Find out more about Papaya Global Techcrunch ... 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 actually gotten a different Chief Financial Officer specifically devoted to handling payments. This supplies us with a safe and secure and dependable technique of paying to our 10,000 employees worldwide.}
the BEST international payroll managment app, conserves me hours of time every month, one single dashboard for my payroll, EOR and contractors
Employee Website
Staff members have access to a Worker Portal where they can see their pay slips, wage and tax declarations and work files. The website is readily available in numerous languages and can be accessed on a desktop or mobile device.
Advantages Administration
Papaya Global helps business use competitive benefits packages to global staff members no matter the number of employees in the company. The company can set up health insurance, short-term and long-term impairment, vision, dental and maternity leave while getting rid of the requirement to source regional benefits providers in every country, produce regional accounts and have a minimum number of staff members.
Worldwide HR Performances
's HR functionalities include PTO tracking, compliance, onboarding/offboarding tools, online storage for employees' documents and migration services if your staff members need work license help.
HR Analytics
Papaya Global's payroll and HR analytics suite offers you insights into workforce spending, workforce variety, overall work costs distributed per location, total work costs per cycle and a lot more.
environments across the globe I offered management and method to populations of over a hundred thousand employees in more than 170 nations today I'm the payroll techniques for as Mark stated I work across business managing and building external relationships supporting Business clients and services as well as serving as an advisor for those of you that do not know who papaya Worldwide is papaya is the first payroll and payments
As a global business, we are honored to be included on the prestigious Time 100 list of the most prominent companies worldwide. We focus on supplying payroll and workforce management services to employees in more than 160 nations. I am delighted to present Johnny Nash, as mentioned by Mark. Now, I'll let Johnny present himself. Good day to all, no matter your area. It's a pleasure to meet 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 decade of experience in the payments market, I have focused on payroll and payment services for the past 7 years. The intricacies and challenges of this field have actually always mesmerized me.
payroll payments and decided to type of make a genuine go at that over the last five or six years where I've type of had a variety of different functions on the provider side and likewise on the supplier side from a payroll viewpoint so truly eagerly anticipating this conversation today um and yeah thank you very much for your time everyone okay thanks Johnny uh we'll simply offer everybody another couple of uh well among the 30 seconds or two to join we all work back to back these days so we'll sort of let them do that so it 'd be quite fascinating and I can see it going on already simply to hear where everybody is um it's nice to to kind of like see where everyone originates from and I really do hope it's much sunnier than it remains in the UK today definitely not the peak of the sunshine is it it's not no it's it's raining here it's very really uninspiring and I want 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 taking a look at the difficulty years of handling Worldwide payroll why business maintain separate
checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts simplifying papaya Global payroll payments as a strategic asset uh we'll likewise discuss a wrap-up which ought to leave his time at the extremely extremely end for a q a session so as the title of the webinar suggests payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces become increasingly more typical and managing them becomes more and more intricate Global companies are seeking to find Solutions and brand-new ways to enhance processes especially from a payroll and cross-border payment standpoint numerous organizations maintain different bank account just for payroll while some have several accounts in different nations does it make good sense for companies to keep separate checking account sometimes in different countries it does but just for payroll exists a much better method what function do virtual accounts and digital wallets likewise referred to as virtual wallets play in assisting multinational business simplify the episode complex processes of
making payroll payments accurately effectively safely and on time during this webinar we'll walk you through the global advantages and disadvantages of a payroll wallet versus a payroll bank account how companies properly anticipate their payroll costs to increase working capital and how streamlining Worldwide payroll payments can turn them from a siled pane into a strategic possession so payroll can be hard in enough in one nation but when you're doing it globally it's next level and Beyond it becomes complex for a variety of factors most importantly regulations compliance information security and banking guidelines then there are the large numbers they add additional complexity the worldwide Workforce 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 individuals that number is currently 500 million just for for a scale then consider that there are some 230 million organizations and growing all doing their own thing all over the world in the standard payroll design there's frequently an overwhelming variety of different systems leading to time-consuming manual procedures and silos the number of Combinations could be non-existent in large amounts and or really extremely basic there's no real consistency framework we're residing in an era of tech but payroll has actually 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 give you an idea of how far there still is to come according to Deloitte only 11 of services say they have Workforce information in real time that's another number that gives me sleep deprived nights and rather honestly the more a company invests in worldwide payroll the less of a picture they see an absence of visibility also encompasses payroll payments and inability to accurately track these payments can lead to compliance incidents in the last mile of the deal nearly half of international organizations have revealed that they don't have the level of standardization they require in their procedures or desire and as a result eighty percent of errors are because of time reporting bad HCM information information entry errors badly communicated hires and terminations in addition to lack management and system configurations and then when you round all of it off and the information is delivered to the incorrect place the average expense of a worldwide data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money around the world payroll and payments don't run smoothly if they depend on the needed 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 obstacles company face when they're making payments to staff members or otherwise that's an excellent question I constantly toss this back and state what is it what doesn't require to be consisted of right and what does
