Find out more about Papaya Global Hr Venture 45M ... We now have the capability to manage both our payroll and payments procedures on one unified platform. It's as if our Chief Financial Officer has actually acquired a separate Chief Financial Officer particularly committed 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 process, saving me a substantial amount of time every month. With its easy to use interface, I have access to a single dashboard that effectively handles my payroll, EOR, and professionals.
The Staff member Website provides employees with the capability to access and view important 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 different languages.
Advantages Administration
Papaya Global helps business offer competitive advantages plans to worldwide staff members regardless of the number of staff members in the business. The business can establish health insurance, short-term and long-lasting disability, vision, oral and maternity leave while eliminating the need to source regional benefits service providers in every nation, develop regional 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 support.
HR Analytics
Papaya Global's payroll and HR analytics suite gives you insights into workforce spending, labor force variety, overall work costs dispersed per area, total employment costs per cycle and far more.
environments around the world I provided management and strategy to populations of over a hundred thousand employees in more than 170 nations today I'm the payroll strategies for as Mark stated I work throughout the business handling and building external relationships supporting Enterprise customers and services as well as serving as a consultant for those of you that don't know who papaya Worldwide is papaya is the very first payroll and payments
company to make the time 100 list for a lot of prominent business in the world we provide payroll payments and labor force management to all worker types in over 160 nations I am pleased to state that we also have as Mark said Johnny Nash with us today Johnny would you like to present yourself obviously thank you good morning good afternoon excellent evening depending on 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 industry for over ten years and specifically dealing with the payroll and payment sector for over seven years um I was amazed by the intricacy the trouble in all of the above of
payroll payments and chose to kind of make a real go at that over the last 5 or six years where I have actually type of had a variety of various functions on the provider side and likewise on the supplier side from a payroll perspective so actually anticipating this conversation 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 one of the 30 seconds or so to join we all work back to back these days so we'll type of let them do that so it 'd be rather fascinating and I can see it going on already just to hear where everybody is um it's nice to to type of like see where everyone originates from and I truly 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 raining here it's really very bleak and I wish I was somewhere else at this moment in time alright so let's get started 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
checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts simplifying papaya Global payroll payments as a strategic possession uh we'll likewise go over a wrap-up which must leave his time at the very very end for a q a session so as the title of the webinar recommends payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and International labor forces end up being more and more common and handling them ends up being more and more complex Worldwide companies are wanting to find Solutions and brand-new methods to streamline processes especially from a payroll and cross-border payment perspective many companies keep different bank account just for payroll while some have several accounts in various countries does it make good sense for companies to preserve different savings account often in different countries it does but just for payroll is there a much better way what role do virtual accounts and digital wallets likewise known as virtual wallets play in assisting international business enhance the episode complex processes of
Guaranteeing accurate, efficient, and timely payroll payments is a complex difficulty for services running worldwide. Join us for a webinar to check out the benefits and drawbacks of payroll wallets versus payroll checking account, discover how business forecast payroll costs to optimize working capital, and find how enhancing international payroll payments can transform them from a challenging job into a tactical possession.
Handling payroll worldwide is a complicated job due to various policies, compliance requirements, data security issues, and banking guidelines. The large variety of employees and services contributes to the complexity, with an approximated 3.5 billion people in the global labor force, 500 million of whom are in Africa, and 230 million organizations worldwide.
Conventional payroll systems often lead to manual processes, information silos, and a lack of integration, leading to inconsistencies and ineffectiveness. In spite of living in a period of technological developments, payroll management has been slow to adjust, with as much as 25% of payroll still processed by hand, often using pen and paper. This webinar objectives to offer insights and solutions to simplify and optimize international payroll payments.
