Find out more about Papaya Global Vs Wave Payroll ... We now have the ability to manage 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 particularly dedicated to managing payments. This supplies us with a safe and trustworthy approach of making payments to our 10,000 workers worldwide.}
the very best global payroll managment app, conserves me hours of time on a monthly basis, one single dashboard for my payroll, EOR and professionals
The Worker Website offers employees with the ability to access and view essential files such as pay slips, wage and tax declarations, and employment records. This website is accessible on both desktop and mobile devices and is offered in different languages.
Benefits Administration
Papaya Global assists business use competitive advantages bundles to global staff members despite the number of staff members in the business. The company can set up health insurance, short-term and long-term special needs, vision, oral and maternity leave while removing the need to source regional advantages providers in every country, develop regional accounts and have a minimum variety of employees.
Global HR Functionalities
's HR performances consist of PTO tracking, compliance, onboarding/offboarding tools, online storage for employees' files and immigration services if your employees need work permit assistance.
HR Analytics
Papaya Global's payroll and HR analytics suite gives you insights into workforce costs, labor force diversity, overall work expenses dispersed per area, overall work costs per cycle and much more.
environments around the world I offered leadership and method to populations of over a hundred thousand workers in more than 170 countries today I'm the payroll techniques for as Mark stated I work across business handling and building external relationships supporting Enterprise clients and services in addition to acting as an advisor for those of you that don't know who papaya International is papaya is the very first payroll and payments
As a worldwide company, we are honored to be consisted of on the distinguished Time 100 list of the most influential business worldwide. We focus on offering payroll and workforce management services to staff members in more than 160 nations. I am delighted to introduce Johnny Nash, as discussed by Mark. Now, I'll let Johnny introduce 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 discussed, I am Johnny Nash, the director of payments at our organization. With over a years of experience in the payments industry, I have actually concentrated on payroll and payment solutions for the past 7 years. The intricacies and challenges of this field have always mesmerized me.
payroll payments and decided to type of make a real go at that over the last 5 or 6 years where I've kind of had a variety of different functions on the provider side and also on the supplier side from a payroll point of view so really anticipating this discussion today um and yeah thank you quite for your time everyone fine thanks Johnny uh we'll just give everyone another number 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 rather interesting and I can see it going on already simply to hear where everyone is um it's nice to to type of like see where everyone comes from and I truly do hope it's much sunnier than it remains 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 dreary and I want I was somewhere else at this moment in time okay so let's get going 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 companies keep separate
bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts simplifying 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 really 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 Global workforces end up being more and more common and handling them ends up being a growing number of complex Global organizations are wanting to find Solutions and brand-new methods to improve processes particularly from a payroll and cross-border payment perspective many companies preserve separate checking account just for payroll while some have multiple accounts in various countries does it make sense for companies to preserve separate checking account sometimes in different nations it does but just for payroll is there a better method what function do virtual accounts and digital wallets likewise known as virtual wallets play in assisting international business streamline the episode complex processes of
making payroll payments accurately effectively securely and on time throughout this webinar we'll walk you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll checking account how companies properly forecast their payroll expenses to increase working capital and how streamlining International payroll payments can turn them from a siled pane into a tactical asset so payroll can be difficult in adequate in one nation but when you're doing it internationally it's next level and Beyond it becomes intricate for a variety of reasons most notably guidelines compliance data security and banking guidelines then there are the sheer numbers they include more complexity the global Workforce is presently three and a half billion individuals by 2030 it's approximated that in Africa alone they will contribute and additional 1.1 billion individuals 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 all over the world in the standard payroll design there's typically a frustrating variety of various systems leading to lengthy manual procedures and silos the variety of Integrations could be non-existent in big quantities and or extremely really standard there's no real consistency structure we're living in an age of tech but payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper which just blows my mind whenever I I think
about it to offer you an idea of how far there still is to come according to Deloitte only 11 of services say they have Workforce data in real time that's another number that offers me sleep deprived nights and quite honestly the more a service spends on worldwide payroll the less of an image they see an absence of exposure also extends to payroll payments and inability to precisely track these payments can cause compliance incidents in the last mile of the deal almost half of global services have actually revealed that they do not have the level of standardization they need in their processes or desire and as a result eighty percent of mistakes are due to time reporting poor HCM information information entry mistakes improperly interacted hires and terminations as well as lack management and system configurations and then when you round everything off and the information is delivered to the wrong location the typical cost of a global data breach at this moment is 3.9 billion dollars once 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 necessary 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 difficulties service face when they're paying to workers or otherwise that's a great concern I always toss this back and state what is it what doesn't require to be consisted of ideal and what does
