Find out more about Papaya Global Prices ... We now have the ability to manage both our payroll and payments procedures on one unified platform. It's as if our Chief Financial Officer has actually acquired a different Chief Financial Officer particularly committed to managing payments. This provides us with a safe and secure and reliable approach of paying to our 10,000 staff members worldwide.}
the very best international payroll managment app, saves me hours of time each month, one single control panel for my payroll, EOR and professionals
The Employee Portal provides employees with the capability to access and view crucial files such as pay slips, wage and tax declarations, and employment records. This portal is accessible on both desktop and mobile devices and is provided in numerous languages.
Advantages Administration
Papaya Global helps business provide competitive benefits plans to global workers despite the variety of staff members in the company. The business can set up medical insurance, short-term and long-lasting special needs, vision, dental and maternity leave while eliminating the need to source regional advantages suppliers in every country, develop regional accounts and have a minimum number of staff members.
International HR Performances
's HR performances consist of PTO tracking, compliance, onboarding/offboarding tools, online storage for workers' documents and immigration services if your staff members need work authorization help.
HR Analytics
Papaya Global's payroll and HR analytics suite offers you insights into workforce costs, labor force diversity, overall employment expenses dispersed per place, overall employment expenses per cycle and a lot more.
environments around the world I offered management and method to populations of over a hundred thousand staff members in more than 170 nations today I'm the payroll strategies for as Mark stated I work across business managing and building external relationships supporting Enterprise clients and services as well as serving as an advisor for those of you that do not understand who papaya Worldwide is papaya is the very first payroll and payments
company to make the time 100 list for many prominent companies worldwide we supply payroll payments and workforce management to all employee enters over 160 nations 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 good afternoon good evening depending on where you remain 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 have actually remained in the payments industry for over 10 years and particularly dealing with the payroll and payment sector for over 7 years um I was interested by the complexity the trouble in all of the above of
payroll payments and chose to type of make a real go at that over the last 5 or six years where I have actually kind of had a variety of different functions on the provider side and likewise on the vendor side from a payroll perspective so truly eagerly anticipating this conversation 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 we all work back to back these days so we'll type of let them do that so it 'd be quite intriguing and I can see it going on currently simply to hear where everybody is um it's nice to to type of like see where everyone originates from and I actually do hope it's much sunnier than it remains 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 very very bleak and I wish I was elsewhere at this moment in time fine so let's begin our program for today is as follows um we are going to be looking at the challenge years of handling International payroll why companies maintain separate
bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts enhancing papaya International payroll payments as a tactical property uh we'll also go over a wrap-up and that needs to leave his time at the really very end for a q a session so as the title of the webinar suggests payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and International workforces become increasingly more common and managing them becomes increasingly more complicated Worldwide companies are seeking to discover Solutions and new methods to improve procedures specifically from a payroll and cross-border payment perspective many organizations keep separate bank account just for payroll while some have multiple accounts in various countries does it make good sense for companies to preserve separate bank accounts often in various countries it does however just for payroll exists a much better method what role do virtual accounts and digital wallets also referred to as virtual wallets play in assisting multinational business simplify the episode complex processes of
Guaranteeing precise, effective, and timely payroll payments is a complex challenge for organizations operating globally. Join us for a webinar to explore the benefits and drawbacks of payroll wallets versus payroll checking account, find out how companies anticipate payroll costs to enhance working capital, and find how simplifying worldwide payroll payments can transform them from a difficult job into a tactical possession.
Handling payroll globally is a difficult task due to different regulations, compliance requirements, data security issues, and banking guidelines. The large variety of workers and companies adds to the intricacy, with an estimated 3.5 billion people in the global labor force, 500 million of whom are in Africa, and 230 million services worldwide.
