Find out more about Papaya Global Annual Report ... We now have the capability to handle both our payroll and payments processes on one combined platform. It's as if our Chief Financial Officer has acquired a separate Chief Financial Officer specifically dedicated to managing payments. This provides us with a safe and reliable technique of making payments to our 10,000 workers worldwide.}
the BEST worldwide payroll managment app, conserves me hours of time monthly, one single dashboard for my payroll, EOR and professionals
The Worker Website provides workers with the capability to access and view essential files such as pay slips, wage and tax declarations, and work records. This portal is accessible on both desktop and mobile phones and is offered in different languages.
Advantages Administration
Papaya Global helps companies use competitive advantages packages to worldwide workers despite the variety of workers in the company. The business can set up health insurance, short-term and long-lasting disability, vision, dental and maternity leave while getting rid of the requirement to source regional benefits service providers in every nation, create local accounts and have a minimum variety of workers.
The HR capabilities provided by Worldwide HR include different functions such as keeping an eye on trip time, ensuring compliance, facilitating the process of welcoming new workers and bidding goodbye to leaving ones, providing a protected online platform for saving employees' files, and providing assistance for work permit procedures in case your workers need support because area.
HR Analytics
Papaya Global's payroll and HR analytics suite provides you insights into workforce costs, labor force diversity, total employment costs distributed per place, overall work expenses per cycle and a lot more.
Internationally, I have actually shown leadership and strategic expertise in assisting large-scale populations of over 100,000 staff members across 170 countries. Presently, I am responsible for managing payroll techniques, as discussed by Mark. My role includes handling and establishing external collaborations, supporting Business clients, and providing advisory services. Additionally, I am proud to be a part of Papaya Global, a pioneering payroll and payments options company.
As a worldwide business, we are honored to be consisted of on the prominent Time 100 list of the most prominent companies worldwide. We focus on providing payroll and workforce management services to workers in more than 160 countries. I am delighted to present Johnny Nash, as mentioned by Mark. Now, I'll let Johnny introduce himself. Good day to all, no matter your place. It's an enjoyment to satisfy you and thank you for your important time. As Ian discussed, I am Johnny Nash, the director of payments at our company. With over a years of experience in the payments industry, I have actually concentrated on payroll and payment options for the past seven years. The intricacies and obstacles of this field have actually always mesmerized me.
payroll payments and decided to sort of make a real go at that over the last five or six years where I've sort of had a variety of various functions on the supplier side and likewise on the vendor side from a payroll point of view so truly eagerly anticipating this discussion today um and yeah thank you quite for your time everyone fine thanks Johnny uh we'll simply give everyone 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 type of let them do that so it 'd be quite fascinating and I can see it going on already simply to hear where everyone is um it's nice to to sort of like see where everyone 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 drizzling here it's extremely extremely dreary and I want I was elsewhere at this moment in time all right so let's get going our agenda for today is as follows um we are going to be taking a look at the difficulty years of managing International payroll why business preserve separate
checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts improving papaya International payroll payments as a strategic property uh we'll likewise review a recap and that ought to leave his time at the extremely really end for a q a session so as the title of the webinar recommends payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and Global workforces become increasingly more common and managing them ends up being a growing number of complex Global organizations are wanting to find Solutions and new methods to enhance processes specifically from a payroll and cross-border payment standpoint lots of organizations preserve different bank account just for payroll while some have numerous accounts in different countries does it make good sense for companies to preserve different savings account in some cases in different countries it does however just for payroll is there a better way what function do virtual accounts and digital wallets likewise known as virtual wallets play in assisting multinational business improve the episode complex processes of
Making sure accurate, efficient, and timely payroll payments is a complex difficulty for companies operating internationally. Join us for a webinar to explore the benefits and downsides of payroll wallets versus payroll savings account, discover how business anticipate payroll expenses to enhance working capital, and discover how enhancing global payroll payments can transform them from a troublesome job into a tactical property.
Managing payroll internationally is a complicated task due to numerous policies, compliance requirements, data security issues, and banking rules. The sheer variety of staff members and organizations adds to the complexity, with an estimated 3.5 billion people in the international workforce, 500 countless whom remain in Africa, and 230 million businesses worldwide.
