Find out more about Papaya Global Csv File ... We now have the ability to manage both our payroll and payments processes on one unified platform. It's as if our Chief Financial Officer has obtained a separate Chief Financial Officer specifically devoted to handling payments. This provides us with a safe and secure and dependable method of paying to our 10,000 employees worldwide.}
The innovative worldwide payroll management app simplifies my payroll procedure, conserving me a significant amount of time monthly. With its user-friendly interface, I have access to a single dashboard that efficiently handles my payroll, EOR, and specialists.
The Worker Portal provides workers with the capability to access and view essential files such as pay slips, wage and tax declarations, and employment records. This portal is accessible on both desktop and mobile devices and is provided in various languages.
Advantages Administration
Papaya Global assists business provide competitive benefits plans to worldwide staff members despite the number of staff members in the business. The company can set up medical insurance, short-term and long-term disability, vision, oral and maternity leave while getting rid of the requirement to source local benefits service providers in every country, create regional accounts and have a minimum variety of workers.
Worldwide HR Functionalities
's HR performances include PTO tracking, compliance, onboarding/offboarding tools, online storage for workers' documents and migration services if your workers need work authorization support.
HR Analytics
Papaya Global's payroll and HR analytics suite provides you insights into labor force spending, workforce diversity, overall work costs dispersed per location, overall employment expenses per cycle and far more.
environments around the world I supplied leadership and strategy to populations of over a hundred thousand workers in more than 170 nations today I'm the payroll methods for as Mark said I work throughout business managing and building external relationships supporting Business customers and services as well as acting as an advisor for those of you that don't know who papaya Global is papaya is the very first payroll and payments
business to make the time 100 list for many influential business on the planet we provide payroll payments and labor force management to all staff member types in over 160 nations I am pleased to state that we also have as Mark said Johnny Nash with us today Johnny would you like to introduce yourself of course thank you good morning good afternoon excellent evening depending on where you are in the world it's beautiful to satisfy you and thank you very much for your time as Ian said my name is Johnny Nash and I'm the payments director here at um I've remained in the payments market for over ten years and particularly dealing with the payroll and payment sector for over 7 years um I was captivated by the intricacy the difficulty in all of the above of
payroll payments and decided to type of make a genuine go at that over the last five or six years where I've kind of had a variety of various roles on the supplier side and also on the vendor side from a payroll viewpoint so truly eagerly anticipating this discussion today um and yeah thank you quite for your time everybody all right thanks Johnny uh we'll simply provide everyone another couple of uh well among the 30 seconds or so to join we all work back to back these days so we'll type of let them do that so it 'd be quite fascinating 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 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 uninspiring and I want I was elsewhere at this moment in time fine so let's get started our agenda for today is as follows um we are going to be looking at the difficulty years of managing Worldwide payroll why business maintain separate
savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts simplifying papaya International payroll payments as a tactical possession uh we'll also discuss a recap which needs to leave his time at the extremely extremely end for a q a session so as the title of the webinar suggests payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and International workforces end up being increasingly more typical and managing them becomes a growing number of complex International organizations are aiming to find Solutions and new ways to enhance procedures particularly from a payroll and cross-border payment perspective lots of organizations keep separate checking account just for payroll while some have numerous accounts in different nations does it make good sense for business to preserve different savings account in some cases in various countries it does however just for payroll is there a much better method what role do virtual accounts and digital wallets likewise known as virtual wallets play in helping multinational business simplify the episode complex procedures of
Making sure accurate, efficient, and prompt payroll payments is a complex difficulty for companies running worldwide. Join us for a webinar to check out the advantages and drawbacks of payroll wallets versus payroll bank accounts, learn how companies anticipate payroll expenses to optimize working capital, and find how simplifying worldwide payroll payments can change them from a troublesome job into a tactical property.
Managing payroll internationally is a challenging task due to different guidelines, compliance requirements, data security concerns, and banking rules. The large number of staff members and services contributes to the complexity, with an estimated 3.5 billion individuals in the global labor force, 500 million of whom are in Africa, and 230 million businesses worldwide.
Standard payroll systems typically result in manual processes, data silos, and an absence of integration, resulting in disparities and inadequacies. Despite living in an era of technological advancements, payroll management has actually been slow to adapt, with as much as 25% of payroll still processed by hand, frequently utilizing pen and paper. This webinar goals to supply insights and options to streamline and optimize global payroll payments.
