Find out more about Papaya Global Payroll For Nanny ... We now have the ability to handle both our payroll and payments procedures on one merged platform. It's as if our Chief Financial Officer has actually gotten a different Chief Financial Officer specifically devoted to handling payments. This supplies us with a protected and trustworthy technique of making payments to our 10,000 employees worldwide.}
The innovative worldwide payroll management app enhances my payroll process, conserving me a substantial quantity of time monthly. With its user-friendly user interface, I have access to a single control panel that efficiently handles my payroll, EOR, and specialists.
The Employee Website provides workers with the capability to gain access to and view important files such as pay slips, wage and tax declarations, and employment records. This website is accessible on both desktop and mobile phones and is used in numerous languages.
Advantages Administration
Papaya Global assists business provide competitive advantages plans to worldwide workers regardless of the number of employees in the company. The business can establish health insurance, short-term and long-term impairment, vision, oral and maternity leave while removing the need to source regional benefits service providers in every nation, produce regional accounts and have a minimum number of employees.
The HR abilities supplied by International HR include numerous functions such as monitoring trip time, making sure compliance, helping with the procedure of welcoming new staff members and bidding farewell to leaving ones, providing a protected online platform for saving employees' files, and supplying support for work allow procedures in case your staff members need help in that area.
HR Analytics
Papaya Global's payroll and HR analytics suite provides you insights into workforce spending, labor force diversity, total work expenses distributed per place, overall employment expenses per cycle and much more.
Internationally, I have demonstrated management and strategic competence in guiding massive populations of over 100,000 staff members throughout 170 nations. Currently, I are accountable for managing payroll techniques, as mentioned by Mark. My function includes handling and establishing external partnerships, supporting Business clients, and offering advisory services. In addition, I am proud to be a part of Papaya Global, a pioneering payroll and payments options service provider.
As a global company, we are honored to be included on the prestigious Time 100 list of the most prominent business worldwide. We concentrate on supplying payroll and labor force management services to staff members in more than 160 nations. I am delighted to present Johnny Nash, as pointed out by Mark. Now, I'll let Johnny introduce himself. Good day to all, no matter your place. It's a pleasure to meet you and thank you for your important time. As Ian mentioned, I am Johnny Nash, the director of payments at our organization. With over a decade of experience in the payments industry, I have concentrated on payroll and payment options for the past 7 years. The complexities and obstacles of this field have always mesmerized me.
payroll payments and decided to kind of make a real go at that over the last 5 or 6 years where I've type of had a variety of various roles on the company side and likewise on the supplier side from a payroll point of view so really anticipating this conversation today um and yeah thank you quite for your time everyone okay thanks Johnny uh we'll simply give everybody another couple of uh well one of the 30 seconds or two to join all of us work back to back nowadays 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 everyone is um it's nice to to kind of like see where everyone comes from and I actually 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 raining here it's very really dreary 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 looking at the difficulty years of handling Worldwide payroll why business keep different
savings account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts improving papaya Global payroll payments as a strategic possession uh we'll likewise discuss a wrap-up which ought to leave his time at the very very end for a q a session so as the title of the webinar suggests payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces become increasingly more common and handling them becomes more and more complicated Global companies are wanting to discover Solutions and new methods to improve processes specifically from a payroll and cross-border payment standpoint lots of organizations keep different savings account just for payroll while some have several accounts in different countries does it make sense for companies to keep separate checking account in some cases in various countries it does however just for payroll is there a much better way what role do virtual accounts and digital wallets also referred to as virtual wallets play in helping international business simplify the episode complex processes of
making payroll payments precisely effectively securely and on time throughout this webinar we'll stroll you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll bank account how business precisely forecast their payroll expenses to increase working capital and how improving International payroll payments can turn them from a siled pane into a tactical possession so payroll can be challenging in adequate in one nation however when you're doing it globally it's next level and Beyond it ends up being complex for a variety of factors most importantly regulations compliance data security and banking rules then there are the large numbers they include further intricacy the worldwide Labor force is presently 3 and a half billion individuals by 2030 it's estimated that in Africa alone they will contribute and further 1.1 billion people that number is presently 500 million just for for a scale then factor in that there are some 230 million services and growing all doing their own thing all over the world in the conventional payroll design there's frequently a frustrating variety of various systems resulting in time-consuming manual processes and silos the number of Integrations could be non-existent in large amounts and or really extremely fundamental there's no real consistency structure we're residing in an era of tech however payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper which simply blows my mind every time I I think
