Find out more about Papaya Global 40M Scale 45M ... We now have the capability to handle both our payroll and payments processes on one unified platform. It's as if our Chief Financial Officer has gotten a different Chief Financial Officer particularly committed to managing payments. This provides us with a secure and reputable approach of making payments to our 10,000 staff members worldwide.}
The innovative international payroll management app streamlines my payroll process, conserving me a considerable quantity of time monthly. With its easy to use user interface, I have access to a single dashboard that efficiently manages my payroll, EOR, and specialists.
Worker Portal
Employees have access to an Employee Portal where they can view their pay slips, wage and tax declarations and employment files. The website is offered in numerous languages and can be accessed on a desktop or mobile device.
Advantages Administration
Papaya Global assists business use competitive advantages plans to worldwide employees no matter the variety of workers in the company. The business can set up medical insurance, short-term and long-lasting impairment, vision, oral and maternity leave while eliminating the requirement to source regional benefits service providers in every nation, produce local accounts and have a minimum variety of workers.
The HR capabilities offered by Global HR include various functions such as keeping an eye on vacation time, ensuring compliance, helping with the process of inviting new staff members and bidding goodbye to leaving ones, offering a protected online platform for saving employees' files, and supplying support for work permit treatments in case your employees need support because area.
HR Analytics
Papaya Global's payroll and HR analytics suite provides you insights into labor force costs, labor force variety, total work expenses dispersed per place, total work costs per cycle and much more.
environments across the globe I offered 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 said I work across business managing and building external relationships supporting Business clients and options as well as serving as a consultant for those of you that do not understand who papaya Global is papaya is the first payroll and payments
business to make the time 100 list for the majority of influential companies worldwide we provide payroll payments and labor force management to all worker types in over 160 countries I am pleased to state that we likewise have as Mark stated Johnny Nash with us today Johnny would you like to present yourself of course thank you good morning good afternoon good night depending upon where you are in the world it's charming to fulfill 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've been in the payments market for over ten years and specifically working on the payroll and payment sector for over 7 years um I was amazed by the intricacy the problem in all of the above of
payroll payments and decided to type of make a real go at that over the last five or six years where I have actually type of had a range of various roles on the service provider side and likewise on the vendor side from a payroll point of view so actually looking forward to this conversation today um and yeah thank you very much for your time everyone all right thanks Johnny uh we'll simply offer everybody another number of uh well one of the 30 seconds or so to join we all work back to back nowadays so we'll type of let them do that so it 'd be quite intriguing and I can see it going on currently just to hear where everyone 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 sunshine is it it's not no it's it's drizzling here it's very very bleak and I want I was elsewhere at this moment in time okay so let's get started our agenda for today is as follows um we are going to be taking a look at the challenge years of handling International payroll why companies maintain separate
checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts simplifying papaya Worldwide payroll payments as a strategic asset uh we'll also go over a recap which must leave his time at the very really 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 handling them ends up being increasingly more complex Worldwide organizations are wanting to discover Solutions and brand-new methods to enhance procedures especially from a payroll and cross-border payment viewpoint many organizations maintain separate bank account just for payroll while some have multiple accounts in various nations does it make sense for companies to preserve separate bank accounts sometimes in different countries it does however just for payroll exists a much better way what role do virtual accounts and digital wallets also called virtual wallets play in assisting international companies improve the episode complex procedures of
Ensuring accurate, efficient, and prompt payroll payments is a complex challenge for businesses operating worldwide. Join us for a webinar to explore the advantages and downsides of payroll wallets versus payroll checking account, discover how business forecast payroll expenses to optimize working capital, and find how enhancing worldwide payroll payments can change them from a burdensome job into a tactical possession.
Handling payroll globally is a complicated task due to various guidelines, compliance requirements, data security concerns, and banking rules. The sheer number of workers and organizations contributes to the intricacy, with an approximated 3.5 billion individuals in the worldwide labor force, 500 countless whom are in Africa, and 230 million businesses worldwide.
Standard payroll systems typically lead to manual procedures, data silos, and an absence of integration, leading to inconsistencies and inadequacies. In spite of living in an age of technological developments, payroll management has actually been slow to adjust, with as much as 25% of payroll still processed by hand, frequently using pen and paper. This webinar goals to provide insights and options to simplify and optimize international payroll payments.
