Find out more about Entering After The Fact Payroll In Papaya Global ... 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 acquired a separate Chief Financial Officer particularly dedicated to handling payments. This provides us with a secure and trustworthy approach of making payments to our 10,000 employees worldwide.}
The cutting-edge global payroll management app streamlines my payroll procedure, saving me a substantial amount of time monthly. With its easy to use interface, I have access to a single dashboard that efficiently manages my payroll, EOR, and specialists.
Staff member Portal
Employees have access to a Worker Website where they can view their pay slips, wage and tax declarations and work files. The website is offered in numerous languages and can be accessed on a desktop or mobile phone.
Advantages Administration
Papaya Global helps companies offer competitive advantages packages to international workers no matter the number of workers in the business. The business can set up medical insurance, short-term and long-term special needs, vision, dental and maternity leave while getting rid of the requirement to source regional advantages service providers in every country, create local accounts and have a minimum variety of staff members.
The HR abilities supplied by Worldwide HR incorporate numerous functions such as keeping track of holiday time, ensuring compliance, assisting in the process of welcoming brand-new workers and bidding goodbye to departing ones, offering a secure online platform for saving employees' files, and offering assistance for work permit treatments in case your workers require support in that location.
HR Analytics
Papaya Global's payroll and HR analytics suite gives you insights into labor force costs, workforce diversity, overall employment expenses dispersed per location, total work costs per cycle and much more.
Internationally, I have shown leadership and tactical expertise in directing large-scale populations of over 100,000 employees across 170 countries. Currently, I are accountable for overseeing payroll strategies, as mentioned by Mark. My function includes managing and developing external collaborations, supporting Business customers, and offering advisory services. In addition, I am proud to be a part of Papaya Global, a pioneering payroll and payments options service provider.
business to make the time 100 list for many prominent companies worldwide we offer payroll payments and labor force management to all staff member key ins over 160 nations I am pleased to say that we likewise have as Mark said Johnny Nash with us today Johnny would you like to introduce yourself naturally thank you good morning good afternoon excellent night depending upon where you are in the world it's charming 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 have actually been in the payments market for over 10 years and specifically working on the payroll and payment sector for over 7 years um I was fascinated by the intricacy the trouble in all of the above of
payroll payments and chose to type of make a genuine go at that over the last 5 or 6 years where I have actually sort of had a range of different functions on the company side and also on the supplier side from a payroll perspective so actually looking forward to this discussion today um and yeah thank you very much for your time everybody all right thanks Johnny uh we'll simply provide everybody another number of uh well among the 30 seconds or so to join we all work back to back nowadays so we'll type of let them do that so it 'd be quite intriguing and I can see it going on already just to hear where everybody is um it's nice to to type of like see where everyone originates from and I really do hope it's much sunnier than it is 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 extremely extremely bleak and I wish I was somewhere else at this moment in time fine so let's start our agenda for today is as follows um we are going to be taking a look at the obstacle years of handling International payroll why business maintain separate
checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts streamlining papaya International payroll payments as a strategic asset uh we'll also review a wrap-up and that needs to leave his time at the very extremely end for a q a session so as the title of the webinar recommends payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and Global workforces become a growing number of typical and handling them ends up being a growing number of complex Worldwide organizations are looking to discover Solutions and new methods to simplify procedures especially from a payroll and cross-border payment standpoint lots of companies keep different savings account just for payroll while some have numerous accounts in various countries does it make sense for business to maintain separate checking account in some cases in different nations it does however just for payroll is there a much better way what role do virtual accounts and digital wallets likewise known as virtual wallets play in helping multinational companies simplify the episode complex processes of
Making sure accurate, effective, and timely payroll payments is a complex challenge for businesses operating internationally. Join us for a webinar to explore the advantages and downsides of payroll wallets versus payroll savings account, find out how business anticipate payroll costs to optimize working capital, and discover how streamlining worldwide payroll payments can change them from a burdensome task into a strategic asset.
Managing payroll worldwide is an overwhelming task due to different regulations, compliance requirements, information security issues, and banking rules. The sheer number of staff members and businesses contributes to the intricacy, with an approximated 3.5 billion people in the worldwide workforce, 500 million of whom are in Africa, and 230 million organizations worldwide.
