Find out more about Papaya Global Payroll Setup ... We now have the ability to manage both our payroll and payments processes on one merged platform. It's as if our Chief Financial Officer has acquired a different Chief Financial Officer specifically committed to handling payments. This provides us with a safe and reputable method of paying 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 professionals
The Employee Website supplies staff members with the ability to access and view essential documents such as pay slips, wage and tax statements, and work records. This portal is accessible on both desktop and mobile devices and is provided in numerous languages.
Advantages Administration
Papaya Global assists business offer competitive advantages bundles to global workers despite the variety of employees in the business. The business can establish medical insurance, short-term and long-lasting impairment, vision, dental and maternity leave while removing the requirement to source local advantages service providers in every nation, create local accounts and have a minimum variety of workers.
The HR capabilities provided by International HR encompass various functions such as keeping track of holiday time, making sure compliance, assisting in the process of inviting brand-new staff members and bidding goodbye to departing ones, offering a protected online platform for saving employees' files, and supplying assistance for work allow procedures in case your workers need assistance in that location.
HR Analytics
Papaya Global's payroll and HR analytics suite gives you insights into workforce spending, workforce diversity, overall work expenses dispersed per place, total work costs per cycle and much more.
environments around the world I offered management and strategy to populations of over a hundred thousand staff members in more than 170 countries today I'm the payroll techniques for as Mark said I work throughout the business handling and structure external relationships supporting Enterprise clients and options along with serving as a consultant for those of you that don't know who papaya Worldwide is papaya is the very first payroll and payments
As an international business, we are honored to be included on the prestigious Time 100 list of the most influential business worldwide. We focus on providing payroll and workforce management services to workers in more than 160 countries. I am delighted to introduce Johnny Nash, as pointed out by Mark. Now, I'll let Johnny present himself. Good day to all, despite your location. It's an enjoyment to satisfy you and thank you for your valuable time. As Ian mentioned, I am Johnny Nash, the director of payments at our company. With over a years of experience in the payments market, I have actually concentrated on payroll and payment options for the past 7 years. The intricacies and obstacles of this field have actually constantly captivated me.
payroll payments and decided to kind of make a genuine go at that over the last 5 or 6 years where I have actually sort of had a variety of various functions on the supplier side and likewise on the supplier side from a payroll viewpoint so truly anticipating this discussion today um and yeah thank you quite for your time everybody alright thanks Johnny uh we'll simply provide everyone another couple of uh well one of the 30 seconds or two to join we all 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 everybody is um it's nice to to type of like see where everyone originates from and I really do hope it's much sunnier than it is in the UK today definitely not the peak of the sunlight is it it's not no it's it's drizzling here it's very extremely gloomy and I wish I was somewhere else at this moment in time fine so let's begin our program for today is as follows um we are going to be taking a look at the obstacle years of managing International payroll why business maintain different
bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts simplifying papaya Worldwide payroll payments as a strategic property uh we'll also review a recap which should leave his time at the extremely extremely end for a q a session so as the title of the webinar recommends payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces become increasingly more typical and managing them becomes increasingly more complicated Global organizations are aiming to discover Solutions and brand-new ways to improve processes especially from a payroll and cross-border payment standpoint many organizations keep different bank account just for payroll while some have several accounts in different nations does it make good sense for companies to keep separate bank accounts in some cases in different countries it does however just for payroll exists a much better way what role do virtual accounts and digital wallets likewise known as virtual wallets play in helping multinational companies enhance the episode complex procedures of
Guaranteeing precise, efficient, and prompt payroll payments is a complex obstacle for businesses running worldwide. Join us for a webinar to explore the benefits and downsides of payroll wallets versus payroll bank accounts, find out how companies anticipate payroll expenses to enhance working capital, and find how streamlining international payroll payments can change them from a difficult job into a strategic asset.
Handling payroll globally is a difficult job due to various guidelines, compliance requirements, data security issues, and banking rules. The large number of employees and companies adds to the complexity, with an estimated 3.5 billion individuals in the global workforce, 500 million of whom remain in Africa, and 230 million organizations worldwide.
Traditional payroll systems frequently lead to manual procedures, information silos, and a lack of combination, causing disparities and inadequacies. In spite of residing in an age of technological improvements, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed manually, typically using pen and paper. This webinar objectives to offer insights and options to simplify and optimize global payroll payments.
