Find out more about Papaya Global Coronavirus Module ... We now have the capability to handle both our payroll and payments procedures on one unified platform. It's as if our Chief Financial Officer has actually acquired a different Chief Financial Officer particularly committed to handling payments. This provides us with a protected and dependable approach of making payments to our 10,000 employees worldwide.}
the BEST international payroll managment app, saves me hours of time every month, one single control panel for my payroll, EOR and contractors
The Staff member Portal provides employees with the capability to access and view essential files such as pay slips, wage and tax statements, and work records. This portal is accessible on both desktop and mobile phones and is used in numerous languages.
Advantages Administration
Papaya Global assists companies provide competitive advantages bundles to worldwide employees no matter the variety of employees in the company. The business can set up medical insurance, short-term and long-lasting special needs, vision, oral and maternity leave while getting rid of the requirement to source regional advantages suppliers in every nation, create regional accounts and have a minimum variety of staff members.
The HR capabilities offered by International HR incorporate numerous functions such as keeping an eye on trip time, making sure compliance, helping with the procedure of inviting new employees and bidding goodbye to departing ones, providing a secure online platform for storing workers' files, and supplying assistance for work allow procedures in case your workers need assistance because location.
HR Analytics
Papaya Global's payroll and HR analytics suite offers you insights into labor force spending, labor force variety, total work expenses dispersed per place, overall employment costs per cycle and far more.
Worldwide, I have shown management and strategic competence in assisting large-scale populations of over 100,000 staff members throughout 170 countries. Presently, I am responsible for managing payroll methods, as pointed out by Mark. My role includes handling and developing external partnerships, supporting Business customers, and supplying advisory services. Additionally, I am proud to be a part of Papaya Global, a pioneering payroll and payments options supplier.
As an international business, we are honored to be included on the prominent Time 100 list of the most prominent companies worldwide. We concentrate on providing payroll and workforce management services to workers in more than 160 countries. I am delighted to introduce Johnny Nash, as pointed out by Mark. Now, I'll let Johnny introduce himself. Good day to all, regardless of your location. It's a satisfaction to satisfy you and thank you for your important time. As Ian mentioned, I am Johnny Nash, the director of payments at our organization. With over a years of experience in the payments market, I have focused on payroll and payment solutions for the past seven years. The intricacies and obstacles of this field have constantly captivated me.
payroll payments and chose to sort of make a genuine go at that over the last 5 or 6 years where I have actually sort of had a variety of various functions on the provider side and also on the supplier side from a payroll viewpoint so actually looking forward to this discussion today um and yeah thank you very much for your time everyone okay thanks Johnny uh we'll simply offer everybody another couple of uh well among the 30 seconds approximately to join all of us work back to back nowadays so we'll sort of let them do that so it 'd be quite intriguing and I can see it going on already just to hear where everybody is um it's nice to to sort of like see where everybody comes from and I truly 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 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 International payroll why companies preserve separate
savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts simplifying papaya Worldwide payroll payments as a tactical property uh we'll also go over a wrap-up which ought to 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 Global workforces end up being increasingly more typical and managing them ends up being increasingly more complicated Global companies are wanting to find Solutions and brand-new methods to simplify processes specifically from a payroll and cross-border payment standpoint lots of organizations preserve different savings account just for payroll while some have several accounts in various countries does it make good sense for companies to preserve different bank accounts in some cases in various nations it does however just for payroll exists a much better method what function do virtual accounts and digital wallets also referred to as virtual wallets play in assisting multinational companies improve the episode complex processes of
Guaranteeing accurate, effective, and timely payroll payments is a complex obstacle for services operating worldwide. Join us for a webinar to explore the advantages and downsides of payroll wallets versus payroll checking account, learn how companies anticipate payroll expenses to optimize working capital, and discover how simplifying worldwide payroll payments can change them from a burdensome job into a tactical possession.
Handling payroll worldwide is a daunting job due to numerous guidelines, compliance requirements, data security concerns, and banking rules. The sheer number of employees and companies adds to the intricacy, with an approximated 3.5 billion people in the worldwide labor force, 500 million of whom remain in Africa, and 230 million businesses worldwide.