it need to be thought about there's differing Bank information so the length of an eye band a swift an account number routing code per country 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 need to pay from the client's own in-country account so there's complexity any place you look right eventually developing a knowledge base is absolutely crucial but all over you look with payroll payment they resemble very payments no if but some children about it you are all superheroes processing payments for payroll if you look at the kind of link between fintech and payroll it's closer than ever I believe there's now a bit more acknowledgment that payroll payments are definitely essential and innovation is allowing us to type of move forward with that it also as well to contribute to that payroll and financing require to work closer together um with differing Bank Account Particulars differing banking requirements and setup processes is absolutely crucial that payroll and finance groups work closer together than ever um I'm always amazed when individuals say I have actually divided payroll and payment um if you walk down the street and asked anyone what is payroll who doesn't operate in the payroll occupation would they divide the payroll payment from calculation I would say no so why do we as a market accept that why our payroll and payments so typically split and cut up um ultimately it's payroll is an end-to-end process it's the point of data collection all the way through to paying individuals anywhere they are however also paying statutory authorities and on statutory 3rd parties so with the
The modern world positions a high worth on wellness and the compensation landscape is ending up being progressively elaborate. Companies are constantly introducing brand-new advantages and payment choices, which adds to the overall intricacy. Big corporations often divide their payroll and payment processing into separate groups, which can result in inadequacies and bottlenecks. In my viewpoint, this does not have to hold true. In today's technologically sophisticated era, there's no justification for preserving cumbersome treatments. Payroll, the business's biggest expenditure, must be processed correctly and on time. Even small hold-ups can adversely impact workers' well-being and have far-reaching repercussions. For that reason, it's important to focus on accurate and prompt payments.
payroll group get um so I'm not sure anyone on this kind of webinar has been informed thank you for processing my payroll properly if you have it 'd be fantastic to hear your success story and whether that's been from all employees or not um however ultimately payroll is such a crucial cycle all of us become aware of it when it fails everybody jumps up and down when it fails but when it goes right it's just a tick box workout and I believe that's how it's seen from the external consider as well um so yeah it's likewise like why WI-Fi Global why all of this stuff is absolutely crucial that all of this stuff is done correctly so leveraging the first Global Payments very first payroll payment solution is a great first step um offering an end-to-end payroll option for your employees internationally again I think is another big um procedure again aligning and ensuring you have standardization International processes all of those things are definitely key to success success of services and minimizing the variety of tools platforms and savings account they need for their International payroll too couldn't agree with you more and on the the front in terms of of the thank yous for getting payroll done I have actually never ever had a hundred countless them within a payroll cycle don't expect to you do get the odd 5 or ten or whatever it might be with the with the the complaints 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
anyway we know how how essential a function 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 simple as possible for everybody that's associated with those procedures and also so think of sorry I'm just I was simply gon na state envision the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I'm sure we're speaking about hundreds of thousands possibly Millions envision getting that numerous thank you notes um I mean it 'd be interesting to see how many Post-it notes you got however it would absolutely be an interesting job trying to clean all those up for sure oh absolutely I can't picture 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 kind of shot to get back to everyone so moving on look why do companies pick to main separate checking account there are services out there doing precisely this for specific nations and I've operated in a service or many companies doing exactly that I can say it does not constantly feel efficient and it does produce more work I understand we're not purposely doing that we're not creating additional work for any person where we do not have 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 numerous reasons one is it's the standard I think individuals have actually got so used to we require a brand-new bank account we open an entity and appropriately so you require it for payroll functions however there are a number of markets where it's not a requirement so I believe it's just been the requirement and the norm individuals have actually adopted and continue to do over years and years passed by to add to that individuals have actually taken a look at things like trust accounts and numerous other ways um to to sort of do it so I think there's a range I believe this is a process that requires taking a look at it needs altering but eventually people are extremely stuck with what they're familiar
with ideal um modification is a difficult thing all of us don't like modification um so I think it's simply kind of moving far from the standard as we've said so yeah so it keeps a great deal of track of things um I understand certainly the advantages of having keeping numerous bank accounts however there's a substantial amount of complexity chooses establishing a checking account maintaining it guaranteeing it can send out International transfers guaranteeing it's established with the best user accesses for specific people so the intricacy is huge but I think the sincere answer is change um individuals have not had the ability to alter or haven't had always the understanding to actually make that change into alternate Solutions aside from opening a checking account I think you have actually hit the nail on the head I believe it is knowledge you understand and there is an element of resistance to alter but we've always done it that way is no real reason for not taking a look at the the benefits and the possibilities of carrying on and moving into you understand what could nearly be determined to be the next Century or two there is a lot to track and this approach does present numerous obstacles um so Johnny could you tell us about those challenges yeah obviously so there's a variety right there is so
I just did you changed our Enterprise 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 International staff members you are worthy of a corner workplace with a more detailed parking space because I mastered Global payroll and payments with Papaya payroll OS did you
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