Find out more about Papaya Global Courses Milton Keynes ... 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 gotten a different Chief Financial Officer specifically dedicated to handling payments. This provides us with a protected and trustworthy method of paying to our 10,000 staff members worldwide.}
the BEST worldwide payroll managment app, conserves me hours of time each month, one single control panel for my payroll, EOR and specialists
The Staff member Website provides workers with the capability to gain access to and view crucial files such as pay slips, wage and tax declarations, and employment records. This portal is accessible on both desktop and mobile phones and is used in various languages.
Benefits Administration
Papaya Global helps companies provide competitive benefits plans to international employees no matter the number of workers in the company. The company can set up medical insurance, short-term and long-term disability, vision, oral and maternity leave while removing the need to source local benefits suppliers in every country, produce 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 employees' files and migration services if your staff members need work permit help.
HR Analytics
Papaya Global's payroll and HR analytics suite offers you insights into labor force spending, workforce diversity, overall employment costs dispersed per area, total employment costs per cycle and a lot more.
environments across the globe I offered management and strategy to populations of over a hundred thousand staff members 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 clients and options as well as functioning as an advisor for those of you that don't understand who papaya International is papaya is the first payroll and payments
As a worldwide business, we are honored to be consisted of on the distinguished Time 100 list of the most prominent business worldwide. We focus on providing payroll and workforce management services to workers in more than 160 nations. I am delighted to present Johnny Nash, as discussed by Mark. Now, I'll let Johnny introduce himself. Good day to all, despite your area. It's a pleasure to satisfy you and thank you for your valuable time. As Ian mentioned, I am Johnny Nash, the director of payments at our company. With over a decade of experience in the payments market, I have focused on payroll and payment solutions for the past 7 years. The complexities and challenges of this field have always mesmerized me.
payroll payments and chose to kind of make a real go at that over the last five or 6 years where I have actually sort of had a range of different roles on the supplier side and also on the vendor side from a payroll perspective so truly looking forward to this discussion today um and yeah thank you very much for your time everyone alright thanks Johnny uh we'll just provide everybody another number of uh well among the 30 seconds approximately to join all of us work back to back these days so we'll kind of let them do that so it 'd be rather intriguing and I can see it going on already simply to hear where everybody is um it's nice to to kind 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 raining here it's very really dreary and I wish I was elsewhere at this moment in time okay so let's start our program for today is as follows um we are going to be taking a look at the challenge years of managing Worldwide payroll why companies maintain separate
savings account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts improving papaya International payroll payments as a strategic possession uh we'll likewise go over a recap which should leave his time at the really very 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 Worldwide labor forces end up being more and more typical and managing them ends up being a growing number of complex Worldwide organizations are looking to discover Solutions and brand-new methods to streamline procedures especially from a payroll and cross-border payment standpoint numerous organizations preserve different bank account just for payroll while some have several accounts in various countries does it make sense for companies to keep different savings account often in various countries it does however just for payroll is there a better method what function do virtual accounts and digital wallets likewise known as virtual wallets play in assisting international business improve the episode complex processes of
Guaranteeing accurate, efficient, and prompt payroll payments is a complex obstacle for services running globally. Join us for a webinar to explore the benefits and drawbacks of payroll wallets versus payroll checking account, discover how business forecast payroll costs to optimize working capital, and discover how simplifying international payroll payments can transform them from a burdensome job into a strategic possession.
Handling payroll worldwide is a daunting job due to different guidelines, compliance requirements, information security issues, and banking guidelines. The large variety of workers and organizations adds to the complexity, with an approximated 3.5 billion people in the worldwide workforce, 500 countless whom are in Africa, and 230 million businesses worldwide.
Standard payroll systems frequently lead to manual processes, data silos, and an absence of combination, resulting in inconsistencies and ineffectiveness. Regardless of residing in a period of technological advancements, 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 streamline and enhance international payroll payments.
