Find out more about Papaya Global Founder ... We now have the capability to manage both our payroll and payments processes on one merged platform. It's as if our Chief Financial Officer has actually gotten a different Chief Financial Officer specifically devoted to handling payments. This offers us with a safe and secure and reliable approach of paying to our 10,000 employees worldwide.}
The cutting-edge international payroll management app simplifies my payroll process, saving me a considerable quantity 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 specialists.
The Employee Portal provides workers with the ability to gain access to and view important documents such as pay slips, wage and tax statements, and work records. This portal is accessible on both desktop and mobile devices and is used in numerous languages.
Benefits Administration
Papaya Global helps business use competitive advantages bundles to international workers despite the variety of staff members in the business. The business can establish medical insurance, short-term and long-lasting impairment, vision, oral and maternity leave while removing the need to source regional advantages service providers in every country, produce local accounts and have a minimum variety of employees.
Worldwide HR Performances
's HR performances consist of PTO tracking, compliance, onboarding/offboarding tools, online storage for employees' documents and migration services if your staff members need work permit assistance.
HR Analytics
Papaya Global's payroll and HR analytics suite provides you insights into workforce spending, workforce variety, total employment expenses distributed per location, overall work costs per cycle and far more.
Internationally, I have actually shown management and tactical knowledge in assisting massive populations of over 100,000 workers throughout 170 nations. Currently, I are accountable for managing payroll strategies, as discussed by Mark. My function involves handling and developing external collaborations, supporting Business clients, and supplying advisory services. Additionally, I am proud to be a part of Papaya Global, a pioneering payroll and payments options service provider.
As an international company, we are honored to be included on the prestigious Time 100 list of the most influential business worldwide. We specialize in providing payroll and workforce management services to workers in more than 160 nations. I am delighted to introduce Johnny Nash, as discussed by Mark. Now, I'll let Johnny introduce himself. Good day to all, regardless of your place. It's an enjoyment to satisfy you and thank you for your valuable 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 market, I have actually concentrated on payroll and payment solutions for the past 7 years. The complexities and difficulties of this field have actually always captivated me.
payroll payments and decided to kind of make a real go at that over the last 5 or 6 years where I have actually sort of had a variety of various roles on the company side and also on the supplier side from a payroll point of view so actually eagerly anticipating this discussion today um and yeah thank you very much for your time everybody alright thanks Johnny uh we'll just provide everyone another couple of uh well one of the 30 seconds or so to join we all work back to back nowadays so we'll kind of let them do that so it 'd be quite intriguing and I can see it going on currently simply 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 remains in the UK today certainly not the peak of the sunshine is it it's not no it's it's raining here it's extremely extremely dreary and I want I was somewhere else 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 managing International payroll why business keep different
bank accounts 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 tactical property uh we'll also discuss a wrap-up which must leave his time at the very 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 International workforces end up being more and more common and handling them ends up being increasingly more intricate Global companies are wanting to discover Solutions and brand-new methods to simplify procedures especially from a payroll and cross-border payment standpoint lots of organizations maintain separate savings account just for payroll while some have several accounts in various countries does it make sense for business to keep separate checking account in some cases in different countries it does however just for payroll exists a much better way what function do virtual accounts and digital wallets likewise called virtual wallets play in helping multinational business simplify the episode complex procedures of
Ensuring accurate, efficient, and prompt payroll payments is a complex obstacle for businesses operating globally. Join us for a webinar to check out the advantages and drawbacks of payroll wallets versus payroll savings account, learn how companies anticipate payroll costs to optimize working capital, and find how streamlining global payroll payments can change them from a troublesome job into a strategic property.
Handling payroll globally is an overwhelming job due to numerous guidelines, compliance requirements, information security concerns, and banking rules. The sheer variety of staff members and services adds to the complexity, with an approximated 3.5 billion people in the worldwide workforce, 500 countless whom are in Africa, and 230 million companies worldwide.
Standard payroll systems frequently lead to manual procedures, data silos, and an absence of integration, leading to inconsistencies and inadequacies. Despite living in an age of technological developments, payroll management has been slow to adapt, with as much as 25% of payroll still processed by hand, typically utilizing pen and paper. This webinar goals to offer insights and solutions to streamline and optimize worldwide payroll payments.
