Find out more about Papaya Global Crashes When Running Reports ... 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 acquired a different Chief Financial Officer specifically devoted to managing payments. This supplies us with a secure and trusted technique of paying to our 10,000 employees worldwide.}
the very best global payroll managment app, conserves me hours of time monthly, one single control panel for my payroll, EOR and professionals
The Staff member Portal supplies workers with the ability 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 devices and is used in numerous languages.
Advantages Administration
Papaya Global assists business provide competitive advantages bundles to worldwide workers despite the variety of employees in the company. The business can set up medical insurance, short-term and long-term impairment, vision, oral and maternity leave while eliminating the requirement to source regional advantages suppliers in every nation, develop local accounts and have a minimum variety of workers.
International HR Performances
's HR functionalities consist of PTO tracking, compliance, onboarding/offboarding tools, online storage for workers' documents and immigration services if your workers need work authorization help.
HR Analytics
Papaya Global's payroll and HR analytics suite gives you insights into workforce costs, workforce variety, total employment expenses dispersed per location, overall work expenses per cycle and far more.
Globally, I have actually demonstrated management and tactical knowledge in assisting large-scale populations of over 100,000 employees across 170 countries. Currently, I am responsible for managing payroll methods, as mentioned by Mark. My function includes handling and establishing external partnerships, supporting Business clients, and offering advisory services. In addition, I am proud to be a part of Papaya Global, a pioneering payroll and payments options provider.
business to make the time 100 list for most prominent business in the world we provide payroll payments and workforce management to all worker enters over 160 countries I am pleased to state that we also have as Mark said Johnny Nash with us today Johnny would you like to present yourself obviously thank you good morning good afternoon excellent evening depending upon where you are in the world it's charming to fulfill 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 been in the payments industry for over 10 years and particularly dealing with the payroll and payment sector for over 7 years um I was amazed by the intricacy the trouble in all of the above of
payroll payments and chose to type of make a genuine go at that over the last 5 or 6 years where I have actually type of had a variety of different functions on the supplier side and also on the vendor side from a payroll viewpoint so truly looking forward to this conversation today um and yeah thank you very much for your time everyone alright thanks Johnny uh we'll simply give everyone another number of uh well among the 30 seconds or two to join we all work back to back nowadays so we'll type of let them do that so it 'd be rather fascinating and I can see it going on already simply to hear where everyone is um it's nice to to type of like see where everyone originates from and I actually do hope it's much sunnier than it is in the UK today certainly not the peak of the sunlight is it it's not no it's it's drizzling here it's extremely extremely uninspiring and I wish I was somewhere else at this moment in time all right so let's get started our agenda for today is as follows um we are going to be taking a look at the obstacle years of handling Global payroll why companies keep separate
checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts simplifying papaya International payroll payments as a strategic asset uh we'll also go over a recap and that needs to leave his time at the extremely 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 Worldwide labor forces become more and more typical and managing them becomes increasingly more complex Worldwide organizations are wanting to discover Solutions and new ways to enhance procedures especially from a payroll and cross-border payment viewpoint lots of organizations maintain separate bank account just for payroll while some have numerous accounts in various countries does it make good sense for business to keep different savings account in some cases in various nations it does but just for payroll is there a better method what function do virtual accounts and digital wallets also referred to as virtual wallets play in assisting multinational companies simplify the episode complex procedures of
making payroll payments precisely efficiently firmly and on time during this webinar we'll stroll you through the global pros and cons of a payroll wallet versus a payroll checking account how companies precisely anticipate their payroll expenses to increase working capital and how streamlining Worldwide payroll payments can turn them from a siled pane into a tactical property so payroll can be difficult in adequate in one nation but when you're doing it worldwide it's next level and Beyond it ends up being intricate for a variety of factors most significantly regulations compliance data security and banking rules then there are the sheer numbers they add additional complexity the worldwide Labor force is presently 3 and a half billion people by 2030 it's approximated that in Africa alone they will contribute and additional 1.1 billion people that number is presently 500 million just for for a scale then consider that there are some 230 million companies and growing all doing their own thing around the world in the conventional payroll model there's often a frustrating variety of various systems resulting in time-consuming manual processes and silos the variety of Integrations could be non-existent in large quantities and or extremely extremely standard there's no genuine consistency structure we're residing in a period of tech but payroll has actually been sluggish to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper and that just blows my mind whenever I I think
about it to provide 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 provides me sleepless nights and quite frankly the more a service invests in international payroll the less of a photo they see a lack of presence also extends to payroll payments and failure to accurately track these payments can lead to compliance incidents in the last mile of the transaction almost half of global businesses have actually revealed that they don't have the level of standardization they require in their processes or desire and as a result eighty percent of errors are due to time reporting poor HCM data information entry mistakes improperly interacted hires and terminations in addition to absence management and system configurations and after that when you round everything off and the information is delivered to the incorrect place the typical expense of an international information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money all over the world payroll and payments do not run smoothly if they rely on the necessary multiple processes systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the obstacles business face when they're paying to workers or otherwise that's a great concern I always toss this back and say what is it what does not require to be included right and what does
