Find out more about Papaya Global Payroll Trial ... We now have the capability 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 dedicated to managing payments. This supplies us with a protected and reputable approach of paying to our 10,000 workers worldwide.}
the very best global payroll managment app, saves me hours of time every month, one single control panel for my payroll, EOR and contractors
Worker Website
Workers have access to a Staff member Website where they can view their pay slips, wage and tax declarations and employment documents. The portal is offered in several languages and can be accessed on a desktop or mobile phone.
Benefits Administration
Papaya Global helps companies use competitive advantages packages to global staff members regardless of the variety of employees in the business. The business can establish health insurance, short-term and long-term special needs, vision, dental and maternity leave while getting rid of the requirement to source local advantages providers in every country, produce regional accounts and have a minimum variety of staff members.
Global HR Performances
's HR performances include PTO tracking, compliance, onboarding/offboarding tools, online storage for employees' files and immigration services if your employees require work permit support.
HR Analytics
Papaya Global's payroll and HR analytics suite provides you insights into workforce spending, workforce diversity, total employment expenses distributed per place, overall work costs per cycle and a lot more.
environments across the globe I supplied leadership and method 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 throughout business managing and structure external relationships supporting Business clients and options in addition to serving as a consultant for those of you that don't know who papaya Worldwide is papaya is the very first payroll and payments
business to make the time 100 list for most influential business worldwide we supply payroll payments and workforce management to all employee 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 present yourself naturally thank you good morning great afternoon good night depending on where you remain in the world it's lovely to meet you and thank you very much for your time as Ian said my name is Johnny Nash and I'm the payments director here at um I've been in the payments industry for over ten years and particularly dealing with the payroll and payment sector for over seven years um I was captivated by the complexity the difficulty in all of the above of
payroll payments and decided to type of make a real go at that over the last five or six years where I have actually type of had a range of various roles on the supplier side and likewise on the vendor side from a payroll perspective so actually looking forward to this discussion today um and yeah thank you very much for your time everyone all right thanks Johnny uh we'll simply give everyone another number of uh well one of the 30 seconds or so to join we all work back to back these days so we'll kind of let them do that so it 'd be rather intriguing and I can see it going on currently just to hear where everybody is um it's nice to to sort of like see where everybody originates 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 really really uninspiring and I wish I was somewhere else at this moment in time okay so let's begin our agenda for today is as follows um we are going to be looking at the difficulty years of managing International payroll why companies preserve separate
bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts improving papaya Worldwide payroll payments as a strategic asset uh we'll also go over a wrap-up which should leave his time at the very really end for a q a session so as the title of the webinar suggests payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces end up being more and more typical and handling them becomes more and more complex Worldwide organizations are wanting to find Solutions and new ways to streamline processes especially from a payroll and cross-border payment standpoint many companies maintain separate checking account just for payroll while some have multiple accounts in various nations does it make sense for business to maintain different bank accounts often in various countries it does however just for payroll is there a much better way what role do virtual accounts and digital wallets likewise known as virtual wallets play in assisting international companies streamline the episode complex processes of
Making sure precise, effective, and prompt payroll payments is a complex obstacle for businesses operating internationally. Join us for a webinar to check out the benefits and drawbacks of payroll wallets versus payroll savings account, learn how companies anticipate payroll expenses to optimize working capital, and find how enhancing worldwide payroll payments can change them from a troublesome job into a strategic property.
Managing payroll worldwide is a daunting job due to various policies, compliance requirements, data security concerns, and banking rules. The large variety of staff members and companies contributes to the complexity, with an approximated 3.5 billion individuals in the international labor force, 500 countless whom remain in Africa, and 230 million services worldwide.
