Find out more about Papaya Global Payroll Soc Report ... 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 obtained a different Chief Financial Officer specifically committed to handling payments. This offers us with a secure and trusted approach of making payments to our 10,000 staff members worldwide.}
the very best international payroll managment app, saves me hours of time on a monthly basis, one single control panel for my payroll, EOR and specialists
Employee Website
Employees have access to a Worker Website where they can view their pay slips, wage and tax declarations and employment documents. The website is offered in multiple languages and can be accessed on a desktop or mobile device.
Benefits Administration
Papaya Global assists business offer competitive advantages plans to worldwide workers no matter the number of workers in the company. The company can establish medical insurance, short-term and long-term impairment, vision, dental and maternity leave while getting rid of the need to source local advantages companies in every nation, create regional accounts and have a minimum variety of workers.
Global HR Functionalities
's HR functionalities include PTO tracking, compliance, onboarding/offboarding tools, online storage for workers' documents and migration services if your staff members require work authorization support.
HR Analytics
Papaya Global's payroll and HR analytics suite provides you insights into labor force costs, labor force variety, overall work expenses distributed per location, overall employment costs per cycle and a lot more.
environments around the world I provided management and strategy to populations of over a hundred thousand staff members in more than 170 nations today I'm the payroll strategies for as Mark stated I work throughout the business managing and building external relationships supporting Business clients and options along with functioning as a consultant for those of you that don't understand who papaya Global is papaya is the very first payroll and payments
business to make the time 100 list for the majority of prominent companies in the world we provide payroll payments and labor force management to all staff member key ins over 160 nations I am pleased to state that we also have as Mark said Johnny Nash with us today Johnny would you like to introduce yourself obviously thank you good morning excellent afternoon good evening depending on where you are in the world it's beautiful to satisfy 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 remained in the payments market for over 10 years and particularly dealing with the payroll and payment sector for over seven years um I was fascinated 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 different roles on the service provider side and likewise on the supplier side from a payroll point of view so actually looking forward to this discussion today um and yeah thank you very much for your time everyone okay thanks Johnny uh we'll simply provide everyone 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 kind of let them do that so it 'd be rather fascinating and I can see it going on already just to hear where everybody is um it's nice to to sort of like see where everyone comes from and I actually 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 really extremely dreary and I wish I was elsewhere at this moment in time okay so let's get started our agenda for today is as follows um we are going to be looking at the difficulty years of managing Worldwide payroll why business maintain different
bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts enhancing papaya Worldwide payroll payments as a strategic property uh we'll likewise discuss a recap and that ought to leave his time at the very extremely end for a q a session so as the title of the webinar suggests payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces become more and more common and managing them becomes more and more complex Worldwide companies are wanting to discover Solutions and new ways to streamline processes specifically from a payroll and cross-border payment standpoint numerous organizations maintain different bank account just for payroll while some have multiple accounts in various countries does it make good sense for companies to preserve different savings account often in different nations it does but just for payroll is there a better way what role do virtual accounts and digital wallets also called virtual wallets play in helping international companies streamline the episode complex processes of
making payroll payments accurately effectively firmly and on time during this webinar we'll stroll you through the global pros and cons of a payroll wallet versus a payroll bank account how business properly forecast their payroll costs to increase working capital and how simplifying International payroll payments can turn them from a siled pane into a strategic asset so payroll can be challenging in enough in one nation but when you're doing it internationally it's next level and Beyond it becomes complicated for a variety of factors most importantly guidelines compliance data security and banking rules then there are the large numbers they add more complexity the worldwide Workforce is currently 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 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 an overwhelming variety of different systems leading to lengthy manual procedures and silos the number of Combinations could be non-existent in big amounts and or really extremely fundamental there's no genuine consistency structure we're living in an era 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 often with pen and paper and that simply blows my mind every time I I think
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 offers me sleepless nights and rather honestly the more a service spends on global payroll the less of a photo they see an absence of presence also reaches payroll payments and failure to accurately track these payments can result in compliance accidents in the last mile of the transaction nearly half of international organizations have expressed that they don't 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 data information entry errors inadequately communicated hires and terminations in addition to lack management and system setups and after that when you round it all off and the information is shipped to the incorrect place the typical cost of an international data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash around the world payroll and payments don't run smoothly if they rely on the required numerous processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the obstacles service face when they're paying to staff members or otherwise that's an