Find out more about Papaya Global Montenegro ... We now have the ability to manage both our payroll and payments processes on one unified platform. It's as if our Chief Financial Officer has acquired a separate Chief Financial Officer specifically dedicated to managing payments. This offers us with a protected and trustworthy approach of paying to our 10,000 workers worldwide.}
The advanced global payroll management app streamlines my payroll process, saving me a significant quantity of time each month. With its user-friendly interface, I have access to a single control panel that effectively manages my payroll, EOR, and contractors.
The Staff member Website supplies employees with the ability to access and view essential files such as pay slips, wage and tax declarations, and work records. This website is accessible on both desktop and mobile devices and is offered in various languages.
Advantages Administration
Papaya Global assists companies provide competitive benefits plans to global workers despite the number of employees in the business. The business can set up medical insurance, short-term and long-term special needs, vision, oral and maternity leave while removing the requirement to source regional benefits service providers in every country, create regional accounts and have a minimum number of staff members.
Worldwide 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 permit assistance.
HR Analytics
Papaya Global's payroll and HR analytics suite gives you insights into workforce spending, labor force variety, total work expenses distributed per location, overall work costs per cycle and much more.
environments around the world I offered leadership and technique 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 Business customers and solutions as well as serving as an advisor for those of you that don't know who papaya International is papaya is the first payroll and payments
company to make the time 100 list for the majority of prominent companies in the world we offer payroll payments and labor force management to all employee key ins over 160 countries I am pleased to say that we also have as Mark said Johnny Nash with us today Johnny would you like to present yourself of course thank you good morning great afternoon excellent night depending on where you are in the world it's lovely to satisfy you and thank you very much for your time as Ian stated my name is Johnny Nash and I'm the payments director here at um I have actually remained in the payments industry for over 10 years and specifically dealing with the payroll and payment sector for over seven years um I was fascinated by the intricacy the problem in all of the above of
payroll payments and decided to sort of make a real go at that over the last five or 6 years where I have actually kind of had a variety of various roles on the provider side and likewise on the supplier side from a payroll perspective so actually eagerly anticipating this discussion today um and yeah thank you very much for your time everyone fine thanks Johnny uh we'll just provide everyone another number of uh well one of the 30 seconds or two to join all of us work back to back nowadays so we'll kind of let them do that so it 'd be quite fascinating and I can see it going on already simply to hear where everybody is um it's nice to to kind of like see where everybody comes from and I actually do hope it's much sunnier than it is 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 very very dreary and I want I was somewhere else at this moment in time okay so let's get going our program for today is as follows um we are going to be taking a look at the obstacle years of handling Worldwide payroll why business preserve different
bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts simplifying papaya International payroll payments as a tactical property uh we'll likewise go over a wrap-up which should leave his time at the very really end for a q a session so as the title of the webinar recommends payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces end up being more and more common and managing them ends up being a growing number of complex International organizations are wanting to find Solutions and brand-new methods to simplify processes particularly from a payroll and cross-border payment standpoint lots of companies maintain different bank account just for payroll while some have several accounts in different nations does it make good sense for companies to maintain different bank accounts often in various countries it does however just for payroll is there a better method what function do virtual accounts and digital wallets also known as virtual wallets play in assisting multinational companies enhance the episode complex processes of
making payroll payments properly efficiently firmly and on time throughout this webinar we'll walk you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll savings account how companies precisely anticipate their payroll expenses to increase working capital and how improving International payroll payments can turn them from a siled pane into a strategic property so payroll can be difficult in adequate in one nation but when you're doing it internationally it's next level and Beyond it becomes complicated for a range of reasons most importantly policies compliance information security and banking rules then there are the large numbers they add additional complexity the international Labor force is presently 3 and a half billion people by 2030 it's estimated that in Africa alone they will contribute and additional 1.1 billion people that number is presently 500 million just for for a scale then factor in that there are some 230 million organizations and growing all doing their own thing around the world in the standard payroll design there's typically an overwhelming variety of various systems resulting in lengthy manual processes and silos the number of Integrations could be non-existent in large quantities and or extremely extremely basic there's no genuine consistency framework we're living in an age of tech however payroll has actually been slow to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper which just blows my mind every time I I think
