Find out more about Papaya Global Custom Reports ... We now have the ability to manage both our payroll and payments processes on one merged platform. It's as if our Chief Financial Officer has gotten a separate Chief Financial Officer particularly devoted to handling payments. This offers us with a safe and trusted approach of paying to our 10,000 employees worldwide.}
The innovative worldwide payroll management app improves my payroll process, conserving me a considerable amount of time every month. With its easy to use user interface, I have access to a single dashboard that efficiently manages my payroll, EOR, and professionals.
The Employee Website offers workers with the capability to access and view crucial files such as pay slips, wage and tax declarations, and work records. This portal is accessible on both desktop and mobile devices and is offered in various languages.
Advantages Administration
Papaya Global helps business offer competitive advantages bundles to international workers regardless of the number of staff members in the company. The business can set up medical insurance, short-term and long-term disability, vision, dental and maternity leave while eliminating the requirement to source local advantages suppliers in every country, create regional accounts and have a minimum variety of employees.
International HR Performances
's HR performances consist of PTO tracking, compliance, onboarding/offboarding tools, online storage for workers' documents and immigration services if your workers need work permit support.
HR Analytics
Papaya Global's payroll and HR analytics suite gives you insights into workforce costs, labor force variety, overall employment costs dispersed per area, overall employment costs per cycle and far more.
environments across the globe I supplied leadership and method to populations of over a hundred thousand employees in more than 170 nations today I'm the payroll strategies for as Mark said I work throughout business managing and building external relationships supporting Enterprise customers and options along with acting as an advisor for those of you that do not know who papaya International is papaya is the very first payroll and payments
company to make the time 100 list for a lot of prominent companies in the world we supply payroll payments and workforce management to all employee types in over 160 nations I am pleased to say that we likewise have as Mark said Johnny Nash with us today Johnny would you like to introduce yourself obviously thank you good morning great afternoon good evening depending upon where you remain in the world it's lovely to meet you and thank you quite for your time as Ian stated my name is Johnny Nash and I'm the payments director here at um I have actually remained in the payments market for over 10 years and particularly dealing with the payroll and payment sector for over seven years um I was captivated by the intricacy the problem in all of the above of
payroll payments and chose to sort of make a genuine go at that over the last five or 6 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 perspective so actually eagerly anticipating this conversation today um and yeah thank you quite for your time everybody alright thanks Johnny uh we'll simply provide everybody another number of uh well among the 30 seconds approximately to join we all work back to back nowadays so we'll sort of let them do that so it 'd be rather interesting and I can see it going on already just to hear where everybody is um it's nice to to kind of like see where everyone originates from and I really 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 raining here it's extremely really uninspiring and I want I was elsewhere at this moment in time okay so let's get started our program for today is as follows um we are going to be looking at the difficulty years of managing International payroll why companies keep different
bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts streamlining papaya International payroll payments as a tactical asset uh we'll also review a recap which ought to leave his time at the really really 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 Worldwide labor forces end up being more and more common and managing them ends up being increasingly more intricate International organizations are looking to discover Solutions and brand-new methods to improve procedures especially from a payroll and cross-border payment viewpoint many companies keep separate checking account just for payroll while some have multiple accounts in various nations does it make sense for business to maintain separate bank accounts in some cases in various countries it does but just for payroll is there a much better way what role do virtual accounts and digital wallets also called virtual wallets play in helping multinational business improve the episode complex procedures of
Making sure accurate, effective, and prompt payroll payments is a complex obstacle for organizations running internationally. Join us for a webinar to explore the benefits and downsides of payroll wallets versus payroll bank accounts, learn how business anticipate payroll costs to optimize working capital, and discover how streamlining international payroll payments can change them from a difficult job into a strategic asset.
Handling payroll globally is a complicated job due to different guidelines, compliance requirements, data security issues, and banking rules. The sheer variety of workers and businesses contributes to the intricacy, with an approximated 3.5 billion people in the international workforce, 500 million of whom remain in Africa, and 230 million services worldwide.
Conventional payroll systems typically result in manual processes, information silos, and an absence of integration, leading to inconsistencies and inadequacies. Regardless of living in an age of technological developments, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed by hand, frequently using pen and paper. This webinar goals to supply insights and options to streamline and enhance international payroll payments.