it require to be considered there's varying Bank details so the length of an eye band a swift an account number routing code per nation 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 need to pay from the client's own in-country account so there's complexity anywhere you look ideal ultimately developing a knowledge base is absolutely important but everywhere you look with payroll payment they resemble super payments no if however some children about it you are all superheroes processing payments for payroll if you take a look at the sort 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 basic and technology is enabling us to sort of move on with that it likewise also to add to that payroll and finance need to work closer together um with differing Checking account Details differing banking requirements and setup procedures is definitely vital that payroll and finance groups work better together than ever um I'm constantly impressed when people state I have actually split payroll and payment um if you walk down the street and asked anybody 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 eventually 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 3rd parties so with the
The modern-day world places a high worth on wellness and the compensation landscape is ending up being progressively intricate. Organizations are constantly introducing new advantages and payment alternatives, which adds to the total intricacy. Large corporations frequently divide their payroll and payment processing into different teams, which can result in inadequacies and bottlenecks. In my viewpoint, this doesn't have to be the case. In today's technically advanced age, there's no validation for maintaining cumbersome procedures. Payroll, the business's greatest expenditure, should be processed correctly and on time. Even slight delays can negatively impact workers' wellness and have significant repercussions. For that reason, it's crucial to focus on accurate and prompt payments.
payroll team get um so I'm uncertain anybody on this type of webinar has actually been informed 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 workers or not um however eventually payroll is such a crucial cycle all of us hear about 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 think 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 absolutely important that all of this things is done correctly so leveraging the very first Global Payments very first payroll payment option is a great first step um providing an end-to-end payroll option for your employees internationally again I think is another huge um procedure once again aligning and guaranteeing you have standardization International procedures all of those things are definitely crucial to success success of services and decreasing the number of tools platforms and savings account they need for their International payroll too could not agree with you more and on the the front in terms of of the thank yous for getting payroll done I have actually never had a hundred thousand of them within a payroll cycle do not anticipate to you do get the odd five or 10 or whatever it might be with the with the the problems where things haven't gone quite where they're suggested to be um I do not think any of us are really doing that for for the thanks
anyhow 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 easy as possible for everyone that's associated with those processes and also so picture sorry I'm just I was simply gon na state imagine the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I make certain we're talking about hundreds of thousands potentially Millions picture getting that numerous thank you notes um I imply it 'd be interesting to see the number of Post-it notes you got but it would definitely be an interesting job 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 require days of the week to try to browse them and actually see what was going on and sort of shot to get back to everybody so carrying on appearance why do companies select to main separate checking account there are services out there doing precisely this for specific nations and I've operated in a company or lots of businesses doing exactly that I can state it does not always feel efficient and it does produce more work I know we're not deliberately doing that we're not producing extra work for any person where we do not need to and anyone that's dealing with that procedure I 'd be interested to hear your thoughts Johnny why do you believe 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 individuals have got so used to we need a brand-new checking account we open an entity and rightly so you need it for payroll functions but there are a variety of markets where it's not a requirement so I think it's just been the requirement and the norm the people have embraced and continue to do over years and years gone past to contribute to that individuals have actually looked at things like trust accounts and numerous other methods um to to sort of do it so I think there's a variety I believe this is a process that needs taking a look at it requires altering but eventually people are extremely stuck with what they recognize
with best um change is a challenging thing we all don't like change um so I believe it's simply sort of moving far from the norm as we've said so yeah so it keeps a great deal of track of stuff um I comprehend obviously the advantages of having keeping several savings account however there's a big amount of intricacy chooses establishing a savings account maintaining it ensuring it can send International transfers guaranteeing it's established with the best user accesses for specific individuals so the intricacy is substantial however I believe the sincere answer is modification um people have not had the ability to alter or have not had necessarily the knowledge to really make that change into alternate Solutions aside from opening a checking account I think you've hit the nail on the head I believe it is knowledge you understand and there is an aspect of resistance to alter but we've constantly done it that way is no real excuse for not looking at the the benefits and the possibilities of moving on and moving into you know what might nearly be identified to be the next Century approximately there is a lot to monitor and this technique does posture a number of difficulties um so Johnny might you tell us about those obstacles yeah naturally so there's a range right there is so
I recently made a change to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It seems like our CFO has acquired another CFO, and with this boosted capability, I have actually successfully protected payments for our 10,000 employees worldwide. Your dedication to mastering international payroll and payments utilizing Papaya payroll OS is commendable. You should have a corner workplace with a parking space that is better, considering your achievements.
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