excellent question I always toss this back and say what is it what does not require to be included right 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 have to pay from an in-country account do you have to pay from the consumer's own in-country account so there's complexity wherever you look ideal ultimately constructing a knowledge base is absolutely crucial but all over you look with payroll payment they are like incredibly payments no if but some babies about it you are all superheroes processing payments for payroll if you take a look at the kind of link between fintech and payroll it's closer than ever I think there's now a bit more recognition that payroll payments are absolutely fundamental and innovation is permitting us to type of progress with that it likewise also to contribute to that payroll and financing need to work closer together um with differing Bank Account Details varying banking requirements and setup procedures is definitely necessary that payroll and finance teams work more detailed together than ever um I'm always surprised when individuals state I have actually divided payroll and payment um if you walk down the street and asked anybody what is payroll who does not operate in the payroll profession 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 frequently split and cut up um eventually it's payroll is an end-to-end process it's the point of information collection all the way through to paying individuals any place they are however also paying statutory authorities and on statutory 3rd parties so with the
The modern world places a high value on wellness and the compensation landscape is becoming progressively intricate. Businesses are continuously presenting new advantages and payment options, which adds to the overall 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 technologically advanced age, there's no validation for maintaining cumbersome procedures. Payroll, the business's greatest cost, should be processed correctly and on time. Even minor hold-ups can negatively affect employees' well-being and have significant effects. Therefore, it's critical to prioritize precise and timely payments.
payroll team get um so I'm not exactly sure anybody on this type of webinar has been informed thank you for processing my payroll properly if you have it 'd be terrific to hear your success story and whether that's been from all staff members or not um but ultimately 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 but when it goes right it's simply a tick box exercise and I believe that's how it's seen from the external deem 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 correctly so leveraging the very first International Payments very first payroll payment option is a fantastic first step um providing an end-to-end payroll service for your workers globally again I think is another big um procedure once again aligning and guaranteeing you have standardization Global processes all of those things are definitely crucial to success success of organizations and lowering 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 regards to of the thank yous for getting payroll done I have actually never had a hundred thousand of them within a payroll cycle do not expect to you do get the odd 5 or ten or whatever it might be with the with the the grievances where things have not gone rather where they're suggested to be um I do not believe any of us are in fact doing that for for the thanks
anyway we understand 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 easy as possible for everyone that's involved in those procedures and likewise so think of sorry I'm just I was just gon na state envision the quantity of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make sure we're discussing numerous thousands possibly Millions envision getting that lots of thank you notes um I mean 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 think of the size of my my Outlook inbox if that held true um you 'd need days of the week to try to look through them and actually see what was going on and sort of shot to return to everyone so moving on appearance why do companies pick to primary different checking account there are companies out there doing precisely this for particular countries and I've worked in an organization or many organizations doing exactly that I can say it does not constantly feel efficient and it does develop more work I understand we're not intentionally doing that we're not producing extra work for any person where we do not 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 factors one is it's the standard I believe people have actually got so used to we require a brand-new savings account we open an entity and rightly so you need it for payroll purposes but there are a variety of markets where it's not a requirement so I believe it's simply been the standard and the norm individuals have actually embraced and continue to do over years and years gone past to add to that individuals have actually taken a look at things like trust accounts and numerous other methods um to to kind of do it so I believe there's a variety I believe this is a procedure that needs taking a look at it needs changing but ultimately people are extremely stuck to what they recognize
with right um modification is a hard thing we all don't like change um so I believe it's just sort of moving away from the standard as we have actually said so yeah so it keeps a great deal of track of things um I understand undoubtedly the benefits of having keeping numerous bank accounts but there's a big quantity of intricacy opts for establishing a savings account maintaining it guaranteeing it can send out International transfers ensuring it's established with the right user accesses for specific people so the intricacy is big but I think the sincere response is change um people have not had the ability to change or have not had necessarily the knowledge to actually make that change into alternate Solutions other than opening a savings account I believe you have actually struck the nail on the head I believe it is knowledge you understand and there is a component of resistance to alter but we've constantly done it that way is no real reason for not taking a look at the the advantages 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 track and this method does present numerous challenges um so Johnny could you tell us about those difficulties yeah naturally 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's like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global staff members you deserve a corner office with a closer parking space since I mastered International payroll and payments with Papaya payroll OS did you
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