Find out more about Improve Business Efficiency With Papaya Global On A Budget ... 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 dedicated to handling payments. This provides us with a protected and trustworthy approach of making payments to our 10,000 workers worldwide.}
The advanced global payroll management app enhances my payroll process, saving me a significant amount of time monthly. With its easy to use interface, I have access to a single dashboard that effectively manages my payroll, EOR, and specialists.
The Employee Website provides workers with the capability to access and view essential files such as pay slips, wage and tax statements, and employment records. This portal is accessible on both desktop and mobile phones and is offered in numerous languages.
Benefits Administration
Papaya Global helps business offer competitive advantages packages 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 special needs, vision, dental and maternity leave while removing the need to source local advantages providers in every nation, create local accounts and have a minimum number of staff members.
Worldwide HR Performances
's HR functionalities consist of PTO tracking, compliance, onboarding/offboarding tools, online storage for workers' files and immigration services if your staff members need work permit support.
HR Analytics
Papaya Global's payroll and HR analytics suite offers you insights into labor force spending, labor force variety, overall employment expenses dispersed per location, total work expenses per cycle and a lot more.
Globally, I have actually demonstrated management and tactical competence in guiding massive populations of over 100,000 employees throughout 170 countries. Currently, I are accountable for supervising payroll methods, as pointed out by Mark. My role involves managing and developing external partnerships, supporting Enterprise customers, and offering advisory services. Furthermore, I am proud to be a part of Papaya Global, a pioneering payroll and payments services supplier.
business to make the time 100 list for many prominent companies in the world we offer payroll payments and labor force management to all worker enters over 160 countries I am pleased to say that we likewise have as Mark stated Johnny Nash with us today Johnny would you like to present yourself naturally thank you good morning great afternoon excellent evening depending on where you remain 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 been in the payments market for over 10 years and particularly dealing with the payroll and payment sector for over seven years um I was interested 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 5 or 6 years where I've sort of had a variety of various functions on the service provider side and also on the vendor side from a payroll perspective so really eagerly anticipating this conversation today um and yeah thank you very much for your time everyone fine thanks Johnny uh we'll just provide everybody another number of uh well among the 30 seconds or two to join all of us work back to back these days so we'll sort of let them do that so it 'd be rather fascinating and I can see it going on currently just to hear where everybody is um it's nice to to sort of like see where everyone originates from and I truly do hope it's much sunnier than it remains in the UK today definitely not the peak of the sunlight is it it's not no it's it's raining here it's extremely very bleak and I want I was elsewhere at this moment in time okay so let's begin our agenda for today is as follows um we are going to be taking a look at the obstacle years of handling Worldwide payroll why companies preserve separate
savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts enhancing papaya Worldwide payroll payments as a strategic possession uh we'll likewise go over a wrap-up which ought to leave his time at the very really 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 International labor forces become a growing number of common and managing them ends up being more and more intricate Worldwide companies are seeking to discover Solutions and new ways to simplify processes particularly from a payroll and cross-border payment perspective many companies maintain separate savings account just for payroll while some have multiple accounts in various countries does it make good sense for business to preserve different bank accounts often in different nations it does however just for payroll is there a better method what function do virtual accounts and digital wallets likewise called virtual wallets play in assisting multinational companies streamline the episode complex processes of
making payroll payments properly efficiently firmly and on time throughout this webinar we'll walk you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll checking account how business properly forecast their payroll expenses to increase working capital and how improving Worldwide payroll payments can turn them from a siled pane into a tactical property so payroll can be hard in sufficient in one country however when you're doing it internationally it's next level and Beyond it becomes complex for a variety of reasons most notably policies compliance information security and banking rules then there are the large numbers they include more intricacy the international Workforce is presently 3 and a half billion people by 2030 it's estimated that in Africa alone they will contribute and more 1.1 billion individuals that number is presently 500 million just for for a scale then factor in that there are some 230 million companies and growing all doing their own thing worldwide in the traditional payroll design there's typically an overwhelming number of various systems resulting in lengthy manual procedures and silos the number of Combinations could be non-existent in big amounts and or really extremely standard there's no real consistency structure we're living in a period of tech but payroll has actually been slow to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper which simply blows my mind each time I I think
about it to offer you a concept of how far there still is to come according to Deloitte only 11 of companies say they have Workforce data in real time that's another number that offers me sleep deprived nights and quite frankly the more a business invests in global payroll the less of an image they see an absence of presence likewise reaches payroll payments and inability to properly track these payments can result in compliance incidents in the last mile of the transaction almost half of worldwide businesses have actually revealed that they don't have the level of standardization they need in their procedures or desire and as a result eighty percent of errors are because of time reporting poor HCM data information entry mistakes poorly interacted hires and terminations as well as lack management and system configurations and after that when you round it all off and the information is delivered to the incorrect place the typical cost of a global 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 efficiently if they count on the needed 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 challenges organization face when they're making payments to employees or otherwise that's a good question I constantly throw this back and say what is it what does not need to be included ideal 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 nation there's payment time frames 