Find out more about Papaya Global Series Scale Partners 45M ... We now have the ability to manage both our payroll and payments procedures on one merged platform. It's as if our Chief Financial Officer has actually gotten a different Chief Financial Officer specifically devoted to handling payments. This provides us with a safe and secure and trustworthy approach of paying to our 10,000 workers worldwide.}
The cutting-edge international payroll management app improves my payroll process, conserving me a substantial quantity of time every month. With its user-friendly interface, I have access to a single dashboard that efficiently handles my payroll, EOR, and specialists.
The Employee Website offers workers with the ability to access and view essential documents such as pay slips, wage and tax statements, and work records. This website is accessible on both desktop and mobile phones and is used in different languages.
Advantages Administration
Papaya Global assists companies use competitive benefits packages to international staff members regardless of the variety of workers in the company. The company can establish medical insurance, short-term and long-term disability, vision, dental and maternity leave while removing the need to source regional benefits providers in every nation, develop local accounts and have a minimum number of employees.
Global HR Performances
's HR performances consist of PTO tracking, compliance, onboarding/offboarding tools, online storage for employees' documents and migration services if your employees require work authorization support.
HR Analytics
Papaya Global's payroll and HR analytics suite gives you insights into labor force spending, labor force diversity, total employment expenses distributed per place, total employment expenses per cycle and far more.
environments across the globe I offered management and method to populations of over a hundred thousand workers in more than 170 countries today I'm the payroll methods for as Mark stated I work throughout business managing and structure external relationships supporting Business customers and options along with acting as an advisor for those of you that don't understand who papaya Global is papaya is the very first payroll and payments
business to make the time 100 list for many influential companies worldwide we offer payroll payments and workforce management to all worker enters over 160 countries I am pleased to say that we also have as Mark stated Johnny Nash with us today Johnny would you like to present yourself obviously thank you good morning excellent afternoon excellent night depending upon where you remain in the world it's charming to meet you and thank you quite for your time as Ian said my name is Johnny Nash and I'm the payments director here at um I've remained in the payments market for over 10 years and particularly dealing with the payroll and payment sector for over 7 years um I was captivated by the intricacy the difficulty in all of the above of
payroll payments and chose to kind of make a genuine go at that over the last five or 6 years where I have actually kind of had a variety of different functions on the supplier side and also on the supplier side from a payroll viewpoint so really looking forward to this conversation today um and yeah thank you very much for your time everyone okay thanks Johnny uh we'll just provide everybody another number of uh well among the 30 seconds or so to join we all work back to back these days so we'll type of let them do that so it 'd be quite fascinating and I can see it going on currently just to hear where everybody is um it's nice to to kind 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 raining here it's very really dreary and I wish I was elsewhere at this moment in time alright so let's get going our agenda for today is as follows um we are going to be looking at the challenge years of handling Global payroll why business maintain separate
savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts improving papaya International payroll payments as a strategic property uh we'll also go over a recap and that must leave his time at the very very end for a q a session so as the title of the webinar recommends payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces end up being increasingly more common and handling them ends up being a growing number of intricate Global companies are looking to find Solutions and brand-new methods to enhance processes particularly from a payroll and cross-border payment standpoint numerous companies keep different bank account just for payroll while some have several accounts in various countries does it make sense for companies to maintain separate bank accounts in some cases in different nations it does however just for payroll is there a better method what function do virtual accounts and digital wallets likewise known as virtual wallets play in helping multinational business enhance the episode complex processes of
making payroll payments properly effectively firmly and on time during this webinar we'll walk you through the global advantages and disadvantages of a payroll wallet versus a payroll checking account how companies precisely anticipate their payroll costs to increase working capital and how simplifying International payroll payments can turn them from a siled pane into a tactical property so payroll can be challenging in enough in one nation however when you're doing it globally it's next level and Beyond it ends up being complicated for a variety of factors most significantly policies compliance data security and banking guidelines then there are the large numbers they add more intricacy the international Labor force is currently three and a half billion people by 2030 it's approximated that in Africa alone they will contribute and further 1.1 billion individuals that number is presently 500 million just for for a scale then consider that there are some 230 million services and growing all doing their own thing around the world in the traditional payroll model there's often a frustrating variety of different systems causing lengthy manual procedures and silos the number of Combinations could be non-existent in big quantities and or really very basic there's no genuine consistency structure we're residing in an era of tech but payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper and that simply blows my mind each time I I think
about it to give you a concept of how far there still is to come according to Deloitte just 11 of companies state they have Labor force information in real time that's another number that provides me sleepless nights and rather frankly the more a service spends on global payroll the less of a picture they see an absence of presence also encompasses payroll payments and failure to precisely track these payments can lead to compliance accidents in the last mile of the transaction nearly half of worldwide services have expressed that they don't have the level of standardization they need in their processes or desire and as a result eighty percent of mistakes are because of time reporting bad HCM information information entry mistakes poorly interacted hires and terminations along with lack management and system configurations and after that when you round all of it off and the data is delivered to the wrong place the typical cost of an international data breach at this moment is 3.9 billion dollars as soon as 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 essential multiple processes systems and partners it is just not possible so Johnny from a payments point of view 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 a great concern I always throw this back and state what is it what doesn't need to be consisted of right and what does
