Find out more about Papaya Global Nyc ... We now have the ability to manage both our payroll and payments procedures on one combined platform. It's as if our Chief Financial Officer has acquired a separate Chief Financial Officer particularly devoted to managing payments. This supplies us with a secure and reliable technique of paying to our 10,000 employees worldwide.}
the BEST worldwide payroll managment app, saves me hours of time every month, one single dashboard for my payroll, EOR and contractors
The Employee Portal provides employees with the ability to access and view crucial files such as pay slips, wage and tax declarations, and work records. This website is accessible on both desktop and mobile phones and is used in numerous languages.
Advantages Administration
Papaya Global helps business provide competitive benefits plans to international employees no matter the number of employees in the business. The company can set up health insurance, short-term and long-lasting disability, vision, dental and maternity leave while removing the requirement to source local advantages companies in every country, create local accounts and have a minimum number of employees.
Global HR Functionalities
's HR functionalities consist of PTO tracking, compliance, onboarding/offboarding tools, online storage for employees' files and migration services if your workers need work authorization help.
HR Analytics
Papaya Global's payroll and HR analytics suite provides you insights into labor force spending, labor force diversity, total employment expenses distributed per place, total employment expenses per cycle and a lot more.
Globally, I have shown leadership and tactical know-how in directing large-scale populations of over 100,000 workers across 170 nations. Presently, I am responsible for overseeing payroll methods, as mentioned by Mark. My role involves managing and establishing external partnerships, supporting Enterprise clients, and supplying advisory services. Furthermore, I am proud to be a part of Papaya Global, a pioneering payroll and payments solutions supplier.
As an international business, we are honored to be consisted of on the prestigious Time 100 list of the most influential companies worldwide. We specialize in providing payroll and workforce management services to employees in more than 160 countries. I am delighted to present Johnny Nash, as discussed by Mark. Now, I'll let Johnny present himself. Good day to all, despite your place. It's an enjoyment to meet you and thank you for your important time. As Ian discussed, I am Johnny Nash, the director of payments at our organization. With over a decade of experience in the payments industry, I have actually concentrated on payroll and payment services for the past seven years. The complexities and obstacles of this field have always captivated me.
payroll payments and chose to type of make a real go at that over the last five or six years where I have actually type of had a variety of various functions on the service provider side and also on the supplier side from a payroll perspective so truly anticipating this discussion today um and yeah thank you very much for your time everybody fine thanks Johnny uh we'll just give everyone another couple of uh well one of the 30 seconds approximately to join all of us work back to back nowadays so we'll type of let them do that so it 'd be rather intriguing and I can see it going on currently just to hear where everyone is um it's nice to to kind 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 really really gloomy and I wish I was elsewhere at this moment in time all right so let's get started our agenda for today is as follows um we are going to be looking at the challenge years of handling International payroll why companies keep separate
bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts streamlining papaya Global payroll payments as a tactical property uh we'll also discuss a recap and that needs to leave his time at the really really end for a q a session so as the title of the webinar suggests payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and Global workforces end up being increasingly more common and managing them ends up being a growing number of complicated Worldwide organizations are wanting to discover Solutions and brand-new ways to improve procedures particularly from a payroll and cross-border payment perspective numerous companies maintain separate bank account just for payroll while some have several accounts in various countries does it make good sense for companies to keep separate bank accounts sometimes in different countries it does but just for payroll is there a better method what function do virtual accounts and digital wallets likewise referred to as virtual wallets play in helping international companies simplify the episode complex procedures of
Ensuring precise, efficient, and prompt payroll payments is a complex challenge for organizations running globally. Join us for a webinar to explore the advantages and drawbacks of payroll wallets versus payroll savings account, learn how companies forecast payroll expenses to optimize working capital, and discover how enhancing international payroll payments can transform them from a troublesome task into a strategic asset.
Managing payroll internationally is a complicated job due to various regulations, compliance requirements, information security concerns, and banking guidelines. The large number of workers and businesses adds to the intricacy, with an approximated 3.5 billion individuals in the international workforce, 500 countless whom are in Africa, and 230 million organizations worldwide.
Standard payroll systems frequently lead to manual procedures, information silos, and a lack of combination, causing inconsistencies and inadequacies. In spite of living in a period of technological advancements, payroll management has actually been slow to adjust, with as much as 25% of payroll still processed manually, typically using pen and paper. This webinar aims to provide insights and options to simplify and optimize worldwide payroll payments.