about it to give you an idea of how far there still is to come according to Deloitte just 11 of businesses say they have Labor force data in real time that's another number that provides me sleepless nights and rather honestly the more a business spends on international payroll the less of a picture they see a lack of presence likewise encompasses payroll payments and failure to accurately track these payments can result in compliance accidents in the last mile of the transaction almost half of global companies have actually expressed that they don't have the level of standardization they require in their procedures or desire and as a result eighty percent of errors are due to time reporting poor HCM data data entry errors poorly communicated hires and terminations along with lack management and system setups and after that when you round everything off and the information is shipped to the wrong place the typical cost of a worldwide information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash all over the world payroll and payments don't run smoothly if they rely on the required 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 company face when they're making payments to workers or otherwise that's an excellent concern I always throw this back and say what is it what does not require to be included ideal and what does
it need to be thought about there's differing Bank details so the length of an eye band a swift an account number routing code per country there's payment timespan there's payment abilities so can you pay it from International or do you have to pay from an in-country account do you have to pay from the client's own in-country account so there's intricacy anywhere you look best eventually constructing a knowledge base is definitely crucial however all over you look with payroll payment they are like super payments no if however some babies about it you are all superheroes processing payments for payroll if you take a look at the type of link between fintech and payroll it's closer than ever I think there's now a bit more recognition that payroll payments are definitely essential and technology is permitting us to kind of move on with that it also too to contribute to that payroll and financing require to work closer together um with varying Checking account Particulars varying banking requirements and setup processes is definitely essential that payroll and financing groups work better together than ever um I'm always impressed when individuals state I have actually divided payroll and payment um if you walk down the street and asked anybody what is payroll who doesn't work in the payroll occupation would they divide the payroll payment from estimation I would say no so why do we as an industry accept that why our payroll and payments so typically split and cut up um eventually it's payroll is an end-to-end procedure it's the point of data collection all the way through to paying people wherever they are but likewise paying statutory authorities and on statutory 3rd parties so with the
world we reside in and wellness being increasingly more essential to add to sort of the level of complexity there's more and more advantages being organ or being offered by businesses across the world so once again you're simply seeking to add a growing number of payments to this currently complicated landscape so if you kind of got any experience well I'm from your large experience here and I make certain however have you got any experience in kind of genuine obstacles or real difficult type of pay uses to play to pay people I believe yeah I imply over the last well yeah a number of years I would definitely say that the bigger a company gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the job there are teams feeding details into the next function as it were that's in fact handling the payment side of things however you know in in my opinion and my experience that doesn't always need to be the case you understand long gone are the times where we require to develop extra handoffs in the processes that we run in they just make them more prompt they make them less effective and they don't make them what they need to be in in an era of tech and an age that you understand that we are working in today there is no reason we are still making this as difficult as it needs to be concurred and rightly as you stated payroll is the single most significant liability that any company has from an expense point of view from an effect perspective on workers it is definitely critical that it's done correctly and on time so what we imply by that is not a day before not a day after on pay day and payments need to be done right it has the most significant damaging result on individuals's well-being and lots of other elements if individuals aren't paid uh I have actually always been impressed entering this Market kind of the last five to ten years is how little thanks the
The payroll group may not have actually been thanked for properly processing payroll during a webinar. If anybody has been thanked, it would be fantastic to hear their success story, whether it's from all workers or not. Payroll is a crucial cycle, and individuals just discover when things go wrong. Nevertheless, when things go right, it's seen as simply a regular job. This is how it's perceived externally as well. Therefore, it is essential to guarantee that tasks like Wi-Fi Global and other essential matters are done properly. Using the very first Global Payments very first payroll payment service is a terrific preliminary step towards offering a thorough payroll service for employees worldwide. Standardization, international processes, and reducing the number of tools, platforms, and bank accounts essential for international payroll are crucial factors in accomplishing service success. While we don't expect a hundred thousand thank yous within a payroll cycle, we do occasionally receive a few complaints when things do not go as prepared. Eventually, we don't do it for the appreciation.
anyhow we understand how how crucial 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 everybody that's involved in those processes and likewise so envision sorry I'm just I was simply gon na state picture the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I make sure we're speaking about numerous thousands possibly Millions think of getting that numerous thank you keeps in mind um I suggest it 'd be interesting to see how many Post-it notes you got however it would definitely be an intriguing task attempting to clean up all those up for sure oh absolutely I can't envision 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 in fact see what was going on and kind of shot to return to everyone so proceeding appearance why do companies select to main different savings account there are services out there doing exactly this for particular countries and I have actually worked in a service or many organizations doing precisely that I can state it does not always feel efficient and it does create more work I understand we're not purposely doing that we're not producing additional work for any person where we do not have to and anyone that's dealing with 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 factors one is it's the requirement I believe individuals have got so used to we need a new checking account we open an entity and rightly so you need it for payroll functions however there are a number of markets where it's not a requirement so I think it's simply been the requirement and the standard the people have actually adopted and continue to do over years and years gone past to add to that people have looked at things like trust accounts and many other ways um to to type of do it so I believe there's a variety I think this is a procedure that needs taking a look at it needs changing but eventually individuals are very stuck with what they recognize
with ideal um modification is a challenging thing all of us do not like change um so I believe it's just kind of moving far from the norm as we have actually said so yeah so it keeps a lot of track of things um I comprehend obviously the benefits of having preserving numerous savings account however there's a huge quantity of complexity goes with setting up a savings account preserving it guaranteeing it can send out International transfers ensuring it's set up with the right user accesses for private individuals so the complexity is big however I believe the sincere answer is change um people haven't been able to alter or haven't had necessarily the knowledge to truly make that change into alternate Solutions aside from opening a checking account I believe you have actually hit the nail on the head I think it is understanding you know and there is an aspect of resistance to change but we have actually always done it that way is no real reason for not looking at the the benefits and the possibilities of moving on and moving into you understand what could practically be figured out to be the next Century or two there is a lot to keep track of and this technique does pose several challenges um so Johnny might you inform us about those obstacles yeah obviously so there's a variety right there is so
I recently made a modification to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It feels like our CFO has actually acquired another CFO, and with this enhanced capability, I have effectively protected payments for our 10,000 workers worldwide. Your dedication to mastering global payroll and payments utilizing Papaya payroll OS is good. You are worthy of a corner workplace with a parking space that is closer, considering your accomplishments.
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