Standard payroll systems frequently result in manual processes, information silos, and a lack of combination, leading to inconsistencies and inefficiencies. Regardless of residing in a period of technological developments, payroll management has actually been slow to adapt, with as much as 25% of payroll still processed manually, often utilizing pen and paper. This webinar objectives to supply insights and services to simplify and enhance worldwide payroll payments.
about it to give you an idea of how far there still is to come according to Deloitte just 11 of businesses state they have Workforce information in real time that's another number that gives me sleepless nights and quite honestly the more an organization invests in worldwide payroll the less of a photo they see a lack of visibility also encompasses payroll payments and inability to accurately track these payments can lead to compliance incidents in the last mile of the deal almost half of worldwide companies have revealed that they do not 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 information data entry errors inadequately communicated hires and terminations as well as lack management and system setups and after that when you round it all off and the information is shipped to the wrong place the average cost of a worldwide information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash worldwide payroll and payments don't run efficiently if they depend on the essential several processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the obstacles business face when they're making payments to staff members or otherwise that's a good question I constantly toss this back and say what is it what doesn't need to be consisted of ideal and what does
it need to be considered there's differing Bank information so the length of an eye band a swift an account number routing code per country there's payment time frames 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 customer's own in-country account so there's intricacy anywhere you look right eventually developing a knowledge base is absolutely crucial but 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 kind of link in between fintech and payroll it's closer than ever I think there's now a bit more recognition that payroll payments are definitely fundamental and innovation is enabling us to sort of move on with that it likewise too to contribute to that payroll and finance require to work closer together um with varying Checking account Details varying banking requirements and setup processes is definitely vital that payroll and finance teams work more detailed together than ever um I'm always amazed when individuals state I've split payroll and payment um if you walk down the street and asked anyone what is payroll who does not work 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 ultimately 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 3rd parties so with the
The contemporary world places a high value on well-being and the compensation landscape is ending up being increasingly detailed. Businesses are constantly presenting brand-new benefits and payment alternatives, which contributes to the general complexity. Big corporations typically divide their payroll and payment processing into different groups, which can cause inefficiencies and traffic jams. In my opinion, this doesn't need to hold true. In today's highly advanced period, there's no validation for maintaining troublesome procedures. Payroll, the company's biggest expense, should be processed properly and on time. Even minor delays can adversely affect staff members' well-being and have far-reaching repercussions. For that reason, it's important to prioritize precise and prompt payments.
payroll team get um so I'm not exactly sure anybody on this sort of webinar has actually been told thank you for processing my payroll correctly if you have it 'd be great to hear your success story and whether that's been from all employees or not um but eventually payroll is such an essential cycle all of us find out about it when it fails everyone jumps up and down when it fails however when it goes right it's simply a tick box workout and I think that's how it's seen from the external consider as well um so yeah it's likewise like why WI-Fi Global why all of this things is definitely vital that all of this stuff is done correctly so leveraging the first International Payments very first payroll payment solution is a fantastic first step um providing an end-to-end payroll service for your staff members worldwide once again I believe is another big um procedure once again aligning and guaranteeing you have standardization Global procedures all of those things are absolutely crucial to success success of organizations and reducing the variety 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've never had a hundred countless them within a payroll cycle don't expect to you do get the odd five or ten or whatever it might be with the with the the grievances where things haven't gone rather where they're implied to be um I do not believe any of us are really doing that for for the thanks
anyhow we understand how how essential 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 everybody that's associated with those procedures and likewise so picture sorry I'm simply I was just gon na state envision the amount of thanks you got if you could cover the amount of people that we cover within this webinar I make certain we're speaking about numerous thousands possibly Millions envision getting that many thank you keeps in mind um I mean it 'd be interesting to see how many Post-it notes you got however it would absolutely be an intriguing task attempting to clean up all those up for sure oh definitely 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 try to check out them and really see what was going on and kind of try to return to everybody so moving on look why do companies choose to primary separate bank accounts there are organizations out there doing exactly this for specific countries and I've operated in a company or many companies doing precisely that I can say it does not always feel effective and it does create more work I understand we're not deliberately doing that we're not creating additional work for any person where we don't need to and anyone that's managing 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 reasons one is it's the requirement I believe people have actually got so utilized to we need a brand-new bank account we open an entity and rightly so you need it for payroll purposes but there are a variety of markets where it's not a requirement so I believe it's just been the standard and the standard the people have adopted and continue to do over years and years gone past to contribute to that individuals have looked at things like trust accounts and lots of other ways um to to type of do it so I think there's a variety I believe this is a process that needs taking a look at it needs altering but eventually people are extremely stuck to what they recognize
with right um modification is a challenging thing all of us do not like modification um so I believe it's just type of moving away from the norm as we have actually said so yeah so it keeps a lot of track of stuff um I understand undoubtedly the benefits of having maintaining several checking account however there's a huge amount of complexity chooses setting up a savings account maintaining it ensuring it can send out International transfers guaranteeing it's established with the ideal user accesses for individual individuals so the complexity is substantial but I think the truthful answer is change um individuals haven't been able to change or have not had necessarily the understanding to actually make that change into alternate Solutions other than opening a savings account I believe you have actually struck the nail on the head I believe it is knowledge you understand and there is a component of resistance to change but we have actually constantly 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 practically be identified to be the next Century approximately there is a lot to keep track of and this technique does posture several obstacles um so Johnny could you inform us about those difficulties yeah of course 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 workers you should have a corner workplace with a better parking space due to the fact that I mastered International payroll and payments with Papaya payroll OS did you
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