Find out more about Papaya Global Australia Address ... We now have the ability to handle both our payroll and payments processes on one combined platform. It's as if our Chief Financial Officer has actually gotten a different Chief Financial Officer particularly devoted to handling payments. This provides us with a secure and trusted approach of paying to our 10,000 staff members worldwide.}
The innovative global payroll management app simplifies my payroll procedure, conserving me a significant amount of time each month. With its user-friendly user interface, I have access to a single control panel that efficiently handles my payroll, EOR, and professionals.
The Employee Website offers workers with the ability to access and view important documents such as pay slips, wage and tax statements, and employment records. This portal is accessible on both desktop and mobile phones and is used in different languages.
Benefits Administration
Papaya Global assists companies offer competitive benefits packages to international employees regardless of the number of workers in the business. The company can establish health insurance, short-term and long-lasting impairment, vision, oral and maternity leave while getting rid of the need to source regional benefits companies in every country, produce local accounts and have a minimum variety of workers.
The HR capabilities supplied by Worldwide HR encompass numerous functions such as keeping an eye on trip time, making sure compliance, facilitating the procedure of inviting new staff members and bidding goodbye to departing ones, offering a protected online platform for keeping workers' documents, and providing assistance for work allow procedures in case your employees require support in that area.
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Papaya Global's payroll and HR analytics suite offers you insights into workforce costs, labor force diversity, overall work expenses dispersed per area, overall work costs per cycle and much more.
Worldwide, I have actually shown management and tactical knowledge in guiding massive populations of over 100,000 staff members across 170 countries. Currently, I are accountable for overseeing payroll techniques, as discussed by Mark. My function includes managing and developing external partnerships, supporting Business clients, and supplying advisory services. In addition, I am proud to be a part of Papaya Global, a pioneering payroll and payments solutions supplier.
company to make the time 100 list for most influential business in the world we offer payroll payments and labor force management to all employee types in over 160 countries I am pleased to say that we likewise have as Mark stated Johnny Nash with us today Johnny would you like to present yourself of course thank you good morning good afternoon great evening depending on where you are in the world it's lovely 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 been in the payments industry for over ten years and particularly working on the payroll and payment sector for over seven years um I was amazed by the intricacy the trouble in all of the above of
payroll payments and chose to sort of make a real go at that over the last five or 6 years where I've type of had a variety of various roles on the company side and likewise on the vendor side from a payroll viewpoint so really looking forward to this conversation today um and yeah thank you quite for your time everyone alright thanks Johnny uh we'll simply offer everyone another number of uh well one of the 30 seconds or two to join all of us work back to back these days so we'll type of let them do that so it 'd be rather interesting and I can see it going on currently simply to hear where everyone is um it's nice to to sort of like see where everybody 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 extremely really bleak and I wish I was elsewhere at this moment in time okay so let's start our agenda for today is as follows um we are going to be taking a look at the difficulty years of managing International payroll why business maintain separate
checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts streamlining papaya International payroll payments as a tactical asset uh we'll also go over a recap which ought to leave his time at the very really end for a q a session so as the title of the webinar recommends payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and Global workforces become a growing number of common and handling them becomes more and more complex Worldwide organizations are seeking to find Solutions and new ways to simplify processes particularly from a payroll and cross-border payment perspective lots of companies maintain different checking account just for payroll while some have several accounts in different nations does it make sense for business to maintain different savings account in some cases in various countries it does but just for payroll exists a better method what function do virtual accounts and digital wallets also referred to as virtual wallets play in helping multinational companies simplify the episode complex processes of
making payroll payments properly effectively securely and on time during this webinar we'll stroll you through the global pros and cons of a payroll wallet versus a payroll checking account how companies properly forecast their payroll expenses to increase working capital and how simplifying International payroll payments can turn them from a siled pane into a strategic asset so payroll can be hard in adequate in one country but when you're doing it globally it's next level and Beyond it becomes complicated for a range of factors most notably guidelines compliance information security and banking rules then there are the sheer numbers they include more complexity the worldwide Labor force is currently 3 and a half billion people by 2030 it's estimated that in Africa alone they will contribute and additional 1.1 billion individuals that number is currently 500 million just for for a scale then factor in that there are some 230 million companies and growing all doing their own thing worldwide in the standard payroll design there's frequently an overwhelming variety of various systems causing time-consuming manual procedures and silos the number of Integrations could be non-existent in large quantities and or very very fundamental there's no real consistency framework we're residing in an era of tech however payroll has actually 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 just blows my mind whenever I I think
