Find out more about Papaya Global España ... 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 gotten a different Chief Financial Officer specifically dedicated to managing payments. This supplies us with a secure and trustworthy approach of making payments to our 10,000 staff members worldwide.}
the BEST worldwide payroll managment app, saves me hours of time monthly, one single dashboard for my payroll, EOR and professionals
The Employee Portal supplies staff members with the capability to gain access to and view important 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 assists business use competitive benefits bundles to global workers no matter the variety of staff members in the company. The business can set up health insurance, short-term and long-term impairment, vision, dental and maternity leave while getting rid of the requirement to source regional benefits service providers in every nation, produce local accounts and have a minimum variety of staff members.
The HR capabilities supplied by Worldwide HR include different functions such as monitoring getaway time, ensuring compliance, assisting in the procedure of inviting new workers and bidding farewell to departing ones, using a safe and secure online platform for saving employees' documents, and providing assistance for work permit procedures in case your staff members need help in that area.
HR Analytics
Papaya Global's payroll and HR analytics suite gives you insights into labor force spending, labor force diversity, total work expenses dispersed per location, total work costs per cycle and a lot more.
environments across the globe I offered leadership and method to populations of over a hundred thousand workers in more than 170 nations today I'm the payroll techniques for as Mark said I work across the business handling and building external relationships supporting Business clients and options as well as serving as an advisor for those of you that do not know who papaya Global is papaya is the very first payroll and payments
As a global company, we are honored to be consisted of on the prominent Time 100 list of the most influential business worldwide. We concentrate on offering payroll and labor force management services to staff members in more than 160 nations. I am delighted to introduce Johnny Nash, as pointed out by Mark. Now, I'll let Johnny introduce himself. Good day to all, no matter your place. It's an enjoyment to fulfill you and thank you for your valuable time. As Ian mentioned, I am Johnny Nash, the director of payments at our organization. With over a decade of experience in the payments industry, I have concentrated on payroll and payment options for the past seven years. The intricacies and obstacles of this field have actually constantly captivated me.
payroll payments and chose to type of make a real go at that over the last five or six years where I have actually type of had a range of different roles on the supplier side and also on the vendor side from a payroll point of view so truly anticipating this conversation today um and yeah thank you quite for your time everybody fine thanks Johnny uh we'll simply offer everybody another couple of uh well among the 30 seconds approximately to join we all work back to back these days so we'll sort of let them do that so it 'd be rather fascinating and I can see it going on already just to hear where everyone is um it's nice to to kind of like see where everybody comes 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 drizzling here it's extremely extremely uninspiring and I wish I was somewhere else at this moment in time fine so let's get started our agenda for today is as follows um we are going to be taking a look at the challenge years of managing International payroll why companies maintain separate
bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts enhancing papaya Global payroll payments as a tactical property uh we'll likewise review a wrap-up which should leave his time at the really really end for a q a session so as the title of the webinar recommends payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and Global workforces become increasingly more common and handling them ends up being increasingly more intricate Global organizations are looking to find Solutions and new ways to simplify procedures specifically from a payroll and cross-border payment standpoint numerous organizations keep different checking account just for payroll while some have numerous accounts in various nations does it make sense for companies to keep different checking account often in various nations it does however just for payroll exists a better way what function do virtual accounts and digital wallets likewise known as virtual wallets play in assisting multinational business streamline the episode complex procedures of
Ensuring accurate, efficient, and prompt payroll payments is a complex obstacle for services operating worldwide. Join us for a webinar to explore the advantages and disadvantages of payroll wallets versus payroll savings account, find out how companies anticipate payroll expenses to optimize working capital, and discover how enhancing international payroll payments can transform them from a difficult task into a strategic possession.
Handling payroll globally is a daunting job due to numerous regulations, compliance requirements, data security concerns, and banking guidelines. The large number of staff members and businesses adds to the complexity, with an approximated 3.5 billion people in the global workforce, 500 million of whom are in Africa, and 230 million companies worldwide.
Conventional payroll systems typically result in manual processes, information silos, and a lack of combination, causing disparities and inefficiencies. Regardless of residing in an era of technological developments, payroll management has been sluggish to adjust, with as much as 25% of payroll still processed manually, frequently using pen and paper. This webinar goals to supply insights and options to streamline and optimize international payroll payments.
