Find out more about Papaya Global Payroll Time Tracking ... 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 acquired a separate Chief Financial Officer particularly dedicated to handling payments. This provides us with a protected and dependable technique of making payments to our 10,000 staff members worldwide.}
The advanced global payroll management app enhances my payroll procedure, saving me a considerable quantity of time monthly. With its user-friendly user interface, I have access to a single dashboard that effectively handles my payroll, EOR, and specialists.
The Worker Portal supplies workers with the capability to access and view crucial files such as pay slips, wage and tax declarations, and work records. This portal is accessible on both desktop and mobile phones and is provided in numerous languages.
Advantages Administration
Papaya Global assists business use competitive benefits bundles to international staff members regardless of the variety of staff members in the company. The company can establish health insurance, short-term and long-term impairment, vision, oral and maternity leave while eliminating the need to source local benefits suppliers in every nation, create local accounts and have a minimum variety of employees.
Worldwide HR Functionalities
's HR functionalities consist of PTO tracking, compliance, onboarding/offboarding tools, online storage for workers' documents and immigration services if your employees require work authorization assistance.
HR Analytics
Papaya Global's payroll and HR analytics suite provides you insights into workforce costs, labor force diversity, overall work expenses distributed per location, total employment expenses per cycle and far more.
environments across the globe I provided leadership and method to populations of over a hundred thousand workers in more than 170 countries today I'm the payroll methods for as Mark said I work throughout business managing and building external relationships supporting Business clients and solutions in addition to functioning as an advisor for those of you that do not know who papaya International is papaya is the first payroll and payments
As an international company, we are honored to be consisted of on the distinguished Time 100 list of the most influential business worldwide. We concentrate on providing payroll and workforce management services to workers in more than 160 nations. I am delighted to present Johnny Nash, as pointed out by Mark. Now, I'll let Johnny present himself. Good day to all, regardless of your area. It's an enjoyment to fulfill 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 industry, I have actually focused on payroll and payment solutions for the past 7 years. The complexities and obstacles of this field have always captivated me.
payroll payments and decided to sort of make a real go at that over the last five or six years where I've sort of had a variety of different functions on the company side and likewise on the vendor side from a payroll viewpoint so really eagerly anticipating this conversation today um and yeah thank you very much for your time everybody all right thanks Johnny uh we'll just offer 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 type of let them do that so it 'd be quite interesting and I can see it going on already just to hear where everyone is um it's nice to to type of like see where everyone originates from and I truly do hope it's much sunnier than it is in the UK today definitely not the peak of the sunshine is it it's not no it's it's drizzling here it's extremely extremely bleak and I want I was elsewhere at this moment in time alright so let's start our agenda for today is as follows um we are going to be looking at the challenge years of handling International payroll why companies preserve separate
checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts streamlining papaya Global payroll payments as a tactical property uh we'll likewise review a wrap-up which ought to leave his time at the extremely very end for a q a session so as the title of the webinar suggests payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and International workforces end up being more and more common and managing them becomes increasingly more complex International organizations are looking to find Solutions and new ways to streamline processes specifically from a payroll and cross-border payment viewpoint many companies preserve separate savings account just for payroll while some have multiple accounts in different countries does it make sense for business to maintain different bank accounts in some cases in different nations it does but just for payroll is there a much better method what function do virtual accounts and digital wallets also referred to as virtual wallets play in assisting multinational business simplify the episode complex procedures of
making payroll payments precisely efficiently safely and on time during this webinar we'll walk you through the international advantages and disadvantages of a payroll wallet versus a payroll checking account how companies precisely anticipate their payroll costs to increase working capital and how simplifying Worldwide payroll payments can turn them from a siled pane into a tactical property so payroll can be challenging in adequate in one country but when you're doing it globally it's next level and Beyond it becomes intricate for a range of reasons most importantly guidelines compliance data security and banking rules then there are the large numbers they add more intricacy the worldwide Labor force is presently 3 and a half billion people by 2030 it's approximated that in Africa alone they will contribute and more 1.1 billion people 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 conventional payroll design there's typically an overwhelming variety of different systems causing lengthy manual processes and silos the number of Integrations could be non-existent in big quantities and or very extremely standard there's no real consistency structure we're living 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 often with pen and paper and that just blows my mind whenever I I think
about it to offer you an idea of how far there still is to come according to Deloitte only 11 of companies say they have Labor force data in real time that's another number that offers me sleepless nights and rather honestly the more a company spends on global payroll the less of a photo they see a lack of exposure also encompasses payroll payments and inability to accurately track these payments can cause compliance incidents in the last mile of the transaction nearly half of international businesses have actually revealed that they do not have the level of standardization they require in their procedures or want and as a result eighty percent of mistakes are because of time reporting poor HCM data information entry errors badly interacted hires and terminations along with lack management and system configurations and after that when you round all of it 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 as soon as payrolls are done we still need to move the money all over the world payroll and payments don't run smoothly if they rely on the needed multiple processes systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the obstacles company face when they're paying to workers or otherwise that's an excellent concern I always throw this back and state what is it what doesn't require to be included ideal and what does
