Find out more about Papaya Global Vietnam ... We now have the ability to handle both our payroll and payments processes on one unified platform. It's as if our Chief Financial Officer has gotten a separate Chief Financial Officer specifically committed to handling payments. This provides us with a safe and trustworthy approach of making payments to our 10,000 employees worldwide.}
The cutting-edge worldwide payroll management app improves my payroll process, conserving me a considerable amount of time every month. With its user-friendly user interface, I have access to a single control panel that effectively manages my payroll, EOR, and contractors.
Worker Portal
Workers have access to a Staff member Website where they can view their pay slips, wage and tax declarations and work documents. The website is offered in multiple languages and can be accessed on a desktop or mobile phone.
Benefits Administration
Papaya Global helps business provide competitive advantages bundles to international staff members no matter the number of employees in the company. The company can establish health insurance, short-term and long-lasting impairment, vision, dental and maternity leave while removing the need to source regional advantages service providers in every nation, produce regional accounts and have a minimum variety of staff members.
Worldwide HR Functionalities
's HR performances consist of PTO tracking, compliance, onboarding/offboarding tools, online storage for employees' documents and migration services if your staff members need work license support.
HR Analytics
Papaya Global's payroll and HR analytics suite gives you insights into labor force costs, workforce variety, overall work costs dispersed per location, total employment expenses per cycle and a lot more.
environments across the globe I offered leadership and strategy to populations of over a hundred thousand staff members in more than 170 nations today I'm the payroll strategies for as Mark said I work throughout business managing and structure external relationships supporting Enterprise customers and services as well as functioning as a consultant for those of you that don't understand who papaya Worldwide is papaya is the very first payroll and payments
company to make the time 100 list for most influential companies worldwide we offer payroll payments and labor force management to all worker types in 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 good afternoon good night depending upon where you remain in the world it's lovely to fulfill you and thank you quite for your time as Ian stated my name is Johnny Nash and I'm the payments director here at um I've been in the payments market for over 10 years and particularly dealing with the payroll and payment sector for over 7 years um I was interested by the complexity the trouble in all of the above of
payroll payments and decided to type of make a genuine go at that over the last five or 6 years where I've kind of had a range of various roles on the company side and likewise on the vendor side from a payroll viewpoint so truly looking forward to this conversation today um and yeah thank you very much for your time everyone fine thanks Johnny uh we'll simply provide everyone another couple of uh well among the 30 seconds or two to join we all work back to back these days so we'll kind of let them do that so it 'd be quite interesting and I can see it going on currently simply to hear where everyone is um it's nice to to kind of like see where everybody originates from and I actually 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 drizzling here it's very really uninspiring and I wish I was somewhere else at this moment in time fine so let's start our program for today is as follows um we are going to be taking a look at the obstacle years of managing Global payroll why business preserve different
bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts streamlining papaya Global payroll payments as a tactical asset uh we'll likewise discuss a wrap-up and that ought to leave his time at the very extremely end for a q a session so as the title of the webinar recommends payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and International labor forces become more and more typical and managing them ends up being increasingly more intricate Worldwide organizations are wanting to discover Solutions and brand-new methods to enhance processes particularly from a payroll and cross-border payment standpoint lots of organizations keep separate bank account just for payroll while some have several accounts in various nations does it make good sense for companies to keep different checking account sometimes in various nations it does but just for payroll is there a better way what function do virtual accounts and digital wallets likewise referred to as virtual wallets play in helping international business enhance the episode complex processes of
Guaranteeing accurate, effective, and timely payroll payments is a complex challenge for businesses running internationally. Join us for a webinar to check out the advantages and disadvantages of payroll wallets versus payroll bank accounts, discover how business forecast payroll expenses to optimize working capital, and discover how enhancing global payroll payments can change them from a difficult task into a strategic asset.
Handling payroll globally is a challenging task due to numerous policies, compliance requirements, information security concerns, and banking guidelines. The large number of workers and services adds to the complexity, with an approximated 3.5 billion individuals in the international workforce, 500 countless whom remain in Africa, and 230 million organizations worldwide.
Conventional payroll systems often lead to manual procedures, information silos, and a lack of combination, resulting in inconsistencies and inadequacies. In spite of residing in a period of technological improvements, payroll management has actually been sluggish to adapt, with as much as 25% of payroll still processed by hand, often using pen and paper. This webinar objectives to provide insights and options to simplify and optimize global payroll payments.