about it to provide you a concept of how far there still is to come according to Deloitte only 11 of organizations state they have Labor force information in real time that's another number that offers me sleep deprived nights and rather frankly the more a company invests in worldwide payroll the less of an image they see an absence of presence likewise encompasses payroll payments and inability to accurately track these payments can result in compliance accidents in the last mile of the deal almost half of global organizations have actually expressed that they don't have the level of standardization they require in their procedures or desire and as a result eighty percent of errors are because of time reporting poor HCM information information entry mistakes improperly communicated hires and terminations as well as lack management and system setups and then when you round it all off and the data is delivered to the wrong location the average expense of an international information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash around the world payroll and payments do not run smoothly if they count on the necessary several processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the difficulties company face when they're paying to staff members or otherwise that's an excellent question I constantly throw this back and state what is it what doesn't need to be included ideal 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 time frames 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 customer's own in-country account so there's intricacy any place you look right ultimately building a knowledge base is definitely crucial however everywhere you look with payroll payment they resemble incredibly payments no if but some infants about it you are all superheroes processing payments for payroll if you look at the sort of link between fintech and payroll it's closer than ever I believe there's now a bit more recognition that payroll payments are definitely essential and innovation is enabling us to sort of move forward with that it likewise too to contribute to that payroll and financing need to work closer together um with differing Checking account Details differing banking requirements and setup processes is definitely vital that payroll and financing teams 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 operate in the payroll occupation would they divide the payroll payment from calculation I would say no so why do we as a market 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-day world puts a high value on wellness and the payment landscape is becoming significantly elaborate. Organizations are continuously presenting brand-new advantages and payment alternatives, which adds to the overall intricacy. Large corporations typically divide their payroll and payment processing into different groups, which can lead to ineffectiveness and traffic jams. In my viewpoint, this does not have to be the case. In today's technically advanced age, there's no reason for preserving cumbersome procedures. Payroll, the company's greatest expense, should be processed correctly and on time. Even minor delays can negatively affect staff members' wellness and have far-reaching consequences. Therefore, it's critical to prioritize accurate and timely payments.
The payroll group might not have been thanked for properly processing payroll throughout a webinar. If anybody has been thanked, it would be terrific to hear their success story, whether it's from all workers or not. Payroll is an important cycle, and individuals just observe when things fail. Nevertheless, when things go right, it's seen as simply a regular job. This is how it's perceived externally too. For that reason, it is necessary to make sure that tasks like Wi-Fi International and other essential matters are done properly. Using the very first International Payments very first payroll payment option is an excellent initial action towards supplying a comprehensive payroll service for staff members worldwide. Standardization, global procedures, and decreasing the variety of tools, platforms, and bank accounts necessary for international payroll are key factors in attaining business success. While we don't anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally get a couple of grievances when things don't go as prepared. Eventually, we don't do it for the gratitude.
anyway we understand how how important 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 simple as possible for everyone that's associated with those processes and also so think of sorry I'm simply I was just gon na state think of the amount 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 envision getting that lots of thank you keeps in mind um I suggest it 'd be interesting to see how many Post-it notes you got however it would absolutely be a fascinating task attempting to clean up all those up for sure oh definitely I can't envision 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 really see what was going on and type of try to get back to everyone so proceeding look why do business choose to primary separate bank accounts there are businesses out there doing precisely this for particular nations and I've operated in an organization or many services doing exactly that I can state it doesn't always feel effective and it does produce more work I understand we're not intentionally doing that we're not producing extra work for any person where we do not have to and anybody that's dealing with 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 factors one is it's the requirement I think individuals have actually got so used to we require a new bank account we open an entity and appropriately so you require it for payroll purposes but there are a variety of markets where it's not a requirement so I believe it's simply been the standard and the standard the people have actually adopted and continue to do over years and years passed by to add to that individuals have looked at things like trust accounts and numerous other methods um to to kind of do it so I think there's a variety I believe this is a procedure that requires taking a look at it requires altering but ultimately individuals are extremely stuck with what they recognize
with right um modification is a hard thing we all do not like modification um so I believe it's just sort of moving away from the standard as we have actually said so yeah so it keeps a great deal of track of things um I understand certainly the benefits of having maintaining numerous bank accounts however there's a substantial amount of intricacy opts for establishing a savings account maintaining it ensuring it can send out International transfers guaranteeing it's established with the best user accesses for private individuals so the intricacy is substantial however I think the sincere answer is change um individuals have not been able to change or haven't had necessarily the understanding to actually make that change into alternate Solutions besides opening a savings account I think you have actually hit the nail on the head I believe it is knowledge you know and there is an aspect of resistance to change however we have actually always done it that way is no real excuse for not taking a look at the the benefits and the possibilities of proceeding and moving into you understand what could almost be determined to be the next Century approximately there is a lot to keep an eye on and this method does position a number of difficulties um so Johnny could you tell us about those difficulties 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 jobs on one platform. It feels like our CFO has gained another CFO, and with this boosted capability, I have actually effectively protected payments for our 10,000 employees worldwide. Your devotion to mastering global payroll and payments using Papaya payroll OS is good. You should have a corner office with a parking space that is more detailed, considering your accomplishments.
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