it need to be considered 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 have to pay from an in-country account do you have to pay from the customer's own in-country account so there's intricacy wherever you look ideal ultimately constructing a knowledge base is definitely critical however everywhere 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 think there's now a bit more acknowledgment that payroll payments are definitely essential and technology is enabling us to type of move forward with that it also also to add to that payroll and financing need to work closer together um with varying Savings account Details varying banking requirements and setup procedures is definitely crucial that payroll and finance groups work more detailed together than ever um I'm constantly astonished when individuals say I have actually split payroll and payment um if you stroll down the street and asked anybody what is payroll who does not work 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 people any place they are but also paying statutory authorities and on statutory third parties so with the
world we live in and well-being being more and more essential to contribute to sort of the level of intricacy there's increasingly more benefits being organ or being provided by organizations throughout the world so once again you're just looking to include more and more payments to this already complicated landscape so if you type of got any experience well I'm from your huge experience here and I make sure but have you got any experience in kind of real challenges or real tough type of pay uses to play to pay individuals I believe yeah I suggest over the last well yeah a couple of decades I would definitely say that the larger a company gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the job there are teams feeding info into the next function as it were that's really managing the payment side of things but you understand in in my viewpoint and my experience that doesn't always require to be the case you understand long gone are the times where we require to create extra handoffs in the processes that we operate in they just make them more prompt they make them less efficient and they don't make them what they require to be in in an era of tech and an era that you know that we are operating in today there is no reason we are still making this as tough as it needs to be agreed and appropriately as you said payroll is the single greatest liability that any business has from a cost perspective from an effect viewpoint on workers it is definitely critical that it's done properly and on time so what we indicate by that is not a day before not a day after on pay day and payments have to be done right it has the greatest detrimental impact on individuals's well-being and many other factors if people aren't paid uh I have actually always been amazed coming into this Market kind of the last five to 10 years is how little thanks the
The payroll group might not have been thanked for properly processing payroll throughout a webinar. If anyone has been thanked, it would be fantastic to hear their success story, whether it's from all staff members or not. Payroll is a crucial cycle, and individuals just observe when things fail. Nevertheless, when things go right, it's viewed as simply a regular task. This is how it's perceived externally as well. For that reason, it is vital to guarantee that jobs like Wi-Fi Global and other essential matters are done properly. Utilizing the first Global Payments very first payroll payment solution is a terrific initial step towards offering a detailed payroll service for workers worldwide. Standardization, international processes, and minimizing the variety of tools, platforms, and savings account necessary for global payroll are essential consider accomplishing organization success. While we don't anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes get a few problems when things do not go as planned. Ultimately, we don't do it for the thankfulness.
anyway we know how how important a role 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 simple as possible for everyone that's associated with those processes and likewise so envision sorry I'm just I was simply gon na say picture the quantity of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make certain we're speaking about numerous thousands potentially Millions envision getting that lots of 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 definitely be an interesting task attempting to clean up all those up for sure oh definitely I can't imagine the size of my my Outlook inbox if that was the case um you 'd need days of the week to attempt to browse them and in fact see what was going on and sort of try to return to everybody so moving on appearance why do companies select to main different bank accounts there are businesses out there doing exactly this for specific nations and I have actually worked in a service or lots of businesses doing precisely that I can state it does not constantly feel efficient and it does develop more work I know we're not purposely doing that we're not developing extra work for anybody where we don't need to and any person that's handling that process I 'd be interested to hear your ideas Johnny why do you believe that we're doing that in in the in the quantity that we are I believe numerous factors one is it's the standard I believe people have actually got so used to we require a brand-new checking account we open an entity and appropriately so you require it for payroll functions but there are a variety of markets where it's not a requirement so I think it's just been the requirement and the norm individuals have actually embraced and continue to do over years and years gone past to add to that people have actually taken a look 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 believe this is a process that needs looking at it requires altering however ultimately individuals are very stuck with what they recognize
with best um modification is a challenging thing all of us don't like modification um so I believe it's simply sort of moving far from the standard as we have actually said so yeah so it keeps a great deal of track of things um I comprehend obviously the advantages of having preserving numerous savings account but there's a substantial quantity of complexity opts for establishing a bank account preserving it ensuring it can send out International transfers ensuring it's set up with the best user accesses for specific people so the complexity is huge but I believe the sincere answer is modification um people have not been able to alter or haven't had always the knowledge to truly make that change into alternate Solutions aside from opening a bank account I believe you have actually struck the nail on the head I believe it is knowledge you know and there is an aspect of resistance to alter however we have actually constantly done it that way is no genuine excuse for not taking a look at the the advantages and the possibilities of proceeding and moving into you understand what could practically be figured out to be the next Century or so there is a lot to monitor and this approach does position numerous difficulties um so Johnny might you inform us about those challenges yeah naturally so there's a variety right there is so
I recently made a change to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It seems like our CFO has gained another CFO, and with this enhanced ability, I have actually successfully protected payments for our 10,000 workers worldwide. Your commitment to mastering international payroll and payments using Papaya payroll OS is commendable. You should have a corner office with a parking space that is better, considering your achievements.
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