Find out more about Papaya Global Insight Partners ... We now have the ability to handle both our payroll and payments processes on one combined platform. It's as if our Chief Financial Officer has actually gotten a separate Chief Financial Officer particularly dedicated to managing payments. This offers us with a safe and reliable technique of making payments to our 10,000 employees worldwide.}
the very best worldwide payroll managment app, conserves me hours of time on a monthly basis, one single control panel for my payroll, EOR and professionals
Worker Website
Staff members have access to an Employee Website where they can view their pay slips, wage and tax declarations and work files. The website is offered in several languages and can be accessed on a desktop or mobile phone.
Benefits Administration
Papaya Global helps business use competitive benefits bundles to worldwide workers no matter the variety of employees in the company. The company can establish medical insurance, short-term and long-lasting special needs, vision, oral and maternity leave while eliminating the need to source local advantages providers in every country, develop local accounts and have a minimum variety of workers.
Global HR Performances
's HR functionalities consist of PTO tracking, compliance, onboarding/offboarding tools, online storage for workers' files and migration services if your workers need work authorization assistance.
HR Analytics
Papaya Global's payroll and HR analytics suite gives you insights into labor force costs, labor force variety, total work expenses distributed per place, overall work expenses per cycle and far more.
environments around the world I offered leadership and strategy to populations of over a hundred thousand workers in more than 170 nations today I'm the payroll strategies for as Mark stated I work across the business handling and building external relationships supporting Business customers and options in addition to functioning as a consultant for those of you that don't 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 companies worldwide. We specialize in offering payroll and labor force management services to employees in more than 160 countries. 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 location. It's a satisfaction to meet you and thank you for your valuable time. As Ian mentioned, I am Johnny Nash, the director of payments at our company. With over a decade of experience in the payments industry, I have actually concentrated on payroll and payment services for the past seven years. The complexities and challenges of this field have constantly captivated me.
payroll payments and decided to kind of make a real go at that over the last five or 6 years where I have actually type of had a range of different functions on the supplier side and likewise on the supplier side from a payroll point of view so actually eagerly anticipating this discussion today um and yeah thank you very much for your time everyone all right thanks Johnny uh we'll simply provide everybody another couple of uh well among the 30 seconds approximately to join all of us work back to back nowadays so we'll type of let them do that so it 'd be rather fascinating and I can see it going on already simply to hear where everybody is um it's nice to to sort 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 sunlight is it it's not no it's it's raining here it's very extremely bleak and I wish I was somewhere else at this moment in time alright so let's get started our program for today is as follows um we are going to be taking a look at the obstacle years of handling Worldwide payroll why business preserve separate
checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts simplifying papaya Worldwide payroll payments as a tactical asset uh we'll likewise review a recap and that should leave his time at the really very end for a q a session so as the title of the webinar suggests payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces end up being more and more common and managing them becomes more and more complex Global companies are seeking to find Solutions and new ways to simplify procedures particularly from a payroll and cross-border payment standpoint lots of organizations preserve different checking account just for payroll while some have numerous accounts in various nations does it make good sense for business to preserve different checking account often in different nations it does however just for payroll is there a much better way what role do virtual accounts and digital wallets likewise referred to as virtual wallets play in assisting international companies streamline the episode complex procedures of
making payroll payments properly effectively firmly and on time during this webinar we'll walk you through the international benefits and drawbacks of a payroll wallet versus a payroll bank account how business precisely forecast their payroll expenses to increase working capital and how enhancing International payroll payments can turn them from a siled pane into a tactical possession so payroll can be challenging in adequate in one country however when you're doing it globally it's next level and Beyond it becomes complex for a variety of factors most importantly regulations compliance data security and banking rules then there are the large numbers they include additional complexity the global Labor force is currently three and a half billion people by 2030 it's approximated that in Africa alone they will contribute and more 1.1 billion people that number is currently 500 million just for for a scale then consider that there are some 230 million organizations and growing all doing their own thing around the globe in the conventional payroll design there's often an overwhelming number of various systems causing lengthy manual procedures and silos the variety of Integrations could be non-existent in big quantities and or extremely really standard there's no real consistency structure we're residing in an era of tech but payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper and that just blows my mind each time I I think
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of companies state they have Workforce information in real time that's another number that gives me sleep deprived nights and quite honestly the more a company invests in global payroll the less of a photo they see a lack of presence also extends to payroll payments and failure to precisely track these payments can lead to compliance accidents in the last mile of the deal almost half of international services have actually expressed 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 data entry errors inadequately interacted hires and terminations in addition to absence management and system setups and then when you round everything off and the information is delivered to the wrong location the typical expense of an international information 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 do not run efficiently if they count on the necessary several 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 obstacles company face when they're making payments to workers or otherwise that's an excellent concern I always throw this back and state what is it what doesn't require to be included right and what does