about it to provide you a concept of how far there still is to come according to Deloitte just 11 of businesses state they have Labor force data in real time that's another number that gives me sleep deprived nights and rather frankly the more a service spends on global payroll the less of an image they see a lack of exposure also extends to payroll payments and inability to accurately track these payments can lead to compliance mishaps in the last mile of the deal nearly half of global services have actually revealed that they don't have the level of standardization they need in their processes or want and as a result eighty percent of mistakes are due to time reporting bad HCM data information entry mistakes improperly interacted hires and terminations along with lack management and system configurations and after that when you round all of it off and the data is shipped to the wrong location the typical cost of an international data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money around the world payroll and payments do not run smoothly if they count on the essential numerous procedures 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 obstacles business 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 does not need to be consisted of right and what does
it need to be considered 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 capabilities 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 ideal ultimately building a knowledge base is absolutely vital but everywhere you look with payroll payment they are like very payments no if but some infants about it you are all superheroes processing payments for payroll if you look at the type of link in between fintech and payroll it's closer than ever I think there's now a bit more acknowledgment that payroll payments are absolutely fundamental and technology is allowing us to sort of move forward with that it also as well to contribute to that payroll and finance require to work closer together um with varying Bank Account Details differing banking requirements and setup procedures is absolutely vital that payroll and financing groups work more detailed together than ever um I'm constantly impressed when people say I have actually split payroll and payment um if you walk down the street and asked anyone what is payroll who doesn't work in the payroll profession would they divide the payroll payment from computation 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 ultimately it's payroll is an end-to-end process it's the point of information collection all the way through to paying people any place they are however likewise paying statutory authorities and on statutory 3rd parties so with the
The modern-day world positions a high value on wellness and the payment landscape is ending up being significantly elaborate. Services are continually introducing brand-new advantages and payment alternatives, which contributes to the total complexity. Big corporations often divide their payroll and payment processing into different groups, which can lead to inadequacies and bottlenecks. In my opinion, this does not need to be the case. In today's technologically advanced age, there's no justification for maintaining troublesome treatments. Payroll, the company's greatest expenditure, need to be processed correctly and on time. Even slight hold-ups can negatively affect employees' wellness and have far-reaching consequences. For that reason, it's crucial to focus on accurate and prompt payments.
The payroll group may not have been thanked for correctly processing payroll throughout a webinar. If anybody has actually been thanked, it would be great to hear their success story, whether it's from all employees or not. Payroll is an essential cycle, and people only notice when things fail. Nevertheless, when things go right, it's viewed as simply a regular job. This is how it's perceived externally also. For that reason, it is important to make sure that jobs like Wi-Fi Global and other crucial matters are done properly. Using the first Worldwide Payments very first payroll payment service is a terrific initial step towards supplying an extensive payroll solution for workers worldwide. Standardization, worldwide processes, and reducing the number of tools, platforms, and bank accounts needed for international payroll are crucial consider achieving business success. While we don't expect a hundred thousand thank yous within a payroll cycle, we do sometimes receive a few complaints when things do not go as prepared. Eventually, we do not do it for the gratitude.
anyway we know 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 simple as possible for everybody that's associated with those processes and also so picture sorry I'm simply I was simply gon na say think of the quantity of thanks you got if you could cover the amount of individuals that we cover within this webinar I make sure we're discussing hundreds of thousands potentially Millions envision getting that lots of thank you notes um I imply it 'd be interesting to see the number of Post-it notes you got but it would absolutely be an intriguing task trying to clean up all those up for sure oh absolutely I can't envision the size of my my Outlook inbox if that was the case um you 'd need days of the week to attempt to look through them and in fact see what was going on and type of shot to return to everyone so moving on appearance why do business pick to primary different bank accounts there are organizations out there doing exactly this for particular nations and I've worked in a company or numerous companies doing precisely that I can say it doesn't constantly feel efficient and it does develop more work I understand we're not intentionally doing that we're not creating extra work for anybody where we do not have to and anyone that's managing 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 many factors one is it's the standard I believe people have actually got so used to we require a brand-new checking account we open an entity and appropriately so you require 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 requirement and the norm individuals have actually embraced and continue to do over years and years passed by to add to that people have actually looked at things like trust accounts and lots of other methods um to to sort of do it so I think there's a variety I think this is a process that requires taking a look at it requires altering however ultimately people are really stuck with what they recognize
with right um change is a difficult thing we all don't like change um so I believe it's just kind of moving far from the standard as we've said so yeah so it keeps a great deal of track of stuff um I understand obviously the advantages of having keeping multiple bank accounts but there's a substantial quantity of complexity opts for setting up a savings account maintaining it ensuring it can send out International transfers ensuring it's established with the right user accesses for private individuals so the complexity is substantial however I believe the honest answer is change um individuals have not had the ability to alter or have not had always the understanding to truly make that change into alternate Solutions other than opening a checking account I think you have actually struck the nail on the head I think it is knowledge you understand and there is an aspect of resistance to change but we have actually constantly done it that way is no real reason for not taking a look at the the benefits and the possibilities of carrying on and moving into you know what could almost be figured out to be the next Century or two there is a lot to keep an eye on and this technique does position several obstacles um so Johnny might you inform us about those obstacles yeah obviously so there's a range right there is so
I just recently made a change to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It seems like our CFO has gained another CFO, and with this improved ability, I have successfully secured payments for our 10,000 employees worldwide. Your devotion to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You should have a corner workplace with a parking space that is better, considering your accomplishments.
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