Find out more about Papaya Global Payroll Vs Paychex ... We now have the capability to handle both our payroll and payments procedures on one merged platform. It's as if our Chief Financial Officer has actually obtained a separate Chief Financial Officer particularly devoted to handling payments. This provides us with a safe and trusted method of making payments to our 10,000 employees worldwide.}
the BEST global payroll managment app, conserves me hours of time on a monthly basis, one single dashboard for my payroll, EOR and professionals
The Employee Portal supplies staff members with the capability to access and view important documents such as pay slips, wage and tax declarations, and employment records. This portal is accessible on both desktop and mobile devices and is provided in different languages.
Advantages Administration
Papaya Global helps companies offer competitive benefits bundles to international staff members no matter the number of staff members in the company. The company can establish medical insurance, short-term and long-lasting impairment, vision, dental and maternity leave while eliminating the need to source regional advantages companies in every nation, develop local accounts and have a minimum number of employees.
International HR Functionalities
's HR functionalities include PTO tracking, compliance, onboarding/offboarding tools, online storage for employees' documents and immigration services if your workers require work license assistance.
HR Analytics
Papaya Global's payroll and HR analytics suite gives you insights into workforce costs, workforce variety, total work expenses distributed per place, overall employment costs per cycle and much more.
environments around the world I supplied leadership and technique to populations of over a hundred thousand workers in more than 170 countries today I'm the payroll strategies for as Mark stated I work across the business handling and building external relationships supporting Business clients and services as well as functioning as an advisor for those of you that do not understand who papaya Worldwide is papaya is the very first payroll and payments
As a global company, we are honored to be included on the prestigious Time 100 list of the most influential companies worldwide. We concentrate on supplying payroll and workforce management services to workers in more than 160 nations. I am delighted to introduce Johnny Nash, as pointed out by Mark. Now, I'll let Johnny introduce himself. Good day to all, regardless of your location. It's an enjoyment to fulfill you and thank you for your important time. As Ian pointed out, I am Johnny Nash, the director of payments at our organization. With over a years of experience in the payments industry, I have focused on payroll and payment services for the past seven years. The complexities and difficulties of this field have actually constantly captivated me.
payroll payments and chose to type of make a real go at that over the last 5 or 6 years where I've sort of had a range of different roles on the supplier side and also on the supplier side from a payroll perspective so truly eagerly anticipating this conversation today um and yeah thank you quite for your time everybody fine thanks Johnny uh we'll simply give everybody another couple of uh well among the 30 seconds or two to join we all work back to back nowadays so we'll sort of let them do that so it 'd be rather fascinating and I can see it going on currently simply to hear where everybody is um it's nice to to sort of like see where everyone comes from and I really 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 really bleak and I wish I was somewhere else at this moment in time all right so let's begin our agenda for today is as follows um we are going to be taking a look at the challenge years of handling Global payroll why companies keep separate
checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts streamlining papaya Worldwide payroll payments as a strategic property uh we'll also go over a wrap-up which needs to leave his time at the very very end for a q a session so as the title of the webinar recommends payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces become more and more common and handling them ends up being a growing number of complicated Global companies are aiming to find Solutions and brand-new methods to streamline procedures specifically from a payroll and cross-border payment standpoint lots of companies maintain separate bank account just for payroll while some have numerous accounts in various countries does it make sense for business to preserve different bank accounts sometimes in different nations it does but just for payroll exists a better way what role do virtual accounts and digital wallets also referred to as virtual wallets play in helping multinational business improve the episode complex procedures of
making payroll payments accurately effectively firmly and on time during this webinar we'll stroll you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll savings account how companies precisely forecast their payroll expenses to increase working capital and how improving Worldwide payroll payments can turn them from a siled pane into a tactical possession so payroll can be tough in enough in one nation however when you're doing it globally it's next level and Beyond it ends up being complicated for a variety of reasons most importantly guidelines compliance information security and banking guidelines then there are the sheer numbers they add more intricacy the global Labor force is currently three and a half billion individuals 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 organizations and growing all doing their own thing around the world in the traditional payroll design there's frequently an overwhelming number of various systems leading to lengthy manual processes and silos the variety of Integrations could be non-existent in big quantities and or really extremely basic there's no genuine consistency framework we're living in an age of tech however payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper and that just blows my mind each time I I believe
about it to give you a concept of how far there still is to come according to Deloitte only 11 of businesses state they have Workforce data in real time that's another number that offers me sleep deprived nights and rather honestly the more a company spends on international payroll the less of an image they see an absence of presence likewise encompasses payroll payments and failure to accurately track these payments can cause compliance incidents in the last mile of the transaction nearly half of international organizations have actually revealed that they do not have the level of standardization they require in their processes or desire and as a result eighty percent of mistakes are due to time reporting bad HCM data information entry mistakes improperly interacted hires and terminations as well as absence management and system configurations and then when you round it all off and the information is delivered to the incorrect location the average cost of a global data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash around the globe payroll and payments don't run smoothly if they count on the needed several 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 business face when they're making payments to staff members or otherwise that's a good question I constantly toss this back and say what is it what does not require to be consisted of right and what does