it need to be thought of there's differing Bank details so the length of an eye band a swift an account number routing code per nation there's payment amount of time 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 customer's own in-country account so there's complexity any place you look right ultimately developing a knowledge base is definitely critical however everywhere you look with payroll payment they are like super payments no if but some infants about it you are all superheroes processing payments for payroll if you look at the sort of link in between fintech and payroll it's closer than ever I believe there's now a bit more acknowledgment that payroll payments are absolutely essential and innovation is permitting us to sort of move forward with that it likewise also 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 imperative that payroll and finance teams work better together than ever um I'm constantly amazed when people say I have actually divided payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn't 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 ultimately it's payroll is an end-to-end procedure it's the point of information collection all the way through to paying individuals any place they are however likewise paying statutory authorities and on statutory third parties so with the
The modern-day world places a high worth on well-being and the settlement landscape is ending up being progressively intricate. Companies are constantly presenting brand-new advantages and payment choices, which contributes to the overall intricacy. Big corporations often divide their payroll and payment processing into separate teams, which can cause ineffectiveness and bottlenecks. In my viewpoint, this doesn't need to be the case. In today's highly innovative age, there's no justification for preserving cumbersome procedures. Payroll, the company's biggest cost, must be processed correctly and on time. Even slight delays can negatively affect staff members' well-being and have far-reaching consequences. Therefore, it's vital to focus on precise and timely payments.
payroll group get um so I'm uncertain anybody on this kind of webinar has actually been informed thank you for processing my payroll correctly if you have it 'd be terrific to hear your success story and whether that's been from all staff members or not um but eventually payroll is such an important cycle we all find out about it when it goes wrong everyone jumps up and down when it goes wrong but when it goes right it's simply a tick box exercise and I think that's how it's seen from the external view as well um so yeah it's also like why WI-Fi Global why all of this things is definitely important that all of this stuff is done correctly so leveraging the very first International Payments first payroll payment service is a great first step um offering an end-to-end payroll solution for your employees globally once again I believe is another huge um procedure once again aligning and guaranteeing you have standardization Worldwide processes all of those things are definitely crucial to success success of services and decreasing the variety of tools platforms and bank accounts they need for their International payroll too couldn't agree with you more and on the the front in terms of of the thank yous for getting payroll done I have actually never had a hundred thousand of them within a payroll cycle don't expect to you do get the odd five or ten or whatever it might be with the with the the complaints where things have not gone quite where they're suggested to be um I do not believe any of us are in fact doing that for for the thanks
anyhow we know how how crucial a role 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 associated with those procedures and likewise so think of sorry I'm simply I was simply gon na state picture the amount of thanks you got if you might cover the amount of people that we cover within this webinar I'm sure we're discussing hundreds of thousands potentially Millions picture getting that lots of thank you notes um I mean it 'd be interesting to see the number of Post-it notes you got however it would certainly be a fascinating task attempting to clean all those up for sure oh absolutely I can't imagine the size of my my Outlook inbox if that held true um you 'd require days of the week to attempt to look through them and in fact see what was going on and kind of shot to return to everybody so moving on look why do business select to main separate checking account there are companies out there doing precisely this for specific countries and I've worked in an organization or many companies doing precisely that I can say it doesn't always feel effective and it does produce more work I understand we're not purposely doing that we're not producing additional work for any person where we do not need to and anybody that's managing that procedure I 'd be interested to hear your ideas Johnny why do you think that we're doing that in in the in the quantity that we are I think many factors one is it's the standard I think people have got so used to we require a new bank account we open an entity and appropriately 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 individuals have actually adopted 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 methods um to to type of do it so I think there's a range I believe this is a process that requires looking at it requires changing but eventually individuals are very stuck to what they recognize
with ideal um modification is a challenging thing we all do not like modification um so I believe it's simply kind of moving away from the norm as we've said so yeah so it keeps a great deal of track of stuff um I understand clearly the benefits of having preserving numerous checking account but there's a big quantity of intricacy goes with establishing a checking account preserving it ensuring it can send out International transfers ensuring it's established with the best user accesses for private individuals so the intricacy is huge however I believe the honest response is change um people have not had the ability to change or haven't had necessarily the understanding to really make that change into alternate Solutions besides opening a savings account I believe you've struck the nail on the head I think it is understanding you know and there is a component of resistance to alter but we've always done it that way is no real reason for not taking a look at the the advantages and the possibilities of carrying on and moving into you understand what might practically be figured out to be the next Century or so there is a lot to keep an eye on and this technique does present a number of obstacles um so Johnny might you inform us about those obstacles yeah of course 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 Global staff members you are worthy of a corner office with a more detailed parking space since I mastered International payroll and payments with Papaya payroll OS did you
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