Find out more about Papaya Global Payroll Id ... We now have the ability to manage both our payroll and payments procedures on one unified platform. It's as if our Chief Financial Officer has obtained a different Chief Financial Officer specifically committed to managing payments. This provides us with a safe and reliable method of making payments to our 10,000 workers worldwide.}
The cutting-edge worldwide payroll management app streamlines my payroll procedure, saving me a considerable quantity of time each month. With its easy to use interface, I have access to a single dashboard that efficiently handles my payroll, EOR, and specialists.
Staff member Website
Workers have access to a Worker Website where they can view their pay slips, wage and tax statements and employment files. The website is readily available in several languages and can be accessed on a desktop or mobile device.
Advantages Administration
Papaya Global helps companies provide competitive advantages packages to worldwide employees regardless of the number of staff members in the company. The business can establish medical insurance, short-term and long-term impairment, vision, dental and maternity leave while removing the need to source local advantages companies in every country, produce regional accounts and have a minimum variety of workers.
International HR Performances
's HR performances include PTO tracking, compliance, onboarding/offboarding tools, online storage for employees' files and migration services if your workers need work license assistance.
HR Analytics
Papaya Global's payroll and HR analytics suite provides you insights into labor force costs, labor force diversity, overall work expenses distributed per place, overall work expenses per cycle and a lot more.
environments across the globe I provided leadership and technique to populations of over a hundred thousand staff members in more than 170 countries today I'm the payroll methods for as Mark stated I work across the business handling and structure external relationships supporting Business clients and solutions in addition to acting as a consultant for those of you that do not know who papaya Worldwide is papaya is the very first payroll and payments
business to make the time 100 list for many influential companies in the world we supply payroll payments and workforce management to all staff member enters over 160 countries 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 on where you are in the world it's beautiful to fulfill 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 have actually been in the payments market for over ten years and particularly working on the payroll and payment sector for over 7 years um I was captivated by the complexity the trouble in all of the above of
payroll payments and chose to sort of make a real go at that over the last 5 or six years where I have actually type of had a range of various roles on the provider side and likewise on the vendor side from a payroll viewpoint so truly looking forward to this discussion today um and yeah thank you very much for your time everyone alright thanks Johnny uh we'll just provide everybody another couple of uh well one of the 30 seconds or so to join all of us work back to back nowadays so we'll sort 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 type of like see where everybody originates from and I really do hope it's much sunnier than it remains 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 really really gloomy and I want I was somewhere else at this moment in time all right so let's start our agenda for today is as follows um we are going to be looking at the difficulty years of handling International payroll why companies maintain separate
checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts simplifying papaya Global payroll payments as a tactical possession uh we'll also review a wrap-up and that needs to leave his time at the really 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 International labor forces end up being more and more typical and handling them becomes increasingly more complicated Global companies are aiming to find Solutions and brand-new methods to streamline procedures especially from a payroll and cross-border payment standpoint many organizations keep separate bank account just for payroll while some have numerous accounts in different nations does it make good sense for companies to keep different bank accounts often in different countries it does however just for payroll exists a better way what role do virtual accounts and digital wallets likewise known as virtual wallets play in helping international business enhance the episode complex processes of
making payroll payments accurately effectively firmly and on time during this webinar we'll stroll you through the global advantages and disadvantages of a payroll wallet versus a payroll bank account how companies accurately anticipate their payroll costs to increase working capital and how streamlining Worldwide payroll payments can turn them from a siled pane into a tactical asset so payroll can be hard in sufficient in one nation but when you're doing it globally it's next level and Beyond it becomes complicated for a variety of reasons most significantly policies compliance data security and banking rules then there are the sheer numbers they include more intricacy the international Labor force is currently three and a half billion people by 2030 it's estimated that in Africa alone they will contribute and more 1.1 billion individuals that number is presently 500 million just for for a scale then consider that there are some 230 million companies and growing all doing their own thing worldwide in the standard payroll design there's typically an overwhelming variety of different systems causing lengthy manual procedures and silos the number of Integrations could be non-existent in large quantities and or very really standard there's no genuine consistency framework we're residing in a period of tech however payroll has actually been slow to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper and that simply blows my mind every time I I believe
about it to offer you a concept of how far there still is to come according to Deloitte only 11 of businesses state they have Workforce information in real time that's another number that offers me sleep deprived nights and quite frankly the more a company invests in international payroll the less of a photo they see an absence of visibility also reaches payroll payments and inability to accurately track these payments can result in compliance mishaps in the last mile of the transaction almost half of global companies have actually expressed that they do not have the level of standardization they require in their procedures or want and as a result eighty percent of errors are due to time reporting bad HCM information data entry errors badly communicated hires and terminations as well as lack management and system configurations and after that when you round everything off and the data is delivered to the incorrect location the typical cost of a worldwide 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 don't run smoothly if they rely on the essential several processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the difficulties organization face when they're making payments to staff members or otherwise that's a great question I constantly toss this back and state what is it what doesn't need to be consisted of 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 