Find out more about Papaya Global Denmark ... We now have the capability to manage both our payroll and payments processes on one combined platform. It's as if our Chief Financial Officer has acquired a different Chief Financial Officer specifically dedicated to managing payments. This supplies us with a safe and trustworthy technique of making payments to our 10,000 workers worldwide.}
The cutting-edge global payroll management app streamlines my payroll procedure, conserving me a considerable amount of time monthly. With its easy to use interface, I have access to a single dashboard that efficiently handles my payroll, EOR, and contractors.
Worker Website
Staff members have access to a Worker Portal where they can view their pay slips, wage and tax statements and work documents. The website is available in numerous languages and can be accessed on a desktop or mobile device.
Advantages Administration
Papaya Global helps business provide competitive advantages bundles to global workers regardless of the number of staff members in the business. The business can establish medical insurance, short-term and long-lasting special needs, vision, dental and maternity leave while getting rid of the requirement to source regional benefits suppliers in every country, develop local accounts and have a minimum number of employees.
The HR capabilities offered by Worldwide HR include numerous functions such as keeping track of vacation time, ensuring compliance, facilitating the process of inviting brand-new staff members and bidding goodbye to leaving ones, using a safe online platform for storing workers' files, and providing support for work allow treatments in case your staff members require support because area.
HR Analytics
Papaya Global's payroll and HR analytics suite gives you insights into workforce costs, labor force variety, total work costs distributed per place, total work expenses per cycle and much more.
Internationally, I have demonstrated management and tactical competence in assisting massive populations of over 100,000 employees across 170 nations. Presently, I am responsible for supervising payroll methods, as pointed out by Mark. My function involves managing and establishing external collaborations, supporting Business customers, and providing advisory services. Additionally, I am proud to be a part of Papaya Global, a pioneering payroll and payments services service provider.
company to make the time 100 list for many influential business in the world we offer payroll payments and labor force management to all employee key ins over 160 nations I am pleased to state that we also have as Mark stated Johnny Nash with us today Johnny would you like to present yourself of course thank you good morning excellent afternoon great night depending upon where you remain in the world it's charming 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've been in the payments industry for over 10 years and particularly working on the payroll and payment sector for over seven years um I was captivated by the complexity the difficulty in all of the above of
payroll payments and chose to kind of make a genuine go at that over the last 5 or six years where I've sort of had a variety of different roles on the supplier side and also on the vendor side from a payroll point of view so really anticipating this conversation today um and yeah thank you quite for your time everyone okay thanks Johnny uh we'll just provide everybody another couple of uh well one of the 30 seconds or so to join all of us work back to back nowadays so we'll type 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 kind 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 sunshine is it it's not no it's it's raining here it's very very bleak and I want I was elsewhere at this moment in time all right so let's get going our program for today is as follows um we are going to be looking at the obstacle years of handling Worldwide payroll why companies preserve different
Virtual payroll accounts are an option to standard savings account for managing payroll payments. This is especially helpful for global companies with dispersed and remote labor forces, as it simplifies the intricate process of cross-border payments. Instead of maintaining different savings account for payroll in various countries, virtual accounts and digital wallets use a more streamlined option. In this webinar, we will check out the benefits of using virtual payroll accounts and discuss why they are ending up being a tactical possession for payroll executives. We will likewise provide a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments accurately efficiently firmly 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 business properly forecast their payroll expenses to increase working capital and how simplifying Worldwide payroll payments can turn them from a siled pane into a tactical possession so payroll can be difficult in sufficient in one country but when you're doing it worldwide it's next level and Beyond it ends up being intricate for a range of factors most significantly policies compliance information security and banking guidelines then there are the large numbers they add further complexity the worldwide Workforce 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 individuals 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 worldwide in the standard payroll model there's typically a frustrating variety of different systems resulting in lengthy manual processes and silos the variety of Combinations could be non-existent in large amounts and or really really basic there's no real consistency structure 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 which simply blows my mind each time I I think
about it to give you an idea of how far there still is to come according to Deloitte just 11 of businesses say they have Workforce data in real time that's another number that provides me sleep deprived nights and quite honestly the more a service invests in international payroll the less of a picture they see an absence of visibility likewise encompasses payroll payments and inability to precisely track these payments can cause compliance mishaps in the last mile of the deal almost half of worldwide services 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 inadequately interacted hires and terminations along with lack management and system setups and then when you round all of it off and the data is shipped to the incorrect location the average expense of a global information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash around the globe payroll and payments do not run efficiently if they count on the essential multiple procedures 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 obstacles service face when they're paying to workers or otherwise that's a great concern I constantly throw this back and say what is it what doesn't need to be included ideal and what does
