Find out more about Papaya Global Payroll For Accountants ... We now have the capability to handle both our payroll and payments processes on one merged platform. It's as if our Chief Financial Officer has actually gotten a separate Chief Financial Officer particularly devoted to handling payments. This provides us with a safe and dependable approach of making payments to our 10,000 workers worldwide.}
the very best worldwide payroll managment app, conserves me hours of time monthly, one single dashboard for my payroll, EOR and contractors
Employee Website
Staff members have access to a Worker 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 phone.
Benefits Administration
Papaya Global assists business offer competitive benefits packages to international workers regardless of the number of employees in the company. The company can establish health insurance, short-term and long-lasting disability, vision, oral and maternity leave while removing the requirement to source regional benefits providers in every country, develop regional accounts and have a minimum number of staff members.
The HR capabilities provided by Global HR encompass various functions such as keeping track of vacation time, ensuring compliance, facilitating the procedure of inviting new workers and bidding farewell to leaving ones, using a protected online platform for keeping employees' files, and supplying assistance for work allow treatments in case your employees require help in that location.
HR Analytics
Papaya Global's payroll and HR analytics suite offers you insights into labor force spending, labor force variety, overall work costs dispersed per place, total employment expenses per cycle and far more.
Globally, I have shown leadership and strategic knowledge in directing large-scale populations of over 100,000 employees throughout 170 nations. Currently, I am responsible for overseeing payroll strategies, as pointed out by Mark. My role involves handling and establishing external collaborations, supporting Enterprise clients, and supplying advisory services. In addition, I am proud to be a part of Papaya Global, a pioneering payroll and payments services provider.
company to make the time 100 list for most prominent companies worldwide we offer payroll payments and labor force management to all staff member enters over 160 countries I am pleased to state that we also have as Mark stated Johnny Nash with us today Johnny would you like to present yourself naturally thank you good morning great afternoon good evening depending on where you are in the world it's lovely to meet you and thank you very much for your time as Ian said my name is Johnny Nash and I'm the payments director here at um I've remained in the payments market for over 10 years and specifically working on the payroll and payment sector for over 7 years um I was amazed by the intricacy the difficulty in all of the above of
payroll payments and chose to kind of make a genuine go at that over the last five or 6 years where I've sort of had a variety of various functions on the company side and likewise on the vendor side from a payroll perspective so truly eagerly anticipating this conversation today um and yeah thank you quite for your time everyone all right thanks Johnny uh we'll simply give everyone another couple of uh well one of the 30 seconds approximately to join we all work back to back nowadays so we'll kind of let them do that so it 'd be quite fascinating and I can see it going on already simply to hear where everyone is um it's nice to to type 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 sunshine is it it's not no it's it's drizzling here it's very extremely dreary and I wish I was somewhere else at this moment in time okay so let's begin our program for today is as follows um we are going to be taking a look at the challenge years of handling Worldwide payroll why business preserve different
bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts enhancing papaya International payroll payments as a strategic asset uh we'll likewise go over a recap which needs to leave his time at the extremely very end for a q a session so as the title of the webinar recommends payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and Global workforces end up being more and more typical and handling them becomes a growing number of complicated Worldwide organizations are aiming to discover Solutions and new ways to streamline procedures especially from a payroll and cross-border payment perspective numerous companies preserve different bank account just for payroll while some have several accounts in different countries does it make good sense for business to keep separate savings account often in different nations it does however just for payroll exists a better way what function do virtual accounts and digital wallets also referred to as virtual wallets play in assisting international business streamline the episode complex procedures of
making payroll payments precisely efficiently securely and on time throughout this webinar we'll stroll you through the global pros and cons of a payroll wallet versus a payroll bank account how companies properly anticipate their payroll costs to increase working capital and how simplifying Worldwide payroll payments can turn them from a siled pane into a strategic possession so payroll can be tough in adequate in one nation but when you're doing it internationally it's next level and Beyond it ends up being complex for a range of factors most importantly policies compliance data security and banking rules then there are the large numbers they include additional intricacy the worldwide Labor force is presently 3 and a half billion people by 2030 it's approximated 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 consider that there are some 230 million organizations and growing all doing their own thing all over the world in the traditional payroll model there's typically a frustrating number of different systems causing time-consuming manual procedures and silos the variety of Combinations could be non-existent in large amounts and or extremely very standard there's no real consistency structure we're living in an age of tech but payroll has actually 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 simply blows my mind whenever I I believe
about it to give you an idea of how far there still is to come according to Deloitte just 11 of businesses state they have Labor force data in real time that's another number that provides me sleep deprived nights and rather frankly the more an organization spends on international payroll the less of a picture they see a lack of exposure likewise encompasses payroll payments and failure to precisely track these payments can result in compliance accidents in the last mile of the transaction almost half of international companies have actually expressed 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 due to time reporting poor HCM data data entry mistakes improperly communicated hires and terminations along with lack management and system setups and after that when you round it all off and the information is shipped to the incorrect 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 money around the globe payroll and payments don't run efficiently if they depend on the necessary multiple processes systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the difficulties company face when they're paying to workers or otherwise that's a good concern I constantly toss this back and say what is it what doesn't require to be consisted of ideal and what does
