Find out more about Papaya Global (Hk) Limited Address ... We now have the ability to handle both our payroll and payments procedures on one unified platform. It's as if our Chief Financial Officer has actually gotten a separate Chief Financial Officer specifically devoted to handling payments. This offers us with a safe and trustworthy approach of making payments to our 10,000 workers worldwide.}
The innovative international payroll management app simplifies my payroll procedure, saving me a considerable amount of time each month. With its user-friendly user interface, I have access to a single dashboard that effectively manages my payroll, EOR, and specialists.
The Worker Portal offers staff members with the capability to access and view crucial files such as pay slips, wage and tax statements, and work records. This website is accessible on both desktop and mobile phones and is provided in different languages.
Advantages Administration
Papaya Global assists companies offer competitive benefits packages to international staff members regardless of the variety of staff members in the business. The business can establish health insurance, short-term and long-lasting impairment, vision, oral and maternity leave while getting rid of the need to source local advantages suppliers in every country, create regional accounts and have a minimum number of employees.
International HR Performances
's HR functionalities include PTO tracking, compliance, onboarding/offboarding tools, online storage for employees' documents and immigration services if your staff members require work license support.
HR Analytics
Papaya Global's payroll and HR analytics suite offers you insights into workforce spending, labor force variety, overall work costs distributed per area, total work costs per cycle and far more.
environments around the world I provided management and method to populations of over a hundred thousand staff members in more than 170 nations today I'm the payroll techniques for as Mark stated I work throughout business managing and building external relationships supporting Business customers and solutions along with acting as an advisor for those of you that do not know who papaya International is papaya is the very first payroll and payments
As a worldwide business, we are honored to be consisted of on the prominent Time 100 list of the most prominent companies worldwide. We concentrate on offering payroll and labor force management services to employees in more than 160 nations. I am delighted to present Johnny Nash, as mentioned by Mark. Now, I'll let Johnny introduce himself. Good day to all, despite your place. It's an enjoyment to meet you and thank you for your important time. As Ian discussed, I am Johnny Nash, the director of payments at our company. With over a years of experience in the payments industry, I have actually concentrated on payroll and payment options for the past 7 years. The intricacies and challenges of this field have always captivated me.
payroll payments and decided to type of make a genuine go at that over the last 5 or 6 years where I have actually type of had a variety of different roles on the service provider side and also on the vendor side from a payroll point of view so actually anticipating this discussion today um and yeah thank you quite for your time everybody alright thanks Johnny uh we'll simply offer everybody another couple of uh well among the 30 seconds approximately to join all of us work back to back these days so we'll kind 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 kind of like see where everyone originates from and I really do hope it's much sunnier than it remains in the UK today definitely not the peak of the sunlight is it it's not no it's it's raining here it's really extremely uninspiring and I want I was somewhere else at this moment in time alright so let's begin our agenda for today is as follows um we are going to be looking at the obstacle years of handling Worldwide payroll why business preserve separate
checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts simplifying papaya International payroll payments as a strategic property uh we'll likewise discuss a wrap-up which ought to leave his time at the really very end for a q a session so as the title of the webinar suggests payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces become increasingly more typical and handling them ends up being more and more complicated Worldwide organizations are aiming to find Solutions and brand-new ways to streamline processes especially from a payroll and cross-border payment viewpoint lots of companies keep different checking account just for payroll while some have several accounts in various countries does it make sense for business to maintain different bank accounts sometimes in different countries it does however just for payroll is there a better method what role do virtual accounts and digital wallets also referred to as virtual wallets play in assisting multinational business enhance the episode complex procedures of
making payroll payments accurately efficiently securely and on time throughout this webinar we'll walk you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll savings account how business properly forecast their payroll expenses to increase working capital and how improving Global payroll payments can turn them from a siled pane into a strategic property so payroll can be challenging in enough in one nation however when you're doing it worldwide it's next level and Beyond it ends up being complex for a variety of factors most significantly guidelines compliance information security and banking rules then there are the sheer numbers they add additional intricacy the worldwide Workforce is currently 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 currently 500 million just for for a scale then factor in that there are some 230 million organizations and growing all doing their own thing around the globe in the standard payroll design there's often an overwhelming number of various systems causing lengthy manual processes and silos the variety of Combinations could be non-existent in big amounts and or extremely really basic there's no real consistency framework we're living in an age of tech but payroll has 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 simply blows my mind whenever I I think
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of companies state they have Labor force information in real time that's another number that offers me sleep deprived nights and quite frankly the more an organization invests in worldwide payroll the less of a picture they see a lack of presence likewise reaches payroll payments and inability to properly track these payments can result in compliance accidents in the last mile of the transaction nearly half of worldwide organizations have revealed 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 due to time reporting poor HCM information data entry errors improperly communicated hires and terminations in addition to lack management and system configurations and after that when you round all of it off and the information is delivered to the incorrect location the average expense of an international 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 don't run efficiently if they count on the required numerous 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 challenges service face when they're making payments to staff members or otherwise that's an excellent concern I constantly throw this back and state what is it what does not require to be consisted of ideal and what does