about it to provide you a concept of how far there still is to come according to Deloitte just 11 of companies state they have Labor force information in real time that's another number that gives me sleep deprived nights and quite frankly the more a company invests in global payroll the less of a photo they see a lack of visibility likewise extends to payroll payments and failure to properly track these payments can result in compliance accidents in the last mile of the deal almost half of global organizations 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 mistakes are because of time reporting bad HCM information data entry errors inadequately communicated hires and terminations along with lack management and system setups and after that when you round everything off and the data is shipped to the wrong location the average cost of a global data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash around the globe payroll and payments do not run efficiently if they count on the required numerous processes 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 challenges business face when they're making payments to employees or otherwise that's a great question I always toss this back and say what is it what does not require to be included ideal and what does
it require to be considered there's differing Bank details 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 have to pay from an in-country account do you have to pay from the customer's own in-country account so there's intricacy any place you look right eventually constructing a knowledge base is absolutely important but all over you look with payroll payment they are like incredibly payments no if but some children about it you are all superheroes processing payments for payroll if you look at the sort of link in between fintech and payroll it's closer than ever I believe there's now a bit more recognition that payroll payments are absolutely basic and technology is enabling us to kind of move forward with that it likewise also to add to that payroll and finance require to work closer together um with varying Bank Account Particulars varying banking requirements and setup procedures is definitely crucial that payroll and financing groups work more detailed together than ever um I'm constantly amazed when people say I have actually divided payroll and payment um if you stroll down the street and asked anybody what is payroll who does not operate in the payroll occupation would they split the payroll payment from calculation I would say no so why do we as an industry accept that why our payroll and payments so frequently split and cut up um eventually it's payroll is an end-to-end process it's the point of information collection all the way through to paying people anywhere they are but also paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being increasingly more essential to contribute to type of the level of intricacy there's a growing number of benefits being organ or being offered by services throughout the world so once again you're just looking to add increasingly more payments to this currently intricate landscape so if you kind of got any experience well I'm from your huge experience here and I make certain but have you got any experience in kind of genuine difficulties or genuine difficult type of pay uses to play to pay individuals I believe yeah I suggest over the last well yeah a couple of decades I would absolutely state that the larger a company 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 groups feeding details into the next function as it were that's really handling the payment side of things but you understand in in my opinion and my experience that doesn't always require to be the case you know long gone are the times where we need to develop extra handoffs while doing sos that we operate in they just make them more timely they make them less effective and they don't make them what they need to be in in an era of tech and a period that you understand that we are operating in today there is no reason why 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 company has from an expense point of view from an effect viewpoint on employees it is definitely crucial that it's done properly and on time so what we imply by that is not a day before not a day after on pay day and payments have to be done right it has the biggest detrimental effect on people's wellness and lots of other aspects if individuals aren't paid uh I have actually always been amazed coming into this Market type of the last 5 to ten years is how little thanks the
payroll team get um so I'm not exactly sure anybody on this sort of webinar has been informed thank you for processing my payroll properly if you have it 'd be terrific to hear your success story and whether that's been from all employees or not um but eventually payroll is such an important cycle we all become aware of it when it fails everybody jumps up and down when it fails but when it goes right it's just a tick box exercise and I think that's how it's seen from the external consider as well um so yeah it's likewise like why WI-Fi Global why all of this stuff is definitely important that all of this things is done properly so leveraging the first Global Payments first payroll payment service is an excellent primary step um offering an end-to-end payroll option for your staff members globally again I believe is another big um process once again aligning and ensuring you have standardization Global procedures all of those things are definitely crucial to success success of organizations and lowering the variety of tools platforms and bank accounts they require 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 ever had a hundred countless them within a payroll cycle don't anticipate to you do get the odd 5 or ten or whatever it might be with the with the the grievances where things have not gone rather where they're indicated to be um I do not believe any of us are in fact doing that for for the thanks
anyway we understand 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 everyone that's involved in those procedures and also so imagine sorry I'm just I was just gon na say think of the amount of thanks you got if you might cover the amount of people that we cover within this webinar I make sure we're discussing hundreds of thousands possibly Millions think of getting that numerous thank you notes um I indicate it 'd be interesting to see how many Post-it notes you got but it would absolutely be an intriguing job trying to clean all those up for sure oh absolutely I can't imagine the size of my my Outlook inbox if that held true um you 'd require days of the week to attempt to check out them and really see what was going on and type of try to return to everybody so moving on appearance why do business choose to primary different savings account there are businesses out there doing exactly this for specific nations and I have actually operated in a business or numerous services doing exactly that I can state it doesn't constantly feel effective and it does develop more work I understand we're not purposely doing that we're not producing additional work for anyone where we do not need to and anyone that's dealing with 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 quantity that we are I believe many factors one is it's the requirement I think individuals have actually got so used to we need a brand-new savings 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 believe it's simply been the requirement and the standard individuals have actually embraced and continue to do over years and years passed by to add to that people have actually taken a look at things like trust accounts and many other methods um to to sort of do it so I think there's a range I believe this is a procedure that requires taking a look at it needs changing however eventually individuals are very stuck to what they're familiar
with right um modification is a challenging thing we all do not like modification um so I believe it's just sort of moving away from the standard as we've said so yeah so it keeps a great deal of track of stuff um I comprehend clearly the benefits of having preserving multiple checking account however there's a big amount of intricacy opts for setting up a bank account maintaining it ensuring it can send International transfers ensuring it's set up with the ideal user accesses for specific people so the intricacy is huge however I think the truthful response is modification um people haven't had the ability to change or haven't had necessarily the knowledge to actually make that change into alternate Solutions other than opening a savings account I believe you have actually hit the nail on the head I believe it is understanding you understand and there is a component of resistance to change but we have actually always done it that way is no genuine excuse for not taking a look at the the benefits and the possibilities of proceeding and moving into you understand what could almost be identified to be the next Century or two there is a lot to track and this method does position a number of obstacles um so Johnny might you tell us about those challenges yeah naturally so there's a range right there is so
I simply did you switched our Business to OS so now we can do our payroll and payments operation on a single platform yes it resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 International employees you are worthy of a corner office with a better parking space due to the fact that I mastered Worldwide payroll and payments with Papaya payroll OS did you
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