about it to offer you a concept of how far there still is to come according to Deloitte just 11 of companies state they have Labor force data in real time that's another number that provides me sleep deprived nights and rather honestly the more an organization spends on worldwide payroll the less of a picture they see a lack of exposure also reaches payroll payments and failure to accurately track these payments can lead to compliance mishaps in the last mile of the transaction almost half of international companies have actually revealed that they don't have the level of standardization they need in their processes or desire and as a result eighty percent of mistakes are due to time reporting bad HCM data information entry mistakes poorly communicated hires and terminations along with absence management and system configurations and then when you round all of it off and the information is shipped to the wrong location the average cost of an international information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash all over the world payroll and payments don't run smoothly if they depend on the necessary several processes systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the obstacles company face when they're paying to employees or otherwise that's a good question I always toss this back and say what is it what does not need to be consisted of best and what does
it require to be thought about there's differing Bank information 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 need to pay from an in-country account do you need to pay from the customer's own in-country account so there's complexity anywhere you look best ultimately developing a knowledge base is definitely crucial but all over you look with payroll payment they resemble super payments no if however some infants about it you are all superheroes processing payments for payroll if you take a look at the sort of link between fintech and payroll it's closer than ever I believe there's now a bit more acknowledgment that payroll payments are definitely basic and innovation is allowing us to type of move forward with that it also as well to contribute to that payroll and finance need to work closer together um with differing Bank Account Details varying banking requirements and setup processes is definitely imperative that payroll and financing groups work more detailed together than ever um I'm always amazed when people state I have actually divided payroll and payment um if you stroll down the street and asked anyone what is payroll who does not work in the payroll occupation would they divide 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 ultimately it's payroll is an end-to-end process it's the point of information collection all the way through to paying people wherever they are however also paying statutory authorities and on statutory third parties so with the
The contemporary world places a high value on well-being and the payment landscape is ending up being progressively intricate. Services are constantly introducing new advantages and payment choices, which contributes to the general intricacy. Large corporations frequently divide their payroll and payment processing into different groups, which can lead to inadequacies and traffic jams. In my opinion, this doesn't have to be the case. In today's technologically advanced age, there's no reason for maintaining cumbersome treatments. Payroll, the company's biggest expense, should be processed properly and on time. Even slight hold-ups can adversely impact staff members' wellness and have significant repercussions. For that reason, it's vital to prioritize precise and prompt payments.
payroll team get um so I'm unsure anybody on this kind of webinar has actually been informed thank you for processing my payroll properly if you have it 'd be great to hear your success story and whether that's been from all staff members or not um but eventually payroll is such an essential cycle all of us hear about it when it goes wrong everyone jumps up and down when it goes wrong however when it goes right it's just a tick box exercise and I believe that's how it's seen from the external consider as well um so yeah it's also like why WI-Fi Global why all of this stuff is definitely essential that all of this stuff is done properly so leveraging the very first Worldwide Payments very first payroll payment solution is a great primary step um providing an end-to-end payroll service for your employees internationally once again I believe is another huge um procedure once again aligning and guaranteeing you have standardization Global processes all of those things are absolutely essential to success success of services and minimizing the variety of tools platforms and savings account they need for their Worldwide payroll too could not agree with you more and on the the front in terms of of the thank yous for getting payroll done I've never had a hundred countless them within a payroll cycle do not anticipate to you do get the odd 5 or ten or whatever it might be with the with the the problems where things haven't gone quite where they're meant to be um I don't believe any of us are actually doing that for for the thanks
anyway we know how how crucial a function 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 everyone that's involved in those processes and likewise so picture sorry I'm just I was simply gon na state imagine the quantity of thanks you got if you might cover the quantity of people that we cover within this webinar I'm sure we're discussing numerous thousands potentially Millions envision getting that lots of thank you notes um I indicate it 'd be interesting to see how many Post-it notes you got however it would certainly be an intriguing job trying to clean up all those up for sure oh definitely I can't envision the size of my my Outlook inbox if that held true um you 'd need days of the week to attempt to look through them and in fact see what was going on and kind of shot to return to everyone so carrying on appearance why do companies choose to main separate savings account there are organizations out there doing precisely this for particular countries and I've worked in a business or many organizations doing precisely that I can state it does not always feel efficient and it does produce more work I understand we're not deliberately doing that we're not developing additional work for anyone where we don't need to and any person that's handling that process I 'd be interested to hear your thoughts Johnny why do you believe that we're doing that in in the in the quantity that we are I think lots of reasons one is it's the requirement I think individuals have actually got so utilized to we require a brand-new savings account we open an entity and rightly so you require 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 requirement and the norm individuals have actually embraced and continue to do over years and years passed by to add to that individuals have looked at things like trust accounts and lots of other ways um to to sort of do it so I believe there's a range I think this is a procedure that requires looking at it requires changing however ultimately people are very stuck to what they recognize
with ideal um change is a tough thing we all do not like change um so I think it's simply sort of moving far from the standard as we've said so yeah so it keeps a lot of track of stuff um I understand obviously the advantages of having maintaining numerous checking account but there's a huge amount of complexity opts for establishing a checking account preserving it ensuring it can send out International transfers guaranteeing it's set up with the best user accesses for individual people so the complexity is big but I believe the honest response is change um people have not had the ability to change or have not had always the knowledge to actually make that change into alternate Solutions other than opening a bank account I think you have actually hit the nail on the head I believe it is knowledge you understand and there is a component of resistance to alter however we've always 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 could nearly be identified to be the next Century approximately there is a lot to keep track of and this technique does posture numerous challenges um so Johnny might you inform us about those difficulties yeah obviously so there's a range right there is so
I just did you changed our Enterprise 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 Worldwide staff members you are worthy of a corner office with a closer parking space because I mastered Worldwide payroll and payments with Papaya payroll OS did you
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