Standard payroll systems frequently lead to manual procedures, information silos, and a lack of integration, causing disparities and inadequacies. In spite of living in an era of technological developments, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed manually, frequently using pen and paper. This webinar objectives to supply insights and services to simplify and optimize international 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 Workforce data in real time that's another number that offers me sleepless nights and rather honestly the more an organization invests in international payroll the less of a photo they see a lack of visibility likewise encompasses payroll payments and inability to properly track these payments can lead to compliance incidents in the last mile of the deal nearly half of international services have revealed that they do not have the level of standardization they need in their procedures or want and as a result eighty percent of mistakes are due to time reporting poor HCM data information entry errors badly communicated hires and terminations in addition to lack management and system configurations and then when you round everything off and the data is delivered to the wrong location the typical expense of an international data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money around the globe payroll and payments don't run smoothly if they depend on the necessary numerous processes systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the difficulties organization face when they're paying to workers or otherwise that's a good question I always throw this back and state what is it what does not need to be consisted of ideal and what does
it need to be thought of there's differing Bank information 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 need to pay from an in-country account do you need to pay from the customer's own in-country account so there's intricacy anywhere you look best eventually building a knowledge base is definitely critical however all over you look with payroll payment they resemble incredibly payments no if however some infants about it you are all superheroes processing payments for payroll if you look at the kind 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 technology is allowing us to sort of move forward with that it also also to contribute to that payroll and finance need to work closer together um with varying Checking account Details differing banking requirements and setup procedures is absolutely essential that payroll and financing teams work closer together than ever um I'm constantly amazed when individuals state I have actually split payroll and payment um if you walk down the street and asked anybody what is payroll who doesn't work in the payroll occupation 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 frequently split and cut up um ultimately it's payroll is an end-to-end procedure it's the point of information collection all the way through to paying individuals wherever they are however likewise paying statutory authorities and on statutory third parties so with the
world we live in and wellness being a growing number of essential to contribute to sort of the level of intricacy there's a growing number of advantages being organ or being used by businesses across the world so once again you're simply seeking to add increasingly more payments to this currently complex landscape so if you type of got any experience well I'm from your vast experience here and I make certain but have you got any experience in kind of real obstacles or genuine tough sort of pay uses to play to pay individuals I think yeah I indicate over the last well yeah a couple of years I would certainly state that the bigger an organization gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the job there are groups feeding details into the next function as it were that's actually managing the payment side of things however you know in in my viewpoint and my experience that does not always require to be the case you know long gone are the times where we require to produce extra handoffs while doing sos that we operate in they simply make them more prompt they make them less efficient and they do not make them what they require to be in in an era of tech and an age that you know that we are operating in today there is no reason that we are still making this as difficult as it requires to be agreed and appropriately as you stated payroll is the single greatest liability that any service has from an expense perspective from an impact viewpoint on employees it is absolutely critical that it's done correctly and on time so what we mean 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 individuals's wellness and many other aspects if people aren't paid uh I have actually constantly been amazed coming into this Market type of the last 5 to ten years is how little thanks the
payroll group get um so I'm not sure anyone on this kind of webinar has been informed thank you for processing my payroll properly if you have it 'd be excellent to hear your success story and whether that's been from all staff members or not um but ultimately payroll is such an essential cycle we all hear about it when it fails everyone jumps up and down when it fails however when it goes right it's just a tick box exercise and I think that's how it's seen from the external deem well um so yeah it's also like why WI-Fi Global why all of this stuff is definitely crucial that all of this stuff is done correctly so leveraging the very first Global Payments very first payroll payment service is a terrific first step um offering an end-to-end payroll service for your workers globally again I think is another big um procedure again aligning and guaranteeing you have standardization Global processes all of those things are definitely crucial to success success of companies and reducing the variety of tools platforms and checking account they need 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 grievances where things have not gone rather where they're indicated to be um I do not think any of us are in fact doing that for for the thanks
anyhow we know how how essential 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 likewise so picture sorry I'm simply I was simply gon na say think of the amount of thanks you got if you might cover the amount of individuals that we cover within this webinar I make certain we're talking about hundreds of thousands potentially Millions picture getting that lots of thank you notes um I indicate it 'd be interesting to see the number of Post-it notes you got however it would definitely be an intriguing job attempting 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 check out them and actually see what was going on and type of try to get back to everybody so proceeding appearance why do companies select to primary different bank accounts there are organizations out there doing exactly this for particular nations and I've operated in a company or many organizations doing precisely that I can say it doesn't always feel efficient and it does produce more work I know we're not purposely doing that we're not developing additional work for anybody where we don't have to and anybody that's dealing with that process I 'd be interested to hear your thoughts Johnny why do you think that we're doing that in in the in the quantity that we are I believe numerous reasons one is it's the standard I think individuals have got so used to we require a new checking account we open an entity and rightly 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 requirement and the norm individuals have adopted and continue to do over years and years passed by to add to that individuals have actually looked at things like trust accounts and many other methods um to to sort of do it so I think there's a range I think this is a process that needs taking a look at it requires altering but eventually people are really stuck to what they're familiar
with best um change is a difficult thing we all don't like change um so I think it's simply kind of moving away from the norm as we've said so yeah so it keeps a lot of track of stuff um I comprehend clearly the advantages of having preserving multiple checking account however there's a substantial amount of intricacy chooses establishing a checking account keeping it guaranteeing it can send out International transfers guaranteeing it's set up with the ideal user accesses for specific people so the intricacy is substantial however I think the honest answer is change um people haven't been able to change or haven't had necessarily the knowledge 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 think it is knowledge you understand and there is an element of resistance to change but we've constantly done it that way is no genuine reason for not looking at the the advantages and the possibilities of moving on and moving into you know what might practically be figured out to be the next Century or so there is a lot to monitor and this method does posture numerous obstacles um so Johnny could you tell us about those challenges yeah of course so there's a range right there is so
I just did you switched our Enterprise to OS so now we can do our payroll and payments operation on a single platform yes it resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 International employees you deserve a corner workplace with a better parking space because I mastered Global payroll and payments with Papaya payroll OS did you
Papaya Global Bhutan