Find out more about Papaya Global Cloud Update ... We now have the ability to handle both our payroll and payments processes on one unified platform. It's as if our Chief Financial Officer has actually gotten a different Chief Financial Officer particularly dedicated to managing payments. This provides us with a protected and reputable approach of making payments to our 10,000 employees worldwide.}
the very best international payroll managment app, conserves me hours of time each month, one single control panel for my payroll, EOR and specialists
The Employee Portal provides staff members with the ability to access and view crucial documents such as pay slips, wage and tax statements, and employment records. This website is accessible on both desktop and mobile devices and is used in various languages.
Advantages Administration
Papaya Global helps business use competitive benefits plans to international staff members regardless of the number of workers in the business. The company can establish medical insurance, short-term and long-term disability, vision, oral and maternity leave while getting rid of the requirement to source local advantages providers in every nation, develop local accounts and have a minimum number of employees.
Global HR Performances
's HR functionalities include PTO tracking, compliance, onboarding/offboarding tools, online storage for workers' documents and migration services if your employees need work permit assistance.
HR Analytics
Papaya Global's payroll and HR analytics suite offers you insights into workforce costs, labor force variety, overall work costs distributed per place, total work costs per cycle and far more.
environments around the world I offered management and strategy to populations of over a hundred thousand employees in more than 170 countries today I'm the payroll techniques for as Mark said I work throughout the business managing and building external relationships supporting Enterprise clients and solutions as well as functioning as an advisor for those of you that do not understand who papaya Worldwide is papaya is the first payroll and payments
As a global business, we are honored to be included on the prominent Time 100 list of the most prominent companies worldwide. We specialize in supplying payroll and labor force management services to employees in more than 160 countries. I am delighted to introduce Johnny Nash, as mentioned by Mark. Now, I'll let Johnny introduce himself. Good day to all, regardless of your place. It's a satisfaction to meet 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 industry, I have focused on payroll and payment services for the past 7 years. The intricacies and obstacles of this field have constantly captivated 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 type of had a variety of various functions on the supplier side and also on the supplier side from a payroll viewpoint so actually looking forward to this discussion today um and yeah thank you quite for your time everyone fine thanks Johnny uh we'll simply provide everyone another couple of uh well one of the 30 seconds or two to join we all work back to back these days so we'll type of let them do that so it 'd be rather fascinating and I can see it going on currently simply to hear where everyone is um it's nice to to sort 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 sunshine is it it's not no it's it's drizzling here it's extremely very uninspiring and I wish I was somewhere else at this moment in time alright so let's get going our program for today is as follows um we are going to be looking at the difficulty years of handling International payroll why companies keep different
bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts enhancing papaya International payroll payments as a strategic asset uh we'll likewise review a recap which ought to leave his time at the very very end for a q a session so as the title of the webinar suggests payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces become increasingly more typical and managing them ends up being more and more intricate Global organizations are wanting to discover Solutions and new methods to streamline processes specifically from a payroll and cross-border payment viewpoint lots of organizations maintain different bank account just for payroll while some have multiple accounts in different countries does it make good sense for business to keep different checking account sometimes in different countries it does but just for payroll is there a better method what function do virtual accounts and digital wallets likewise known as virtual wallets play in assisting multinational companies improve the episode complex processes of
Making sure precise, effective, and prompt payroll payments is a complex obstacle for companies running globally. Join us for a webinar to check out the benefits and disadvantages of payroll wallets versus payroll checking account, find out how companies forecast payroll expenses to optimize working capital, and find how improving global payroll payments can change them from a troublesome task into a tactical asset.
Handling payroll internationally is a daunting job due to different policies, compliance requirements, information security concerns, and banking rules. The large variety of staff members and companies contributes to the complexity, with an estimated 3.5 billion individuals in the worldwide labor force, 500 million of whom are in Africa, and 230 million organizations worldwide.
