Find out more about Papaya Global Courses Stamford ... We now have the capability to manage both our payroll and payments processes on one combined platform. It's as if our Chief Financial Officer has actually acquired a separate Chief Financial Officer specifically devoted to handling payments. This offers us with a safe and trusted approach of paying to our 10,000 staff members worldwide.}
The advanced international payroll management app simplifies my payroll process, saving me a substantial quantity of time every month. With its user-friendly user interface, I have access to a single control panel that efficiently handles my payroll, EOR, and professionals.
Staff member Website
Employees have access to a Worker Portal where they can see their pay slips, wage and tax declarations and work documents. The website is readily available in numerous languages and can be accessed on a desktop or mobile phone.
Benefits Administration
Papaya Global assists business offer competitive advantages plans to global staff members regardless of the number of employees in the business. The company can establish medical insurance, short-term and long-lasting impairment, vision, oral and maternity leave while getting rid of the need to source regional benefits providers in every nation, develop regional accounts and have a minimum variety of staff members.
Worldwide HR Performances
's HR functionalities consist of PTO tracking, compliance, onboarding/offboarding tools, online storage for workers' documents and migration services if your staff members require work authorization support.
HR Analytics
Papaya Global's payroll and HR analytics suite offers you insights into labor force costs, labor force diversity, overall work costs distributed per place, overall employment costs per cycle and much more.
environments around the world I supplied management and method to populations of over a hundred thousand staff members in more than 170 nations today I'm the payroll methods for as Mark stated I work across the business handling and structure external relationships supporting Enterprise customers and services along with acting as a consultant for those of you that do not understand who papaya Global is papaya is the very first payroll and payments
As an international business, we are honored to be consisted of on the prestigious Time 100 list of the most influential business worldwide. We concentrate on supplying payroll and labor force management services to workers in more than 160 nations. I am delighted to introduce Johnny Nash, as mentioned by Mark. Now, I'll let Johnny present himself. Good day to all, no matter your area. It's a satisfaction to fulfill you and thank you for your valuable time. As Ian pointed out, I am Johnny Nash, the director of payments at our organization. With over a decade of experience in the payments industry, I have actually focused on payroll and payment solutions for the past 7 years. The intricacies and obstacles of this field have actually constantly captivated me.
payroll payments and chose to sort of make a real go at that over the last five or six years where I've kind of had a variety of various functions on the supplier side and likewise on the supplier side from a payroll point of view so really eagerly anticipating this conversation today um and yeah thank you quite for your time everybody all right thanks Johnny uh we'll simply provide everybody another couple of uh well one of the 30 seconds approximately to join we all work back to back nowadays so we'll type of let them do that so it 'd be rather 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 originates from and I truly do hope it's much sunnier than it is in the UK today certainly not the peak of the sunshine is it it's not no it's it's raining here it's really extremely bleak and I want I was elsewhere at this moment in time all right so let's get going our agenda for today is as follows um we are going to be taking a look at the challenge years of handling Worldwide payroll why business keep separate
bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts streamlining papaya Global payroll payments as a tactical asset uh we'll likewise discuss a wrap-up which should leave his time at the extremely very end for a q a session so as the title of the webinar recommends payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and International labor forces become more and more common and managing them becomes more and more complicated Worldwide organizations are seeking to discover Solutions and brand-new ways to improve procedures especially from a payroll and cross-border payment viewpoint many organizations keep different bank account just for payroll while some have multiple accounts in various countries does it make sense for companies to preserve separate bank accounts sometimes in different nations it does but just for payroll exists a better method what role do virtual accounts and digital wallets likewise called virtual wallets play in helping multinational business enhance the episode complex procedures of
Guaranteeing precise, efficient, and prompt payroll payments is a complex obstacle for services running globally. Join us for a webinar to check out the advantages and drawbacks of payroll wallets versus payroll savings account, find out how business forecast payroll expenses to optimize working capital, and find how improving global payroll payments can transform them from a difficult task into a tactical possession.
Managing payroll internationally is a challenging task due to numerous regulations, compliance requirements, data security concerns, and banking guidelines. The sheer variety of employees and businesses contributes to the intricacy, with an estimated 3.5 billion individuals in the global workforce, 500 million of whom are in Africa, and 230 million organizations worldwide.