about it to give 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 sleepless nights and rather honestly the more a business spends on worldwide payroll the less of an image they see a lack of visibility likewise reaches payroll payments and inability to accurately track these payments can cause compliance incidents in the last mile of the deal almost half of worldwide businesses have actually expressed that they don't have the level of standardization they need in their processes or want and as a result eighty percent of mistakes are because of time reporting poor HCM information information entry mistakes poorly interacted hires and terminations in addition to absence management and system setups and then when you round it all off and the data is shipped to the wrong place the average cost of a worldwide data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money all over the world payroll and payments don't run efficiently if they rely on the essential several 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 business face when they're making payments to staff members or otherwise that's a great concern I constantly throw this back and say what is it what does not need to be included best and what does
it need to be thought of there's varying Bank information 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 need to pay from an in-country account do you need to pay from the client's own in-country account so there's complexity anywhere you look best ultimately developing a knowledge base is definitely critical however everywhere you look with payroll payment they resemble extremely 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 think there's now a bit more acknowledgment that payroll payments are definitely fundamental and technology is allowing us to type of move on with that it likewise also to contribute to that payroll and finance require to work closer together um with varying Bank Account Details differing banking requirements and setup procedures is absolutely imperative that payroll and financing teams work more detailed together than ever um I'm always impressed when people say I've split payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn't operate in the payroll profession would they divide the payroll payment from calculation 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 procedure 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 modern world positions a high worth on wellness and the settlement landscape is becoming progressively elaborate. Services are continually introducing brand-new advantages and payment alternatives, which contributes to the total intricacy. Large corporations typically divide their payroll and payment processing into separate groups, which can result in ineffectiveness and bottlenecks. In my opinion, this does not need to hold true. In today's highly advanced period, there's no justification for preserving troublesome procedures. Payroll, the business's biggest expense, must be processed properly and on time. Even slight delays can negatively affect staff members' well-being and have significant effects. Therefore, it's crucial to prioritize precise and prompt payments.
The payroll team may not have been thanked for properly processing payroll during a webinar. If anybody has been thanked, it would be excellent to hear their success story, whether it's from all employees or not. Payroll is an essential cycle, and individuals just see when things go wrong. However, when things go right, it's viewed as just a routine task. This is how it's viewed externally too. Therefore, it is important to ensure that jobs like Wi-Fi International and other essential matters are done correctly. Using the first International Payments very first payroll payment service is a fantastic initial action towards providing a detailed payroll service for staff members worldwide. Standardization, worldwide procedures, and minimizing the variety of tools, platforms, and bank accounts required for international payroll are essential factors in accomplishing company success. While we don't anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes receive a few complaints when things don't go as planned. Ultimately, we don't do it for the appreciation.
anyway we understand how how important a function 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 simply gon na say think of the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I'm sure we're discussing numerous thousands potentially Millions picture getting that numerous thank you keeps in mind um I mean it 'd be interesting to see the number of Post-it notes you got however it would absolutely be a fascinating job trying to clean up all those up for sure oh absolutely I can't picture the size of my my Outlook inbox if that held true um you 'd require days of the week to attempt to browse them and in fact see what was going on and type of shot to get back to everyone so proceeding appearance why do business pick to primary different checking account there are services out there doing precisely this for specific nations and I have actually worked in a service or lots of companies doing precisely that I can say it does not always feel efficient and it does create more work I understand we're not purposely doing that we're not creating extra work for any person where we do not need to and anyone that's managing that process I 'd be interested to hear your thoughts Johnny why do you think 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 think individuals have got so used to we need a new bank account we open an entity and rightly so you need it for payroll functions however there are a number of markets where it's not a requirement so I think it's simply been the standard and the norm the people have actually embraced and continue to do over years and years passed by to contribute to that individuals have actually taken a look at things like trust accounts and lots of other methods um to to sort of do it so I think there's a variety I believe this is a process that needs looking at it needs changing however ultimately people are very stuck with what they recognize
with right um modification is a hard thing all of us do not like modification um so I think it's just kind of moving away from the standard as we've said so yeah so it keeps a great deal of track of things um I understand undoubtedly the advantages of having keeping several savings account but there's a substantial quantity of intricacy chooses setting up a checking account keeping it ensuring it can send out International transfers ensuring it's set up with the best user accesses for individual people so the complexity is substantial but I think the honest answer is change um people have not had the ability to alter or have not had necessarily the knowledge to really make that change into alternate Solutions aside from opening a checking account I think you have actually struck the nail on the head I think it is knowledge you know and there is a component of resistance to change however we have actually 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 almost be identified to be the next Century or two there is a lot to monitor and this method does present a number of difficulties um so Johnny might you tell us about those challenges yeah obviously so there's a variety right there is so
I simply 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 workers you are worthy of a corner office with a better parking space since I mastered Worldwide payroll and payments with Papaya payroll OS did you
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