Find out more about Papaya Global Melbourne ... 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 actually obtained a different Chief Financial Officer particularly devoted to managing payments. This offers us with a protected and trustworthy method of making payments to our 10,000 workers worldwide.}
The innovative worldwide payroll management app streamlines my payroll procedure, conserving me a significant quantity of time every month. With its user-friendly interface, I have access to a single control panel that effectively manages my payroll, EOR, and professionals.
The Worker Website provides employees with the capability to gain access to and view crucial files such as pay slips, wage and tax statements, and work records. This website is accessible on both desktop and mobile phones and is offered in various languages.
Benefits Administration
Papaya Global helps business use competitive advantages plans to global employees no matter the number of workers in the company. The company can establish medical insurance, short-term and long-term disability, vision, oral and maternity leave while removing the requirement to source regional benefits suppliers in every country, develop regional accounts and have a minimum variety of employees.
International HR Functionalities
's HR performances consist of PTO tracking, compliance, onboarding/offboarding tools, online storage for employees' files and immigration services if your employees need work license help.
HR Analytics
Papaya Global's payroll and HR analytics suite gives you insights into workforce spending, labor force diversity, total work costs dispersed per location, overall employment expenses per cycle and much more.
Globally, I have actually demonstrated leadership and strategic expertise in directing large-scale populations of over 100,000 employees throughout 170 nations. Presently, I am responsible for supervising payroll techniques, as pointed out by Mark. My role includes handling and developing external collaborations, supporting Business clients, and providing advisory services. Furthermore, I am proud to be a part of Papaya Global, a pioneering payroll and payments options company.
company to make the time 100 list for many influential companies in the world we supply payroll payments and labor force management to all staff member 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 evening depending upon where you remain in the world it's beautiful to meet 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 10 years and particularly dealing with the payroll and payment sector for over seven years um I was fascinated by the intricacy the trouble in all of the above of
payroll payments and decided to kind of make a real go at that over the last 5 or six years where I've type of had a variety of various functions on the service provider side and likewise on the supplier side from a payroll point of view so really looking forward to this conversation today um and yeah thank you very much for your time everyone all right thanks Johnny uh we'll just give everybody another number of uh well one of the 30 seconds or so to join all of us work back to back these days 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 everyone 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 certainly not the peak of the sunlight is it it's not no it's it's drizzling here it's extremely extremely bleak and I want I was somewhere else at this moment in time alright so let's get going our agenda for today is as follows um we are going to be taking a look at the challenge years of managing Worldwide payroll why companies keep separate
bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts improving papaya Global payroll payments as a tactical possession uh we'll also go over a recap and that 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 labor forces end up being more and more common and managing them ends up being a growing number of intricate Worldwide organizations are aiming to discover Solutions and new methods to simplify processes specifically from a payroll and cross-border payment viewpoint lots of organizations maintain separate savings account just for payroll while some have several accounts in different countries does it make sense for companies to preserve separate bank accounts in some cases in different countries it does but just for payroll is there a better way what function do virtual accounts and digital wallets also referred to as virtual wallets play in helping multinational business enhance the episode complex procedures of
Making sure accurate, effective, and prompt payroll payments is a complex obstacle for organizations operating globally. Join us for a webinar to check out the advantages and disadvantages of payroll wallets versus payroll savings account, find out how business forecast payroll expenses to enhance working capital, and find how simplifying worldwide payroll payments can change them from a burdensome job into a tactical property.
Handling payroll internationally is a complicated task due to numerous regulations, compliance requirements, data security issues, and banking rules. The sheer variety of workers and organizations contributes to the intricacy, with an estimated 3.5 billion individuals in the global labor force, 500 million of whom are in Africa, and 230 million services worldwide.
