Find out more about Papaya Global Payroll Silicon Valley Bank ... We now have the capability to manage both our payroll and payments processes on one unified platform. It's as if our Chief Financial Officer has actually gotten a different Chief Financial Officer particularly committed to handling payments. This supplies us with a protected and trustworthy approach of making payments to our 10,000 workers worldwide.}
the BEST worldwide payroll managment app, saves me hours of time on a monthly basis, one single dashboard for my payroll, EOR and contractors
Employee Portal
Employees have access to an Employee Website where they can see their pay slips, wage and tax declarations 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 business use competitive advantages packages to global staff members despite the variety of workers in the business. The business can set up medical insurance, short-term and long-lasting special needs, vision, oral and maternity leave while removing the need to source regional benefits companies in every nation, produce regional accounts and have a minimum number of staff members.
Global HR Performances
's HR functionalities consist of PTO tracking, compliance, onboarding/offboarding tools, online storage for employees' files and migration services if your staff members require work authorization assistance.
HR Analytics
Papaya Global's payroll and HR analytics suite gives you insights into labor force spending, workforce variety, overall work expenses distributed per place, total work costs per cycle and far more.
Internationally, I have actually demonstrated management and strategic competence in assisting massive populations of over 100,000 staff members across 170 countries. Currently, I are accountable for supervising payroll strategies, as mentioned by Mark. My role includes handling and developing external collaborations, supporting Business customers, and providing advisory services. In addition, I am proud to be a part of Papaya Global, a pioneering payroll and payments solutions company.
company to make the time 100 list for many influential companies on the planet we provide payroll payments and labor force management to all staff member key ins over 160 nations I am pleased to say that we likewise have as Mark stated Johnny Nash with us today Johnny would you like to present yourself of course thank you good morning excellent afternoon excellent night depending on where you are in the world it's beautiful to satisfy you and thank you very much for your time as Ian stated my name is Johnny Nash and I'm the payments director here at um I've remained in the payments industry for over 10 years and particularly working on the payroll and payment sector for over 7 years um I was captivated 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 different roles on the supplier side and also on the supplier side from a payroll perspective so really eagerly anticipating this conversation today um and yeah thank you very much for your time everybody alright thanks Johnny uh we'll simply provide everybody another couple of uh well one of the 30 seconds or so to join we all 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 everyone is um it's nice to to sort 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 sunlight is it it's not no it's it's drizzling here it's extremely extremely gloomy and I wish I was elsewhere at this moment in time fine so let's begin our program for today is as follows um we are going to be looking at the challenge years of managing International payroll why business keep different
Virtual payroll accounts are an alternative to conventional checking account for managing payroll payments. This is especially beneficial for worldwide organizations with dispersed and remote labor forces, as it simplifies the complex process of cross-border payments. Instead of keeping different bank accounts for payroll in different countries, virtual accounts and digital wallets provide a more streamlined solution. In this webinar, we will check out the advantages of using virtual payroll accounts and discuss why they are ending up being a strategic property for payroll executives. We will likewise offer a recap of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments accurately effectively firmly and on time throughout this webinar we'll stroll you through the international benefits and drawbacks of a payroll wallet versus a payroll checking account how companies accurately forecast their payroll expenses to increase working capital and how enhancing International payroll payments can turn them from a siled pane into a strategic property so payroll can be hard in adequate in one nation but when you're doing it worldwide it's next level and Beyond it becomes complicated for a variety of reasons most notably regulations compliance data security and banking rules then there are the sheer numbers they include additional intricacy the international Workforce is presently three and a half billion individuals by 2030 it's approximated 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 businesses and growing all doing their own thing worldwide in the conventional payroll model there's frequently a frustrating variety of various systems resulting in time-consuming manual procedures and silos the number of Combinations could be non-existent in big amounts and or really really fundamental there's no real consistency framework we're living in an age of tech but payroll has been slow 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 whenever I I believe
about it to offer you an idea of how far there still is to come according to Deloitte only 11 of organizations state they have Workforce data in real time that's another number that offers me sleepless nights and quite honestly the more a company invests in worldwide payroll the less of a photo they see an absence of presence also reaches payroll payments and failure to precisely track these payments can lead to compliance incidents in the last mile of the deal almost half of global services have actually expressed that they don't have the level of standardization they need in their processes or desire and as a result eighty percent of errors are because of time reporting poor HCM information information entry errors inadequately interacted hires and terminations as well as lack management and system setups and after that when you round all of it off and the data is delivered to the incorrect location the average cost of a global information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash all over the world payroll and payments don't run smoothly if they rely on the required several processes systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the difficulties business face when they're paying to workers or otherwise that's an excellent concern I constantly throw this back and say what is it what doesn't require to be included best and what does
