Find out more about Papaya Global Fundraising ... We now have the ability to handle both our payroll and payments processes on one merged platform. It's as if our Chief Financial Officer has actually acquired a different Chief Financial Officer particularly dedicated to handling payments. This provides us with a protected and trustworthy method of making payments to our 10,000 staff members worldwide.}
The cutting-edge international payroll management app simplifies my payroll procedure, conserving me a considerable amount of time every month. With its user-friendly interface, I have access to a single dashboard that effectively manages my payroll, EOR, and contractors.
Worker Website
Staff members have access to an Employee Portal where they can see their pay slips, wage and tax declarations and work files. The portal is available in multiple languages and can be accessed on a desktop or mobile phone.
Advantages Administration
Papaya Global assists companies provide competitive benefits packages to international staff members despite the number of staff members in the business. The company can establish health insurance, short-term and long-term disability, vision, oral and maternity leave while getting rid of the requirement to source local advantages suppliers in every nation, develop regional accounts and have a minimum variety of employees.
Global HR Performances
's HR functionalities consist of PTO tracking, compliance, onboarding/offboarding tools, online storage for workers' files and immigration services if your staff members need work permit help.
HR Analytics
Papaya Global's payroll and HR analytics suite offers you insights into labor force costs, labor force diversity, overall work expenses distributed per area, overall work expenses per cycle and a lot more.
Worldwide, I have actually shown leadership and strategic expertise in directing large-scale populations of over 100,000 workers across 170 nations. Currently, I are accountable for overseeing payroll techniques, as pointed out by Mark. My function includes managing and establishing external partnerships, supporting Enterprise clients, and offering advisory services. Furthermore, I am proud to be a part of Papaya Global, a pioneering payroll and payments solutions service provider.
As an international business, we are honored to be consisted of on the prestigious Time 100 list of the most influential business worldwide. We focus on offering payroll and workforce management services to workers in more than 160 nations. I am delighted to present Johnny Nash, as mentioned by Mark. Now, I'll let Johnny present himself. Good day to all, despite your area. It's a satisfaction to fulfill you and thank you for your valuable time. As Ian pointed out, I am Johnny Nash, the director of payments at our company. With over a years of experience in the payments market, I have actually focused on payroll and payment services for the past seven years. The complexities and obstacles of this field have actually constantly mesmerized me.
payroll payments and chose to type of make a genuine go at that over the last 5 or 6 years where I have actually kind of had a variety of different roles on the company side and likewise on the supplier side from a payroll viewpoint so actually eagerly anticipating this conversation today um and yeah thank you quite for your time everyone fine thanks Johnny uh we'll simply provide everyone another couple of uh well among the 30 seconds or so to join we all work back to back these days so we'll sort of let them do that so it 'd be rather intriguing and I can see it going on currently simply to hear where everyone is um it's nice to to type 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 sunshine is it it's not no it's it's drizzling here it's very extremely uninspiring and I wish I was elsewhere at this moment in time all right so let's get going our agenda for today is as follows um we are going to be looking at the obstacle years of handling Global payroll why business preserve different
savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts improving papaya Global payroll payments as a tactical property uh we'll likewise review a recap which must leave his time at the extremely very end for a q a session so as the title of the webinar suggests payroll officers on moving 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 a growing number of intricate Global companies are wanting to find Solutions and new ways to simplify processes particularly from a payroll and cross-border payment viewpoint many companies maintain separate bank account just for payroll while some have numerous accounts in different nations does it make sense for business to keep separate bank accounts often in various nations it does but just for payroll exists a better way what function do virtual accounts and digital wallets also known as virtual wallets play in helping multinational business streamline the episode complex processes of
making payroll payments accurately efficiently safely and on time during this webinar we'll stroll you through the worldwide pros and cons of a payroll wallet versus a payroll checking account how business accurately anticipate their payroll expenses to increase working capital and how simplifying Worldwide payroll payments can turn them from a siled pane into a strategic property so payroll can be tough in sufficient in one nation but when you're doing it internationally it's next level and Beyond it becomes complicated for a range of reasons most notably regulations compliance information security and banking rules then there are the sheer numbers they add further complexity the worldwide Labor force is currently 3 and a half billion people by 2030 it's approximated that in Africa alone they will contribute and additional 1.1 billion individuals that number is presently 500 million just for for a scale then factor in that there are some 230 million services and growing all doing their own thing around the world in the conventional payroll design there's often an overwhelming variety of different systems resulting in lengthy manual processes and silos the variety of Combinations could be non-existent in large amounts and or very really basic there's no real consistency structure we're living in an age of tech however payroll has 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 think
about it to provide you a concept of how far there still is to come according to Deloitte just 11 of businesses say they have Labor force information in real time that's another number that offers me sleep deprived nights and quite honestly the more a business spends on global payroll the less of a picture they see a lack of presence likewise reaches payroll payments and inability to accurately track these payments can lead to compliance mishaps in the last mile of the deal nearly half of global companies have actually expressed that they do not have the level of standardization they require in their processes or want and as a result eighty percent of errors are because of time reporting bad HCM data data entry mistakes badly communicated hires and terminations in addition to lack management and system setups and then when you round everything off and the information is delivered to the incorrect location the average cost of an international data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash all over the world payroll and payments don't run efficiently if they depend on the needed multiple procedures systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the challenges organization face when they're making payments to employees 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 ideal and what does
