Find out more about Papaya Global Run Late Payroll ... We now have the capability to manage both our payroll and payments procedures on one merged platform. It's as if our Chief Financial Officer has actually acquired a separate Chief Financial Officer particularly committed to handling payments. This offers us with a safe and dependable technique of paying to our 10,000 workers worldwide.}
The cutting-edge international payroll management app improves my payroll process, conserving me a significant amount of time each month. With its easy to use user interface, I have access to a single dashboard that effectively handles my payroll, EOR, and contractors.
The Staff member Website offers employees with the ability to gain access to and view crucial files such as pay slips, wage and tax statements, and work records. This website is accessible on both desktop and mobile phones and is used in different languages.
Advantages Administration
Papaya Global helps companies provide competitive benefits plans to international workers despite the variety of staff members in the business. The business can establish medical insurance, short-term and long-lasting special needs, vision, dental and maternity leave while removing the requirement to source local advantages providers in every country, develop local accounts and have a minimum variety of employees.
Global HR Performances
's HR functionalities include PTO tracking, compliance, onboarding/offboarding tools, online storage for employees' files and migration services if your employees require work authorization support.
HR Analytics
Papaya Global's payroll and HR analytics suite offers you insights into workforce spending, workforce variety, overall employment costs distributed per area, overall employment expenses per cycle and far more.
environments around the world I provided management and technique to populations of over a hundred thousand employees in more than 170 nations today I'm the payroll methods for as Mark stated I work across the business managing and structure external relationships supporting Business customers and options along with acting as an advisor for those of you that don't understand who papaya Global is papaya is the first payroll and payments
As an international company, we are honored to be included on the distinguished Time 100 list of the most prominent companies worldwide. We specialize in offering payroll and workforce management services to staff members in more than 160 countries. I am delighted to introduce Johnny Nash, as discussed by Mark. Now, I'll let Johnny present himself. Good day to all, regardless of your location. It's an enjoyment to satisfy you and thank you for your valuable time. As Ian pointed out, I am Johnny Nash, the director of payments at our company. With over a years of experience in the payments market, I have actually concentrated on payroll and payment services for the past 7 years. The complexities and challenges of this field have constantly mesmerized me.
payroll payments and chose to kind of make a genuine go at that over the last 5 or six years where I've kind of had a range of different functions on the provider side and likewise on the supplier side from a payroll perspective so really anticipating this discussion today um and yeah thank you very much for your time everybody fine thanks Johnny uh we'll just provide everyone another couple of uh well one of the 30 seconds or two to join all of us work back to back nowadays so we'll type of let them do that so it 'd be quite fascinating and I can see it going on already just to hear where everybody is um it's nice to to kind of like see where everybody comes from and I actually do hope it's much sunnier than it remains in the UK today certainly not the peak of the sunshine is it it's not no it's it's raining here it's really extremely gloomy and I want I was somewhere else at this moment in time all right so let's start our program for today is as follows um we are going to be taking a look at the challenge years of managing Worldwide payroll why companies maintain different
bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts simplifying papaya Global payroll payments as a tactical possession uh we'll also review 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 relocating to Virtual payroll accounts and here is why as dispersed to remote and International labor forces end up being a growing number of common and handling them ends up being more and more intricate Worldwide companies are seeking to find Solutions and new methods to streamline processes particularly from a payroll and cross-border payment perspective numerous organizations maintain separate savings account just for payroll while some have numerous accounts in various countries does it make sense for business to preserve separate checking account sometimes in various 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 assisting international business simplify the episode complex procedures of
Guaranteeing accurate, effective, and prompt payroll payments is a complex challenge for services operating worldwide. Join us for a webinar to explore the advantages and drawbacks of payroll wallets versus payroll checking account, find out how business forecast payroll costs to optimize working capital, and discover how enhancing international payroll payments can transform them from a burdensome task into a tactical asset.
Managing payroll globally is a daunting task due to numerous regulations, compliance requirements, data security concerns, and banking rules. The large number of workers and businesses contributes to the intricacy, with an approximated 3.5 billion people in the international labor force, 500 countless whom are in Africa, and 230 million organizations worldwide.
Standard payroll systems typically result in manual procedures, information silos, and an absence of integration, causing disparities and inefficiencies. Despite living in a period of technological advancements, payroll management has actually been slow to adapt, with as much as 25% of payroll still processed manually, often utilizing pen and paper. This webinar aims to offer insights and solutions to streamline and optimize international payroll payments.