it require to be considered there's differing Bank details so the length of an eye band a swift an account number routing code per nation there's payment timespan there's payment abilities 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 intricacy wherever you look ideal ultimately developing a knowledge base is absolutely vital but all over you look with payroll payment they resemble very payments no if but some babies about it you are all superheroes processing payments for payroll if you look at the type 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 technology is enabling us to type of move on with that it also too to contribute to that payroll and finance require to work closer together um with varying Checking account Details differing banking requirements and setup procedures is definitely vital that payroll and financing teams work more detailed together than ever um I'm always surprised when people say I have actually divided payroll and payment um if you walk down the street and asked anybody what is payroll who doesn't operate in the payroll occupation would they split 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 process it's the point of information collection all the way through to paying people anywhere they are but likewise paying statutory authorities and on statutory third parties so with the
world we live in and well-being being increasingly more essential to contribute to type of the level of intricacy there's more and more advantages being organ or being used by companies across the world so again you're just looking to add increasingly more payments to this already 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 difficulties or genuine difficult type of pay uses to play to pay individuals I believe yeah I indicate over the last well yeah a number of decades I would certainly say that the bigger a service gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the task there are groups feeding info into the next function as it were that's really handling the payment side of things but you know in in my opinion and my experience that doesn't necessarily need to be the case you know long gone are the times where we require to produce additional handoffs in the processes that we run in they just make them more timely they make them less efficient and they don't make them what they require to be in in an age of tech and an age that you know that we are working in today there is no reason why we are still making this as challenging as it needs to be concurred and rightly as you stated payroll is the single most significant liability that any organization has from a cost perspective from an impact perspective on employees it is absolutely vital that it's done properly and on time so what we mean by that is not a day before not a day after on pay day and payments need to be done right it has the biggest damaging result on people's wellness and many other factors if individuals aren't paid uh I've constantly been impressed entering into this Market kind of the last 5 to ten years is how little thanks the
The payroll team may not have actually been thanked for properly processing payroll during a webinar. If anybody has actually been thanked, it would be fantastic to hear their success story, whether it's from all employees or not. Payroll is an important cycle, and people just discover when things go wrong. However, when things go right, it's seen as simply a routine task. This is how it's viewed externally also. For that reason, it is important to make sure that tasks like Wi-Fi Global and other vital matters are done properly. Using the first Global Payments first payroll payment solution is a fantastic preliminary action towards offering a comprehensive payroll solution for employees worldwide. Standardization, international processes, and decreasing the number of tools, platforms, and savings account essential for global payroll are key factors in accomplishing service success. While we don't expect a hundred thousand thank yous within a payroll cycle, we do occasionally get a couple of complaints when things don't go as prepared. Ultimately, we do not do it for the gratitude.
anyhow we know how how essential 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 involved in those procedures and also so imagine sorry I'm simply I was simply gon na state picture the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I'm sure we're talking about numerous thousands potentially Millions picture getting that many thank you notes um I indicate it 'd be interesting to see the number of Post-it notes you got but it would certainly be a fascinating job attempting to clean 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 try to check out them and actually see what was going on and sort of try to return to everybody so moving on look why do companies select to primary separate bank accounts there are services out there doing precisely this for particular nations and I have actually operated in an organization or lots of organizations doing precisely that I can state it does not constantly feel efficient and it does create more work I understand we're not intentionally doing that we're not developing additional work for any person where we do not need to and anybody that's handling 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 believe numerous reasons one is it's the requirement I believe people have got so utilized to we require a brand-new checking account we open an entity and rightly so you need it for payroll purposes however there are a number of markets where it's not a requirement so I think it's just been the standard and the norm the people have actually adopted and continue to do over years and years gone past to contribute 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 think there's a variety I believe this is a procedure that requires looking at it requires changing but ultimately individuals are very stuck to what they're familiar
with right um change is a tough thing we all do not like modification um so I think it's simply kind of moving away from the standard as we have actually said so yeah so it keeps a lot of track of things um I understand undoubtedly the benefits of having keeping several bank accounts however there's a big quantity of complexity opts for establishing a checking account preserving it ensuring it can send out International transfers guaranteeing it's established with the best user accesses for private people so the intricacy is big however I think the truthful response 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 aside from opening a savings account I think you have actually hit the nail on the head I think it is knowledge you understand and there is an aspect 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 proceeding and moving into you know what could practically be determined to be the next Century or two there is a lot to keep an eye on and this technique does posture a number of difficulties um so Johnny could you tell us about those difficulties yeah of course so there's a range right there is so
I just recently made a change to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It feels like our CFO has actually gained another CFO, and with this enhanced ability, I have successfully secured payments for our 10,000 staff members worldwide. Your commitment to mastering global payroll and payments utilizing Papaya payroll OS is good. You deserve a corner office with a parking space that is better, considering your achievements.
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