it require to be thought about there's varying Bank information so the length of an eye band a swift an account number routing code per nation there's payment timespan there's payment capabilities 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 complexity any place you look ideal ultimately building a knowledge base is definitely vital but all over you look with payroll payment they are like very payments no if but some children about it you are all superheroes processing payments for payroll if you take a look at the kind of link in 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 technology is enabling us to kind of move forward with that it likewise also to contribute to that payroll and financing require to work closer together um with differing Savings account Details differing banking requirements and setup processes is absolutely necessary that payroll and financing teams work better together than ever um I'm constantly impressed when people state I have actually split payroll and payment um if you walk down the street and asked anyone what is payroll who does not operate in the payroll occupation would they divide the payroll payment from computation I would say no so why do we as a market 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 data collection all the way through to paying people any place they are however also paying statutory authorities and on statutory third parties so with the
The modern world places a high value on wellness and the payment landscape is ending up being increasingly elaborate. Services are constantly presenting new benefits and payment options, which adds to the total intricacy. Large corporations typically divide their payroll and payment processing into different teams, which can lead to inefficiencies and traffic jams. In my opinion, this does not have to be the case. In today's technically innovative era, there's no justification for preserving troublesome treatments. Payroll, the company's greatest cost, should be processed properly and on time. Even small delays can negatively affect workers' well-being and have significant repercussions. For that reason, it's critical to focus on accurate and timely payments.
The payroll group may not have actually been thanked for properly processing payroll during a webinar. If anybody 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 just notice when things fail. However, when things go right, it's viewed as simply a regular task. This is how it's perceived externally also. Therefore, it is necessary to ensure that jobs like Wi-Fi Global and other essential matters are done correctly. Using the first Global Payments very first payroll payment service is a fantastic initial action towards providing an extensive payroll solution for staff members worldwide. Standardization, international processes, and reducing the number of tools, platforms, and checking account needed for global payroll are crucial factors in achieving company success. While we don't expect a hundred thousand thank yous within a payroll cycle, we do sometimes receive a couple of problems when things don't go as prepared. Ultimately, we do not do it for the appreciation.
anyway we understand 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 procedures and also so think of sorry I'm simply I was just gon na state imagine the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I make sure we're discussing hundreds of thousands possibly Millions imagine getting that numerous thank you notes um I indicate it 'd be interesting to see the number of Post-it notes you got however it would definitely be a fascinating task trying to clean up 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 require days of the week to attempt to look through them and really see what was going on and sort of try to get back to everybody so proceeding appearance why do business choose to primary separate checking account there are businesses out there doing exactly this for specific countries and I've worked in a company or lots of services doing exactly that I can say it does not constantly feel effective and it does develop more work I know we're not intentionally doing that we're not producing extra work for any person where we don't need to and anybody that's dealing with that procedure 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 numerous reasons one is it's the standard I think people have got so utilized to we need a new checking account we open an entity and rightly so you require it for payroll functions however there are a number of markets where it's not a requirement so I think it's simply been the standard and the norm individuals have actually adopted and continue to do over years and years passed by to add to that people have taken a look at things like trust accounts and lots of other ways um to to sort of do it so I believe there's a range I believe this is a process that needs looking at it needs altering but eventually people are really stuck with what they're familiar
with best um modification is a difficult thing we all don't like modification 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 lot of track of stuff um I comprehend undoubtedly the benefits of having preserving multiple bank accounts however there's a big quantity of complexity opts for establishing a savings account preserving it guaranteeing it can send out International transfers ensuring it's set up with the ideal user accesses for specific people so the intricacy is huge however I think the honest response is modification um individuals haven't been able to change or have not had necessarily the understanding to truly make that change into alternate Solutions other than opening a savings account I think you have actually hit the nail on the head I believe it is understanding you understand and there is a component of resistance to alter however we have actually constantly done it that way is no real excuse for not looking at the the advantages and the possibilities of moving on and moving into you understand what could nearly be identified to be the next Century or so there is a lot to keep track of and this approach does pose several difficulties um so Johnny might you tell us about those obstacles yeah of course so there's a variety right there is so
I just recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It seems like our CFO has gotten another CFO, and with this enhanced capability, I have effectively protected payments for our 10,000 employees worldwide. Your commitment to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You are worthy of a corner workplace with a parking space that is better, considering your achievements.
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