Find out more about Papaya Global Claiming Expenses ... We now have the ability to manage both our payroll and payments processes on one merged platform. It's as if our Chief Financial Officer has acquired a separate Chief Financial Officer specifically devoted to handling payments. This supplies us with a safe and secure and reliable technique of paying to our 10,000 staff members worldwide.}
the very best global payroll managment app, conserves me hours of time every month, one single control panel for my payroll, EOR and specialists
Employee Website
Workers have access to an Employee Website where they can view their pay slips, wage and tax declarations and work files. The portal is offered in several languages and can be accessed on a desktop or mobile device.
Advantages Administration
Papaya Global assists companies offer competitive benefits plans to international employees regardless of the variety of staff members in the company. The company can set up medical insurance, short-term and long-lasting special needs, vision, dental and maternity leave while eliminating the need to source regional advantages service providers in every country, produce regional accounts and have a minimum number of employees.
The HR capabilities provided by Worldwide HR encompass different functions such as keeping track of trip time, making sure compliance, assisting in the process of inviting new employees and bidding goodbye to leaving ones, providing a safe online platform for keeping employees' files, and supplying assistance for work allow treatments in case your workers require help because location.
HR Analytics
Papaya Global's payroll and HR analytics suite provides you insights into workforce spending, labor force diversity, total work costs dispersed per place, total employment costs per cycle and far more.
environments across the globe I offered management and method 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 throughout the business handling and structure external relationships supporting Business customers and services in addition to acting as a consultant for those of you that do not know who papaya Worldwide is papaya is the first payroll and payments
As a global company, we are honored to be consisted of on the distinguished Time 100 list of the most prominent business worldwide. We concentrate on supplying payroll and workforce management services to employees in more than 160 countries. I am delighted to introduce Johnny Nash, as discussed by Mark. Now, I'll let Johnny introduce himself. Good day to all, regardless of your place. It's a pleasure to fulfill 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 focused on payroll and payment options for the past 7 years. The intricacies and challenges of this field have always mesmerized me.
payroll payments and decided to type of make a real go at that over the last five or six years where I have actually sort of had a range of various functions on the service provider side and likewise on the vendor side from a payroll point of view so truly looking forward to this discussion today um and yeah thank you quite for your time everyone all right thanks Johnny uh we'll simply give everybody another number of uh well among the 30 seconds or so to join all of us work back to back these days so we'll type of let them do that so it 'd be quite interesting and I can see it going on already simply to hear where everyone is um it's nice to to sort of like see where everybody comes from and I actually do hope it's much sunnier than it is 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 very gloomy and I wish I was somewhere else at this moment in time fine so let's begin our agenda for today is as follows um we are going to be taking a look at the obstacle years of handling Worldwide payroll why business preserve different
bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts improving papaya Global payroll payments as a tactical asset uh we'll also discuss a wrap-up which needs to leave his time at the extremely extremely end for a q a session so as the title of the webinar suggests payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and International workforces end up being a growing number of common and managing them becomes increasingly more complicated Worldwide organizations are seeking to find Solutions and brand-new ways to improve procedures especially from a payroll and cross-border payment viewpoint many companies maintain different bank account just for payroll while some have numerous accounts in different nations does it make sense for business to preserve different bank accounts sometimes in different countries it does but just for payroll is there a better method what role do virtual accounts and digital wallets likewise known as virtual wallets play in assisting multinational business simplify the episode complex processes of
making payroll payments accurately efficiently securely and on time throughout this webinar we'll walk you through the international advantages and disadvantages of a payroll wallet versus a payroll bank account how business precisely anticipate their payroll costs to increase working capital and how simplifying International payroll payments can turn them from a siled pane into a tactical possession so payroll can be hard in enough in one nation however when you're doing it globally it's next level and Beyond it becomes intricate for a range of factors most importantly policies compliance information security and banking guidelines then there are the sheer numbers they include additional intricacy the global Labor force is currently three and a half billion individuals by 2030 it's approximated that in Africa alone they will contribute and additional 1.1 billion people that number is presently 500 million just for for a scale then consider that there are some 230 million companies and growing all doing their own thing around the world in the standard payroll design there's typically a frustrating variety of various systems resulting in lengthy manual processes and silos the number of Integrations could be non-existent in big amounts and or really really fundamental there's no genuine consistency structure we're living in an age of tech but payroll has actually been sluggish to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper which just blows my mind every time I I believe
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of companies state they have Labor force information in real time that's another number that gives me sleep deprived nights and quite honestly the more a business spends on international payroll the less of a picture they see a lack of visibility also reaches payroll payments and inability to precisely track these payments can result in compliance mishaps in the last mile of the transaction almost half of worldwide businesses have actually expressed that they don't have the level of standardization they require in their procedures or desire and as a result eighty percent of errors are because of time reporting poor HCM information data entry mistakes poorly interacted hires and terminations as well as lack management and system setups and then when you round everything off and the data is shipped to the incorrect place the average expense of an international information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money all over the world 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 point of view and in your experience what else requires to be factored into the obstacles company face when they're paying to staff members or otherwise that's a good concern I constantly toss this back and state what is it what doesn't require to be included best 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 amount of time