Find out more about Papaya Global Company Car ... We now have the ability to manage both our payroll and payments procedures on one combined platform. It's as if our Chief Financial Officer has actually obtained a different Chief Financial Officer specifically committed to handling payments. This supplies us with a protected and dependable approach of making payments to our 10,000 employees worldwide.}
The innovative worldwide payroll management app enhances my payroll procedure, conserving me a significant quantity of time every month. With its user-friendly interface, I have access to a single dashboard that efficiently handles my payroll, EOR, and specialists.
Worker Portal
Employees have access to a Staff member Portal where they can view their pay slips, wage and tax declarations and work documents. The website is offered in multiple languages and can be accessed on a desktop or mobile device.
Advantages Administration
Papaya Global assists business provide competitive benefits packages to global workers regardless of the number of workers in the company. The company can establish health insurance, short-term and long-term impairment, vision, dental and maternity leave while eliminating the need to source regional advantages providers in every nation, produce local accounts and have a minimum variety of staff members.
International HR Performances
's HR functionalities include PTO tracking, compliance, onboarding/offboarding tools, online storage for workers' files and immigration services if your workers need work license help.
HR Analytics
Papaya Global's payroll and HR analytics suite provides you insights into workforce spending, workforce diversity, overall employment expenses distributed per place, overall employment costs per cycle and much more.
Worldwide, I have shown management and strategic competence in guiding massive populations of over 100,000 workers across 170 nations. Currently, I are accountable for supervising payroll methods, as pointed out by Mark. My role involves managing and developing external partnerships, supporting Enterprise clients, and offering advisory services. In addition, I am proud to be a part of Papaya Global, a pioneering payroll and payments services supplier.
company to make the time 100 list for the majority of influential business worldwide we provide payroll payments and workforce management to all staff member key ins over 160 countries I am pleased to state that we also have as Mark stated Johnny Nash with us today Johnny would you like to present yourself of course thank you good morning good afternoon great evening depending upon where you remain in the world it's beautiful to satisfy 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've remained in the payments industry for over 10 years and specifically working on the payroll and payment sector for over 7 years um I was captivated by the complexity the trouble in all of the above of
payroll payments and chose to sort of make a genuine go at that over the last 5 or 6 years where I've sort of had a variety of different roles on the supplier side and likewise on the supplier side from a payroll point of view so truly eagerly anticipating this discussion today um and yeah thank you quite for your time everybody all right thanks Johnny uh we'll just give everybody another couple of uh well one of the 30 seconds or two to join we all work back to back nowadays so we'll sort of let them do that so it 'd be rather intriguing and I can see it going on currently just to hear where everybody is um it's nice to to sort of like see where everybody originates from and I actually 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 wish I was somewhere else at this moment in time alright so let's get started our program for today is as follows um we are going to be looking at the challenge years of managing International payroll why companies preserve separate
Virtual payroll accounts are an alternative to conventional checking account for handling payroll payments. This is particularly useful for worldwide companies with dispersed and remote workforces, as it streamlines the intricate procedure of cross-border payments. Instead of keeping separate bank accounts for payroll in different countries, virtual accounts and digital wallets offer a more streamlined solution. In this webinar, we will check out the advantages of using virtual payroll accounts and go over why they are ending up being a strategic possession for payroll executives. We will likewise supply a recap of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments accurately efficiently safely and on time during this webinar we'll walk you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll bank account how companies precisely anticipate their payroll expenses to increase working capital and how simplifying Worldwide payroll payments can turn them from a siled pane into a strategic possession so payroll can be challenging in adequate in one country however when you're doing it globally it's next level and Beyond it ends up being complex for a range of reasons most importantly policies compliance data security and banking guidelines then there are the sheer numbers they include more intricacy the international Workforce is currently three and a half billion people by 2030 it's approximated that in Africa alone they will contribute and further 1.1 billion individuals that number is presently 500 million just for for a scale then consider that there are some 230 million organizations and growing all doing their own thing all over the world in the traditional payroll design there's frequently a frustrating variety of different systems causing time-consuming manual processes and silos the number of Integrations could be non-existent in large amounts and or extremely extremely standard there's no genuine consistency structure we're living in an age of tech but payroll has actually been slow to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper which just blows my mind every time I I believe
about it to offer you a concept of how far there still is to come according to Deloitte just 11 of companies say they have Labor force data in real time that's another number that gives me sleepless nights and quite honestly the more a business spends on international payroll the less of an image they see an absence of exposure likewise reaches payroll payments and inability to precisely track these payments can result in compliance mishaps in the last mile of the transaction nearly half of global organizations have actually revealed that they do not have the level of standardization they need in their processes or want and as a result eighty percent of mistakes are because of time reporting bad HCM data information entry mistakes badly interacted hires and terminations along with lack management and system setups and then when you round it all off and the information is shipped to the wrong location the typical cost of an international data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money worldwide payroll and payments do not run smoothly if they depend on the essential several processes systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the challenges service face when they're paying to employees or otherwise that's a good question I always throw this back and state what is it what does not require to be included best and what does