it need to be thought of there's differing Bank details so the length of an eye band a swift an account number routing code per nation there's payment amount of time there's payment capabilities so can you pay it from International or do you have to pay from an in-country account do you need to pay from the client's own in-country account so there's complexity wherever you look ideal eventually constructing a knowledge base is definitely crucial however everywhere you look with payroll payment they resemble super payments no if but some children about it you are all superheroes processing payments for payroll if you look at the kind of link in between fintech and payroll it's closer than ever I believe there's now a bit more acknowledgment that payroll payments are absolutely essential and technology is enabling us to sort of progress with that it likewise also to contribute to that payroll and financing require to work closer together um with differing Savings account Particulars differing banking requirements and setup processes is definitely important that payroll and finance groups work better together than ever um I'm constantly impressed when individuals state I have actually split payroll and payment um if you stroll down the street and asked anybody what is payroll who does not operate in the payroll profession would they divide the payroll payment from estimation I would say no so why do we as a market 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 but also paying statutory authorities and on statutory 3rd parties so with the
The contemporary world positions a high value on wellness and the settlement landscape is becoming significantly elaborate. Businesses are continuously presenting new benefits and payment options, which adds to the overall intricacy. Large corporations typically divide their payroll and payment processing into different groups, which can result in inefficiencies and traffic jams. In my opinion, this does not have to hold true. In today's technologically innovative age, there's no justification for preserving troublesome treatments. Payroll, the company's most significant cost, should be processed correctly and on time. Even minor hold-ups can negatively affect workers' wellness and have far-reaching repercussions. Therefore, it's crucial to prioritize accurate and timely payments.
The payroll group may not have been thanked for correctly processing payroll throughout a webinar. If anyone has been thanked, it would be great to hear their success story, whether it's from all staff members or not. Payroll is an essential cycle, and people only observe when things go wrong. Nevertheless, when things go right, it's viewed as simply a routine job. This is how it's perceived externally too. Therefore, it is vital to guarantee that jobs like Wi-Fi Global and other vital matters are done properly. Utilizing the first Global Payments first payroll payment service is a great preliminary step towards providing a comprehensive payroll solution for workers worldwide. Standardization, international procedures, and minimizing the variety of tools, platforms, and checking account needed for global payroll are key factors in attaining organization success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do sometimes get a few problems when things don't go as prepared. Ultimately, we don't do it for the gratitude.
anyway we understand 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 procedures and likewise so imagine sorry I'm simply I was just gon na say picture the amount of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make sure we're discussing numerous thousands potentially Millions picture getting that numerous thank you keeps in mind um I suggest it 'd be interesting to see the number of Post-it notes you got but it would definitely be a fascinating task attempting to clean 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 require days of the week to try to browse them and in fact see what was going on and type of shot to get back to everyone so proceeding appearance why do business select to primary separate bank accounts there are companies out there doing exactly this for specific nations and I have actually operated in a business or lots of companies doing precisely that I can state it does not constantly feel effective and it does produce more work I understand we're not deliberately doing that we're not producing extra work for anyone where we don't have to and any person that's handling 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 believe many factors one is it's the standard I believe people have actually got so used to we need a new checking account we open an entity and rightly so you require it for payroll purposes however there are a number of markets where it's not a requirement so I believe it's just been the standard and the standard individuals have adopted and continue to do over years and years gone past to add to that individuals have looked at things like trust accounts and lots of other ways 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 altering but ultimately individuals are extremely stuck with what they recognize
with best um change is a challenging thing we all do not like change um so I think it's just sort of moving away from the standard as we've said so yeah so it keeps a great deal of track of things um I understand obviously the benefits of having maintaining multiple checking account but there's a huge quantity of complexity opts for setting up a bank account maintaining it guaranteeing it can send International transfers guaranteeing it's established with the best user accesses for specific people so the intricacy is substantial however I think the honest answer is modification um individuals have not been able to alter or have not had necessarily the knowledge to actually make that change into alternate Solutions aside from opening a savings account I believe you have actually struck the nail on the head I believe it is understanding you know and there is a component of resistance to change however we've always done it that way is no genuine reason for not taking a look at the the benefits and the possibilities of carrying on and moving into you know what could almost be figured out to be the next Century or two there is a lot to keep track of and this method does present numerous obstacles um so Johnny might you tell us about those difficulties yeah obviously so there's a range right there is so
I just recently made a modification to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It feels like our CFO has gotten another CFO, and with this improved ability, I have effectively protected payments for our 10,000 employees worldwide. Your dedication to mastering global payroll and payments using Papaya payroll OS is commendable. You should have a corner workplace with a parking space that is more detailed, considering your accomplishments.
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