Find out more about Papaya Global Share Price ... We now have the capability to handle both our payroll and payments procedures on one merged platform. It's as if our Chief Financial Officer has acquired a different Chief Financial Officer particularly devoted to managing payments. This supplies us with a safe and secure and reliable approach of making payments to our 10,000 workers worldwide.}
The innovative global payroll management app improves my payroll process, conserving me a significant quantity of time each month. With its easy to use user interface, I have access to a single control panel that effectively handles my payroll, EOR, and contractors.
The Employee Portal provides staff members with the ability to access and view crucial documents such as pay slips, wage and tax declarations, and work records. This portal is accessible on both desktop and mobile devices and is offered in different languages.
Advantages Administration
Papaya Global helps business offer competitive advantages bundles to global staff members despite the variety of staff members in the company. The company can establish health insurance, short-term and long-lasting special needs, vision, dental and maternity leave while getting rid of the requirement to source local advantages providers in every nation, develop local accounts and have a minimum number of employees.
The HR capabilities supplied by Worldwide HR encompass numerous functions such as monitoring vacation time, ensuring compliance, helping with the procedure of inviting new employees and bidding farewell to departing ones, using a protected online platform for keeping employees' files, and supplying support for work permit treatments in case your workers need support because location.
HR Analytics
Papaya Global's payroll and HR analytics suite offers you insights into workforce costs, workforce variety, total work expenses distributed per area, overall work costs per cycle and much more.
environments around the world I supplied management and technique to populations of over a hundred thousand workers in more than 170 nations today I'm the payroll methods for as Mark said I work across the business managing and building external relationships supporting Enterprise customers and solutions in addition to acting as a consultant for those of you that don't know who papaya International is papaya is the first payroll and payments
As an international company, we are honored to be consisted of on the prestigious Time 100 list of the most prominent companies worldwide. We specialize in supplying payroll and workforce management services to workers in more than 160 nations. I am delighted to present Johnny Nash, as pointed out by Mark. Now, I'll let Johnny introduce himself. Good day to all, despite your area. It's a satisfaction to meet you and thank you for your valuable time. As Ian pointed out, I am Johnny Nash, the director of payments at our company. With over a decade of experience in the payments market, I have actually focused on payroll and payment services for the past seven years. The complexities and difficulties of this field have always mesmerized me.
payroll payments and decided to kind of make a real go at that over the last five or six years where I've sort of had a range of various roles on the service provider side and also on the supplier side from a payroll point of view so really looking forward to this discussion today um and yeah thank you very much for your time everyone fine thanks Johnny uh we'll just provide everyone another couple of uh well among the 30 seconds or so to join all of us 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 already just to hear where everybody is um it's nice to to type of like see where everybody comes from and I truly 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 really very gloomy and I want I was somewhere else at this moment in time all right 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 Worldwide payroll why business preserve separate
Virtual payroll accounts are an option to standard bank accounts for handling payroll payments. This is particularly useful for worldwide organizations with dispersed and remote workforces, as it streamlines the complicated procedure of cross-border payments. Instead of keeping different checking account for payroll in different nations, virtual accounts and digital wallets provide a more streamlined service. In this webinar, we will explore the benefits of using virtual payroll accounts and talk about why they are becoming a strategic possession for payroll executives. We will likewise provide a recap of the main points covered and leave time for a Q&A session at the end.
Making sure accurate, effective, and timely payroll payments is a complex difficulty for services operating globally. Join us for a webinar to explore the advantages and drawbacks of payroll wallets versus payroll checking account, learn how business anticipate payroll expenses to enhance working capital, and find how improving global payroll payments can change them from a difficult job into a strategic possession.
Managing payroll globally is a daunting job due to numerous regulations, compliance requirements, information security concerns, and banking guidelines. The large variety of employees and services contributes to the intricacy, with an approximated 3.5 billion individuals in the global labor force, 500 countless whom remain in Africa, and 230 million companies worldwide.
