Find out more about Papaya Global Cyprus ... We now have the capability to manage both our payroll and payments procedures on one combined platform. It's as if our Chief Financial Officer has actually acquired a separate Chief Financial Officer specifically dedicated to handling payments. This provides us with a safe and secure and trustworthy technique of making payments to our 10,000 employees worldwide.}
the BEST worldwide payroll managment app, saves me hours of time on a monthly basis, one single control panel for my payroll, EOR and professionals
Staff member Website
Staff members have access to a Staff member Portal where they can see their pay slips, wage and tax declarations and work documents. The website is available in multiple languages and can be accessed on a desktop or mobile device.
Advantages Administration
Papaya Global helps business provide competitive benefits packages to global workers no matter the number of staff members in the business. The business can establish health insurance, short-term and long-lasting special needs, vision, oral and maternity leave while getting rid of the requirement to source regional advantages companies in every country, develop local accounts and have a minimum number of workers.
Worldwide HR Functionalities
's HR performances consist of PTO tracking, compliance, onboarding/offboarding tools, online storage for workers' documents and migration services if your workers require work permit help.
HR Analytics
Papaya Global's payroll and HR analytics suite provides you insights into labor force costs, labor force diversity, overall employment expenses distributed per location, overall employment expenses per cycle and far more.
environments around the world I offered leadership and technique to populations of over a hundred thousand employees in more than 170 nations today I'm the payroll methods for as Mark stated I work across business handling and structure external relationships supporting Business clients and services in addition to functioning as a consultant for those of you that don't know who papaya International is papaya is the very first payroll and payments
business to make the time 100 list for most prominent companies in the world we offer payroll payments and labor force management to all staff member key ins over 160 nations I am pleased to state that we likewise have as Mark said Johnny Nash with us today Johnny would you like to present yourself of course thank you good morning good afternoon good night depending on where you are in the world it's beautiful 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 been in the payments industry for over ten years and specifically dealing with the payroll and payment sector for over 7 years um I was fascinated 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 6 years where I have actually type of had a range of different roles on the service provider side and also on the vendor side from a payroll viewpoint so actually looking forward to this discussion today um and yeah thank you very much for your time everyone okay thanks Johnny uh we'll simply provide everybody another couple of uh well one of the 30 seconds or two to join we all work back to back these days so we'll kind of let them do that so it 'd be quite interesting and I can see it going on currently just to hear where everyone is um it's nice to to kind of like see where everybody originates from and I really 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 very bleak and I want I was somewhere else at this moment in time okay so let's get started our program for today is as follows um we are going to be looking at the obstacle years of handling Global payroll why companies keep different
bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts streamlining papaya International payroll payments as a strategic asset uh we'll also go over a wrap-up which must leave his time at the really really end for a q a session so as the title of the webinar suggests payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces end up being increasingly more typical and managing them becomes increasingly more complicated Worldwide companies are seeking to find Solutions and new ways to simplify processes especially from a payroll and cross-border payment viewpoint many organizations preserve different checking account just for payroll while some have multiple accounts in different nations does it make sense for business to preserve separate savings account sometimes in different countries it does but just for payroll exists a much better method what role do virtual accounts and digital wallets also referred to as virtual wallets play in helping multinational business streamline the episode complex procedures of
making payroll payments properly efficiently safely and on time throughout this webinar we'll walk you through the worldwide pros and cons of a payroll wallet versus a payroll bank account how companies properly forecast their payroll expenses to increase working capital and how streamlining Global payroll payments can turn them from a siled pane into a tactical asset so payroll can be tough in adequate in one nation but when you're doing it worldwide it's next level and Beyond it becomes complex for a range of factors most significantly regulations compliance data security and banking rules then there are the sheer numbers they include additional intricacy the global Labor force is presently 3 and a half billion people by 2030 it's estimated that in Africa alone they will contribute and further 1.1 billion people that number is presently 500 million just for for a scale then consider that there are some 230 million companies and growing all doing their own thing all over the world in the traditional payroll model there's frequently an overwhelming variety of various systems resulting in lengthy manual procedures and silos the variety of Integrations could be non-existent in big amounts and or really extremely basic there's no real consistency framework we're living in an age of tech however payroll has actually been slow 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 believe
