Find out more about Papaya Global Payroll Advance ... 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 obtained a separate Chief Financial Officer specifically committed to managing payments. This provides us with a safe and trustworthy technique of making payments to our 10,000 employees worldwide.}
The innovative global payroll management app improves my payroll process, conserving me a significant quantity of time monthly. With its user-friendly user interface, I have access to a single dashboard that efficiently manages my payroll, EOR, and contractors.
The Employee Website supplies workers with the capability to access and view crucial documents such as pay slips, wage and tax declarations, and employment records. This portal is accessible on both desktop and mobile phones and is offered in numerous languages.
Advantages Administration
Papaya Global assists companies offer competitive advantages bundles to international employees regardless of the number of staff members in the company. The company can establish health insurance, short-term and long-lasting disability, vision, oral and maternity leave while removing the need to source regional benefits suppliers in every nation, produce regional accounts and have a minimum variety of workers.
International HR Performances
's HR performances consist of PTO tracking, compliance, onboarding/offboarding tools, online storage for workers' documents and migration services if your employees require work license help.
HR Analytics
Papaya Global's payroll and HR analytics suite provides you insights into workforce costs, workforce variety, overall employment costs distributed per area, overall work expenses per cycle and a lot more.
environments across the globe I provided management and method to populations of over a hundred thousand staff members in more than 170 nations today I'm the payroll strategies for as Mark said I work across the business handling and building external relationships supporting Enterprise clients and services in addition to functioning as a consultant for those of you that don't understand who papaya Worldwide is papaya is the very first payroll and payments
company to make the time 100 list for a lot of prominent business on the planet we supply payroll payments and labor force management to all worker key ins over 160 nations I am pleased to say that we likewise have as Mark said Johnny Nash with us today Johnny would you like to present yourself of course thank you good morning good afternoon great evening depending upon where you remain in the world it's lovely to satisfy you and thank you quite for your time as Ian said my name is Johnny Nash and I'm the payments director here at um I have actually been in the payments market for over 10 years and specifically working on the payroll and payment sector for over seven years um I was fascinated 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 kind of had a variety of various roles on the company side and also on the supplier side from a payroll perspective so actually looking forward to this conversation today um and yeah thank you quite for your time everybody okay thanks Johnny uh we'll simply provide everyone another number of uh well one of the 30 seconds approximately to join all of us work back to back these days so we'll sort of let them do that so it 'd be rather interesting 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 comes from and I really do hope it's much sunnier than it remains in the UK today definitely not the peak of the sunshine is it it's not no it's it's drizzling here it's very really bleak and I wish I was elsewhere at this moment in time all right so let's begin our agenda for today is as follows um we are going to be taking a look at the challenge years of handling Worldwide payroll why companies preserve separate
Virtual payroll accounts are an option to conventional bank accounts for handling payroll payments. This is especially helpful for international organizations with dispersed and remote workforces, as it streamlines the complex process of cross-border payments. Instead of maintaining separate checking account for payroll in various countries, virtual accounts and digital wallets provide a more streamlined service. In this webinar, we will check out the advantages of using virtual payroll accounts and go over why they are ending up being a strategic property for payroll executives. We will also provide a wrap-up of the main points covered and leave time for a Q&A session at the end.
Ensuring precise, effective, and timely payroll payments is a complex difficulty for businesses operating worldwide. Join us for a webinar to check out the benefits and drawbacks of payroll wallets versus payroll checking account, find out how companies anticipate payroll expenses to optimize working capital, and discover how simplifying worldwide payroll payments can change them from a challenging job into a tactical possession.
Handling payroll worldwide is a daunting task due to numerous regulations, compliance requirements, data security concerns, and banking guidelines. The large number of workers and organizations contributes to the complexity, with an approximated 3.5 billion individuals in the global labor force, 500 million of whom are in Africa, and 230 million services worldwide.