about it to provide you a concept of how far there still is to come according to Deloitte just 11 of organizations say they have Labor force information in real time that's another number that gives me sleep deprived nights and rather frankly the more a service spends on international payroll the less of an image they see an absence of presence also reaches payroll payments and inability to precisely track these payments can lead to compliance accidents in the last mile of the deal almost half of worldwide 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 due to time reporting bad HCM information information entry mistakes poorly interacted hires and terminations in addition to lack management and system setups and then when you round it all off and the information is shipped to the wrong location the average expense of an international information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money worldwide payroll and payments don't run smoothly if they rely on the needed numerous processes systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the difficulties company face when they're making payments to employees or otherwise that's a great concern I always throw this back and say what is it what does not require to be consisted of ideal and what does
it need to be considered there's varying Bank information so the length of an eye band a swift an account number routing code per country 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 need to pay from the customer's own in-country account so there's complexity any place you look best ultimately building a knowledge base is absolutely critical however all over you look with payroll payment they are like extremely payments no if but some babies 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 believe there's now a bit more acknowledgment that payroll payments are definitely essential and technology is enabling us to kind of move on with that it also also to contribute to that payroll and finance need to work closer together um with varying Checking account Details varying banking requirements and setup processes is absolutely essential that payroll and finance groups work closer together than ever um I'm always amazed when people say I've 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 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 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 any place they are but also paying statutory authorities and on statutory 3rd parties so with the
world we live in and wellness being a growing number of crucial to contribute to type of the level of complexity there's a growing number of benefits being organ or being used by companies across the world so once again you're simply seeking to include more and more payments to this already complicated 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 genuine difficulties or genuine tough sort of pay uses to play to pay individuals I think yeah I indicate over the last well yeah a couple of decades I would certainly state that the bigger a business gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the job there are teams feeding information into the next function as it were that's really handling the payment side of things however you know in in my viewpoint and my experience that doesn't necessarily need to be the case you understand long gone are the times where we need to create additional handoffs while doing sos that we run in they just make them more prompt they make them less effective and they don't make them what they require to be in in a period of tech and an era that you know that we are working in today there is no reason we are still making this as difficult as it needs to be agreed and appropriately as you stated payroll is the single most significant liability that any service has from an expense perspective from an effect viewpoint on staff members it is definitely important 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 most significant detrimental impact on individuals's well-being and lots of other elements if individuals aren't paid uh I have actually constantly been surprised entering into this Market kind of the last 5 to ten years is how little thanks the
payroll group get um so I'm unsure anyone on this type of webinar has 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 but eventually payroll is such an important cycle all of us hear about it when it goes wrong everyone jumps up and down when it fails but when it goes right it's just a tick box exercise and I believe that's how it's seen from the external deem well um so yeah it's likewise like why WI-Fi Global why all of this stuff is definitely important that all of this things is done properly so leveraging the first International Payments very first payroll payment option is a great initial step um providing an end-to-end payroll service for your workers worldwide again I believe is another big um process again aligning and ensuring you have standardization Global procedures all of those things are absolutely essential to success success of companies and lowering the variety of tools platforms and savings account they require for their Global payroll too couldn't agree with you more and on the the front in regards to of the thank yous for getting payroll done I've never ever had a hundred countless them within a payroll cycle do not 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 quite where they're suggested to be um I do not think any of us are actually doing that for for the thanks
anyhow we know how how crucial 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 think of sorry I'm just I was just gon na say imagine the amount of thanks you got if you could cover the amount of people that we cover within this webinar I'm sure we're talking about numerous thousands potentially Millions picture getting that lots of thank you keeps in mind um I indicate it 'd be interesting to see how many Post-it notes you got however it would absolutely be an interesting job attempting to clean up all those up for sure oh absolutely I can't picture the size of my my Outlook inbox if that held true um you 'd require days of the week to attempt to browse them and actually see what was going on and kind of try to get back to everybody so moving on appearance why do business pick to main different checking account there are organizations out there doing exactly this for particular countries and I have actually operated in a business or many businesses doing precisely that I can say it doesn't always feel efficient and it does develop more work I understand we're not purposely doing that we're not creating additional work for anybody where we don't need to and anyone that's handling that procedure I 'd be interested to hear your thoughts Johnny why do you think that we're doing that in in the in the amount that we are I think numerous factors one is it's the standard I believe people have got so utilized to we require a new checking account we open an entity and appropriately so you need it for payroll purposes however there are a variety of markets where it's not a requirement so I think it's just been the requirement and the norm the people have adopted and continue to do over years and years gone past to contribute to that people have looked at things like trust accounts and lots of other methods um to to type of do it so I think there's a variety I think this is a procedure that requires looking at it requires altering however ultimately individuals are very stuck to what they recognize
with ideal um change is a tough thing all of us do not like change um so I think it's simply type of moving away from the norm as we've said so yeah so it keeps a great deal of track of stuff um I understand obviously the benefits of having keeping several checking account but there's a huge quantity of intricacy chooses establishing a savings account maintaining it guaranteeing it can send out International transfers guaranteeing it's established with the best user accesses for specific individuals so the intricacy is huge but I believe the honest response is modification um people haven't had the ability to change or haven't had always the knowledge to truly make that change into alternate Solutions other than 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 a component 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 benefits and the possibilities of carrying on and moving into you know what could practically be identified to be the next Century or so there is a lot to keep track of and this method does posture several challenges um so Johnny might you inform us about those challenges yeah of course so there's a variety right there is so
I recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It seems like our CFO has gotten another CFO, and with this improved ability, I have actually effectively protected payments for our 10,000 workers worldwide. Your dedication to mastering international payroll and payments utilizing Papaya payroll OS is good. You should have a corner office with a parking space that is better, considering your accomplishments.
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