Traditional payroll systems typically result in manual procedures, data silos, and an absence of integration, resulting in inconsistencies and ineffectiveness. Regardless of residing in an era of technological improvements, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed by hand, frequently utilizing pen and paper. This webinar goals to supply insights and options to simplify and optimize international payroll payments.
about it to give you a concept of how far there still is to come according to Deloitte only 11 of organizations state they have Labor force information in real time that's another number that offers me sleepless nights and quite honestly the more a service invests in global payroll the less of a picture they see a lack of exposure likewise reaches payroll payments and inability to accurately track these payments can lead to compliance incidents in the last mile of the transaction almost half of worldwide businesses have expressed that they don't have the level of standardization they need in their processes or want and as a result eighty percent of mistakes are due to time reporting poor HCM information data entry mistakes improperly interacted hires and terminations in addition to lack management and system setups and after that when you round it all off and the data is delivered to the wrong location the average cost of a worldwide information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash worldwide payroll and payments do not run efficiently if they rely on the required numerous procedures systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the obstacles company face when they're paying to workers or otherwise that's a good question I constantly throw this back and say what is it what doesn't need to be included ideal and what does
it require to be considered there's differing Bank information 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 abilities so can you pay it from International or do you need to pay from an in-country account do you have to pay from the customer's own in-country account so there's complexity wherever you look right ultimately developing a knowledge base is absolutely important however everywhere you look with payroll payment they resemble very payments no if however some children about it you are all superheroes processing payments for payroll if you take a look at the kind 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 definitely essential and innovation is allowing us to type of progress with that it also too to add to that payroll and financing need to work closer together um with varying Bank Account Particulars differing banking requirements and setup processes is definitely crucial that payroll and finance groups work more detailed together than ever um I'm constantly amazed when people say I have actually split payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn't operate 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 often split and cut up um ultimately it's payroll is an end-to-end procedure it's the point of information collection all the way through to paying people anywhere they are however likewise paying statutory authorities and on statutory 3rd parties so with the
The contemporary world puts a high worth on wellness and the settlement landscape is ending up being progressively detailed. Businesses are continuously presenting new benefits and payment options, which contributes to the overall intricacy. Big corporations frequently divide their payroll and payment processing into different teams, which can result in ineffectiveness and traffic jams. In my viewpoint, this doesn't need to be the case. In today's technologically advanced period, there's no validation for keeping cumbersome treatments. Payroll, the business's biggest cost, should be processed properly and on time. Even slight delays can adversely impact staff members' well-being and have significant repercussions. For that reason, it's important to prioritize accurate and timely payments.
payroll team get um so I'm not exactly sure anybody on this type of webinar has been informed thank you for processing my payroll properly if you have it 'd be excellent to hear your success story and whether that's been from all staff members or not um however ultimately payroll is such a crucial cycle we all become aware of it when it goes wrong everybody jumps up and down when it fails however when it goes right it's just a tick box workout and I think 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 definitely essential that all of this things is done properly so leveraging the first International Payments first payroll payment option is a fantastic initial step um providing an end-to-end payroll service for your workers internationally once again I believe is another big um process again lining up and guaranteeing you have standardization Worldwide processes all of those things are absolutely key to success success of organizations and reducing the number of tools platforms and checking account they need for their Worldwide payroll too could not agree with you more and on the the front in regards to of the thank yous for getting payroll done I've never had a hundred countless them within a payroll cycle do not anticipate to you do get the odd five or 10 or whatever it might be with the with the the problems where things haven't gone rather where they're implied to be um I do not think any of us are actually doing that for for the thanks
anyhow we understand how how crucial 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 everyone that's associated with those processes and likewise so think of sorry I'm simply I was just gon na say think of the quantity of thanks you got if you might cover the quantity of individuals that we cover within this webinar I'm sure we're talking about numerous thousands potentially Millions envision getting that numerous thank you keeps in mind um I indicate it 'd be interesting to see the number of Post-it notes you got however it would absolutely be an intriguing 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 need 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 proceeding look why do business pick to main separate bank accounts there are businesses out there doing exactly this for specific nations and I have actually worked in a service or numerous organizations doing exactly that I can say it does not always feel effective and it does create more work I know we're not purposely doing that we're not developing extra work for any person where we don't have to and anyone that's dealing with that procedure 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 lots of factors one is it's the requirement I believe individuals have got so used to we need 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 think it's just been the standard and the norm individuals have actually 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 ways um to to kind of do it so I believe there's a variety I believe this is a process that needs taking a look at it needs altering but ultimately people are really stuck to what they recognize
with ideal um modification is a challenging thing all of us do not like modification um so I think it's just kind of moving away from the standard as we have actually said so yeah so it keeps a great deal of track of stuff um I understand obviously the benefits of having preserving several bank accounts however there's a big quantity of complexity opts for establishing a savings account keeping it ensuring it can send out International transfers guaranteeing it's established with the ideal user accesses for specific individuals so the complexity is substantial but I believe the truthful response is modification um people haven't been able to alter or have not had necessarily the understanding to truly make that change into alternate Solutions other than opening a checking account I think you've hit the nail on the head I think it is understanding you understand and there is an element of resistance to change however we have actually always done it that way is no real excuse for not looking at the the benefits and the possibilities of carrying on and moving into you understand what might practically be determined to be the next Century or two there is a lot to keep an eye on and this technique does posture several difficulties um so Johnny might you tell us about those difficulties yeah of course so there's a range right there is so
I just 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 staff members you should have a corner office with a more detailed parking space due to the fact that I mastered Global payroll and payments with Papaya payroll OS did you
Sure Payroll Vs Papaya Global