Conventional payroll systems often lead to manual procedures, data silos, and a lack of integration, leading to disparities and ineffectiveness. Regardless of residing in an age of technological developments, payroll management has actually been sluggish to adjust, with as much as 25% of payroll still processed manually, frequently using pen and paper. This webinar objectives to supply insights and solutions to simplify and enhance worldwide payroll payments.
about it to give you an idea of how far there still is to come according to Deloitte just 11 of companies say they have Labor force information in real time that's another number that offers me sleepless nights and quite honestly the more a company spends on 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 almost half of worldwide organizations have revealed that they don't have the level of standardization they require in their procedures or desire and as a result eighty percent of mistakes are due to time reporting bad HCM information information entry mistakes improperly interacted hires and terminations along with absence management and system setups and then when you round all of it off and the data is delivered to the wrong location the average cost of a worldwide information 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 procedures systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the difficulties company face when they're paying to staff members or otherwise that's a good question I always toss this back and say what is it what doesn't need to be consisted of right and what does
it require to be thought about there's varying Bank details so the length of an eye band a swift an account number routing code per nation there's payment timespan 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 consumer's own in-country account so there's intricacy anywhere you look best eventually developing a knowledge base is absolutely critical but all over you look with payroll payment they resemble very payments no if but some infants about it you are all superheroes processing payments for payroll if you look at the type 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 definitely basic and technology is permitting us to type of progress with that it likewise also to contribute to that payroll and financing need to work closer together um with differing Checking account Details differing banking requirements and setup procedures is definitely imperative that payroll and finance groups work closer together than ever um I'm constantly astonished when people state I have actually divided payroll and payment um if you walk down the street and asked anyone what is payroll who does not work in the payroll profession would they split the payroll payment from computation I would say no so why do we as a market accept that why our payroll and payments so often split and cut up um ultimately it's payroll is an end-to-end process it's the point of information collection all the way through to paying individuals wherever they are however likewise paying statutory authorities and on statutory third parties so with the
The contemporary world puts a high worth on well-being and the compensation landscape is ending up being increasingly detailed. Organizations are constantly presenting brand-new benefits and payment alternatives, which contributes to the total intricacy. Big corporations frequently divide their payroll and payment processing into different teams, which can result in ineffectiveness and traffic jams. In my opinion, this does not have to be the case. In today's technologically innovative era, there's no justification for preserving cumbersome procedures. Payroll, the business's biggest expense, must be processed properly and on time. Even minor delays can adversely impact staff members' well-being and have significant consequences. For that reason, it's critical to prioritize precise and prompt payments.
payroll team get um so I'm not exactly sure anybody on this kind of webinar has been informed thank you for processing my payroll correctly if you have it 'd be fantastic to hear your success story and whether that's been from all workers or not um but ultimately payroll is such a crucial cycle we all find out about it when it goes wrong everybody jumps up and down when it fails however when it goes right it's simply a tick box exercise and I believe 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 first Worldwide Payments very first payroll payment solution is a great primary step um providing an end-to-end payroll service for your employees internationally again I believe is another substantial um process once again lining up and guaranteeing you have standardization International procedures all of those things are definitely essential to success success of companies and minimizing the number of tools platforms and bank accounts they need for their Worldwide payroll too couldn't agree with you more and on the the front in regards to of the thank yous for getting payroll done I've never ever had a hundred thousand of them within a payroll cycle do not expect to you do get the odd five or ten or whatever it might be with the with the the problems where things haven't gone rather where they're suggested to be um I do not think any of us are actually doing that for for the thanks
anyway we understand how how important a function 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 simple as possible for everybody that's involved in those procedures and likewise so envision sorry I'm just I was simply gon na say envision the amount of thanks you got if you might cover the amount of individuals that we cover within this webinar I make certain we're talking about numerous thousands possibly Millions think of getting that many thank you keeps in mind um I suggest it 'd be interesting to see how many Post-it notes you got but 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 look through them and in fact see what was going on and type of try to return to everyone so proceeding look why do companies select to main separate bank accounts there are services out there doing exactly this for particular countries and I've worked in an organization or numerous organizations doing precisely that I can say it doesn't always feel effective and it does develop more work I know we're not deliberately doing that we're not producing additional work for anyone where we do not need to and anyone that's managing 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 amount that we are I believe numerous reasons one is it's the requirement I think people have got so used to we need a brand-new checking account we open an entity and appropriately 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 simply been the requirement and the norm the people have actually embraced and continue to do over years and years passed by to contribute to that people have 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 think this is a procedure that requires looking at it requires changing but ultimately individuals are very stuck with what they recognize
with best um change is a challenging thing we all do not like change um so I believe it's simply sort of moving away from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I comprehend clearly the benefits of having preserving numerous bank accounts however there's a big quantity of complexity opts for establishing a bank account keeping it guaranteeing 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 think the truthful answer is change um people have not been able to change or have not had necessarily the knowledge to really make that change into alternate Solutions aside from opening a bank account I think you've struck the nail on the head I think it is understanding you know and there is an element of resistance to change but we have actually constantly done it that way is no genuine excuse for not taking a look at the the advantages and the possibilities of carrying on and moving into you know what could practically be determined to be the next Century or so there is a lot to track and this method does pose a number of obstacles um so Johnny might you inform us about those obstacles yeah obviously 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's like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global staff members you are worthy of a corner workplace with a closer parking space because I mastered Worldwide payroll and payments with Papaya payroll OS did you
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