about it to provide you a concept of how far there still is to come according to Deloitte only 11 of businesses say they have Workforce data in real time that's another number that gives me sleep deprived nights and rather frankly the more an organization spends on global payroll the less of a photo they see an absence of visibility also encompasses payroll payments and inability to properly track these payments can result in compliance incidents in the last mile of the transaction nearly half of international organizations have revealed that they do not have the level of standardization they need in their procedures or desire and as a result eighty percent of mistakes are because of time reporting bad HCM data data entry errors improperly communicated hires and terminations in addition to lack management and system configurations and then when you round everything off and the information is shipped to the incorrect location the average expense of an international data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money around the world payroll and payments don't run smoothly if they count on the essential several processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the difficulties business face when they're paying to workers or otherwise that's a good concern I constantly toss this back and say what is it what doesn't need to be included ideal and what does
it need to be thought about there's differing Bank details 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 need to pay from the customer's own in-country account so there's intricacy anywhere you look best eventually building a knowledge base is absolutely critical but everywhere you look with payroll payment they resemble incredibly 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 think there's now a bit more acknowledgment that payroll payments are definitely essential and innovation is enabling us to sort of move on with that it also too to contribute to that payroll and financing need to work closer together um with differing Bank Account Details varying banking requirements and setup procedures is definitely crucial that payroll and financing teams work closer together than ever um I'm constantly impressed when people state I've divided payroll and payment um if you stroll down the street and asked anyone what is payroll who does not work in the payroll profession would they divide the payroll payment from calculation I would say no so why do we as a market 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 information collection all the way through to paying individuals any place they are however also paying statutory authorities and on statutory 3rd parties so with the
The modern-day world positions a high value on well-being and the settlement landscape is ending up being progressively elaborate. Services are continuously presenting new benefits and payment alternatives, which contributes to the general intricacy. Large corporations often divide their payroll and payment processing into different teams, which can result in inadequacies and traffic jams. In my opinion, this doesn't need to be the case. In today's technically sophisticated age, there's no justification for preserving cumbersome procedures. Payroll, the business's greatest expenditure, must be processed correctly and on time. Even small hold-ups can adversely impact staff members' wellness and have significant consequences. For that reason, it's vital to focus on accurate and timely payments.
The payroll team may not have actually been thanked for properly processing payroll throughout a webinar. If anybody has actually been thanked, it would be excellent to hear their success story, whether it's from all staff members or not. Payroll is an important cycle, and individuals just see when things go wrong. However, when things go right, it's viewed as just a regular job. This is how it's viewed externally too. For that reason, it is important to ensure that tasks like Wi-Fi International and other crucial matters are done correctly. Using the first Worldwide Payments first payroll payment service is a fantastic initial action towards providing a comprehensive payroll service for workers worldwide. Standardization, international procedures, and minimizing the variety of tools, platforms, and checking account necessary for global payroll are crucial factors in attaining company success. While we don't anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes receive a couple of grievances when things do not go as planned. Eventually, we don't do it for the appreciation.
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 simple as possible for everybody that's involved in those procedures and likewise so think of sorry I'm simply I was just gon na say envision the amount of thanks you got if you might cover the quantity of people that we cover within this webinar I make certain we're talking about numerous thousands potentially Millions imagine getting that many thank you notes um I indicate it 'd be interesting to see how many Post-it notes you got however it would certainly be an intriguing task attempting to clean all those up for sure oh definitely I can't picture the size of my my Outlook inbox if that was the case um you 'd require days of the week to try to check out them and actually see what was going on and type of try to return to everyone so moving on appearance why do business select to primary separate savings account there are services out there doing exactly this for particular nations and I've operated in a company or numerous companies doing precisely that I can say it does not always feel effective and it does produce more work I know we're not deliberately doing that we're not producing extra work for anyone where we do not need to and any person that's managing 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 think lots of reasons one is it's the requirement I believe people have got so utilized to we require a brand-new checking account we open an entity and appropriately so you require it for payroll purposes however there are a variety of markets where it's not a requirement so I believe it's just been the requirement and the norm individuals have actually adopted and continue to do over years and years passed by to contribute to that individuals have taken a look at things like trust accounts and numerous other methods um to to type of do it so I think there's a variety I think this is a process that needs taking a look at it requires altering but ultimately people are really stuck with what they're familiar
with best um change is a challenging thing we all do not like modification um so I think it's simply kind of moving far from the norm as we have actually said so yeah so it keeps a great deal of track of things um I understand clearly the advantages of having preserving multiple checking account however there's a huge quantity of complexity goes with setting up a bank account preserving it guaranteeing it can send out International transfers ensuring it's set up with the best user accesses for specific individuals so the complexity is substantial but I believe the honest answer is change um individuals have not been able to alter or haven't had necessarily the understanding to actually make that change into alternate Solutions aside from opening a savings account I believe you've hit the nail on the head I believe it is understanding you know and there is an element of resistance to alter but we've constantly done it that way is no genuine reason for not taking a look at the the benefits and the possibilities of proceeding and moving into you understand what might nearly be identified to be the next Century approximately there is a lot to monitor and this method does posture a number of difficulties um so Johnny could you inform us about those difficulties yeah obviously so there's a range right there is so
I just did you switched our Enterprise to OS so now we can do our payroll and payments operation on a single platform yes it resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 International staff members you deserve a corner office with a closer parking space because I mastered International payroll and payments with Papaya payroll OS did you
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