Find out more about Papaya Global Northern Mariana Islands ... We now have the ability to handle both our payroll and payments procedures on one unified platform. It's as if our Chief Financial Officer has actually gotten a different Chief Financial Officer particularly dedicated to managing payments. This supplies us with a safe and trusted approach of making payments to our 10,000 staff members worldwide.}
The innovative global payroll management app improves my payroll procedure, saving me a substantial quantity of time monthly. With its user-friendly interface, I have access to a single dashboard that efficiently manages my payroll, EOR, and professionals.
Staff member Website
Employees have access to an Employee Portal where they can see their pay slips, wage and tax statements and work files. The website is readily available in numerous languages and can be accessed on a desktop or mobile device.
Benefits Administration
Papaya Global helps business use competitive advantages bundles to global workers no matter the number of workers in the company. The company can set up health insurance, short-term and long-lasting special needs, vision, oral and maternity leave while removing the need to source local benefits service providers in every country, create local accounts and have a minimum number of staff members.
The HR capabilities offered by Worldwide HR incorporate different functions such as keeping track of trip time, guaranteeing compliance, helping with the process of inviting brand-new staff members and bidding goodbye to departing ones, providing a protected online platform for saving employees' files, and providing support for work permit treatments in case your workers need assistance in that location.
HR Analytics
Papaya Global's payroll and HR analytics suite offers you insights into workforce spending, labor force diversity, overall work costs dispersed per area, total work expenses per cycle and far more.
Internationally, I have actually demonstrated management and tactical expertise in directing large-scale populations of over 100,000 workers throughout 170 countries. Presently, I am responsible for managing payroll methods, as mentioned by Mark. My function involves handling and establishing external partnerships, supporting Enterprise clients, and providing advisory services. In addition, I am proud to be a part of Papaya Global, a pioneering payroll and payments solutions company.
business to make the time 100 list for the majority of prominent business in the world we provide payroll payments and workforce management to all employee key ins over 160 countries I am pleased to say that we likewise have as Mark stated Johnny Nash with us today Johnny would you like to introduce yourself of course thank you good morning great afternoon good evening depending upon where you remain in the world it's beautiful to meet 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 been in the payments industry for over ten years and particularly working on the payroll and payment sector for over 7 years um I was interested by the complexity the difficulty in all of the above of
payroll payments and decided to kind of make a real go at that over the last 5 or 6 years where I've kind of had a range of various roles on the supplier side and also on the supplier side from a payroll viewpoint so really eagerly anticipating this discussion today um and yeah thank you very much for your time everyone okay thanks Johnny uh we'll just provide everyone another couple of uh well among the 30 seconds approximately to join all of us work back to back nowadays so we'll sort of let them do that so it 'd be quite interesting 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 really do hope it's much sunnier than it is 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 really extremely uninspiring and I want I was elsewhere at this moment in time okay so let's begin our program for today is as follows um we are going to be taking a look at the challenge years of handling International payroll why companies maintain different
bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts improving papaya Worldwide payroll payments as a tactical asset uh we'll also review a recap and that ought to leave his time at the very extremely end for a q a session so as the title of the webinar suggests payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces end up being more and more common and managing them becomes increasingly more intricate Global companies are looking to discover Solutions and brand-new methods to simplify processes especially from a payroll and cross-border payment standpoint numerous organizations keep separate bank account just for payroll while some have numerous accounts in various countries does it make sense for companies to keep different savings account in some cases in various nations it does but just for payroll exists a better way what role do virtual accounts and digital wallets likewise called virtual wallets play in helping multinational companies streamline the episode complex procedures of
Ensuring accurate, efficient, and prompt payroll payments is a complex difficulty for organizations operating globally. Join us for a webinar to check out the benefits and downsides of payroll wallets versus payroll checking account, learn how business forecast payroll costs to optimize working capital, and discover how simplifying global payroll payments can transform them from a burdensome job into a tactical property.
Managing payroll internationally is a complicated task due to numerous guidelines, compliance requirements, data security issues, and banking rules. The sheer number of workers and services contributes to the intricacy, with an approximated 3.5 billion individuals in the worldwide workforce, 500 million of whom are in Africa, and 230 million businesses worldwide.
Standard payroll systems typically result in manual procedures, information silos, and a lack of combination, leading to inconsistencies and inefficiencies. In spite of residing in an age of technological developments, payroll management has been sluggish to adjust, with as much as 25% of payroll still processed manually, typically utilizing pen and paper. This webinar goals to supply insights and solutions to simplify and optimize worldwide payroll payments.