there's payment abilities 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 customer's own in-country account so there's complexity wherever you look ideal ultimately constructing a knowledge base is definitely important however everywhere you look with payroll payment they are like extremely payments no if however some infants about it you are all superheroes processing payments for payroll if you look at the type of link between fintech and payroll it's closer than ever I think there's now a bit more acknowledgment that payroll payments are definitely essential and innovation is permitting us to kind of move on with that it likewise as well to add to that payroll and finance require to work closer together um with differing Bank Account Details differing banking requirements and setup procedures is absolutely essential that payroll and finance teams work closer together than ever um I'm constantly surprised when individuals say I have actually 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 split the payroll payment from estimation I would say no so why do we as an industry 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 any place they are however also paying statutory authorities and on statutory 3rd parties so with the
world we live in and wellness being more and more crucial to contribute to type of the level of complexity there's a growing number of advantages being organ or being provided by organizations throughout the world so again you're simply wanting to include a growing number of payments to this currently complex landscape so if you kind of got any experience well I'm from your vast experience here and I'm sure but have you got any experience in kind of genuine challenges or real tough type of pay utilizes to play to pay individuals I think yeah I imply over the last well yeah a couple of decades I would definitely state 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 task there are teams feeding details into the next function as it were that's actually handling the payment side of things but you know in in my opinion and my experience that doesn't always need to be the case you understand long gone are the times where we need to produce additional handoffs in the processes that we operate in they simply 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 difficult as it requires to be concurred and rightly as you stated payroll is the single most significant liability that any company has from an expense perspective from an impact perspective on staff members it is absolutely crucial that it's done correctly and on time so what we suggest by that is not a day before not a day after on pay day and payments need to be done right it has the biggest damaging impact on people's well-being and numerous other factors if people aren't paid uh I've constantly been amazed entering this Market type of the last five to 10 years is how little thanks the
payroll team get um so I'm unsure anybody on this sort of webinar has been informed thank you for processing my payroll correctly if you have it 'd be fantastic to hear your success story and whether that's been from all staff members or not um however ultimately payroll is such a crucial cycle we all find out about it when it goes wrong everybody jumps up and down when it goes wrong however 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 things is definitely essential that all of this stuff is done correctly so leveraging the very first Worldwide Payments first payroll payment service is an excellent primary step um providing an end-to-end payroll option for your staff members internationally again I think is another big um process once again aligning and ensuring you have standardization Global processes all of those things are definitely key to success success of companies and lowering the number of tools platforms and checking account they require for their Global payroll too could not agree with you more and on the the front in regards to of the thank yous for getting payroll done I have actually never ever had a hundred countless them within a payroll cycle do not anticipate to you do get the odd 5 or ten or whatever it might be with the with the the grievances where things haven't gone rather where they're suggested to be um I don't believe any of us are actually doing that for for the thanks
anyway we understand 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 likewise so imagine sorry I'm just I was just gon na state picture the quantity of thanks you got if you might cover the amount of people that we cover within this webinar I make sure we're discussing hundreds of thousands potentially Millions imagine getting that lots of thank you keeps in mind um I imply it 'd be interesting to see how many Post-it notes you got however it would definitely be a fascinating task trying to clean up all those up for sure oh definitely I can't envision the size of my my Outlook inbox if that held true um you 'd require days of the week to try to look through them and really see what was going on and kind of shot to get back to everybody so moving on look why do companies choose to main separate checking account there are companies out there doing exactly this for specific countries and I have actually operated in an organization or many organizations doing precisely that I can state it doesn't constantly feel efficient and it does create more work I understand we're not intentionally doing that we're not developing extra work for any person 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 believe that we're doing that in in the in the quantity that we are I think many factors one is it's the requirement I believe people have 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 number of markets where it's not a requirement so I think it's simply been the standard and the norm individuals have actually embraced and continue to do over years and years passed by to contribute to that individuals have actually looked at things like trust accounts and lots of other ways um to to type of do it so I believe there's a range I believe this is a procedure that needs looking at it requires changing but ultimately individuals are extremely stuck with what they're familiar
with ideal um change is a hard thing we all don't like modification um so I think it's just kind of moving away from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I understand undoubtedly the benefits of having keeping several checking account however there's a big quantity of intricacy opts for establishing a savings account preserving it guaranteeing it can send out International transfers guaranteeing it's established with the ideal user accesses for private people so the complexity is big but I think the honest response is change um people haven't been able to change or haven't had necessarily the knowledge to really make that change into alternate Solutions besides opening a checking account I believe you have actually hit the nail on the head I think it is knowledge you understand and there is a component of resistance to change however we've always done it that way is no genuine reason for not looking at the the advantages and the possibilities of carrying on and moving into you understand what could almost be determined to be the next Century approximately there is a lot to track and this approach does posture numerous difficulties um so Johnny could you tell us about those obstacles yeah naturally so there's a variety right there is so
I simply did you switched our Enterprise 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 office with a more detailed parking space since I mastered Worldwide payroll and payments with Papaya payroll OS did you
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