it require to be thought about 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 need to pay from an in-country account do you need to pay from the client's own in-country account so there's intricacy anywhere you look ideal ultimately developing a knowledge base is definitely important but everywhere you look with payroll payment they resemble extremely payments no if however some infants about it you are all superheroes processing payments for payroll if you look at the sort of link between fintech and payroll it's closer than ever I think there's now a bit more acknowledgment that payroll payments are absolutely fundamental and innovation is permitting us to type of progress with that it likewise as well to contribute to that payroll and finance require to work closer together um with varying Checking account Particulars varying banking requirements and setup processes is definitely essential that payroll and finance teams work better together than ever um I'm always impressed when people say I have actually divided payroll and payment um if you stroll down the street and asked anybody what is payroll who does not 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 ultimately it's payroll is an end-to-end procedure it's the point of data collection all the way through to paying people wherever they are however likewise paying statutory authorities and on statutory 3rd parties so with the
The contemporary world places a high value on well-being and the settlement landscape is ending up being progressively elaborate. Organizations are continually presenting brand-new benefits and payment options, which contributes to the total intricacy. Big corporations typically divide their payroll and payment processing into different teams, which can result in inadequacies and bottlenecks. In my viewpoint, this does not have to hold true. In today's technically sophisticated era, there's no reason for keeping troublesome procedures. Payroll, the company's greatest expenditure, need to be processed correctly and on time. Even slight delays can negatively impact staff members' wellness and have far-reaching effects. For that reason, it's crucial to prioritize precise and timely payments.
The payroll group might not have 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 employees or not. Payroll is an essential cycle, and individuals only discover when things go wrong. Nevertheless, when things go right, it's seen as simply a routine job. This is how it's perceived externally also. For that reason, it is essential to ensure that tasks like Wi-Fi International and other crucial matters are done properly. Using the very first Global Payments first payroll payment service is a terrific initial action towards supplying a thorough payroll service for employees worldwide. Standardization, global procedures, and reducing the variety of tools, platforms, and savings account necessary for international payroll are key factors in achieving service success. While we don't expect a hundred thousand thank yous within a payroll cycle, we do sometimes get a few problems when things do not go as prepared. Ultimately, we don't do it for the thankfulness.
anyhow we know how how crucial a function it is and that'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 processes and likewise so think of sorry I'm simply I was simply gon na say imagine the quantity 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 hundreds of thousands potentially Millions picture getting that numerous thank you keeps in mind um I imply 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 envision the size of my my Outlook inbox if that was the case um you 'd require days of the week to attempt to look through them and in fact see what was going on and type of shot to get back to everybody so proceeding appearance why do business select to primary different checking account there are businesses out there doing precisely this for specific countries and I have actually worked in a business or lots of services doing precisely that I can state it does not constantly feel efficient and it does produce more work I understand we're not intentionally doing that we're not producing additional work for any person where we do not have to and anyone that's managing that process I 'd be interested to hear your ideas Johnny why do you believe that we're doing that in in the in the quantity that we are I believe lots of reasons one is it's the requirement I think people have actually got so utilized to we require a new checking account we open an entity and appropriately so you require it for payroll functions 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 the people have embraced and continue to do over years and years passed by to add to that people have actually looked at things like trust accounts and numerous other methods um to to type of do it so I think there's a range I believe this is a process that requires taking a look at it requires altering however eventually individuals are very stuck with what they're familiar
with best um modification is a challenging thing we all do not like change um so I believe it's simply kind of moving far from the standard as we've said so yeah so it keeps a great deal of track of stuff um I understand obviously the advantages of having maintaining multiple bank accounts however there's a big quantity of complexity opts for establishing a checking account preserving it ensuring it can send International transfers guaranteeing it's established with the best user accesses for specific individuals so the intricacy is huge but I believe the honest answer is modification um people have not been able to alter or have not had necessarily the understanding to truly make that change into alternate Solutions aside from opening a checking account I believe you have actually hit the nail on the head I think it is understanding you know and there is an element of resistance to change but we've constantly done it that way is no genuine excuse for not looking at the the advantages and the possibilities of proceeding and moving into you know what might almost be determined to be the next Century approximately there is a lot to keep track of and this technique does pose several challenges um so Johnny could you tell us about those obstacles yeah naturally 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 manage our payroll and payment jobs on one platform. It seems like our CFO has gotten another CFO, and with this improved capability, I have effectively secured payments for our 10,000 workers worldwide. Your commitment to mastering international payroll and payments utilizing Papaya payroll OS is good. You are worthy of a corner workplace with a parking space that is more detailed, considering your accomplishments.
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