Conventional payroll systems often result in manual processes, information silos, and an absence of combination, resulting in inconsistencies and inefficiencies. Despite living in an era of technological developments, payroll management has been sluggish to adjust, with as much as 25% of payroll still processed by hand, typically using pen and paper. This webinar aims to provide insights and solutions to simplify and enhance international payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of businesses say they have Labor force data in real time that's another number that provides me sleep deprived nights and rather frankly the more a company invests in global payroll the less of an image they see an absence of presence likewise extends to payroll payments and failure to properly track these payments can cause compliance incidents in the last mile of the deal almost half of worldwide businesses have revealed that they do not have the level of standardization they require in their procedures or desire and as a result eighty percent of errors are due to time reporting poor HCM data information entry mistakes poorly communicated hires and terminations as well as absence management and system configurations and then when you round everything off and the data is delivered to the incorrect place the average expense of a global information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money around the globe payroll and payments don't run efficiently if they rely on the required numerous procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the challenges company face when they're making payments to employees or otherwise that's a great concern I always toss this back and say what is it what does not need to be included best and what does
it need to be thought of there's varying 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 abilities 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 consumer's own in-country account so there's complexity anywhere you look right eventually building a knowledge base is absolutely critical however everywhere you look with payroll payment they are like very 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 think there's now a bit more recognition that payroll payments are definitely basic and technology is enabling us to sort of move forward with that it also also to contribute to that payroll and finance need to work closer together um with varying Bank Account Details varying banking requirements and setup processes is definitely necessary that payroll and finance teams work more detailed together than ever um I'm always astonished when individuals say I have actually divided payroll and payment um if you walk down the street and asked anybody 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 an industry accept that why our payroll and payments so frequently split and cut up um ultimately it's payroll is an end-to-end procedure it's the point of information collection all the way through to paying individuals wherever they are but also paying statutory authorities and on statutory 3rd parties so with the
The modern-day world places a high worth on wellness and the settlement landscape is becoming increasingly detailed. Businesses are continuously presenting new benefits and payment choices, which adds to the total complexity. Big corporations often divide their payroll and payment processing into different teams, which can lead to inadequacies and bottlenecks. In my viewpoint, this does not need to be the case. In today's technically advanced era, there's no reason for maintaining troublesome treatments. Payroll, the business's biggest cost, need to be processed correctly and on time. Even small hold-ups can negatively impact employees' wellness and have significant effects. Therefore, it's crucial to focus on accurate and prompt payments.
payroll group get um so I'm not sure anyone on this kind of webinar has actually been informed thank you for processing my payroll correctly if you have it 'd be terrific to hear your success story and whether that's been from all employees or not um however eventually payroll is such an essential cycle all of us find out about it when it goes wrong everyone jumps up and down when it goes wrong but when it goes right it's just a tick box exercise and I think that's how it's seen from the external view as well um so yeah it's likewise like why WI-Fi Global why all of this stuff is absolutely essential that all of this stuff is done properly so leveraging the first Worldwide Payments first payroll payment solution is a great initial step um providing an end-to-end payroll service for your employees worldwide again I believe is another huge um process once again aligning and ensuring you have standardization Global procedures all of those things are absolutely key to success success of services and decreasing the variety of tools platforms and bank accounts they need for their International 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 have actually never had a hundred thousand of them within a payroll cycle do not expect to you do get the odd five or ten or whatever it might be with the with the the grievances where things haven't 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
anyhow we understand 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 everyone that's involved in those procedures and also so picture sorry I'm just I was simply gon na say imagine the amount of thanks you got if you might cover the amount of people that we cover within this webinar I make certain we're speaking about numerous thousands potentially Millions imagine getting that many thank you keeps in mind um I mean it 'd be interesting to see how many Post-it notes you got but it would definitely be an interesting task attempting to clean up all those up for sure oh absolutely 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 look through them and actually see what was going on and kind of shot to get back to everybody so proceeding look why do companies pick to primary different bank accounts there are businesses out there doing exactly this for specific countries and I've operated in a business or numerous businesses doing exactly that I can state it doesn't always feel effective and it does create more work I understand we're not purposely doing that we're not creating additional work for anyone where we don't need to and anybody that's managing that procedure I 'd be interested to hear your ideas Johnny why do you think that we're doing that in in the in the amount that we are I think many factors one is it's the requirement I believe people have actually got so utilized to we need a brand-new savings account we open an entity and appropriately so you require it for payroll functions but there are a number of markets where it's not a requirement so I believe it's simply been the standard and the norm individuals have actually adopted and continue to do over years and years gone past to contribute to that individuals have looked at things like trust accounts and lots of other methods um to to type of do it so I believe there's a variety I believe this is a procedure that requires looking at it needs changing however ultimately individuals are very stuck with what they recognize
with right um change is a difficult thing all of us don't like change um so I think it's just type of moving away from the standard as we've said so yeah so it keeps a great deal of track of stuff um I comprehend obviously the advantages of having keeping numerous bank accounts but there's a big quantity of intricacy chooses setting up a checking account maintaining it guaranteeing it can send International transfers guaranteeing it's set up with the best user accesses for individual individuals so the complexity is huge however I believe the sincere answer is modification um people have not been able to change or have not had necessarily the knowledge to really make that change into alternate Solutions besides opening a bank account I think you have actually struck the nail on the head I believe it is knowledge you understand and there is an element of resistance to change however we have actually constantly done it that way is no real reason for not looking at the the benefits and the possibilities of proceeding and moving into you know what could practically be figured out to be the next Century or so there is a lot to monitor and this technique does pose a number of obstacles um so Johnny could you inform us about those challenges yeah naturally so there's a variety right there is so
I recently made a change to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It feels like our CFO has gained another CFO, and with this enhanced capability, I have actually successfully protected payments for our 10,000 employees worldwide. Your commitment to mastering international payroll and payments using Papaya payroll OS is good. You should have a corner workplace with a parking space that is better, considering your accomplishments.
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