it need to be thought of there's differing Bank information 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 capabilities 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 client's own in-country account so there's complexity wherever you look right ultimately constructing a knowledge base is definitely important but everywhere you look with payroll payment they resemble very payments no if but 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 absolutely fundamental and innovation is permitting us to type of move forward with that it also as well to add to that payroll and finance need to work closer together um with varying Checking account Details varying banking requirements and setup procedures is definitely important that payroll and finance teams work better together than ever um I'm constantly impressed when individuals say I've divided payroll and payment um if you walk down the street and asked anybody what is payroll who doesn't operate 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 ultimately it's payroll is an end-to-end procedure it's the point of information collection all the way through to paying people any place they are but also paying statutory authorities and on statutory third parties so with the
The contemporary world positions a high worth on wellness and the payment landscape is becoming significantly complex. Services are constantly introducing new benefits and payment options, which adds to the general complexity. Big corporations frequently divide their payroll and payment processing into separate groups, which can result in ineffectiveness and bottlenecks. In my viewpoint, this does not have to hold true. In today's technically sophisticated era, there's no justification for preserving cumbersome treatments. Payroll, the company's greatest cost, must be processed correctly and on time. Even minor hold-ups can negatively affect staff members' well-being and have significant consequences. For that reason, it's important to prioritize precise and prompt payments.
The payroll team might not have been thanked for correctly processing payroll throughout a webinar. If anybody has actually been thanked, it would be terrific to hear their success story, whether it's from all staff members or not. Payroll is an important cycle, and people just discover when things fail. Nevertheless, when things go right, it's viewed as simply a routine job. This is how it's viewed externally also. For that reason, it is necessary to guarantee that jobs like Wi-Fi International and other vital matters are done correctly. Using the first Worldwide Payments very first payroll payment solution is a fantastic initial step towards providing a comprehensive payroll option for employees worldwide. Standardization, global procedures, and reducing the number of tools, platforms, and bank accounts essential for global payroll are crucial consider accomplishing business success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally get a few grievances when things do not go as planned. Ultimately, we don't do it for the thankfulness.
anyway we understand how how essential a function 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 picture sorry I'm just I was just gon na state picture the quantity of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make sure we're discussing numerous thousands potentially Millions picture getting that numerous thank you keeps in mind um I suggest it 'd be interesting to see how many Post-it notes you got but it would definitely be a fascinating job attempting to clean up all those up for sure oh definitely I can't picture the size of my my Outlook inbox if that held true um you 'd require days of the week to attempt to check out them and actually see what was going on and kind of try to get back to everybody so carrying on look why do business choose to main different bank accounts there are businesses out there doing exactly this for specific countries and I have actually worked in a business or many businesses doing exactly that I can state it doesn't always feel effective and it does produce more work I understand we're not purposely doing that we're not developing additional work for any person where we don't need to and any person that's dealing with 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 quantity that we are I believe numerous reasons one is it's the standard I think 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 however there are a variety of markets where it's not a requirement so I believe it's simply been the standard and the norm the people have actually adopted and continue to do over years and years gone past to add to that individuals have taken a look at things like trust accounts and many other ways um to to type of do it so I believe there's a range I think this is a process that needs taking a look at it needs altering however eventually people are very stuck with what they're familiar
with ideal um modification is a tough thing all of us don't like change um so I think it's just kind of moving away from the norm as we have actually said so yeah so it keeps a lot of track of things um I comprehend undoubtedly the advantages of having preserving several bank accounts but there's a big amount of complexity chooses setting up a savings account maintaining it guaranteeing it can send International transfers guaranteeing it's established with the right user accesses for individual people so the complexity is big however I think the sincere response is change um people haven't had the ability to change or have not had always the knowledge to actually make that change into alternate Solutions aside from opening a checking account I think you've struck the nail on the head I believe it is knowledge you know and there is a component of resistance to change however we've always done it that way is no real reason for not taking a look at the the advantages and the possibilities of moving on and moving into you understand what might practically be figured out to be the next Century or two there is a lot to track and this technique does position numerous difficulties um so Johnny could you inform us about those difficulties yeah of course so there's a range right there is so
I recently made a modification to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It seems like our CFO has gotten another CFO, and with this improved ability, I have actually effectively protected payments for our 10,000 workers worldwide. Your devotion to mastering worldwide payroll and payments using Papaya payroll OS is good. You deserve a corner office with a parking space that is more detailed, considering your accomplishments.
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