of
making payroll payments precisely effectively firmly and on time during this webinar we'll walk you through the international pros and cons of a payroll wallet versus a payroll checking account how business precisely forecast their payroll expenses to increase working capital and how streamlining International payroll payments can turn them from a siled pane into a strategic asset so payroll can be difficult in enough in one nation but when you're doing it internationally it's next level and Beyond it ends up being complicated for a variety of factors most notably regulations compliance information security and banking guidelines then there are the large numbers they include further complexity the worldwide Workforce is presently 3 and a half billion individuals by 2030 it's estimated that in Africa alone they will contribute and more 1.1 billion people that number is currently 500 million just for for a scale then consider that there are some 230 million services and growing all doing their own thing around the globe in the traditional payroll design there's often a frustrating number of different systems leading to lengthy manual processes and silos the number of Combinations could be non-existent in big quantities and or very extremely standard there's no genuine consistency structure we're living in an age of tech but payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper and that just blows my mind whenever I I believe
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of organizations state they have Labor force data in real time that's another number that gives me sleepless nights and rather honestly the more an organization spends on global payroll the less of a photo they see a lack of presence likewise encompasses payroll payments and inability to accurately track these payments can result in compliance mishaps in the last mile of the transaction nearly half of worldwide organizations have expressed that they don't have the level of standardization they need in their procedures or want and as a result eighty percent of errors are because of time reporting bad HCM data information entry mistakes poorly interacted hires and terminations in addition to lack management and system configurations and after that when you round all of it off and the data is shipped to the incorrect 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 cash around the globe payroll and payments don't run efficiently if they depend on the necessary numerous procedures 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 challenges business face when they're paying to staff members or otherwise that's an excellent question I constantly throw this back and say what is it what does not require to be included ideal and what does
it need to be thought of 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 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 customer's own in-country account so there's intricacy any place you look right ultimately constructing a knowledge base is definitely crucial however everywhere 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 sort of link in between fintech and payroll it's closer than ever I think there's now a bit more acknowledgment that payroll payments are absolutely basic and innovation is permitting us to type of move on with that it also too to contribute to that payroll and financing require to work closer together um with differing Savings account Particulars differing banking requirements and setup processes is definitely essential that payroll and finance groups work closer together than ever um I'm always impressed when individuals state I have actually split payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn't operate in the payroll profession 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 data collection all the way through to paying individuals wherever they are however likewise paying statutory authorities and on statutory 3rd parties so with the
The modern-day world places a high value on well-being and the settlement landscape is ending up being progressively elaborate. Businesses are continuously presenting new advantages and payment alternatives, which adds to the overall complexity. Large corporations frequently divide their payroll and payment processing into separate groups, which can lead to inefficiencies and traffic jams. In my viewpoint, this doesn't have to hold true. In today's technologically innovative period, there's no justification for keeping troublesome procedures. Payroll, the business's greatest cost, should be processed correctly and on time. Even small hold-ups can negatively affect workers' well-being and have far-reaching consequences. Therefore, it's critical to focus on precise and timely payments.
The payroll team might not have actually been thanked for properly processing payroll during a webinar. If anyone has actually been thanked, it would be excellent to hear their success story, whether it's from all staff members or not. Payroll is an important cycle, and individuals just observe when things go wrong. However, when things go right, it's seen as just a regular job. This is how it's perceived externally also. For that reason, it is vital to ensure that tasks like Wi-Fi Worldwide and other crucial matters are done correctly. Utilizing the first Global Payments very first payroll payment service is an excellent initial action towards providing an extensive payroll option for employees worldwide. Standardization, international processes, and decreasing the variety of tools, platforms, and savings account needed for international payroll are crucial factors in achieving service success. While we don't anticipate a hundred thousand thank yous within a payroll cycle, we do periodically get a couple of complaints when things do not go as prepared. Ultimately, we don't do it for the gratitude.
anyway we know how how important a role 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 simple as possible for everyone that's associated with those processes and also so imagine sorry I'm simply I was simply gon na state imagine the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I make sure we're speaking about hundreds of thousands potentially Millions think of getting that many thank you keeps in mind um I mean it 'd be interesting to see the number of Post-it notes you got but it would absolutely be an interesting task trying to clean all those up for sure oh definitely I can't imagine the size of my my Outlook inbox if that held true um you 'd require days of the week to try to browse them and really see what was going on and kind of shot to get back to everyone so moving on look why do companies choose to primary different checking account there are businesses out there doing precisely this for specific countries and I have actually operated in a service or numerous businesses doing precisely that I can state it does not always feel efficient and it does produce more work I understand we're not deliberately doing that we're not producing extra work for anybody where we do not have to and anybody 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 believe many factors one is it's the requirement I believe people have got so used to we need a new checking 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 just been the requirement and the standard individuals have embraced and continue to do over years and years passed by to add to that individuals have taken a look at things like trust accounts and lots of other ways um to to kind of do it so I believe there's a variety I think this is a process that requires taking a look at it requires altering however eventually people are very stuck to what they recognize
with right um modification is a difficult thing we all do not like change um so I believe it's simply sort of moving away from the standard as we've said so yeah so it keeps a lot of track of stuff um I comprehend undoubtedly the benefits of having preserving multiple checking account but there's a substantial amount of complexity chooses setting up a checking account maintaining it guaranteeing it can send International transfers guaranteeing it's established with the ideal user accesses for specific individuals so the intricacy is huge however I think the sincere response is change um individuals haven't had the ability to change or have not had always the knowledge to really make that change into alternate Solutions aside from opening a savings account I think you've struck the nail on the head I think it is knowledge you understand and there is an aspect of resistance to alter however we have actually always done it that way is no real reason for not taking a look at the the benefits and the possibilities of proceeding and moving into you understand what might almost be determined to be the next Century approximately there is a lot to monitor and this technique does posture a number of obstacles um so Johnny might you tell us about those difficulties yeah obviously so there's a range right there is so
I simply did you changed 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 International employees you should have a corner workplace with a more detailed parking space due to the fact that I mastered International payroll and payments with Papaya payroll OS did you
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