about it to give you an idea of how far there still is to come according to Deloitte only 11 of services state they have Workforce data in real time that's another number that provides me sleep deprived nights and rather honestly the more a company spends on global payroll the less of a picture they see a lack of visibility likewise extends to payroll payments and inability to precisely track these payments can result in compliance accidents in the last mile of the deal almost half of global 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 data entry errors poorly communicated hires and terminations along with lack management and system setups and after that when you round everything off and the data is delivered to the incorrect place the average cost of an international data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash around the world payroll and payments don't run smoothly if they depend on the needed numerous processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the obstacles business face when they're paying to workers or otherwise that's an excellent concern I always toss this back and say what is it what does not require to be consisted of best and what does
it require to be considered there's varying Bank details so the length of an eye band a swift an account number routing code per country 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 definitely critical but everywhere you look with payroll payment they resemble very payments no if however some babies about it you are all superheroes processing payments for payroll if you take a look at the kind of link in between fintech and payroll it's closer than ever I think there's now a bit more recognition that payroll payments are definitely basic and innovation is enabling us to type of move forward with that it also also to contribute to that payroll and financing require to work closer together um with differing Bank Account Details differing banking requirements and setup procedures is absolutely vital that payroll and financing teams work better together than ever um I'm always surprised when individuals state I've divided payroll and payment um if you walk down the street and asked anyone what is payroll who doesn't operate in the payroll profession 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 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 individuals any place they are but also paying statutory authorities and on statutory 3rd parties so with the
The modern world places a high value on wellness and the compensation landscape is ending up being significantly intricate. Companies are continually introducing brand-new benefits and payment options, which contributes to the overall intricacy. Big corporations often divide their payroll and payment processing into separate groups, which can lead to ineffectiveness and bottlenecks. In my viewpoint, this does not have to hold true. In today's technically advanced age, there's no reason for maintaining troublesome procedures. Payroll, the company's biggest expense, need to be processed correctly and on time. Even slight hold-ups can adversely affect employees' wellness and have far-reaching repercussions. Therefore, it's vital to focus on accurate and timely payments.
payroll team get um so I'm unsure anybody on this kind of webinar has actually 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 staff members or not um however ultimately payroll is such an essential cycle all of us find out about 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 believe 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 things is definitely vital that all of this things is done correctly so leveraging the first International Payments first payroll payment option is a fantastic primary step um providing an end-to-end payroll option for your workers internationally once again I think is another big um process once again lining up and guaranteeing you have standardization Global procedures all of those things are absolutely crucial to success success of organizations and decreasing the variety of tools platforms and savings account they need for their International 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 have actually never ever had a hundred thousand of them within a payroll cycle don't expect to you do get the odd 5 or 10 or whatever it might be with the with the the grievances where things haven't gone rather where they're suggested to be um I do not think any of us are in fact doing that for for the thanks
anyhow we understand how how crucial 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 everybody that's involved in those procedures and likewise so think of sorry I'm simply I was just gon na say imagine the amount of thanks you got if you could cover the amount of people that we cover within this webinar I'm sure we're speaking about numerous thousands potentially Millions picture getting that lots of thank you keeps in mind um I suggest it 'd be interesting to see the number of Post-it notes you got however it would absolutely be an interesting job trying to clean up all those up for sure oh definitely I can't think of the size of my my Outlook inbox if that was the case um you 'd need days of the week to attempt to look through them and actually see what was going on and sort of try to return to everybody so proceeding look why do companies select to primary separate savings account there are companies out there doing exactly this for particular nations and I've operated in a business or many organizations doing exactly that I can say it doesn't always feel efficient and it does create more work I know we're not purposely doing that we're not creating extra work for anyone where we don't need to and any person that's dealing with that process I 'd be interested to hear your thoughts Johnny why do you believe that we're doing that in in the in the quantity that we are I think numerous reasons one is it's the requirement I think individuals have got so used to we need a new bank account we open an entity and rightly so you need it for payroll functions but there are a number of markets where it's not a requirement so I believe it's simply been the standard and the standard the people have adopted 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 type of do it so I think there's a range I think this is a process that requires looking at it requires changing however ultimately people are very stuck to what they're familiar
with right um change is a tough thing all of us don't like modification um so I believe it's just type of moving far from the standard as we have actually said so yeah so it keeps a great deal of track of things um I comprehend undoubtedly the advantages of having keeping several savings account however there's a big amount of intricacy goes with establishing a savings account maintaining it guaranteeing it can send International transfers ensuring it's set up with the right user accesses for individual people so the intricacy is huge but I think the honest response is modification um people have not had the ability to change or have not had always the understanding to really make that change into alternate Solutions besides opening a checking account I believe you've hit the nail on the head I believe it is understanding you know and there is an element of resistance to alter but we have actually constantly done it that way is no genuine reason for not looking at the the benefits and the possibilities of moving on and moving into you understand what might almost be identified to be the next Century or so there is a lot to track and this method does posture numerous obstacles um so Johnny might you inform us about those obstacles 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 manage our payroll and payment tasks on one platform. It seems like our CFO has gotten another CFO, and with this boosted capability, I have actually effectively protected payments for our 10,000 workers worldwide. Your devotion to mastering worldwide payroll and payments using Papaya payroll OS is good. You deserve a corner workplace with a parking space that is more detailed, considering your achievements.
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