about it to offer you an idea of how far there still is to come according to Deloitte only 11 of organizations say they have Labor force data in real time that's another number that gives me sleep deprived nights and quite honestly the more a service spends on global payroll the less of a photo they see an absence of presence likewise encompasses payroll payments and inability to accurately track these payments can cause compliance mishaps in the last mile of the transaction almost half of worldwide companies have actually revealed that they don't have the level of standardization they require in their processes or want and as a result eighty percent of mistakes are because of time reporting poor HCM information information entry errors improperly interacted hires and terminations as well as lack management and system configurations and then when you round everything off and the information is shipped to the wrong location the average expense of a global data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money all over the world payroll and payments don't run smoothly if they count on the essential multiple procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the challenges company face when they're paying to staff members or otherwise that's a good concern I always throw this back and state what is it what does not require to be included right and what does
it require to be considered there's differing Bank information 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 capabilities 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 consumer's own in-country account so there's intricacy wherever you look best ultimately building a knowledge base is absolutely vital but everywhere you look with payroll payment they are like incredibly payments no if however some children 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 allowing us to type of move on with that it likewise also to contribute to that payroll and financing require to work closer together um with varying Bank Account Details varying banking requirements and setup processes is absolutely necessary that payroll and financing teams work closer together than ever um I'm constantly amazed when individuals state I've split payroll and payment um if you walk down the street and asked anybody what is payroll who does not work in the payroll occupation would they split the payroll payment from calculation 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 ultimately it's payroll is an end-to-end procedure it's the point of data collection all the way through to paying people any place they are however also paying statutory authorities and on statutory 3rd parties so with the
The contemporary world places a high value on wellness and the payment landscape is becoming progressively detailed. Businesses are constantly introducing new advantages and payment alternatives, which contributes to the general intricacy. Large corporations often divide their payroll and payment processing into separate teams, which can result in inadequacies and bottlenecks. In my opinion, this does not have to hold true. In today's technologically innovative age, there's no justification for preserving cumbersome procedures. Payroll, the business's most significant cost, should be processed properly and on time. Even small delays can adversely impact employees' well-being and have far-reaching consequences. Therefore, it's important to prioritize precise and timely payments.
The payroll group might not have actually been thanked for properly processing payroll during a webinar. If anyone has been thanked, it would be excellent to hear their success story, whether it's from all employees or not. Payroll is a crucial cycle, and people only discover when things fail. However, when things go right, it's seen as just a routine task. This is how it's viewed externally too. For that reason, it is necessary to ensure that jobs like Wi-Fi International and other vital matters are done properly. Utilizing the first Worldwide Payments first payroll payment option is a terrific initial action towards supplying a detailed payroll service for employees worldwide. Standardization, international processes, and lowering the variety of tools, platforms, and savings account needed for worldwide payroll are key factors in accomplishing service success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally get a couple of grievances when things do not go as planned. Ultimately, we don't do it for the appreciation.
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 easy as possible for everyone that's associated with those procedures and also so envision sorry I'm simply I was just gon na say think of the quantity of thanks you got if you could cover the amount of individuals that we cover within this webinar I'm sure we're speaking about numerous thousands potentially Millions think of getting that numerous thank you keeps in mind um I imply it 'd be interesting to see the number of Post-it notes you got however it would definitely be a fascinating job trying to clean all those up for sure oh definitely I can't envision the size of my my Outlook inbox if that held true um you 'd need days of the week to try to browse them and really see what was going on and sort of shot to return to everyone so carrying on look why do business pick to primary different savings account there are organizations out there doing exactly this for specific countries and I've operated in a service or numerous services doing precisely that I can state it does not constantly feel effective and it does produce more work I know we're not intentionally doing that we're not producing additional work for any person where we do not have to and anybody that's managing that procedure 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 lots of reasons one is it's the requirement I believe individuals have actually got so utilized to we require a brand-new savings account we open an entity and rightly so you require 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 standard and the norm individuals have adopted and continue to do over years and years gone past to add to that people have taken a look at things like trust accounts and numerous other methods um to to sort of do it so I think there's a variety I believe this is a procedure that requires taking a look at it needs changing but ultimately individuals are really stuck to what they recognize
with right um change is a tough thing all of us do not like change um so I think it's simply kind of moving away from the standard as we've said so yeah so it keeps a great deal of track of things um I understand obviously the advantages of having keeping multiple savings account however there's a substantial amount of complexity chooses setting up a bank account maintaining it guaranteeing it can send International transfers guaranteeing it's established with the best user accesses for private people so the complexity is big but I think the truthful response is modification um individuals have not been able to alter or have not had necessarily the understanding to truly 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 understand and there is an element of resistance to change however we've constantly done it that way is no genuine excuse for not taking a look at the the benefits and the possibilities of moving on and moving into you understand what could nearly be figured out to be the next Century approximately there is a lot to keep an eye on and this method does position several challenges um so Johnny could you inform us about those obstacles yeah naturally so there's a range right there is so
I just did you changed our Enterprise 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 workers you should have a corner workplace with a more detailed parking space because I mastered Global payroll and payments with Papaya payroll OS did you
Papaya Global Bhutan