about it to give you an idea of how far there still is to come according to Deloitte just 11 of organizations say they have Workforce information in real time that's another number that gives me sleep deprived nights and rather honestly the more a business spends on global payroll the less of an image they see a lack of visibility also encompasses payroll payments and failure to accurately track these payments can result in compliance mishaps in the last mile of the transaction nearly half of worldwide companies have actually expressed that they do not have the level of standardization they require in their processes or want and as a result eighty percent of mistakes are due to time reporting bad HCM data data entry errors badly communicated hires and terminations as well as lack management and system setups and then when you round everything off and the data is shipped to the incorrect place the average expense of an international information 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 depend on the essential multiple processes systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the challenges service face when they're making payments to staff members or otherwise that's an excellent concern I constantly toss this back and state what is it what does not need to be consisted of 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 country 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 customer's own in-country account so there's complexity anywhere you look right ultimately building a knowledge base is definitely vital however everywhere you look with payroll payment they are like very payments no if but some children about it you are all superheroes processing payments for payroll if you look at the sort of link in between fintech and payroll it's closer than ever I think there's now a bit more recognition that payroll payments are absolutely essential and innovation is allowing us to sort of move forward with that it also too to add to that payroll and finance require to work closer together um with varying Checking account Particulars differing banking requirements and setup procedures is absolutely necessary that payroll and finance teams work more detailed together than ever um I'm constantly surprised when people say I've split payroll and payment um if you walk down the street and asked anybody what is payroll who doesn't operate in the payroll profession would they divide the payroll payment from estimation I would say no so why do we as an industry accept that why our payroll and payments so often split and cut up um eventually it's payroll is an end-to-end procedure it's the point of data collection all the way through to paying individuals wherever they are however likewise paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being increasingly more crucial to add to type of the level of intricacy there's more and more advantages being organ or being used by services across the world so once again you're just seeking to include increasingly more payments to this already complex landscape so if you type of got any experience well I'm from your vast experience here and I make sure but have you got any experience in kind of real obstacles or real difficult kind of pay uses to play to pay individuals I think yeah I indicate over the last well yeah a number of years I would certainly state that the bigger a company gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the task there are teams feeding details into the next function as it were that's really managing the payment side of things however you understand in in my opinion and my experience that doesn't necessarily need to be the case you understand long gone are the times where we need to develop additional handoffs at the same times that we operate in they simply make them more prompt they make them less effective and they don't make them what they require to be in in an age of tech and a period that you know that we are working in today there is no reason we are still making this as hard as it requires to be agreed and appropriately as you stated payroll is the single biggest liability that any company has from an expense perspective from an impact point of view on staff members it is absolutely critical that it's done properly and on time so what we imply by that is not a day before not a day after on pay day and payments need to be done right it has the most significant destructive impact on individuals's wellness and numerous other aspects if individuals aren't paid uh I've constantly been astonished coming into this Market sort of the last five to 10 years is how little thanks the
The payroll group may not have actually been thanked for properly processing payroll during a webinar. If anybody has actually been thanked, it would be great to hear their success story, whether it's from all workers or not. Payroll is an important cycle, and individuals just observe when things go wrong. Nevertheless, when things go right, it's viewed as simply a routine job. This is how it's viewed externally as well. Therefore, it is vital to ensure that jobs like Wi-Fi Worldwide and other essential matters are done properly. Utilizing the very first Worldwide Payments first payroll payment option is an excellent initial step towards offering an extensive payroll option for employees worldwide. Standardization, global processes, and minimizing the number of tools, platforms, and bank accounts necessary for international payroll are key factors in accomplishing business success. While we don't anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally get a few grievances when things don't go as planned. Eventually, we don't do it for the gratitude.
anyhow we know how how important a function 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 easy as possible for everybody that's associated with those processes and likewise so envision sorry I'm simply I was just gon na state picture the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I make sure we're discussing numerous thousands potentially Millions envision getting that numerous thank you notes um I mean it 'd be interesting to see the number of Post-it notes you got however it would definitely be an intriguing task trying to clean all those up for sure oh absolutely I can't imagine the size of my my Outlook inbox if that held true um you 'd require days of the week to try to check out them and actually see what was going on and sort of try to get back to everybody so proceeding look why do business pick to main different bank accounts there are organizations out there doing precisely this for particular countries and I have actually worked in an organization or lots of businesses doing exactly that I can say it doesn't always feel efficient and it does create more work I understand we're not intentionally doing that we're not creating additional work for anyone where we do not have to and any person 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 quantity that we are I think numerous factors one is it's the standard I believe people have got so used to we require a brand-new savings account we open an entity and appropriately so you require it for payroll purposes but there are a number of markets where it's not a requirement so I believe it's just been the requirement and the standard individuals have actually adopted and continue to do over years and years passed by to contribute to that people have taken a look at things like trust accounts and numerous other ways um to to type of do it so I believe there's a range I believe this is a process that requires taking a look at it requires altering however eventually people are really stuck to what they recognize
with right um change is a hard thing we all don't like modification um so I believe it's just kind of moving far from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I comprehend undoubtedly the benefits of having preserving multiple savings account however there's a huge quantity of complexity goes with setting up a checking account keeping it ensuring it can send International transfers guaranteeing it's established with the right user accesses for private people so the complexity is substantial however I believe the truthful answer is change um individuals haven't been able to alter or have not had necessarily the knowledge to really make that change into alternate Solutions other than opening a savings account I believe you have actually hit the nail on the head I think it is understanding you understand and there is an element 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 carrying on and moving into you know what could almost be figured out to be the next Century approximately there is a lot to keep an eye on and this technique does present a number of obstacles um so Johnny could you tell us about those difficulties yeah naturally so there's a range 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 resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide workers you should have a corner office with a closer parking space due to the fact that I mastered International payroll and payments with Papaya payroll OS did you
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