about it to offer you a concept of how far there still is to come according to Deloitte just 11 of companies say they have Labor force data in real time that's another number that provides me sleepless nights and rather honestly the more a service spends on global payroll the less of a photo they see an absence of presence also extends to payroll payments and failure to accurately track these payments can lead to compliance mishaps in the last mile of the deal almost half of worldwide organizations have actually revealed that they do not 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 data data entry mistakes improperly interacted hires and terminations as well as lack management and system configurations and after that when you round all of it off and the data is delivered to the wrong location the typical expense of a worldwide data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash around the globe payroll and payments don't run efficiently if they depend on the needed 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 challenges service face when they're paying to employees or otherwise that's a great concern I always throw this back and say what is it what does not require to be consisted of right and what does
it require to be thought about 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 client's own in-country account so there's complexity wherever you look best eventually building a knowledge base is absolutely important however all over you look with payroll payment they resemble very payments no if but some infants 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 think there's now a bit more recognition that payroll payments are definitely essential and innovation is enabling us to kind of move on with that it likewise too to add to that payroll and finance require to work closer together um with differing Bank Account Details differing banking requirements and setup processes is definitely crucial that payroll and finance teams work better together than ever um I'm always surprised when people state I have actually split payroll and payment um if you stroll down the street and asked anyone what is payroll who does not work in the payroll occupation would they divide the payroll payment from estimation I would say no so why do we as an industry accept that why our payroll and payments so often split and cut up um ultimately 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 but also paying statutory authorities and on statutory 3rd parties so with the
world we reside in and wellness being more and more crucial to add to sort of the level of intricacy there's more and more advantages being organ or being offered by services across the world so once again you're just wanting to add a growing number of payments to this already complicated landscape so if you kind of got any experience well I'm from your huge experience here and I make certain however have you got any experience in kind of genuine challenges or genuine challenging kind of pay utilizes to play to pay individuals I believe yeah I mean over the last well yeah a number of years I would definitely state that the bigger a company gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the task there are teams feeding info into the next function as it were that's actually handling the payment side of things however you know 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 produce additional handoffs in the processes that we operate in they simply make them more prompt they make them less effective and they don't make them what they require to be in in a period of tech and an era that you know that we are working in today there is no reason that we are still making this as hard as it needs to be agreed and appropriately as you said payroll is the single greatest liability that any business has from an expense perspective from an effect viewpoint on staff members it is definitely crucial that it's done properly and on time so what we suggest 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 destructive impact on people's well-being and many other elements if individuals aren't paid uh I have actually constantly been impressed entering this Market kind of the last five to 10 years is how little thanks the
payroll team get um so I'm unsure anyone on this type of webinar has actually been told thank you for processing my payroll correctly 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 eventually payroll is such a crucial cycle we all become aware of it when it fails everybody jumps up and down when it fails however when it goes right it's simply a tick box exercise and I believe that's how it's seen from the external deem well um so yeah it's likewise like why WI-Fi Global why all of this things is definitely essential that all of this things is done properly so leveraging the first Worldwide Payments first payroll payment service is an excellent primary step um supplying an end-to-end payroll service for your employees worldwide again I think is another huge um procedure once again lining up and guaranteeing you have standardization Global processes all of those things are absolutely essential to success success of organizations and decreasing the variety of tools platforms and savings account they require for their Worldwide payroll too could not agree with you more and on the the front in regards to of the thank yous for getting payroll done I have actually never had a hundred countless them within a payroll cycle do not anticipate to you do get the odd five 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 actually doing that for for the thanks
anyhow 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 involved in those procedures and likewise so think of sorry I'm simply I was simply gon na state envision the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I make sure we're talking about numerous thousands potentially Millions imagine 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 certainly be an interesting task trying to clean all those up for sure oh definitely I can't picture the size of my my Outlook inbox if that was the case um you 'd need days of the week to try to browse them and in fact see what was going on and type of try to get back to everyone so carrying on appearance why do companies select to primary different bank accounts there are businesses out there doing precisely this for specific countries and I have actually operated in an organization or numerous services doing precisely that I can say it doesn't constantly feel efficient and it does produce more work I know we're not intentionally doing that we're not creating extra work for any person where we do not need to and anybody that's dealing with 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 think many factors one is it's the requirement I believe individuals have actually got so used to we require a brand-new bank account we open an entity and appropriately so you need it for payroll functions however there are a variety of markets where it's not a requirement so I believe it's just been the requirement and the norm the people have adopted and continue to do over years and years passed by to contribute to that people have actually taken a look at things like trust accounts and lots of other ways um to to type of do it so I believe there's a variety I believe this is a process that requires taking a look at it needs altering however ultimately individuals are very stuck to what they're familiar
with right um change is a hard thing all of us don't like change um so I think it's simply kind 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 benefits of having keeping numerous bank accounts however there's a huge quantity of intricacy goes with setting up a checking account preserving it guaranteeing it can send out International transfers ensuring it's set up with the ideal user accesses for specific people so the intricacy is substantial however I believe the sincere answer is modification um individuals haven't been able to change or have not had necessarily the knowledge to really make that change into alternate Solutions other than opening a checking account I think you have actually struck the nail on the head I believe it is understanding you know and there is an aspect of resistance to alter but we've always done it that way is no genuine excuse for not looking at the the advantages and the possibilities of proceeding and moving into you understand what could almost be figured out to be the next Century approximately there is a lot to monitor and this method does present several challenges um so Johnny might you tell us about those obstacles yeah obviously so there's a variety right there is so
I simply 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 staff members you should have a corner workplace with a better parking space due to the fact that I mastered Global payroll and payments with Papaya payroll OS did you
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