Find out more about Papaya Global Antigua And Barbuda ... We now have the capability to manage both our payroll and payments processes on one unified platform. It's as if our Chief Financial Officer has actually gotten a separate Chief Financial Officer particularly devoted to managing payments. This offers us with a safe and secure and dependable technique of paying to our 10,000 staff members worldwide.}
The innovative worldwide payroll management app enhances my payroll procedure, saving me a significant amount of time monthly. With its user-friendly user interface, I have access to a single dashboard that effectively handles my payroll, EOR, and specialists.
The Employee Portal supplies staff members with the capability to access and view essential documents such as pay slips, wage and tax declarations, and work records. This website is accessible on both desktop and mobile phones and is offered in different languages.
Benefits Administration
Papaya Global helps companies offer competitive advantages packages to worldwide employees regardless of the variety of employees in the business. The company can set up medical insurance, short-term and long-term impairment, vision, dental and maternity leave while getting rid of the need to source regional benefits service providers in every nation, produce local accounts and have a minimum variety of staff members.
Global HR Performances
's HR functionalities consist of PTO tracking, compliance, onboarding/offboarding tools, online storage for employees' documents and immigration services if your employees need work authorization help.
HR Analytics
Papaya Global's payroll and HR analytics suite offers you insights into workforce spending, workforce diversity, overall employment expenses distributed per area, total work costs per cycle and a lot more.
environments across the globe I offered leadership and technique to populations of over a hundred thousand staff members in more than 170 countries today I'm the payroll techniques for as Mark stated I work across business handling and structure external relationships supporting Enterprise clients and solutions as well as functioning as an advisor for those of you that don't understand who papaya Worldwide is papaya is the first payroll and payments
As a global business, we are honored to be included on the prestigious Time 100 list of the most influential companies worldwide. We specialize in supplying payroll and workforce management services to employees in more than 160 countries. I am delighted to introduce Johnny Nash, as mentioned by Mark. Now, I'll let Johnny introduce himself. Good day to all, regardless of your place. It's an enjoyment to fulfill you and thank you for your important time. As Ian pointed out, I am Johnny Nash, the director of payments at our company. With over a decade of experience in the payments industry, I have actually concentrated on payroll and payment options for the past 7 years. The intricacies and obstacles of this field have constantly mesmerized me.
payroll payments and decided to kind of make a genuine go at that over the last 5 or 6 years where I've type of had a variety of various roles on the supplier side and likewise on the supplier side from a payroll perspective so truly eagerly anticipating this conversation today um and yeah thank you very much for your time everyone alright thanks Johnny uh we'll simply give everybody another couple of uh well one of 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 simply to hear where everybody is um it's nice to to sort of like see where everyone originates from and I really do hope it's much sunnier than it is in the UK today definitely not the peak of the sunlight is it it's not no it's it's drizzling here it's really very uninspiring and I wish I was somewhere else at this moment in time all right so let's start our agenda for today is as follows um we are going to be looking at the obstacle years of handling Worldwide payroll why companies keep different
bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts streamlining papaya Worldwide payroll payments as a tactical property uh we'll also go over a wrap-up and that ought to leave his time at the extremely very end for a q a session so as the title of the webinar suggests payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and International labor forces end up being increasingly more typical and managing them becomes increasingly more complex International organizations are looking to discover Solutions and new ways to simplify procedures particularly from a payroll and cross-border payment standpoint numerous companies keep different checking account just for payroll while some have multiple accounts in different countries does it make sense for business to maintain different bank accounts sometimes in various countries it does however just for payroll exists a better method what function do virtual accounts and digital wallets also referred to as virtual wallets play in helping international business improve the episode complex procedures of
making payroll payments accurately effectively firmly and on time during this webinar we'll stroll you through the worldwide pros and cons of a payroll wallet versus a payroll savings account how business properly anticipate their payroll expenses to increase working capital and how simplifying Worldwide payroll payments can turn them from a siled pane into a strategic asset so payroll can be hard in enough in one nation but when you're doing it globally it's next level and Beyond it ends up being intricate for a range of factors most significantly policies compliance information security and banking rules then there are the large numbers they include further intricacy the international Labor force is currently 3 and a half billion individuals by 2030 it's approximated that in Africa alone they will contribute and more 1.1 billion individuals that number is currently 500 million just for for a scale then factor in that there are some 230 million services and growing all doing their own thing worldwide in the conventional payroll model there's often an overwhelming number of various systems resulting in time-consuming manual processes and silos the variety of Integrations could be non-existent in big amounts and or extremely very fundamental there's no real consistency structure we're living in a period of tech but payroll has actually been sluggish to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper which just blows my mind whenever I I think
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of organizations say they have Labor force data in real time that's another number that offers me sleepless nights and quite honestly the more a business spends on international payroll the less of a photo they see a lack of visibility also reaches payroll payments and failure to accurately track these payments can lead to compliance accidents in the last mile of the deal almost half of international services have actually expressed that they don't have the level of standardization they need in their procedures or want and as a result eighty percent of mistakes are because of time reporting poor HCM information data entry mistakes badly interacted hires and terminations in addition to lack management and system setups and after that when you round it all off and the information is shipped to the incorrect place the average expense of an international data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money around the globe payroll and payments don't run efficiently if they depend on the required numerous procedures systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the challenges organization face when they're paying to staff members or otherwise that's a great question I always toss this back and state what is it what doesn't need to be consisted of right and what does