about it to provide you a concept of how far there still is to come according to Deloitte just 11 of companies state they have Labor force data in real time that's another number that offers me sleep deprived nights and quite frankly the more an organization spends on global payroll the less of a photo they see a lack of presence likewise encompasses payroll payments and failure to properly track these payments can lead to compliance mishaps in the last mile of the transaction almost half of global organizations have revealed that they do not have the level of standardization they require in their processes or want and as a result eighty percent of mistakes are due to time reporting poor HCM data information entry errors poorly interacted hires and terminations in addition to absence management and system setups and after that when you round all of it off and the data is delivered to the incorrect place the average expense of a worldwide data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money around the world payroll and payments do not run smoothly if they depend on the necessary several procedures systems and partners it is just 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 paying to employees or otherwise that's a great concern I constantly throw this back and say what is it what doesn't require to be consisted of best and what does
it need to be thought about there's varying Bank information 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 client's own in-country account so there's complexity any place you look right ultimately building a knowledge base is absolutely important however 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 look at the sort of link in between fintech and payroll it's closer than ever I believe there's now a bit more acknowledgment that payroll payments are definitely essential and innovation is allowing us to kind of move on with that it also as well to add to that payroll and financing require to work closer together um with differing Bank Account Details varying banking requirements and setup procedures is definitely imperative that payroll and finance teams work more detailed together than ever um I'm constantly amazed when individuals say I've divided payroll and payment um if you stroll down the street and asked anyone what is payroll who does not operate in the payroll profession would they split the payroll payment from estimation I would say no so why do we as a market accept that why our payroll and payments so often 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 people anywhere they are however also paying statutory authorities and on statutory third parties so with the
The modern world positions a high value on wellness and the payment landscape is ending up being significantly detailed. Services are continuously presenting brand-new benefits and payment options, which adds to the general complexity. Large corporations typically divide their payroll and payment processing into different groups, which can cause ineffectiveness and traffic jams. In my viewpoint, this doesn't need to be the case. In today's highly innovative period, there's no justification for keeping troublesome procedures. Payroll, the business's biggest expenditure, need to be processed correctly and on time. Even minor hold-ups can adversely impact employees' wellness and have significant repercussions. For that reason, it's crucial to focus on precise and timely payments.
payroll team get um so I'm uncertain anybody on this type of webinar has actually been told thank you for processing my payroll properly if you have it 'd be great to hear your success story and whether that's been from all staff members or not um but ultimately payroll is such an important cycle all of us find out about it when it goes wrong everyone jumps up and down when it goes wrong but when it goes right it's simply a tick box workout and I believe 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 things is definitely vital that all of this things is done properly so leveraging the very first Worldwide Payments first payroll payment option is an excellent primary step um offering an end-to-end payroll option for your employees worldwide once again I think is another substantial um process once again lining up and guaranteeing you have standardization Global processes all of those things are definitely essential to success success of companies and minimizing the variety of tools platforms and bank accounts they need for their International payroll too could not agree with you more and on the the front in terms of of the thank yous for getting payroll done I've never had a hundred thousand of them within a payroll cycle don't anticipate to you do get the odd five or 10 or whatever it might be with the with the the problems where things have not gone quite where they're suggested to be um I don't believe any of us are really doing that for for the thanks
anyway we know 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 simple as possible for everyone that's associated with those processes and likewise so envision sorry I'm just I was simply gon na state 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 discussing hundreds of thousands potentially Millions picture getting that many thank you keeps in mind um I suggest it 'd be interesting to see how many Post-it notes you got however it would certainly be an interesting task attempting to clean up all those up for sure oh definitely I can't imagine 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 kind of try to return to everybody so proceeding appearance why do business choose to primary separate bank accounts there are businesses out there doing precisely this for specific nations and I've worked in an organization or many businesses doing exactly that I can state it does not always feel efficient and it does produce more work I know we're not intentionally doing that we're not producing additional work for anyone where we do not have to and anyone that's handling 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 quantity that we are I believe numerous factors one is it's the standard I think individuals have actually got so used to we need a brand-new checking 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 requirement and the norm individuals have actually embraced and continue to do over years and years gone past to contribute to that individuals have actually taken a look at things like trust accounts and many other methods um to to kind of do it so I think there's a range I believe this is a process that requires looking at it requires altering but eventually people are extremely stuck to what they recognize
with right um change is a hard thing all of us don't like change um so I think it's just type of moving far from the norm as we've said so yeah so it keeps a lot of track of stuff um I understand clearly the benefits of having preserving several bank accounts however there's a huge quantity of intricacy opts for setting up a savings account maintaining it ensuring it can send out International transfers ensuring it's set up with the ideal user accesses for individual individuals so the intricacy is huge however I think the truthful response is change um individuals have not had the ability to alter or haven't had always the knowledge to actually make that change into alternate Solutions other than opening a savings account I believe you have actually struck the nail on the head I think it is understanding you know and there is a component of resistance to alter however we have actually constantly done it that way is no genuine reason for not looking at the the benefits and the possibilities of proceeding and moving into you know what could practically be determined to be the next Century or two there is a lot to track and this technique does posture numerous challenges um so Johnny could you inform us about those challenges yeah obviously so there's a range right there is so
I recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It seems like our CFO has acquired another CFO, and with this enhanced ability, I have actually successfully secured payments for our 10,000 staff members worldwide. Your dedication to mastering international payroll and payments utilizing Papaya payroll OS is commendable. You should have a corner office with a parking space that is closer, considering your achievements.
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