Find out more about Papaya Global Payroll Bank Account ... We now have the capability to handle both our payroll and payments processes on one unified platform. It's as if our Chief Financial Officer has actually obtained a separate Chief Financial Officer specifically committed to handling payments. This offers us with a protected and trusted approach of paying to our 10,000 employees worldwide.}
The cutting-edge worldwide payroll management app enhances my payroll process, conserving me a substantial quantity of time each month. With its easy to use user interface, I have access to a single control panel that efficiently handles my payroll, EOR, and contractors.
Employee Portal
Staff members have access to a Staff member Website where they can see their pay slips, wage and tax declarations and employment files. The website is available in numerous languages and can be accessed on a desktop or mobile device.
Benefits Administration
Papaya Global assists companies offer competitive advantages bundles to worldwide workers no matter the variety of employees in the business. The company can set up health insurance, short-term and long-term disability, vision, dental and maternity leave while eliminating the requirement to source local advantages suppliers in every country, produce local accounts and have a minimum number of workers.
The HR abilities provided by International HR encompass numerous functions such as monitoring holiday time, making sure compliance, assisting in the process of welcoming brand-new staff members and bidding goodbye to departing ones, providing a protected online platform for storing workers' documents, and offering assistance for work permit treatments in case your staff members require support in that location.
HR Analytics
Papaya Global's payroll and HR analytics suite provides you insights into labor force spending, labor force variety, overall work expenses distributed per place, overall employment costs per cycle and far more.
Worldwide, I have shown management and strategic knowledge in assisting massive populations of over 100,000 workers across 170 countries. Presently, I am responsible for managing payroll techniques, as discussed by Mark. My function involves managing and establishing external collaborations, supporting Enterprise customers, and providing advisory services. Furthermore, I am proud to be a part of Papaya Global, a pioneering payroll and payments options supplier.
company to make the time 100 list for the majority of prominent companies on the planet we offer payroll payments and workforce management to all employee types in over 160 countries I am pleased to state that we likewise have as Mark stated Johnny Nash with us today Johnny would you like to introduce yourself of course thank you good morning good afternoon excellent evening depending upon where you are in the world it's lovely to satisfy you and thank you quite for your time as Ian stated my name is Johnny Nash and I'm the payments director here at um I've been in the payments industry for over ten years and specifically working on the payroll and payment sector for over 7 years um I was fascinated by the complexity the difficulty in all of the above of
payroll payments and decided to sort of make a real go at that over the last five or 6 years where I've type of had a variety of various functions on the supplier side and likewise on the vendor side from a payroll perspective so truly looking forward to this conversation today um and yeah thank you very much for your time everybody all right thanks Johnny uh we'll simply provide everybody another couple of uh well among the 30 seconds or two to join all of us work back to back these days so we'll sort of let them do that so it 'd be quite fascinating and I can see it going on already just to hear where everybody is um it's nice to to kind of like see where everyone originates from and I truly 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 extremely very gloomy and I wish I was somewhere else at this moment in time okay so let's get going our agenda for today is as follows um we are going to be taking a look at the obstacle years of managing Global payroll why companies preserve separate
checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts streamlining papaya Worldwide payroll payments as a tactical asset uh we'll likewise review a wrap-up which should leave his time at the extremely 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 International workforces become increasingly more common and managing them becomes increasingly more intricate Worldwide organizations are wanting to find Solutions and brand-new methods to enhance processes especially from a payroll and cross-border payment viewpoint numerous organizations keep different bank account just for payroll while some have multiple accounts in various countries does it make sense for companies to preserve different savings account sometimes in different nations it does but just for payroll exists a much better way what role do virtual accounts and digital wallets likewise called virtual wallets play in assisting international business improve the episode complex procedures of
making payroll payments precisely effectively firmly 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 forecast their payroll expenses to increase working capital and how enhancing International payroll payments can turn them from a siled pane into a tactical asset so payroll can be difficult in adequate in one nation but when you're doing it globally it's next level and Beyond it ends up being intricate for a range of factors most notably policies compliance data security and banking guidelines then there are the sheer numbers they add further complexity the global Workforce is currently three and a half billion individuals by 2030 it's estimated that in Africa alone they will contribute and further 1.1 billion individuals that number is presently 500 million just for for a scale then factor in that there are some 230 million companies and growing all doing their own thing around the globe in the conventional payroll design there's often a frustrating number of different systems causing time-consuming manual procedures and silos the number 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 era of tech however 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 which simply blows my mind each time I I believe
about it to provide you a concept of how far there still is to come according to Deloitte just 11 of companies state they have Workforce data in real time that's another number that offers me sleep deprived nights and quite frankly the more a company invests in worldwide payroll the less of a photo they see an absence of presence likewise extends to payroll payments and failure to accurately track these payments can cause compliance mishaps in the last mile of the transaction almost half of international businesses have actually revealed that they do not have the level of standardization they require in their processes or desire and as a result eighty percent of errors are because of time reporting poor HCM information information entry mistakes inadequately interacted 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 wrong location the average cost of a worldwide data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash around the world payroll and payments don't run smoothly if they depend on the required numerous 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 challenges business face when they're making payments to employees or otherwise that's a good concern I always throw this back and state what is it what does not need to be included right and what does