time frames 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 customer's own in-country account so there's complexity anywhere you look right ultimately developing a knowledge base is absolutely crucial but everywhere you look with payroll payment they are like very payments no if however some children about it you are all superheroes processing payments for payroll if you take a 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 definitely fundamental and innovation is enabling us to kind of move forward with that it likewise also to contribute to that payroll and finance need to work closer together um with differing Checking account Particulars varying banking requirements and setup procedures is definitely imperative that payroll and financing teams work more detailed together than ever um I'm always astonished when individuals say I have actually split payroll and payment um if you walk down the street and asked anyone what is payroll who does not work in the payroll occupation would they divide the payroll payment from estimation 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 ultimately it's payroll is an end-to-end process it's the point of data collection all the way through to paying individuals anywhere they are however likewise paying statutory authorities and on statutory 3rd parties so with the
world we reside in and well-being being increasingly more essential to add to type of the level of complexity there's increasingly more benefits being organ or being offered by services across the world so once again you're just wanting to include more and more payments to this already complex 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 kind of pay uses to play to pay individuals I believe yeah I mean over the last well yeah a number of years I would definitely say that the bigger an organization 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 teams feeding info into the next function as it were that's really handling the payment side of things however you know 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 require to develop extra handoffs in the processes that we operate in they simply make them more prompt they make them less effective and they do not make them what they require to be in in an age of tech and an era that you know that we are working in today there is no reason that we are still making this as tough as it needs to be concurred and appropriately as you said payroll is the single most significant liability that any company has from an expense viewpoint from an effect perspective on employees it is definitely important 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 have to be done right it has the biggest damaging impact on people's well-being and numerous other elements if people aren't paid uh I have actually constantly been amazed coming into this Market kind of the last five to ten years is how little thanks the
The payroll team might not have actually been thanked for correctly processing payroll throughout a webinar. If anyone has been thanked, it would be excellent to hear their success story, whether it's from all staff members or not. Payroll is an important cycle, and people only discover when things go wrong. However, when things go right, it's seen as just a regular job. This is how it's viewed externally too. For that reason, it is necessary to ensure that jobs like Wi-Fi Global and other essential matters are done properly. Using the very first Worldwide Payments first payroll payment service is an excellent preliminary action towards offering an extensive payroll service for employees worldwide. Standardization, worldwide processes, and decreasing the variety of tools, platforms, and bank accounts essential for global payroll are key consider achieving service success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally receive a couple of problems when things do not go as planned. Ultimately, we don't do it for the gratitude.
anyway we know how how important 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 easy as possible for everybody that's involved in those procedures and also so think of sorry I'm simply I was simply gon na say envision 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 speaking about hundreds of thousands potentially Millions imagine getting that many thank you keeps in mind um I mean it 'd be interesting to see the number of Post-it notes you got but it would certainly be an interesting task trying to clean up all those up for sure oh definitely I can't think of the size of my my Outlook inbox if that was the case um you 'd require days of the week to try to browse them and really see what was going on and sort of try to return to everybody so carrying on look why do companies select to main different bank accounts there are services out there doing exactly this for particular countries and I've worked in a company or lots of services doing precisely that I can say it doesn't constantly feel efficient and it does develop more work I know we're not deliberately doing that we're not developing extra work for anyone where we don't have to and anybody that's handling that process 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 numerous reasons one is it's the standard I think individuals have got so utilized to we require a new checking 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 simply been the requirement and the standard individuals have embraced and continue to do over years and years passed by to add to that individuals have looked at things like trust accounts and many other methods um to to kind of do it so I think there's a variety I think this is a procedure that requires taking a look at it requires changing however ultimately people are very stuck with what they recognize
with best um modification is a difficult thing all of us do not like modification um so I believe it's simply sort of moving far from the norm as we've said so yeah so it keeps a great deal of track of stuff um I understand clearly the advantages of having maintaining several bank accounts but there's a substantial amount of complexity chooses setting up a savings account keeping it guaranteeing it can send out International transfers ensuring it's established with the right user accesses for specific people so the complexity is big however I think the sincere answer is modification um individuals have not been able to alter or haven't had necessarily the understanding to truly make that change into alternate Solutions aside from opening a checking account I believe you have actually struck the nail on the head I believe it is understanding you understand and there is an aspect of resistance to change however we've always done it that way is no genuine excuse for not looking at the the advantages and the possibilities of carrying on and moving into you know what might nearly be figured out to be the next Century or two there is a lot to monitor and this technique does position numerous difficulties um so Johnny could you tell us about those obstacles yeah obviously so there's a range right there is so
I simply did you changed our Business to OS so now we can do our payroll and payments operation on a single platform yes it's like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global workers you are worthy of a corner workplace with a closer parking space because I mastered International payroll and payments with Papaya payroll OS did you
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