Standard payroll systems often lead to manual procedures, data silos, and a lack of combination, leading to disparities and inadequacies. Despite living in an era of technological developments, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed by hand, frequently utilizing pen and paper. This webinar objectives to supply insights and options to simplify and optimize international payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of services say they have Workforce data in real time that's another number that gives me sleep deprived nights and rather frankly the more a service invests in international payroll the less of a picture they see an absence of presence likewise extends to payroll payments and failure to precisely track these payments can cause compliance mishaps in the last mile of the transaction almost half of worldwide services have expressed that they do not have the level of standardization they require in their processes or want and as a result eighty percent of mistakes are due to time reporting bad HCM data data entry mistakes badly interacted hires and terminations as well as absence management and system setups and then when you round it all off and the data is delivered to the wrong place the typical cost of a worldwide data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money worldwide payroll and payments do not run smoothly if they rely on the necessary multiple processes systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the difficulties organization face when they're making payments to staff members or otherwise that's an excellent concern I constantly toss this back and state what is it what does not need to be included best and what does
it need to be thought of there's varying Bank details so the length of an eye band a swift an account number routing code per country 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 anywhere you look right eventually developing a knowledge base is definitely crucial however everywhere you look with payroll payment they resemble extremely payments no if however some babies about it you are all superheroes processing payments for payroll if you look at the type of link between fintech and payroll it's closer than ever I think there's now a bit more acknowledgment that payroll payments are definitely basic and innovation is allowing us to type of progress with that it also also to contribute to that payroll and financing need to work closer together um with varying Checking account Details differing banking requirements and setup processes is absolutely necessary that payroll and finance groups work more detailed together than ever um I'm constantly amazed when individuals state 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 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 typically split and cut up um eventually 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 but also paying statutory authorities and on statutory 3rd parties so with the
The contemporary world puts a high worth on wellness and the compensation landscape is becoming progressively complex. Companies are constantly introducing brand-new benefits and payment alternatives, which contributes to the general intricacy. Big corporations typically divide their payroll and payment processing into different teams, which can cause ineffectiveness and traffic jams. In my opinion, this doesn't have to hold true. In today's technologically advanced period, there's no validation for maintaining cumbersome procedures. Payroll, the company's most significant expenditure, must be processed correctly and on time. Even minor delays can adversely impact employees' wellness and have far-reaching repercussions. Therefore, it's critical to prioritize precise and prompt payments.
The payroll group might not have been thanked for properly processing payroll throughout a webinar. If anybody has actually been thanked, it would be great to hear their success story, whether it's from all workers or not. Payroll is an important cycle, and people only see when things fail. Nevertheless, when things go right, it's seen as simply a routine job. This is how it's perceived externally too. Therefore, it is vital to make sure that jobs like Wi-Fi International and other crucial matters are done correctly. Utilizing the very first International Payments first payroll payment option is a great initial step towards offering a thorough payroll solution for employees worldwide. Standardization, global processes, and reducing the number of tools, platforms, and checking account needed for worldwide payroll are key factors in accomplishing business 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. Eventually, we do not do it for the thankfulness.
anyhow we know how how important 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 easy as possible for everybody that's associated with those processes and also so think of sorry I'm simply I was just gon na say imagine the quantity of thanks you got if you could cover the amount of individuals that we cover within this webinar I'm sure we're talking about hundreds of thousands possibly Millions picture getting that numerous thank you notes um I mean it 'd be interesting to see how many Post-it notes you got however it would absolutely be an intriguing task attempting to clean up all those up for sure oh definitely 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 sort of shot to get back to everyone so carrying on look why do companies choose to primary different savings account there are organizations out there doing exactly this for particular nations and I have actually worked in a business or lots of organizations doing precisely that I can state it does not constantly feel effective and it does produce more work I understand we're not intentionally doing that we're not creating additional work for any person where we do not need to and anyone that's dealing with 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 amount that we are I think lots of factors one is it's the requirement I believe people have actually got so utilized to we require a new savings 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 think it's just been the standard and the standard individuals have adopted and continue to do over years and years passed by to add to that people have looked at things like trust accounts and lots of other methods um to to kind of do it so I believe there's a variety I think this is a procedure that requires looking at it requires changing but ultimately individuals are extremely stuck to what they recognize
with ideal um modification is a challenging thing we all do not like modification um so I think it's just sort 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 certainly the advantages of having keeping numerous savings account however there's a big amount of intricacy goes with setting up a savings account keeping it ensuring it can send International transfers ensuring it's set up with the right user accesses for individual people so the intricacy is substantial however I think the honest response is change um people have not had the ability to change or haven't had necessarily the knowledge to actually make that change into alternate Solutions besides opening a bank account I believe you've struck the nail on the head I believe it is understanding you know and there is a component of resistance to alter but we have actually constantly done it that way is no real excuse for not looking at the the benefits and the possibilities of proceeding and moving into you understand what might nearly be identified to be the next Century or two there is a lot to keep an eye on and this approach does pose a number of obstacles um so Johnny might you inform us about those difficulties yeah naturally so there's a variety 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 actually gained another CFO, and with this improved ability, I have actually effectively protected payments for our 10,000 employees worldwide. Your devotion to mastering global payroll and payments utilizing Papaya payroll OS is good. You are worthy of a corner workplace with a parking space that is closer, considering your accomplishments.
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