Find out more about Papaya Global Clear Startup List ... We now have the ability to handle both our payroll and payments processes on one merged platform. It's as if our Chief Financial Officer has actually obtained a separate Chief Financial Officer particularly devoted to handling payments. This offers us with a secure and reputable technique of paying to our 10,000 employees worldwide.}
The innovative international payroll management app improves my payroll procedure, saving me a considerable quantity of time each month. With its user-friendly interface, I have access to a single dashboard that effectively handles my payroll, EOR, and professionals.
The Staff member Website provides employees with the ability to gain access to and view crucial files such as pay slips, wage and tax statements, and work records. This website is accessible on both desktop and mobile devices and is used in various languages.
Advantages Administration
Papaya Global helps business provide competitive benefits bundles to international employees despite the number of staff members in the company. The business can set up health insurance, short-term and long-lasting impairment, vision, dental and maternity leave while eliminating the requirement to source regional benefits providers in every nation, create local accounts and have a minimum variety of staff members.
Global HR Performances
's HR functionalities include PTO tracking, compliance, onboarding/offboarding tools, online storage for employees' files and immigration services if your employees need work permit support.
HR Analytics
Papaya Global's payroll and HR analytics suite offers you insights into labor force costs, labor force diversity, total employment expenses distributed per location, overall work costs per cycle and far more.
environments across the globe I offered leadership and method to populations of over a hundred thousand workers in more than 170 countries today I'm the payroll strategies for as Mark stated I work throughout the business handling and building external relationships supporting Business customers and solutions along with functioning as an advisor for those of you that do not know who papaya Worldwide is papaya is the first payroll and payments
company to make the time 100 list for many influential companies on the planet we supply payroll payments and workforce management to all employee enters over 160 nations I am pleased to say that we also have as Mark said Johnny Nash with us today Johnny would you like to introduce yourself naturally thank you good morning excellent afternoon great night depending upon where you remain in the world it's lovely to meet you and thank you quite for your time as Ian said my name is Johnny Nash and I'm the payments director here at um I have actually been in the payments industry for over ten years and particularly dealing with the payroll and payment sector for over seven years um I was interested by the intricacy the problem in all of the above of
payroll payments and decided to sort of make a genuine go at that over the last 5 or six years where I've kind of had a variety of different roles on the company side and likewise on the supplier side from a payroll perspective so truly looking forward to this conversation today um and yeah thank you quite for your time everyone alright thanks Johnny uh we'll simply offer everyone another couple of uh well one of the 30 seconds approximately to join we all work back to back these days so we'll kind of let them do that so it 'd be quite intriguing 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 originates 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 raining here it's very really uninspiring and I want I was elsewhere at this moment in time okay so let's begin our program for today is as follows um we are going to be taking a look at the obstacle years of handling International payroll why companies maintain separate
checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts streamlining papaya Global payroll payments as a strategic possession uh we'll also discuss a wrap-up which should leave his time at the really really end for a q a session so as the title of the webinar recommends payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces become a growing number of typical and handling them ends up being more and more complex Global companies are seeking to find Solutions and new methods to simplify procedures specifically from a payroll and cross-border payment standpoint lots of organizations keep separate savings account just for payroll while some have numerous accounts in different nations does it make good sense for companies to maintain different bank accounts sometimes in various countries it does but just for payroll is there a better way what function do virtual accounts and digital wallets also known as virtual wallets play in assisting multinational business enhance the episode complex processes of
Guaranteeing precise, efficient, and timely payroll payments is a complex challenge for businesses running worldwide. Join us for a webinar to explore the benefits and downsides of payroll wallets versus payroll savings account, find out how business forecast payroll costs to enhance working capital, and discover how enhancing global payroll payments can transform them from a difficult job into a strategic asset.
Managing payroll globally is a difficult job due to numerous policies, compliance requirements, information security issues, and banking guidelines. The sheer number of workers and companies adds to the complexity, with an estimated 3.5 billion people in the worldwide workforce, 500 countless whom remain in Africa, and 230 million services worldwide.
Conventional payroll systems typically lead to manual processes, information silos, and an absence of combination, causing disparities and inadequacies. Despite residing in an age of technological advancements, payroll management has been sluggish to adjust, with as much as 25% of payroll still processed by hand, frequently utilizing pen and paper. This webinar objectives to provide insights and options to simplify and enhance global payroll payments.