it need 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 timespan 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 intricacy wherever you look right ultimately constructing a knowledge base is absolutely important however all over you look with payroll payment they resemble incredibly payments no if but some babies about it you are all superheroes processing payments for payroll if you 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 essential and innovation is allowing us to sort of progress with that it likewise as well to add to that payroll and finance need to work closer together um with differing Checking account Details differing banking requirements and setup processes is absolutely necessary that payroll and financing teams work closer together than ever um I'm always amazed when individuals state I have actually split 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 a market accept that why our payroll and payments so typically 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 individuals wherever they are but likewise paying statutory authorities and on statutory third parties so with the
The modern-day world puts a high value on wellness and the settlement landscape is becoming progressively detailed. Companies are continually introducing brand-new advantages and payment choices, which contributes to the total complexity. Big corporations typically divide their payroll and payment processing into different teams, which can result in ineffectiveness and traffic jams. In my opinion, this does not need to hold true. In today's highly innovative era, there's no justification for maintaining troublesome procedures. Payroll, the company's most significant expense, must be processed correctly and on time. Even small hold-ups can adversely affect workers' well-being and have far-reaching effects. Therefore, it's crucial to prioritize precise and prompt payments.
The payroll group may not have been thanked for correctly processing payroll during a webinar. If anyone has been thanked, it would be great to hear their success story, whether it's from all workers or not. Payroll is a crucial cycle, and people just observe when things go wrong. However, when things go right, it's seen as simply a routine task. This is how it's perceived externally as well. For that reason, it is essential to ensure that tasks like Wi-Fi Worldwide and other important matters are done correctly. Using the very first Global Payments first payroll payment option is a terrific initial step towards supplying an extensive payroll service for staff members worldwide. Standardization, international processes, and lowering the variety of tools, platforms, and bank accounts needed for global payroll are crucial consider accomplishing business success. While we don't expect a hundred thousand thank yous within a payroll cycle, we do periodically get a couple of complaints when things do not go as planned. Ultimately, we don't do it for the thankfulness.
anyway we understand how how important 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 associated with those processes and likewise so think of sorry I'm just I was simply gon na state imagine the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I'm sure we're discussing hundreds of thousands possibly Millions picture getting that numerous thank you keeps in mind um I mean it 'd be interesting to see how many Post-it notes you got but it would certainly be an intriguing job attempting to clean up all those up for sure oh definitely I can't think of the size of my my Outlook inbox if that held true um you 'd require days of the week to attempt to look through them and actually see what was going on and sort of try to get back to everybody so carrying on look why do business pick to primary different checking account there are organizations out there doing exactly this for particular countries and I have actually worked in an organization or lots of companies doing precisely that I can state it does not always feel efficient and it does develop more work I know we're not deliberately doing that we're not developing extra work for anybody where we don't have 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 quantity that we are I think lots of reasons one is it's the requirement I think people have got so used to we need a new checking account we open an entity and rightly so you require it for payroll functions but there are a variety of markets where it's not a requirement so I believe it's just been the requirement and the standard individuals have actually embraced and continue to do over years and years passed by to contribute to that people have looked at things like trust accounts and numerous other ways 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 requires changing however ultimately individuals are really stuck to what they're familiar
with ideal um modification is a challenging thing all of us don't like change um so I believe it's simply sort of moving far from the norm as we have actually said so yeah so it keeps a great deal of track of things um I comprehend clearly the advantages of having maintaining multiple savings account but there's a big quantity of intricacy opts for setting up a checking account maintaining it guaranteeing it can send out International transfers ensuring it's set up with the best user accesses for individual people so the complexity is substantial however I believe the honest response is change um individuals have not had the ability to change or have not had necessarily the knowledge to truly make that change into alternate Solutions aside from opening a bank account I think you have actually hit the nail on the head I think it is understanding you understand and there is a component of resistance to change but we've constantly done it that way is no genuine reason for not looking at the the benefits and the possibilities of proceeding and moving into you know what might practically be identified to be the next Century approximately there is a lot to track and this method does pose several challenges um so Johnny might you tell us about those difficulties yeah naturally so there's a range right there is so
I just did you switched our Enterprise 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 employees you are worthy of a corner office with a more detailed parking space due to the fact that I mastered International payroll and payments with Papaya payroll OS did you
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