about it to give you an idea of how far there still is to come according to Deloitte just 11 of companies state they have Labor force data in real time that's another number that provides me sleepless nights and quite frankly the more a company invests in global payroll the less of a photo they see a lack of exposure also reaches payroll payments and inability to properly track these payments can result in compliance incidents in the last mile of the transaction nearly half of worldwide services have actually 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 because of time reporting poor HCM information information entry mistakes poorly communicated hires and terminations as well as absence management and system configurations and after that when you round it all off and the data is shipped to the incorrect place the typical expense of an international data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money around the globe payroll and payments do not run efficiently if they count on the necessary numerous processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the difficulties company face when they're paying to employees or otherwise that's a good concern I constantly toss 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 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 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 consumer's own in-country account so there's complexity any place you look best eventually developing a knowledge base is definitely crucial however everywhere you look with payroll payment they resemble very payments no if however some children 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 acknowledgment that payroll payments are definitely fundamental and innovation is permitting us to type of progress with that it likewise too to add to that payroll and financing require to work closer together um with varying Savings account Particulars differing banking requirements and setup procedures is definitely essential that payroll and finance teams work closer together than ever um I'm constantly amazed when individuals 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 calculation I would say no so why do we as an industry accept that why our payroll and payments so often 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 third parties so with the
The contemporary world puts a high value on wellness and the compensation landscape is becoming increasingly intricate. Services are continually introducing brand-new advantages and payment options, which adds to the total intricacy. Large corporations often divide their payroll and payment processing into separate groups, which can lead to inadequacies and bottlenecks. In my opinion, this doesn't need to hold true. In today's highly advanced era, there's no validation for keeping cumbersome procedures. Payroll, the company's greatest expense, need to be processed properly and on time. Even slight hold-ups can adversely affect workers' well-being and have far-reaching consequences. Therefore, it's important to focus on accurate and prompt payments.
The payroll group may not have actually been thanked for correctly processing payroll throughout a webinar. If anyone has been thanked, it would be excellent to hear their success story, whether it's from all employees or not. Payroll is an essential cycle, and individuals only see when things go wrong. Nevertheless, when things go right, it's seen as just a routine job. This is how it's perceived externally also. Therefore, it is vital to ensure that tasks like Wi-Fi International and other crucial matters are done properly. Utilizing the very first Global Payments very first payroll payment solution is a terrific preliminary step towards supplying a detailed payroll solution for employees worldwide. Standardization, global procedures, and reducing the variety of tools, platforms, and bank accounts required for international payroll are key consider attaining company success. While we don't anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally get a few complaints when things do not go as planned. Eventually, we do not do it for the appreciation.
anyway 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 simple as possible for everyone that's associated with those procedures and also so picture sorry I'm simply I was just gon na say picture 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 talking about numerous thousands potentially Millions picture getting that lots of thank you keeps in mind um I indicate it 'd be interesting to see how many Post-it notes you got however it would definitely be a fascinating job trying to clean all those up for sure oh definitely 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 try to check out them and really see what was going on and kind of shot to get back to everybody so carrying on appearance why do companies choose to main separate savings account there are companies out there doing exactly this for particular countries and I have actually worked in a service or lots of organizations doing precisely that I can say it doesn't constantly feel efficient and it does develop more work I know we're not deliberately doing that we're not creating additional work for any person where we don't have to and anyone that's dealing with that process I 'd be interested to hear your thoughts Johnny why do you believe that we're doing that in in the in the amount that we are I believe many factors one is it's the requirement I believe individuals have got so used to we need a brand-new checking account we open an entity and rightly so you require 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 requirement and the standard the people have adopted and continue to do over years and years gone past to add to that people have 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 believe this is a procedure that needs looking at it requires altering however ultimately people are really stuck with what they're familiar
with ideal um change is a tough thing we all do not like change um so I believe it's just 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 comprehend clearly the benefits of having preserving multiple bank accounts but there's a substantial quantity of complexity opts for setting up a bank account maintaining it guaranteeing it can send out International transfers ensuring it's set up with the best user accesses for private individuals so the complexity is big but I believe the sincere answer is modification um individuals have not had the ability to alter or have not had always the understanding to truly make that change into alternate Solutions aside from opening a checking account I believe you've hit the nail on the head I believe it is knowledge you know and there is a component of resistance to alter but we have actually always 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 could almost be identified to be the next Century approximately there is a lot to track and this method does present several challenges um so Johnny might you tell us about those obstacles yeah naturally so there's a range right there is so
I recently made a change to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It seems like our CFO has gained another CFO, and with this improved ability, I have actually effectively secured payments for our 10,000 employees worldwide. Your commitment to mastering worldwide payroll and payments using Papaya payroll OS is good. You deserve a corner workplace with a parking space that is closer, considering your accomplishments.
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