it require 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 amount of time there's payment capabilities so can you pay it from International or do you need to pay from an in-country account do you have to pay from the client's own in-country account so there's complexity wherever you look ideal eventually building 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 kind of link in between fintech and payroll it's closer than ever I think there's now a bit more recognition that payroll payments are absolutely fundamental and technology is allowing us to type of move on with that it also too to add to that payroll and financing need to work closer together um with varying Savings account Details differing banking requirements and setup procedures is definitely essential that payroll and finance teams work better together than ever um I'm constantly amazed when individuals say I've divided payroll and payment um if you walk down the street and asked anybody what is payroll who does not operate in the payroll profession would they split 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 eventually it's payroll is an end-to-end procedure it's the point of data collection all the way through to paying people anywhere they are however likewise paying statutory authorities and on statutory 3rd parties so with the
world we live in and well-being being a growing number of essential to add to kind of the level of complexity there's increasingly more benefits being organ or being provided by organizations across the world so once again you're just aiming to include increasingly more payments to this currently intricate landscape so if you type of got any experience well I'm from your vast experience here and I make certain but have you got any experience in kind of real obstacles or real difficult sort of pay utilizes to play to pay people I believe yeah I suggest over the last well yeah a couple of years I would absolutely state that the bigger a business gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the job there are groups feeding info into the next function as it were that's actually handling the payment side of things however you understand in in my viewpoint and my experience that does not always need to be the case you know long gone are the times where we need to develop extra handoffs in the processes that we run in they just make them more prompt they make them less efficient and they do not make them what they require to be in in an era of tech and a period that you know that we are operating in today there is no reason why we are still making this as challenging as it requires to be concurred and appropriately as you stated payroll is the single biggest liability that any service has from an expense perspective from an impact perspective on workers it is definitely crucial that it's done properly and on time so what we imply by that is not a day before not a day after on pay day and payments need to be done right it has the most significant harmful result on individuals's well-being and many other factors if people aren't paid uh I have actually constantly been impressed entering this Market type of the last 5 to ten years is how little thanks the
payroll team get um so I'm not exactly sure anybody on this kind of webinar has been told thank you for processing my payroll correctly if you have it 'd be excellent to hear your success story and whether that's been from all staff members or not um however eventually payroll is such an essential cycle we all hear about it when it fails everybody jumps up and down when it goes wrong but when it goes right it's just a tick box exercise and I think 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 stuff is absolutely essential that all of this things is done properly so leveraging the first Worldwide Payments first payroll payment solution is a great first step um providing an end-to-end payroll option for your employees worldwide again I think is another big um procedure again lining up and ensuring you have standardization Global procedures all of those things are absolutely key to success success of companies and lowering the variety of tools platforms and bank accounts they need for their Worldwide 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've never ever had a hundred thousand of them within a payroll cycle don't expect to you do get the odd 5 or ten or whatever it might be with the with the the grievances where things have not gone rather where they're implied to be um I do not think any of us are in fact doing that for for the thanks
anyway we understand how how essential 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 everyone that's associated with those processes and likewise so think of sorry I'm just I was just gon na say picture the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I make certain we're discussing hundreds of thousands potentially Millions envision getting that numerous thank you notes um I indicate it 'd be interesting to see how many Post-it notes you got but it would definitely be an interesting task trying 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 need days of the week to try to look through them and in fact see what was going on and kind of shot to get back to everyone so carrying on appearance why do companies pick to main different checking account there are services out there doing precisely this for specific nations and I've worked in a business or many services doing exactly that I can say it does not constantly feel efficient and it does develop more work I know we're not purposely doing that we're not producing extra work for anybody where we do not need to and anybody 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 numerous factors one is it's the standard I think individuals have got so used to we need a new savings account we open an entity and appropriately so you need it for payroll functions but there are a number of markets where it's not a requirement so I believe it's just been the requirement and the standard the people have embraced and continue to do over years and years gone past to contribute to that individuals have actually taken a look at things like trust accounts and numerous other methods um to to sort of do it so I believe there's a variety I believe this is a process that requires taking a look at it needs altering however eventually individuals are very stuck to what they recognize
with right um modification is a difficult thing all of us do not like modification um so I think it's just kind of moving away from the norm as we've said so yeah so it keeps a great deal of track of things um I comprehend clearly the advantages of having keeping numerous checking account but there's a huge quantity of complexity chooses establishing a checking account preserving it guaranteeing it can send International transfers ensuring it's established with the right user accesses for private individuals so the intricacy is huge however I believe the truthful answer is modification um individuals have not been able to change or have not had always the knowledge to really make that change into alternate Solutions other than opening a savings account I think you've struck the nail on the head I believe it is understanding you understand and there is a component of resistance to alter but we've constantly done it that way is no genuine excuse for not taking a look at the the benefits and the possibilities of moving on and moving into you know what might practically be figured out to be the next Century or so there is a lot to monitor and this approach does present numerous difficulties um so Johnny could you tell us about those difficulties yeah obviously so there's a range right there is so
I just recently made a change to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It feels like our CFO has actually gained another CFO, and with this boosted ability, I have successfully protected payments for our 10,000 workers worldwide. Your commitment to mastering international payroll and payments using Papaya payroll OS is good. You deserve a corner workplace with a parking space that is closer, considering your accomplishments.
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