Standard payroll systems typically lead to manual processes, data silos, and an absence of integration, resulting in inconsistencies and inefficiencies. In spite of residing in a period of technological improvements, payroll management has actually been sluggish to adapt, with as much as 25% of payroll still processed by hand, often utilizing pen and paper. This webinar goals to provide insights and options to simplify and optimize worldwide payroll payments.
about it to provide you a concept of how far there still is to come according to Deloitte only 11 of organizations state they have Labor force information in real time that's another number that offers me sleep deprived nights and quite frankly the more a business invests in worldwide payroll the less of a photo they see an absence of visibility likewise extends to payroll payments and inability to properly track these payments can lead to compliance mishaps in the last mile of the deal almost half of international businesses have expressed that they don't have the level of standardization they need in their procedures or want and as a result eighty percent of mistakes are because of time reporting poor HCM data data entry mistakes inadequately communicated hires and terminations as well as absence management and system configurations and after that when you round all of it off and the information is shipped to the incorrect place the typical expense of a global information 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 don't run smoothly if they depend on the necessary several procedures 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 organization face when they're making payments to staff members or otherwise that's an excellent question I constantly toss this back and state what is it what doesn't require to be included right and what does
it require to be thought about 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 abilities 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 anywhere you look ideal eventually developing a knowledge base is absolutely critical but all over you look with payroll payment they are like super payments no if however some children about it you are all superheroes processing payments for payroll if you look at the sort of link between fintech and payroll it's closer than ever I believe there's now a bit more acknowledgment that payroll payments are definitely basic and innovation is allowing us to sort of move on with that it likewise also to contribute to that payroll and finance need to work closer together um with differing Savings account Particulars differing banking requirements and setup processes is absolutely crucial that payroll and finance teams work better together than ever um I'm constantly amazed when individuals state I've divided payroll and payment um if you walk down the street and asked anyone what is payroll who doesn't work in the payroll occupation 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 data collection all the way through to paying individuals wherever they are but also paying statutory authorities and on statutory third parties so with the
The modern world places a high worth on well-being and the settlement landscape is ending up being significantly detailed. Organizations are continuously presenting new advantages and payment options, which adds to the total intricacy. Large corporations often divide their payroll and payment processing into separate teams, which can cause inadequacies and traffic jams. In my viewpoint, this doesn't have to hold true. In today's technologically innovative age, there's no reason for maintaining troublesome procedures. Payroll, the company's most significant expense, should be processed correctly and on time. Even slight delays can adversely impact workers' well-being and have significant consequences. Therefore, it's important to prioritize accurate and prompt payments.
payroll group get um so I'm uncertain anyone on this kind of webinar has been told thank you for processing my payroll correctly if you have it 'd be terrific to hear your success story and whether that's been from all employees or not um however ultimately payroll is such an important cycle we all become aware of it when it fails everyone jumps up and down when it goes wrong however when it goes right it's simply a tick box exercise and I believe that's how it's seen from the external deem well um so yeah it's likewise like why WI-Fi Global why all of this stuff is definitely vital that all of this stuff is done properly so leveraging the first International Payments first payroll payment service is a terrific primary step um providing an end-to-end payroll solution for your employees worldwide again I think is another big um procedure once again aligning and guaranteeing you have standardization International processes all of those things are definitely crucial to success success of businesses and decreasing the variety 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've never ever 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 have not gone quite where they're indicated to be um I don't think any of us are really doing that for for the thanks
anyway we know how how essential a role 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 involved in those procedures and also so think of sorry I'm just I was just gon na state picture the quantity of thanks you got if you might cover the quantity of individuals that we cover within this webinar I'm sure we're discussing numerous thousands potentially Millions imagine getting that lots of 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 a fascinating 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 attempt to look through them and in fact see what was going on and kind of shot to return to everybody so moving on look why do business select to primary separate savings account there are companies out there doing precisely this for specific nations and I've worked in a company or lots of organizations doing exactly that I can say it does not constantly feel effective and it does develop more work I know we're not purposely doing that we're not creating additional work for anyone where we don't need to and any person that's handling that process I 'd be interested to hear your thoughts Johnny why do you think that we're doing that in in the in the amount that we are I think numerous factors one is it's the requirement I think people have got so utilized to we need a new checking account we open an entity and rightly so you need it for payroll purposes however there are a number of markets where it's not a requirement so I think it's just been the standard and the standard the people have actually adopted and continue to do over years and years passed by to contribute to that individuals have actually looked at things like trust accounts and lots of other methods um to to type of do it so I believe there's a variety I think this is a process that requires taking a look at it needs changing however eventually individuals are really stuck to what they're familiar
with best um modification is a difficult thing all of us do not like modification um so I believe it's just sort of moving far from the standard as we have actually said so yeah so it keeps a great deal of track of things um I comprehend undoubtedly the advantages of having preserving multiple checking account however there's a big amount of intricacy opts for establishing a checking account keeping it ensuring it can send International transfers guaranteeing it's established with the right user accesses for individual people so the complexity is substantial however I believe the sincere answer is change um individuals have not had the ability to change or have not had necessarily the understanding to truly make that change into alternate Solutions aside from opening a checking account I think you have actually hit the nail on the head I think it is knowledge you understand and there is an element of resistance to alter however we have actually always done it that way is no genuine reason for not taking a look at the the benefits and the possibilities of moving on and moving into you understand what could almost be identified to be the next Century approximately there is a lot to keep an eye on and this method does pose a number of difficulties um so Johnny could you tell us about those obstacles yeah obviously 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 workers you deserve a corner workplace with a better parking space due to the fact that I mastered Global payroll and payments with Papaya payroll OS did you
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