Standard payroll systems often lead to manual procedures, data silos, and an absence of combination, resulting in disparities and ineffectiveness. In spite of living in a period of technological advancements, payroll management has been sluggish to adjust, with as much as 25% of payroll still processed manually, frequently using pen and paper. This webinar goals to provide insights and services 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 businesses state they have Workforce data in real time that's another number that offers me sleepless nights and rather frankly the more a business spends on global payroll the less of an image they see a lack of presence also reaches payroll payments and failure to accurately track these payments can lead to compliance incidents in the last mile of the transaction nearly half of worldwide companies have expressed that they don't have the level of standardization they require in their procedures or want and as a result eighty percent of mistakes are because of time reporting poor HCM information data entry mistakes improperly communicated hires and terminations along with lack management and system setups and then when you round all of it off and the information is delivered to the incorrect location the average cost of a global information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash all over the world payroll and payments do not run smoothly if they rely on the necessary several procedures systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the obstacles business face when they're making payments to workers or otherwise that's an excellent question I always throw this back and say what is it what doesn't require to be consisted of ideal and what does
it require to be thought of there's varying Bank information so the length of an eye band a swift an account number routing code per nation there's payment timespan 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 client's own in-country account so there's complexity anywhere you look ideal ultimately developing a knowledge base is absolutely critical but all over 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 absolutely basic and innovation is allowing us to type of move on with that it likewise as well to contribute to that payroll and finance need to work closer together um with varying Checking account Particulars differing banking requirements and setup procedures is absolutely crucial that payroll and financing teams work closer together than ever um I'm always astonished when individuals say I've split payroll and payment um if you walk down the street and asked anyone what is payroll who does not operate in the payroll profession would they divide the payroll payment from estimation 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 eventually it's payroll is an end-to-end process it's the point of data collection all the way through to paying individuals anywhere they are but also paying statutory authorities and on statutory 3rd parties so with the
world we reside in and well-being being more and more important to add to sort of the level of complexity there's a growing number of advantages being organ or being offered by businesses throughout the world so again you're just aiming to include increasingly more payments to this currently intricate landscape so if you type of got any experience well I'm from your large experience here and I'm sure but have you got any experience in kind of real difficulties or genuine difficult sort of pay utilizes to play to pay individuals I believe yeah I indicate over the last well yeah a couple of decades I would definitely say that the bigger a service gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the task there are groups feeding details into the next function as it were that's in fact handling the payment side of things but you understand in in my opinion and my experience that doesn't always need to be the case you know long gone are the times where we need to develop extra handoffs at the same times that we operate in they simply make them more timely they make them less efficient and they don't make them what they need to be in in an age of tech and an age that you know that we are working in today there is no reason that we are still making this as challenging as it needs to be agreed and rightly as you stated payroll is the single most significant liability that any organization has from an expense viewpoint from an effect viewpoint on staff members it is absolutely crucial that it's done correctly 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 biggest harmful effect on people's well-being and numerous other aspects if people aren't paid uh I've constantly been impressed entering into this Market type of the last five to ten years is how little thanks the
payroll group get um so I'm unsure anybody on this sort of webinar has actually been told 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 staff members or not um however eventually payroll is such an essential cycle we all become aware of it when it fails everyone jumps up and down when it fails but when it goes right it's simply a tick box workout and I think that's how it's seen from the external view 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 stuff is done correctly so leveraging the very first International Payments very first payroll payment option is a great primary step um providing an end-to-end payroll service for your workers globally again I believe is another big um procedure once again lining up and guaranteeing you have standardization Worldwide processes all of those things are definitely crucial to success success of companies and minimizing the number of tools platforms and savings account they require for their International 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 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 complaints where things haven't gone quite where they're meant to be um I do not believe any of us are really doing that for for the thanks
anyhow we know how how crucial 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 everybody that's associated with those processes and also so envision sorry I'm just I was simply gon na say envision the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I make sure we're discussing numerous thousands possibly Millions imagine getting that many thank you notes um I suggest it 'd be interesting to see how many Post-it notes you got but it would absolutely be a fascinating job 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 attempt to look through them and in fact see what was going on and type of try to return to everybody so proceeding look why do companies pick to main separate bank accounts there are companies out there doing exactly this for particular nations and I've worked in an organization or lots of businesses doing exactly that I can say it does not constantly feel efficient and it does develop more work I understand we're not purposely doing that we're not developing extra work for anybody where we do not need to and anybody that's handling that procedure I 'd be interested to hear your thoughts Johnny why do you believe that we're doing that in in the in the amount that we are I think lots of reasons one is it's the standard I think individuals have got so utilized to we need a brand-new bank account we open an entity and rightly so you require it for payroll functions but there are a number of markets where it's not a requirement so I think it's just been the requirement and the standard individuals have actually embraced and continue to do over years and years gone past to add to that individuals have taken a look at things like trust accounts and numerous other methods um to to type of do it so I think there's a variety I believe this is a process that needs taking a look at it requires altering however ultimately people are extremely stuck with what they're familiar
with right um change is a difficult thing we all do not like change um so I think it's simply sort of moving away from the norm as we have actually said so yeah so it keeps a lot of track of stuff um I understand clearly the benefits of having maintaining multiple checking account however there's a substantial quantity of intricacy chooses setting up a checking account preserving it guaranteeing it can send out International transfers guaranteeing it's established with the ideal user accesses for individual people so the complexity is big but I believe the honest response is modification um people haven't been able to alter or haven't had always the knowledge to truly make that change into alternate Solutions besides opening a checking account I think you have actually hit the nail on the head I think it is understanding you understand and there is an aspect of resistance to change however we have actually constantly done it that way is no real reason for not looking at the the benefits and the possibilities of carrying on and moving into you know what could almost be figured out to be the next Century or so there is a lot to track and this method does pose several challenges um so Johnny could you inform us about those obstacles yeah obviously 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 feels like our CFO has actually gained another CFO, and with this boosted ability, I have actually successfully protected payments for our 10,000 employees worldwide. Your dedication to mastering international payroll and payments utilizing Papaya payroll OS is commendable. You should have a corner workplace with a parking space that is closer, considering your achievements.
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