about it to offer you a concept of how far there still is to come according to Deloitte just 11 of businesses say they have Labor force information in real time that's another number that provides me sleepless nights and rather frankly the more a company invests in worldwide payroll the less of an image they see a lack of exposure also encompasses payroll payments and inability to properly track these payments can cause compliance mishaps in the last mile of the transaction nearly half of international 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 errors are because of time reporting bad HCM information data entry mistakes inadequately communicated hires and terminations in addition to absence management and system configurations and after that when you round it all off and the data is shipped to the wrong place the average cost of a worldwide information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money around the globe payroll and payments don't run efficiently if they rely on the necessary numerous processes systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the difficulties business face when they're paying to staff members or otherwise that's a great concern I always toss this back and state what is it what does not require to be consisted of best and what does
it require to be thought about there's differing Bank details so the length of an eye band a swift an account number routing code per nation there's payment time frames there's payment capabilities so can you pay it from International or do you have 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 right eventually building a knowledge base is absolutely vital however everywhere you look with payroll payment they are like extremely payments no if however some children 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 believe there's now a bit more recognition that payroll payments are definitely essential and innovation is permitting us to kind of progress with that it likewise too to contribute to that payroll and finance need to work closer together um with differing Checking account Details differing banking requirements and setup procedures is absolutely necessary that payroll and financing groups work more detailed together than ever um I'm constantly amazed when individuals say I've split payroll and payment um if you walk down the street and asked anyone what is payroll who does not operate in the payroll profession would they divide the payroll payment from estimation 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 procedure it's the point of data collection all the way through to paying individuals any place they are but likewise paying statutory authorities and on statutory 3rd parties so with the
The modern world puts a high worth on well-being and the payment landscape is becoming significantly intricate. Organizations are constantly presenting new advantages and payment options, which contributes to the overall complexity. Big corporations frequently divide their payroll and payment processing into separate groups, which can result in inadequacies and traffic jams. In my viewpoint, this doesn't have to hold true. In today's technically sophisticated period, there's no justification for maintaining cumbersome treatments. Payroll, the business's most significant expense, must be processed correctly and on time. Even minor hold-ups can negatively affect employees' wellness and have significant consequences. For that reason, it's crucial to prioritize precise and prompt payments.
The payroll group might not have actually been thanked for properly processing payroll during a webinar. If anybody has actually been thanked, it would be excellent to hear their success story, whether it's from all workers or not. Payroll is an essential cycle, and people only observe when things fail. However, when things go right, it's seen as just a routine job. This is how it's perceived externally too. Therefore, it is necessary to guarantee that tasks like Wi-Fi International and other important matters are done correctly. Utilizing the very first Global Payments first payroll payment option is a terrific preliminary step towards supplying an extensive payroll service for employees worldwide. Standardization, international processes, and minimizing the variety of tools, platforms, and checking account needed for worldwide payroll are essential consider achieving company success. While we don't expect a hundred thousand thank yous within a payroll cycle, we do periodically get a few grievances when things don't go as prepared. Ultimately, we don't do it for the gratitude.
anyhow we know 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 everyone that's involved in those procedures and also so imagine sorry I'm just I was simply gon na state think of the quantity of thanks you got if you might cover the quantity of people that we cover within this webinar I'm sure we're discussing hundreds of thousands potentially Millions think of getting that many thank you keeps in mind um I indicate it 'd be interesting to see the number of Post-it notes you got but it would certainly be a fascinating job attempting to clean up all those up for sure oh absolutely I can't imagine the size of my my Outlook inbox if that was the case um you 'd need days of the week to try to look through them and actually see what was going on and kind of shot to get back to everyone so moving on appearance why do business select to main separate checking account there are businesses out there doing exactly this for particular nations and I've operated in a company or lots of organizations doing precisely that I can state it doesn't always feel efficient and it does create more work I understand we're not deliberately doing that we're not creating extra work for anyone where we don't have to and any person 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 numerous factors one is it's the standard I think individuals have actually got so utilized to we need a new bank account we open an entity and rightly so you need 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 adopted and continue to do over years and years gone past to contribute to that people 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 range I believe this is a process that requires taking a look at it needs changing but ultimately individuals are very stuck with what they're familiar
with best um change is a hard thing all of us don't like modification um so I think 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 comprehend undoubtedly the benefits of having preserving numerous bank accounts but there's a substantial amount of intricacy chooses setting up a checking account preserving it ensuring it can send out International transfers guaranteeing it's established with the best user accesses for specific people so the intricacy is substantial however I believe the truthful response is change um individuals have not been able to change or haven't had always the knowledge to truly make that change into alternate Solutions besides opening a bank account I believe you've hit the nail on the head I believe it is understanding you understand and there is a component of resistance to alter however we have actually constantly done it that way is no genuine excuse for not looking at the the advantages and the possibilities of proceeding and moving into you understand what could almost be figured out to be the next Century or so there is a lot to keep an eye on and this technique does position numerous challenges um so Johnny could you inform us about those challenges yeah obviously so there's a variety right there is so
I just recently made a modification to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It feels like our CFO has gained another CFO, and with this improved capability, I have successfully secured payments for our 10,000 staff members worldwide. Your commitment to mastering global payroll and payments utilizing Papaya payroll OS is commendable. You deserve a corner office with a parking space that is more detailed, considering your achievements.
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