it require to be thought of there's varying Bank information so the length of an eye band a swift an account number routing code per country there's payment timespan 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 consumer's own in-country account so there's intricacy anywhere you look right eventually developing a knowledge base is absolutely critical however everywhere you look with payroll payment they are like incredibly 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 between fintech and payroll it's closer than ever I think there's now a bit more acknowledgment that payroll payments are absolutely basic and technology is permitting us to sort of progress with that it also as well to add to that payroll and finance need to work closer together um with varying Checking account Details varying banking requirements and setup processes is definitely vital that payroll and finance teams work better together than ever um I'm always amazed when people say I have actually split payroll and payment um if you walk down the street and asked anybody what is payroll who does not operate in the payroll occupation would they divide the payroll payment from estimation 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 eventually 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 also paying statutory authorities and on statutory 3rd parties so with the
The contemporary world places a high worth on wellness and the settlement landscape is becoming progressively detailed. Services are constantly introducing new benefits and payment options, which adds to the overall complexity. Large corporations typically divide their payroll and payment processing into different groups, which can result in ineffectiveness and traffic jams. In my viewpoint, this doesn't need to hold true. In today's technically advanced era, there's no justification for preserving cumbersome treatments. Payroll, the business's most significant cost, must be processed correctly and on time. Even slight hold-ups can adversely affect workers' well-being and have far-reaching effects. For that reason, it's vital to focus on precise and prompt payments.
payroll team get um so I'm not sure anyone on this kind of webinar has 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 but eventually payroll is such an essential cycle all of us hear about it when it goes wrong everyone jumps up and down when it fails however when it goes right it's just a tick box exercise and I believe that's how it's seen from the external view as well um so yeah it's likewise like why WI-Fi Global why all of this things is absolutely essential that all of this things is done correctly so leveraging the very first Global Payments first payroll payment solution is a great primary step um providing an end-to-end payroll option for your employees worldwide again I think is another big um process again aligning and guaranteeing you have standardization Worldwide procedures all of those things are absolutely essential to success success of companies and lowering the variety of tools platforms and bank accounts they require for their Global payroll too couldn't agree with you more and on the the front in regards to of the thank yous for getting payroll done I've never had a hundred thousand of them within a payroll cycle do not expect to you do get the odd five or ten or whatever it might be with the with the the problems where things haven't gone rather where they're implied to be um I don't think any of us are really doing that for for the thanks
anyhow we know how how important a role 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 associated with those processes and likewise so think of sorry I'm just I was just gon na state picture the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I make certain we're talking about numerous thousands possibly Millions envision getting that lots of 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 an interesting job trying to clean all those up for sure oh absolutely 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 actually see what was going on and kind of shot to return to everyone so carrying on look why do companies pick to primary different savings account there are services out there doing precisely this for particular nations and I have actually operated in an organization or many companies doing precisely that I can state it does not always feel efficient and it does produce more work I know we're not intentionally doing that we're not developing extra work for anyone where we do not need to and any person that's dealing with that procedure I 'd be interested to hear your thoughts Johnny why do you think that we're doing that in in the in the quantity that we are I believe lots of reasons one is it's the standard I think individuals have got so used to we need a brand-new savings account we open an entity and appropriately so you require it for payroll functions but there are a variety of markets where it's not a requirement so I believe it's just been the standard and the standard the people have embraced and continue to do over years and years gone past to contribute to that people have actually taken a look at things like trust accounts and many other ways um to to sort of do it so I believe there's a variety I think this is a process that needs taking a look at it needs altering however ultimately people are extremely stuck with what they recognize
with right um modification is a difficult thing we all don't like change um so I think it's just sort 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 comprehend clearly the advantages of having preserving numerous checking account but there's a huge amount of complexity chooses setting up a bank account maintaining it ensuring it can send International transfers ensuring it's established with the right user accesses for individual people so the complexity is substantial but I believe the sincere answer is modification um individuals haven't been able to change or haven't had always the knowledge to actually make that change into alternate Solutions besides opening a savings account I think you have actually hit the nail on the head I believe it is knowledge you understand and there is an aspect of resistance to change however we've constantly done it that way is no real reason for not looking at the the benefits and the possibilities of carrying on and moving into you understand what could almost be determined to be the next Century approximately there is a lot to keep an eye on and this technique does position several challenges um so Johnny might you inform us about those difficulties yeah obviously so there's a variety right there is so
I just did you switched our Business 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 employees you deserve a corner workplace with a closer parking space because I mastered Worldwide payroll and payments with Papaya payroll OS did you
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