about it to give you an idea of how far there still is to come according to Deloitte just 11 of organizations say they have Workforce information in real time that's another number that offers me sleepless nights and quite frankly the more a company invests in international payroll the less of a picture they see a lack of visibility also encompasses payroll payments and inability to accurately track these payments can cause compliance mishaps in the last mile of the transaction almost half of global organizations have actually expressed that they don't have the level of standardization they require in their processes or want and as a result eighty percent of errors are due to time reporting poor HCM information information entry errors poorly communicated hires and terminations in addition to lack management and system configurations and after that when you round it all off and the data is shipped to the wrong place the typical cost of a global data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money around the world payroll and payments do not run efficiently if they depend on the essential numerous processes 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 organization face when they're making payments to workers or otherwise that's an excellent concern I constantly toss this back and say what is it what does not need to be consisted of best 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 nation there's payment time frames there's payment abilities so can you pay it from International or do you need to pay from an in-country account do you have to pay from the consumer's own in-country account so there's complexity anywhere you look best ultimately developing a knowledge base is absolutely critical but everywhere you look with payroll payment they resemble super payments no if but some children about it you are all superheroes processing payments for payroll if you look at the kind of link between fintech and payroll it's closer than ever I believe there's now a bit more recognition that payroll payments are definitely essential and innovation is allowing us to sort of move forward with that it likewise also to add to that payroll and finance need to work closer together um with differing Savings account Particulars varying banking requirements and setup processes is definitely essential that payroll and financing teams work more detailed together than ever um I'm always surprised when individuals say I have actually divided payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn't operate in the payroll occupation would they divide 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 eventually it's payroll is an end-to-end process it's the point of data collection all the way through to paying individuals anywhere they are but also paying statutory authorities and on statutory third parties so with the
The modern-day world positions a high value on wellness and the payment landscape is becoming increasingly complex. Businesses are continually presenting brand-new benefits and payment options, which contributes to the total intricacy. Large corporations frequently divide their payroll and payment processing into different groups, which can cause inefficiencies and traffic jams. In my opinion, this does not need to be the case. In today's highly advanced age, there's no justification for keeping cumbersome treatments. Payroll, the company's greatest expense, need to be processed properly and on time. Even small hold-ups can negatively impact workers' wellness and have far-reaching effects. For that reason, it's important to prioritize accurate and timely payments.
payroll group get um so I'm uncertain anybody on this sort of webinar has actually been informed thank you for processing my payroll properly if you have it 'd be fantastic to hear your success story and whether that's been from all employees or not um however ultimately payroll is such an important cycle all of us become aware of it when it fails everyone jumps up and down when it goes wrong but when it goes right it's simply a tick box workout and I think that's how it's seen from the external view as well um so yeah it's also like why WI-Fi Global why all of this stuff is definitely crucial that all of this things is done correctly so leveraging the very first Global Payments first payroll payment option is a terrific primary step um supplying an end-to-end payroll service for your employees worldwide once again I believe is another big um procedure once again lining up and guaranteeing you have standardization International procedures all of those things are definitely essential to success success of organizations and lowering the variety of tools platforms and checking account they need for their International 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've 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 grievances where things have not gone rather where they're indicated to be um I do not think any of us are really doing that for for the thanks
anyway we know 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 everyone that's involved in those procedures and also so think of sorry I'm just I was just gon na state think of the amount of thanks you got if you might cover the quantity of people that we cover within this webinar I'm sure we're speaking about numerous thousands possibly Millions think of getting that many thank you notes um I mean it 'd be interesting to see the number of Post-it notes you got but it would definitely be a fascinating job trying 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 require days of the week to try to browse them and actually see what was going on and kind of try to return to everybody so moving on look why do companies choose to main different checking account there are services out there doing precisely this for specific nations and I have actually operated in an organization or many companies doing precisely that I can state it doesn't constantly feel efficient and it does create more work I understand we're not deliberately doing that we're not producing extra work for anybody where we don't have to and anybody that's handling that process I 'd be interested to hear your ideas Johnny why do you think that we're doing that in in the in the amount that we are I think numerous factors one is it's the requirement I think people have actually got so used to we require a brand-new savings account we open an entity and appropriately so you need it for payroll purposes but there are a number of markets where it's not a requirement so I think it's just been the standard and the standard individuals have actually adopted and continue to do over years and years gone past to contribute to that people have looked at things like trust accounts and lots of other ways um to to kind of do it so I believe there's a range I think this is a procedure that needs looking at it needs altering but ultimately individuals are really stuck with what they recognize
with ideal um change is a hard thing we all do not like modification um so I believe it's simply kind of moving away from the standard as we have actually said so yeah so it keeps a lot of track of things um I understand clearly the advantages of having preserving multiple checking account however there's a substantial quantity of complexity goes with establishing a checking account preserving it guaranteeing it can send out International transfers ensuring it's set up with the right user accesses for specific people so the complexity is substantial however I think the sincere answer is modification um individuals haven't been able to alter or haven't had always the knowledge to actually make that change into alternate Solutions besides opening a bank account I think you have actually struck the nail on the head I believe it is understanding you know and there is a component of resistance to change however we've constantly done it that way is no genuine excuse for not taking a look at the the benefits and the possibilities of moving on and moving into you know what might practically be identified to be the next Century or so there is a lot to monitor and this method does present numerous challenges um so Johnny could you tell us about those difficulties yeah of course so there's a range right there is so
I recently made a modification to our Enterprise 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 boosted ability, I have effectively secured payments for our 10,000 workers worldwide. Your commitment to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You deserve a corner workplace with a parking space that is better, considering your achievements.
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