Standard payroll systems frequently lead to manual processes, data silos, and a lack of integration, causing inconsistencies and inadequacies. Regardless of residing in an era of technological developments, payroll management has actually been slow to adapt, with as much as 25% of payroll still processed by hand, frequently utilizing pen and paper. This webinar goals to provide insights and options to streamline and enhance worldwide payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of services say they have Labor force data in real time that's another number that offers me sleep deprived nights and rather frankly the more an organization spends on international payroll the less of a picture they see a lack of presence likewise reaches payroll payments and inability to properly track these payments can cause compliance incidents in the last mile of the transaction nearly half of international businesses have expressed that they do not have the level of standardization they need in their processes or desire and as a result eighty percent of errors are due to time reporting poor HCM information information entry mistakes poorly interacted hires and terminations along with lack management and system configurations and then when you round all of it off and the information is delivered to the incorrect location the typical expense of a global information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash worldwide payroll and payments do not run smoothly if they count on the needed several processes 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 difficulties company face when they're paying to staff members or otherwise that's a good question I always throw this back and state what is it what doesn't need to be consisted of ideal and what does
it need to be considered 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 abilities 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 customer's own in-country account so there's complexity wherever you look best ultimately constructing a knowledge base is absolutely important however everywhere you look with payroll payment they are like very payments no if but some children about it you are all superheroes processing payments for payroll if you take a look at the type of link in between fintech and payroll it's closer than ever I believe there's now a bit more recognition that payroll payments are absolutely basic and innovation is allowing us to sort of move on with that it also as well to contribute to that payroll and finance require to work closer together um with differing Savings account Details differing banking requirements and setup processes is definitely vital that payroll and finance groups work better together than ever um I'm constantly surprised when people say I have actually divided payroll and payment um if you walk down the street and asked anyone what is payroll who doesn't operate in the payroll occupation would they split the payroll payment from computation I would say no so why do we as an industry 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 data collection all the way through to paying people any place they are however likewise paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being a growing number of crucial to add to type of the level of complexity there's a growing number of benefits being organ or being provided by services throughout the world so once again you're just aiming to include a growing number of payments to this currently complex landscape so if you type of got any experience well I'm from your large experience here and I'm sure but have you got any experience in kind of real obstacles or genuine challenging type of pay uses to play to pay people I think yeah I indicate over the last well yeah a number of decades I would definitely say that the bigger an organization gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the job there are teams feeding details into the next function as it were that's in fact managing the payment side of things but you know in in my viewpoint and my experience that does not necessarily need to be the case you know long gone are the times where we require to create extra handoffs in the processes that we operate in they simply make them more prompt they make them less efficient and they don't make them what they need to be in in an age of tech and an age that you understand that we are operating in today there is no reason we are still making this as challenging as it needs to be agreed and appropriately as you stated payroll is the single most significant liability that any company has from a cost viewpoint from an impact point of view on employees 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 most significant destructive result on people's well-being and lots of other elements if people aren't paid uh I have actually constantly been amazed entering this Market kind of the last 5 to ten years is how little thanks the
payroll group get um so I'm not sure anybody on this sort of webinar has 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 employees or not um but ultimately payroll is such a crucial cycle all of us hear about it when it goes wrong everyone jumps up and down when it fails but when it goes right it's just a tick box workout and I believe 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 things is definitely important that all of this stuff is done properly so leveraging the very first Worldwide Payments first payroll payment option is a great primary step um supplying an end-to-end payroll service for your workers globally once again I think is another substantial um procedure once again lining up and guaranteeing you have standardization Worldwide procedures all of those things are absolutely key to success success of businesses and minimizing the variety of tools platforms and savings account they need for their Global 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 have actually never had a hundred countless them within a payroll cycle don't expect to you do get the odd five or ten or whatever it might be with the with the the problems where things have not gone rather where they're suggested to be um I do not think any of us are really doing that for for the thanks
anyhow we understand how how essential 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 simple as possible for everybody that's involved in those procedures and also so imagine sorry I'm simply I was just gon na say envision the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I make sure we're speaking about numerous thousands possibly Millions envision getting that lots of thank you notes um I indicate it 'd be interesting to see how many Post-it notes you got however it would definitely be an intriguing 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 held true um you 'd require days of the week to attempt to browse them and actually see what was going on and sort of try to return to everybody so proceeding appearance why do business choose to main separate bank accounts there are organizations out there doing exactly this for particular countries and I have actually operated in an organization or numerous organizations doing precisely that I can state it does not constantly feel effective and it does create more work I understand we're not purposely doing that we're not producing additional work for anybody where we do not need to and anyone 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 amount that we are I believe lots of factors one is it's the requirement I believe people have got so used to we require a new bank account we open an entity and rightly so you need it for payroll functions however there are a variety of markets where it's not a requirement so I think it's just been the standard and the standard the people have embraced and continue to do over years and years gone past to contribute to that individuals have looked at things like trust accounts and lots of other methods um to to sort of do it so I believe there's a range I believe this is a procedure that requires taking a look at it requires altering but eventually people are extremely stuck to what they recognize
with best um change is a hard thing we all don't like modification um so I believe it's just sort of moving away from the norm as we have actually said so yeah so it keeps a lot of track of stuff um I understand obviously the advantages of having preserving multiple bank accounts but there's a substantial amount of intricacy opts for setting up a checking account maintaining it guaranteeing it can send International transfers ensuring it's set up with the right user accesses for private individuals so the complexity is big however I believe the sincere answer is change um individuals haven't had the ability to change or have not had always the knowledge to truly make that change into alternate Solutions besides opening a checking account I think you've struck the nail on the head I think it is knowledge you understand and there is a component of resistance to change but we have actually always done it that way is no real reason for not taking a look at the the advantages and the possibilities of carrying on and moving into you understand what could nearly be figured out to be the next Century or two there is a lot to monitor and this approach does posture several obstacles um so Johnny might you inform us about those challenges yeah obviously so there's a range right there is so
I recently made a modification to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It seems like our CFO has acquired another CFO, and with this improved capability, I have actually successfully secured payments for our 10,000 staff members worldwide. Your devotion to mastering global payroll and payments utilizing Papaya payroll OS is good. You are worthy of a corner office with a parking space that is better, considering your achievements.
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