about it to give you a concept of how far there still is to come according to Deloitte just 11 of services state they have Labor force information in real time that's another number that provides me sleepless nights and quite frankly the more a company invests in global payroll the less of a picture they see an absence of presence also reaches payroll payments and inability to precisely track these payments can cause compliance mishaps in the last mile of the transaction almost half of worldwide organizations have 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 due to time reporting bad HCM information information entry mistakes inadequately interacted hires and terminations as well as absence management and system configurations and then when you round it all off and the information is delivered to the incorrect location the average cost of a worldwide data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money all over the world payroll and payments do not run smoothly if they rely on the needed numerous 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 organization 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 need to be consisted of ideal 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 country 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 need to pay from the customer's own in-country account so there's complexity anywhere you look right eventually developing a knowledge base is definitely critical however everywhere you look with payroll payment they resemble extremely payments no if however some infants about it you are all superheroes processing payments for payroll if you take a look at the type of link in between fintech and payroll it's closer than ever I believe there's now a bit more acknowledgment that payroll payments are definitely essential and innovation is permitting us to sort of progress with that it likewise as well to add to that payroll and financing need to work closer together um with varying Bank Account Particulars varying banking requirements and setup processes is definitely imperative that payroll and finance teams work more detailed together than ever um I'm always astonished when people say I have actually split payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn't operate 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 eventually it's payroll is an end-to-end process it's the point of information collection all the way through to paying people wherever they are however also paying statutory authorities and on statutory third parties so with the
world we live in and well-being being more and more important to add to type of the level of complexity there's increasingly more benefits being organ or being provided by businesses throughout the world so again you're just seeking to include increasingly more payments to this currently complicated landscape so if you type of got any experience well I'm from your vast experience here and I make sure but have you got any experience in kind of genuine difficulties or genuine tough kind of pay uses to play to pay individuals I believe yeah I indicate over the last well yeah a number of years I would certainly say that the larger a business gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the job there are teams feeding details into the next function as it were that's really handling the payment side of things however you know in in my opinion and my experience that does not always need to be the case you know long gone are the times where we need to produce additional handoffs at the same times that we operate in they just make them more prompt they make them less effective and they don't make them what they need to be in in an era of tech and an era that you know that we are operating in today there is no reason we are still making this as challenging as it needs to be agreed and rightly as you stated payroll is the single greatest liability that any business has from a cost viewpoint from an impact viewpoint on staff members it is absolutely crucial that it's done properly and on time so what we indicate 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 damaging result on people's well-being and numerous other aspects if individuals aren't paid uh I have actually always been astonished entering this Market kind of the last 5 to ten years is how little thanks the
payroll group get um so I'm uncertain anyone on this type of webinar has been informed thank you for processing my payroll properly if you have it 'd be terrific to hear your success story and whether that's been from all workers or not um but ultimately payroll is such an essential cycle we all find out about it when it fails everyone jumps up and down when it fails but when it goes right it's just a tick box workout and I think that's how it's seen from the external view as well um so yeah it's also like why WI-Fi Global why all of this things is definitely crucial that all of this stuff is done correctly so leveraging the very first Global Payments first payroll payment service is a fantastic primary step um offering an end-to-end payroll option for your employees worldwide once again I think is another substantial um procedure again aligning and ensuring you have standardization International processes all of those things are definitely key to success success of services and reducing the variety of tools platforms and checking account they need for their Global payroll too couldn't agree with you more and on the the front in terms of 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 10 or whatever it might be with the with the the complaints where things have not gone rather where they're indicated to be um I do not think any of us are really doing that for for the thanks
anyway we understand how how crucial a role it is and that'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 likewise so think of sorry I'm just I was simply gon na say envision the amount of thanks you got if you might cover the amount of people that we cover within this webinar I make certain we're speaking about hundreds of thousands possibly Millions envision getting that lots of thank you keeps in mind um I indicate it 'd be interesting to see the number of Post-it notes you got but it would certainly be an intriguing job attempting to clean all those up for sure oh absolutely I can't envision the size of my my Outlook inbox if that held true um you 'd need days of the week to attempt to browse them and in fact see what was going on and type of try to return to everybody so proceeding look why do business pick to primary different savings account there are businesses out there doing exactly this for particular countries and I have actually worked in a service or lots of businesses doing precisely that I can say it does not constantly feel effective and it does create more work I know we're not intentionally doing that we're not producing extra work for anybody where we do not have to and any person that's dealing with that procedure I 'd be interested to hear your thoughts Johnny why do you think that we're doing that in in the in the quantity that we are I believe numerous reasons one is it's the requirement I believe individuals have got so used to we require a new savings 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 believe it's simply been the requirement and the norm the people have adopted and continue to do over years and years passed by to contribute to that people have actually taken a look at things like trust accounts and numerous other ways um to to sort of do it so I believe there's a range I believe this is a procedure that requires looking at it needs changing however eventually people are extremely stuck with what they recognize
with ideal um change is a hard thing all of us do not like modification um so I think it's simply type of moving away from the norm as we have actually said so yeah so it keeps a great deal of track of things um I understand certainly the advantages of having keeping numerous checking account however there's a substantial amount of intricacy opts for establishing a bank account keeping it ensuring it can send International transfers ensuring it's established with the best user accesses for specific individuals so the intricacy is huge however I believe the sincere answer is modification um people haven't been able to change or have not had always the understanding to truly make that change into alternate Solutions aside from opening a checking account I think you've hit the nail on the head I think it is understanding you understand and there is an element of resistance to change but we've always done it that way is no real excuse for not taking a look at the the benefits and the possibilities of moving on and moving into you understand what might nearly be figured out to be the next Century or two there is a lot to monitor and this method does present several challenges um so Johnny could you tell us about those obstacles yeah of course so there's a variety 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 resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide workers you should have 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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