it require to be thought of there's varying Bank information so the length of an eye band a swift an account number routing code per country there's payment amount of time there's payment capabilities 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 client's own in-country account so there's intricacy wherever you look right ultimately building a knowledge base is definitely vital however everywhere you look with payroll payment they resemble extremely payments no if however some babies about it you are all superheroes processing payments for payroll if you take a 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 absolutely essential and technology is allowing us to sort of move forward with that it likewise too to contribute to that payroll and financing need to work closer together um with differing Bank Account Details varying banking requirements and setup processes is absolutely important that payroll and finance groups work more detailed together than ever um I'm always astonished when individuals state 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 profession 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 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 people anywhere they are however also paying statutory authorities and on statutory 3rd parties so with the
world we reside in and wellness being more and more important to contribute to kind of the level of complexity there's more and more advantages being organ or being used by companies throughout the world so again you're just seeking to include increasingly more payments to this currently complex landscape so if you sort of got any experience well I'm from your huge experience here and I make certain however have you got any experience in kind of real obstacles or real challenging type of pay utilizes to play to pay people I believe yeah I indicate over the last well yeah a couple of years I would definitely say that the larger an organization 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 info into the next function as it were that's in fact managing the payment side of things but you know in in my viewpoint and my experience that doesn't necessarily need to be the case you know long gone are the times where we need to develop extra handoffs at the same times that we run in they just make them more timely they make them less effective and they do not make them what they require to be in in a period of tech and a period that you know that we are working in today there is no reason that we are still making this as challenging as it needs to be concurred and appropriately as you stated payroll is the single biggest liability that any company has from an expense viewpoint from an impact viewpoint on employees it is definitely vital that it's done properly and on time so what we mean by that is not a day before not a day after on pay day and payments need to be done right it has the biggest destructive impact on individuals's well-being and numerous other factors if individuals aren't paid uh I've constantly been impressed entering into this Market kind of the last 5 to 10 years is how little thanks the
The payroll team might not have been thanked for properly processing payroll throughout 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 a crucial cycle, and individuals just observe when things fail. However, when things go right, it's seen as just a regular task. This is how it's perceived externally also. Therefore, it is necessary to make sure that tasks like Wi-Fi Worldwide and other vital matters are done correctly. Utilizing the first International Payments very first payroll payment solution is a terrific preliminary action towards supplying a detailed payroll service for staff members worldwide. Standardization, worldwide processes, and decreasing the number of tools, platforms, and bank accounts essential for international payroll are essential factors in accomplishing service success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes receive a couple of complaints when things don't go as prepared. Eventually, we don't do it for the appreciation.
anyway we understand 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 simple as possible for everyone that's involved in those procedures and likewise so picture sorry I'm simply I was just gon na state envision the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I make certain we're speaking about numerous thousands possibly Millions picture getting that many thank you notes um I mean it 'd be interesting to see the number of Post-it notes you got but it would absolutely be an interesting task trying to clean up all those up for sure oh absolutely I can't envision the size of my my Outlook inbox if that held true um you 'd require days of the week to attempt to look through them and really see what was going on and sort of try to get back to everybody so carrying on look why do companies select to primary different savings account there are organizations out there doing precisely this for specific countries and I've worked in a service or many organizations doing exactly that I can state it doesn't always feel efficient and it does develop more work I understand we're not intentionally doing that we're not producing extra work for anyone where we don't have to and anyone that's dealing with that process I 'd be interested to hear your thoughts Johnny why do you believe that we're doing that in in the in the amount that we are I believe numerous reasons one is it's the requirement I think people have got so used to we need a new savings account we open an entity and appropriately so you need it for payroll purposes but there are a variety of markets where it's not a requirement so I believe it's simply been the standard and the norm the people have adopted and continue to do over years and years passed by to add to that people have actually looked at things like trust accounts and lots of other methods um to to sort of do it so I think there's a variety I believe this is a process that requires looking at it needs altering however ultimately individuals are very stuck with what they recognize
with right um modification is a challenging thing all of us do not like modification um so I believe it's just 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 comprehend certainly the benefits of having preserving numerous savings account however there's a huge quantity of intricacy goes with establishing a bank account maintaining it ensuring it can send out International transfers ensuring it's set up with the best user accesses for private people so the intricacy is huge but I believe the honest response is change um individuals have not been able to alter or have not had always the understanding to really make that change into alternate Solutions aside from opening a bank account I think you have actually hit the nail on the head I think it is knowledge you know and there is an element of resistance to change however we've constantly done it that way is no genuine reason for not taking a look at the the benefits and the possibilities of proceeding and moving into you understand what could nearly be identified to be the next Century approximately there is a lot to keep track of and this approach does posture a number of obstacles um so Johnny might you inform us about those challenges yeah naturally so there's a variety right there is so
I just recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It seems like our CFO has gotten another CFO, and with this enhanced capability, I have effectively protected payments for our 10,000 staff members worldwide. Your commitment to mastering international payroll and payments utilizing Papaya payroll OS is good. You are worthy of a corner workplace with a parking space that is closer, considering your achievements.
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