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 intricacy anywhere you look ideal eventually developing a knowledge base is absolutely crucial however everywhere you look with payroll payment they resemble extremely payments no if but some infants about it you are all superheroes processing payments for payroll if you take a look at the kind of link between fintech and payroll it's closer than ever I believe there's now a bit more acknowledgment that payroll payments are absolutely fundamental and innovation is enabling us to sort of move forward with that it also too to add to that payroll and finance require to work closer together um with varying Bank Account Particulars varying banking requirements and setup processes is absolutely vital that payroll and finance groups work better together than ever um I'm constantly impressed when individuals say I've 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 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 process it's the point of data collection all the way through to paying people any place they are but also paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being more and more crucial to contribute to sort of the level of complexity there's more and more advantages being organ or being provided by businesses across the world so once again you're simply aiming to include increasingly more payments to this already intricate landscape so if you sort of got any experience well I'm from your huge experience here and I'm sure however have you got any experience in kind of genuine obstacles or genuine challenging kind of pay utilizes to play to pay individuals I think yeah I suggest over the last well yeah a couple of decades I would certainly say that the larger a service gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the task there are teams feeding information into the next function as it were that's really managing the payment side of things however you know in in my viewpoint and my experience that doesn't always require to be the case you understand long gone are the times where we require to develop extra handoffs at the same times that we operate in they simply make them more timely they make them less efficient and they do not make them what they require to be in in an age of tech and a period that you know that we are operating in today there is no reason that we are still making this as challenging as it needs to be concurred and appropriately as you stated payroll is the single most significant liability that any service has from an expense viewpoint from an effect viewpoint on workers it is absolutely vital that it's done correctly and on time so what we suggest by that is not a day before not a day after on pay day and payments have to be done right it has the most significant destructive result on people's wellness and many other aspects if people aren't paid uh I have actually always been astonished coming into this Market kind of the last 5 to ten years is how little thanks the
The payroll team might not have actually been thanked for properly processing payroll throughout a webinar. If anyone 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. However, when things go right, it's viewed as just a regular task. This is how it's viewed externally too. Therefore, it is important to make sure that tasks like Wi-Fi International and other crucial matters are done correctly. Utilizing the very first Global Payments first payroll payment service is an excellent preliminary step towards providing a comprehensive payroll service for workers worldwide. Standardization, global processes, and reducing the variety of tools, platforms, and savings account essential for global payroll are essential factors in attaining company success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do periodically get a few problems when things do not go as planned. Eventually, we don't do it for the thankfulness.
anyway we understand how how important 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 associated with those procedures and also so envision sorry I'm just I was just gon na say imagine the amount of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make certain we're talking about numerous thousands possibly Millions picture getting that numerous thank you notes um I imply it 'd be interesting to see how many Post-it notes you got but it would definitely be an interesting task trying to clean up all those up for sure oh definitely I can't picture the size of my my Outlook inbox if that held true um you 'd require days of the week to attempt to browse them and actually see what was going on and kind of shot to return to everyone so moving on appearance why do companies choose to main separate savings account there are businesses out there doing precisely this for specific countries and I've worked in a service or lots of services doing exactly that I can state it does not always feel effective and it does produce more work I understand we're not purposely doing that we're not developing additional work for anybody where we don't need to and anyone that's managing that procedure I 'd be interested to hear your ideas Johnny why do you think that we're doing that in in the in the quantity that we are I believe numerous reasons one is it's the requirement I believe people have actually got so utilized to we require a new bank account we open an entity and rightly so you require it for payroll purposes but there are a variety of markets where it's not a requirement so I think it's just been the standard and the norm individuals have actually embraced and continue to do over years and years gone past to add to that individuals have actually looked at things like trust accounts and lots of other ways um to to sort of do it so I think there's a variety I believe this is a procedure that needs taking a look at it requires changing but eventually people are really stuck to what they recognize
with ideal um modification is a tough thing we all do not like change um so I believe it's just type of moving away from the norm as we have actually said so yeah so it keeps a lot of track of things um I comprehend clearly the advantages of having maintaining several bank accounts however there's a substantial quantity of complexity goes with establishing a checking account preserving it ensuring it can send International transfers guaranteeing it's established with the right user accesses for individual individuals so the complexity is huge but I believe the honest response is modification um people haven't been able to change or have not had always the understanding to really make that change into alternate Solutions other than opening a checking account I believe you've hit the nail on the head I think it is understanding you know 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 carrying on and moving into you know what might almost be determined to be the next Century approximately there is a lot to keep an eye on and this technique does position several obstacles 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 Enterprise 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 actually gained another CFO, and with this improved capability, I have successfully protected payments for our 10,000 staff members worldwide. Your devotion to mastering global payroll and payments using Papaya payroll OS is commendable. You deserve a corner workplace with a parking space that is closer, considering your achievements.
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