Conventional payroll systems frequently result in manual processes, data silos, and a lack of combination, causing disparities and ineffectiveness. In spite of residing in a period of technological developments, payroll management has actually been sluggish to adapt, with as much as 25% of payroll still processed manually, often using pen and paper. This webinar goals to offer insights and solutions to streamline and enhance worldwide payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of services say they have Labor force data in real time that's another number that gives me sleep deprived nights and quite honestly the more an organization invests in global payroll the less of an image they see a lack of visibility also extends to payroll payments and failure to precisely track these payments can cause compliance mishaps in the last mile of the transaction nearly half of international businesses have actually expressed that they do not have the level of standardization they need in their procedures or desire and as a result eighty percent of mistakes are because of time reporting bad HCM information data entry errors poorly interacted hires and terminations along with lack management and system setups and then when you round it all off and the information is delivered to the incorrect location the typical expense of an international data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash around the world payroll and payments do not run efficiently if they rely on the essential several procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the obstacles company face when they're making payments to staff members or otherwise that's an excellent question I always throw this back and state what is it what does not need to be included ideal and what does
it require 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 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 have to pay from the client's own in-country account so there's intricacy any place you look ideal ultimately constructing a knowledge base is definitely important but everywhere you look with payroll payment they resemble very payments no if but some children about it you are all superheroes processing payments for payroll if you take a look at the type 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 technology is enabling us to sort of move forward with that it likewise as well to add to that payroll and finance need to work closer together um with varying Bank Account Particulars differing banking requirements and setup processes is definitely important that payroll and financing teams work more detailed together than ever um I'm constantly impressed when individuals say I have actually split payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn't work in the payroll occupation 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 people wherever they are however likewise paying statutory authorities and on statutory third parties so with the
world we live in and wellness being more and more crucial to contribute to type of the level of intricacy there's a growing number of benefits being organ or being offered by organizations across the world so once again you're simply looking to include increasingly more payments to this already complicated landscape so if you kind of got any experience well I'm from your huge experience here and I make certain but have you got any experience in kind of real difficulties or real tough type of pay utilizes to play to pay individuals I think yeah I imply over the last well yeah a number of decades I would certainly state that the larger an organization gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the task there are groups feeding details into the next function as it were that's in fact managing the payment side of things but you understand in in my viewpoint and my experience that does not necessarily require to be the case you know long gone are the times where we require to develop additional handoffs in the processes that we operate in they simply make them more prompt they make them less effective 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 operating in today there is no reason that we are still making this as difficult as it requires to be concurred and appropriately as you stated payroll is the single greatest liability that any business has from a cost viewpoint from an impact perspective on workers it is definitely critical that it's done correctly and on time so what we imply 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 effect on individuals's wellness and numerous other elements if people aren't paid uh I have actually always been amazed entering this Market type of the last five to 10 years is how little thanks the
payroll group get um so I'm uncertain anybody on this sort of webinar has been told thank you for processing my payroll correctly if you have it 'd be excellent to hear your success story and whether that's been from all staff members or not um but eventually payroll is such an essential cycle all of us hear about it when it goes wrong everybody jumps up and down when it fails but when it goes right it's simply a tick box workout 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 stuff is definitely essential that all of this stuff is done properly so leveraging the very first Worldwide Payments first payroll payment option is a fantastic first step um supplying an end-to-end payroll service for your workers globally again I believe is another substantial um procedure once again lining up and guaranteeing you have standardization Worldwide processes all of those things are absolutely crucial to success success of businesses and reducing the number of tools platforms and checking account they need for their International 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 don't expect to you do get the odd 5 or ten or whatever it might be with the with the the grievances where things have not gone quite where they're meant to be um I don't believe any of us are in fact doing that for for the thanks
anyhow we understand how how important 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 simple as possible for everyone that's involved in those processes and also so envision sorry I'm simply I was simply gon na say picture the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I'm sure we're speaking about numerous thousands potentially Millions envision getting that numerous thank you notes um I mean it 'd be interesting to see the number of Post-it notes you got but it would absolutely be an intriguing task attempting to clean up all those up for sure oh absolutely I can't think of 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 sort of shot to get back to everybody so proceeding look why do business pick to main different checking account there are organizations out there doing precisely this for specific countries and I've worked in a company or numerous companies doing precisely that I can state it doesn't always feel efficient and it does develop more work I understand we're not purposely doing that we're not producing extra work for anybody where we don't have to and anyone that's managing that procedure I 'd be interested to hear your ideas 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 people have got so utilized to we require a new bank account we open an entity and appropriately 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 the people have adopted and continue to do over years and years passed by to add to that individuals have actually taken a look at things like trust accounts and many other methods um to to kind of do it so I think there's a range I think this is a process that requires taking a look at it needs changing but eventually individuals are very stuck with what they're familiar
with best um change is a challenging thing we all do not like change um so I believe it's simply type of moving far from the standard as we've said so yeah so it keeps a lot of track of things um I comprehend certainly the benefits of having maintaining multiple checking account but there's a big amount of complexity opts for setting up a savings account maintaining it guaranteeing it can send International transfers guaranteeing it's set up with the ideal user accesses for specific people so the complexity is huge but I think the sincere answer is modification um individuals haven't been able to alter or have not had necessarily the understanding to truly make that change into alternate Solutions aside from opening a savings account I believe you have actually hit the nail on the head I think it is understanding you know and there is an aspect of resistance to alter however we have actually constantly done it that way is no genuine reason for not looking at the the benefits and the possibilities of moving on and moving into you understand what might almost be determined to be the next Century approximately there is a lot to keep an eye on and this method does pose a number of obstacles um so Johnny could you inform us about those challenges yeah of course so there's a range right there is so
I just did you changed our Enterprise 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 Worldwide employees you are worthy of a corner workplace with a better parking space because I mastered Worldwide payroll and payments with Papaya payroll OS did you
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