Find out more about Is Papaya Global Payroll Good ... We now have the capability to manage both our payroll and payments procedures on one merged platform. It's as if our Chief Financial Officer has actually acquired a separate Chief Financial Officer specifically committed to handling payments. This offers us with a safe and trusted approach of making payments to our 10,000 workers worldwide.}
the very best international payroll managment app, saves me hours of time on a monthly basis, one single dashboard for my payroll, EOR and contractors
The Employee Portal offers workers with the ability to gain access to and view crucial documents such as pay slips, wage and tax declarations, and work records. This website is accessible on both desktop and mobile phones and is provided in numerous languages.
Benefits Administration
Papaya Global assists companies provide competitive advantages packages to international staff members regardless of the variety of employees in the company. The business can establish medical insurance, short-term and long-lasting special needs, vision, dental and maternity leave while getting rid of the need to source regional advantages companies in every nation, produce local accounts and have a minimum variety of employees.
Global HR Functionalities
's HR performances consist of PTO tracking, compliance, onboarding/offboarding tools, online storage for employees' documents and migration services if your employees need work license assistance.
HR Analytics
Papaya Global's payroll and HR analytics suite gives you insights into workforce spending, workforce diversity, overall employment expenses distributed per place, total employment expenses per cycle and much more.
environments around the world I offered management and technique to populations of over a hundred thousand employees in more than 170 nations today I'm the payroll strategies for as Mark said I work throughout business handling and structure external relationships supporting Enterprise clients and services along with acting as a consultant for those of you that don't understand who papaya Global is papaya is the first payroll and payments
business to make the time 100 list for most influential business on the planet we offer payroll payments and labor force management to all staff member types in over 160 countries I am pleased to say that we likewise have as Mark said Johnny Nash with us today Johnny would you like to present yourself obviously thank you good morning great afternoon excellent evening depending upon where you are in the world it's beautiful to satisfy you and thank you very much for your time as Ian said 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 seven years um I was interested by the intricacy the difficulty in all of the above of
payroll payments and decided to type of make a genuine go at that over the last 5 or six years where I've type of had a variety of various roles on the supplier side and likewise on the supplier side from a payroll perspective so really anticipating this conversation today um and yeah thank you quite for your time everyone alright thanks Johnny uh we'll just provide everybody another couple of uh well among the 30 seconds approximately to join all of us work back to back these days so we'll kind of let them do that so it 'd be quite intriguing and I can see it going on currently just to hear where everyone is um it's nice to to sort of like see where everyone originates from and I really do hope it's much sunnier than it remains 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 really uninspiring and I want I was somewhere else 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 difficulty years of handling Worldwide payroll why business maintain different
checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts simplifying papaya Worldwide payroll payments as a strategic asset uh we'll likewise go over a recap and that ought to leave his time at the very very 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 labor forces end up being a growing number of common and handling them becomes a growing number of intricate International companies are aiming to find Solutions and new ways to simplify processes specifically from a payroll and cross-border payment viewpoint many organizations preserve different checking account just for payroll while some have multiple accounts in various countries does it make sense for business to keep different checking account in some cases in different countries it does however just for payroll is there a much better method what role do virtual accounts and digital wallets also referred to as virtual wallets play in assisting multinational business streamline the episode complex procedures of
Guaranteeing precise, efficient, and timely payroll payments is a complex obstacle for organizations operating globally. Join us for a webinar to check out the benefits and drawbacks of payroll wallets versus payroll bank accounts, learn how companies anticipate payroll expenses to enhance working capital, and find how simplifying international payroll payments can change them from a challenging job into a strategic asset.
Managing payroll globally is an overwhelming job due to various regulations, compliance requirements, information security concerns, and banking guidelines. The sheer variety of workers and organizations contributes to the complexity, with an estimated 3.5 billion individuals in the worldwide labor force, 500 million of whom are in Africa, and 230 million companies worldwide.
Traditional payroll systems frequently lead to manual procedures, data silos, and an absence of combination, causing inconsistencies and inadequacies. Despite residing in an age of technological improvements, payroll management has been slow to adapt, with as much as 25% of payroll still processed manually, often using pen and paper. This webinar goals to provide insights and services to streamline and enhance global payroll payments.