it require to be thought of 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 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 consumer's own in-country account so there's complexity anywhere you look ideal eventually developing a knowledge base is absolutely important however everywhere you look with payroll payment they resemble incredibly 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 acknowledgment that payroll payments are definitely fundamental and innovation is allowing us to type of progress with that it likewise also to contribute to that payroll and finance need to work closer together um with varying Savings account Details varying banking requirements and setup procedures is definitely essential that payroll and finance groups work better together than ever um I'm always astonished when people state I have actually divided payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn't work in the payroll occupation would they split the payroll payment from estimation I would say no so why do we as an industry 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 data collection all the way through to paying individuals any place they are but likewise paying statutory authorities and on statutory third parties so with the
world we live in and wellness being increasingly more important to add to sort of the level of intricacy there's increasingly more benefits being organ or being used by services across the world so once again you're just aiming to include a growing number of payments to this already intricate landscape so if you type of got any experience well I'm from your vast experience here and I'm sure however have you got any experience in kind of real challenges or genuine challenging type of pay uses to play to pay individuals I believe yeah I mean over the last well yeah a couple of years I would absolutely state that the larger an organization gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the job there are teams feeding details into the next function as it were that's actually managing the payment side of things but you know 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 require to create extra handoffs in the processes that we run in they simply make them more prompt they make them less effective and they do not make them what they need to be in in an age of tech and an era that you understand that we are working in today there is no reason that 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 business has from an expense point of view from an impact point of view on workers it is absolutely critical 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 need to be done right it has the greatest detrimental impact on people's wellness and lots of other factors if individuals aren't paid uh I have actually always been surprised entering this Market sort of the last five to 10 years is how little thanks the
payroll group get um so I'm uncertain anyone on this type of webinar has actually been told thank you for processing my payroll correctly if you have it 'd be excellent to hear your success story and whether that's been from all employees or not um but ultimately payroll is such an important cycle we all become aware of it when it goes wrong everyone jumps up and down when it goes wrong however 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 also like why WI-Fi Global why all of this stuff is absolutely essential that all of this things is done properly so leveraging the first Global Payments first payroll payment solution is a fantastic first step um providing an end-to-end payroll option for your workers worldwide once again I think is another huge um procedure again aligning and guaranteeing you have standardization Worldwide processes all of those things are absolutely crucial to success success of companies and lowering the number of tools platforms and checking account they require for their Global payroll too couldn't 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 thousand of them within a payroll cycle do not anticipate to you do get the odd 5 or ten or whatever it might be with the with the the problems where things have not gone quite where they're implied to be um I do not think any of us are really doing that for for the thanks
anyway we understand how how crucial 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 easy as possible for everybody that's associated with those procedures and likewise so imagine sorry I'm simply I was simply gon na say imagine the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I'm sure we're speaking about numerous thousands potentially Millions picture getting that numerous thank you notes um I suggest it 'd be interesting to see how many Post-it notes you got but it would absolutely be an intriguing job attempting to clean all those up for sure oh definitely I can't imagine the size of my my Outlook inbox if that held true um you 'd need days of the week to attempt to check out them and actually see what was going on and kind of try to return to everybody so proceeding look why do companies select to main separate checking account there are businesses out there doing precisely this for particular countries and I have actually worked in a business or lots of companies doing exactly that I can say it does not constantly feel effective and it does create more work I know we're not deliberately doing that we're not developing extra work for anybody where we don't have to and anybody that's managing that process I 'd be interested to hear your ideas Johnny why do you believe that we're doing that in in the in the amount that we are I believe numerous reasons one is it's the standard I think individuals have got so used to we require a new bank account we open an entity and appropriately so you require it for payroll purposes however there are a variety of markets where it's not a requirement so I think it's just been the standard and the norm the people have actually embraced and continue to do over years and years gone past to add to that individuals have actually taken a look at things like trust accounts and numerous other ways um to to kind 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 people are really stuck with what they're familiar
with ideal um change is a tough thing all of us do not like modification um so I believe it's simply sort of moving away from the norm as we've said so yeah so it keeps a great deal of track of things um I comprehend undoubtedly the advantages of having preserving multiple checking account but there's a big amount of intricacy goes with setting up a checking account preserving it ensuring it can send out International transfers ensuring it's set up with the ideal user accesses for specific individuals so the intricacy is big however I believe the truthful answer is modification um individuals haven't been able to alter or have not had necessarily the knowledge to really make that change into alternate Solutions besides opening a savings account I believe you've struck the nail on the head I believe it is knowledge you know and there is a component of resistance to alter however we've always done it that way is no real excuse for not looking at the the benefits and the possibilities of proceeding and moving into you know what could nearly be determined to be the next Century or so there is a lot to track and this technique does present numerous difficulties um so Johnny might you tell us about those difficulties yeah naturally so there's a variety right there is so
I just recently made a change to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It seems like our CFO has gotten another CFO, and with this enhanced ability, I have actually effectively secured payments for our 10,000 staff members worldwide. Your commitment to mastering international payroll and payments utilizing Papaya payroll OS is commendable. You deserve a corner office with a parking space that is more detailed, considering your accomplishments.
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