it require to be thought of there's differing 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 capabilities 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 intricacy wherever you look ideal ultimately developing a knowledge base is definitely important however everywhere you look with payroll payment they are like super payments no if but some infants about it you are all superheroes processing payments for payroll if you take a look at the kind of link 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 kind of progress with that it likewise also to contribute to that payroll and finance require to work closer together um with varying Checking account Details varying banking requirements and setup procedures is absolutely vital that payroll and financing teams work more detailed together than ever um I'm always surprised when people say I've divided 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 split the payroll payment from computation 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 process it's the point of information collection all the way through to paying people anywhere they are however likewise paying statutory authorities and on statutory 3rd parties so with the
world we live in and well-being being a growing number of crucial to add to type of the level of complexity there's more and more benefits being organ or being provided by businesses across the world so once again you're just wanting to include increasingly more payments to this currently complicated landscape so if you kind of got any experience well I'm from your vast experience here and I'm sure but have you got any experience in kind of genuine difficulties or genuine challenging sort of pay utilizes to play to pay people I believe yeah I mean over the last well yeah a couple of decades I would absolutely state that the larger a business 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 information into the next function as it were that's in fact managing the payment side of things but you understand in in my opinion and my experience that doesn't necessarily require to be the case you know long gone are the times where we need to create extra handoffs at the same times that we operate in they just 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 understand that we are working in today there is no reason that we are still making this as difficult as it needs to be concurred and rightly as you stated payroll is the single greatest liability that any organization has from an expense perspective from an impact perspective on employees it is absolutely critical that it's done properly 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 most significant damaging effect on individuals's well-being and numerous other aspects if individuals aren't paid uh I have actually constantly been surprised entering into this Market type of the last 5 to 10 years is how little thanks the
The payroll team might not have actually been thanked for correctly processing payroll during a webinar. If anyone has been thanked, it would be great to hear their success story, whether it's from all staff members or not. Payroll is an important cycle, and individuals just discover when things go wrong. Nevertheless, when things go right, it's viewed as simply a routine task. This is how it's viewed externally also. Therefore, it is essential to guarantee that jobs like Wi-Fi Worldwide and other vital matters are done properly. Using the first Worldwide Payments first payroll payment solution is a terrific initial step towards supplying a detailed payroll solution for workers worldwide. Standardization, international procedures, and lowering the number of tools, platforms, and checking account required for international payroll are crucial consider accomplishing business success. While we don't expect a hundred thousand thank yous within a payroll cycle, we do occasionally get a few complaints when things don't go as prepared. Eventually, we do not do it for the gratitude.
anyhow we understand how how crucial a function 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 everyone that's involved in those procedures and also so picture sorry I'm simply I was just gon na say envision the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I make certain we're discussing numerous thousands potentially Millions envision getting that numerous thank you keeps in mind um I indicate it 'd be interesting to see how many Post-it notes you got however it would certainly be an intriguing task trying to clean up all those up for sure oh absolutely I can't think of 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 actually see what was going on and sort of try to get back to everybody so proceeding appearance why do business pick to primary different savings account there are organizations out there doing exactly this for specific countries and I have actually operated in a business or numerous organizations doing precisely that I can state it doesn't constantly feel efficient and it does produce more work I know we're not intentionally doing that we're not producing additional work for anybody where we don't need to and anyone that's handling that procedure 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 think lots of reasons one is it's the standard I think people have actually got so utilized to we need a new bank account we open an entity and appropriately so you need it for payroll purposes however there are a variety of markets where it's not a requirement so I believe it's simply been the standard and the norm individuals have embraced and continue to do over years and years passed by to contribute to that individuals have looked at things like trust accounts and numerous other ways um to to sort of do it so I think there's a variety I believe this is a procedure that needs looking at it needs changing but ultimately people are really stuck to what they're familiar
with best um change is a challenging thing all of us do not like modification um so I think it's simply sort of moving far from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I understand obviously the advantages of having maintaining several checking account however there's a substantial quantity of complexity opts for setting up a checking account keeping it guaranteeing it can send out International transfers guaranteeing it's established with the best user accesses for specific people so the intricacy is substantial but I think the truthful response is change um individuals haven't been able to alter or haven't had necessarily the understanding to actually make that change into alternate Solutions other than opening a checking account I believe you've hit the nail on the head I think it is understanding you know and there is an aspect of resistance to alter but we've always done it that way is no real excuse for not taking a look at the the benefits and the possibilities of moving on and moving into you know what could almost be identified to be the next Century approximately there is a lot to monitor and this method does position several obstacles um so Johnny could you inform us about those challenges yeah naturally so there's a variety right there is so
I recently made a change to our Business 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 gotten another CFO, and with this enhanced capability, I have effectively secured payments for our 10,000 staff members worldwide. Your dedication to mastering global payroll and payments using Papaya payroll OS is good. You are worthy of a corner workplace with a parking space that is better, considering your accomplishments.
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