about it to give you a concept of how far there still is to come according to Deloitte only 11 of services state they have Labor force data in real time that's another number that provides me sleepless nights and rather honestly the more a business spends on international payroll the less of an image they see a lack of presence also extends to payroll payments and failure to accurately track these payments can cause compliance incidents in the last mile of the deal almost half of global businesses have actually expressed that they don't have the level of standardization they require in their processes or desire and as a result eighty percent of errors are due to time reporting bad HCM data information entry mistakes inadequately interacted hires and terminations along with absence management and system configurations and after that when you round it all off and the information is delivered to the incorrect place the average expense of a worldwide information 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 don't run smoothly if they depend on the necessary multiple procedures systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the challenges company face when they're making payments to workers or otherwise that's an excellent concern I always throw this back and say what is it what does not need to be consisted of right and what does
it require to be thought of there's varying Bank details so the length of an eye band a swift an account number routing code per country there's payment time frames 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 intricacy anywhere you look ideal ultimately building a knowledge base is definitely vital however everywhere you look with payroll payment they are like super payments no if however some children about it you are all superheroes processing payments for payroll if you take a look at the sort of link in between fintech and payroll it's closer than ever I think there's now a bit more acknowledgment that payroll payments are definitely fundamental and innovation is enabling us to sort of move on with that it also as well to add to that payroll and finance need to work closer together um with differing Savings account Details differing banking requirements and setup procedures is definitely necessary that payroll and financing groups work better together than ever um I'm constantly impressed when individuals say I've split payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn't operate in the payroll profession would they split the payroll payment from estimation 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 eventually it's payroll is an end-to-end process it's the point of data collection all the way through to paying people wherever they are however also paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being increasingly more essential to contribute to type of the level of complexity there's a growing number of advantages being organ or being offered by businesses across the world so again you're simply wanting to include increasingly more payments to this already complex landscape so if you kind of got any experience well I'm from your huge experience here and I'm sure however have you got any experience in kind of genuine challenges or real tough kind of pay utilizes to play to pay people I believe yeah I indicate over the last well yeah a couple of decades I would definitely state that the bigger a service gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the job there are groups feeding info into the next function as it were that's in fact handling the payment side of things but you know in in my opinion and my experience that doesn't always require to be the case you understand long gone are the times where we require to produce extra handoffs in the processes that we operate in they just make them more timely they make them less effective and they do not make them what they require to be in in an era of tech and an era that you know that we are operating in today there is no reason that we are still making this as challenging as it requires to be agreed and rightly as you stated payroll is the single most significant liability that any company has from a cost viewpoint from an impact viewpoint on workers it is definitely vital that it's done correctly and on time so what we suggest by that is not a day before not a day after on pay day and payments have to be done right it has the most significant detrimental impact on people's wellness and many other factors if people aren't paid uh I have actually constantly been impressed entering this Market kind of the last five to ten years is how little thanks the
payroll group get um so I'm unsure anyone on this type of webinar has actually been told 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 employees or not um however ultimately payroll is such an essential cycle all of us hear about it when it fails everyone jumps up and down when it goes wrong but when it goes right it's simply a tick box exercise and I believe that's how it's seen from the external consider as well um so yeah it's likewise 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 International Payments very first payroll payment solution is a fantastic first step um providing an end-to-end payroll solution for your employees globally again I think is another big um process once again lining up and ensuring you have standardization Worldwide processes all of those things are absolutely crucial to success success of organizations and reducing the number of tools platforms and checking 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 ever had a hundred thousand of them within a payroll cycle do not anticipate to you do get the odd 5 or 10 or whatever it might be with the with the the complaints where things haven't gone quite where they're meant to be um I do not believe any of us are really doing that for for the thanks
anyhow we know 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 everybody that's associated with those processes and likewise so imagine sorry I'm simply I was just gon na say imagine the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make certain we're speaking about numerous thousands potentially Millions picture getting that many thank you notes um I imply it 'd be interesting to see the number of Post-it notes you got however it would absolutely be a fascinating job attempting to clean all those up for sure oh absolutely I can't imagine the size of my my Outlook inbox if that held true um you 'd need days of the week to attempt to look through them and really see what was going on and type of shot to return to everyone so proceeding look why do companies select to main separate bank accounts there are services out there doing exactly this for specific nations and I've operated in an organization or numerous services doing exactly that I can state it does not constantly feel effective and it does produce more work I understand we're not intentionally doing that we're not creating extra work for anybody where we don't have 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 got so utilized to we need a brand-new savings 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 adopted and continue to do over years and years gone past to add to that individuals have looked at things like trust accounts and numerous other methods um to to sort of do it so I believe there's a variety I think this is a process that requires looking at it requires changing however ultimately people are very stuck with what they're familiar
with ideal um modification is a tough thing we all don't like change um so I believe it's just type of moving far from the norm as we have actually said so yeah so it keeps a great deal of track of stuff um I understand obviously the advantages of having maintaining multiple savings account but there's a huge quantity of complexity goes with establishing a checking account preserving it ensuring it can send out International transfers guaranteeing it's set up with the right user accesses for individual individuals so the intricacy is substantial but I believe the truthful answer is modification um people have not been able to change or have not had necessarily the knowledge to really make that change into alternate Solutions aside from opening a checking account I believe you have actually struck the nail on the head I believe it is understanding you know and there is an element of resistance to alter however we have actually constantly done it that way is no real excuse for not taking a look at the the benefits and the possibilities of proceeding and moving into you know what might nearly be identified to be the next Century or two there is a lot to track and this method does pose several obstacles um so Johnny could you inform us about those challenges yeah obviously so there's a variety 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 tasks on one platform. It feels like our CFO has actually gotten another CFO, and with this improved ability, I have actually successfully protected payments for our 10,000 staff members worldwide. Your commitment to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You are worthy of a corner office with a parking space that is more detailed, considering your achievements.
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