Find out more about Full Service Payroll Papaya Global ... We now have the ability to manage both our payroll and payments processes on one unified platform. It's as if our Chief Financial Officer has obtained a separate Chief Financial Officer particularly dedicated to managing payments. This supplies us with a protected and dependable technique of making payments to our 10,000 employees worldwide.}
the very best global payroll managment app, saves me hours of time on a monthly basis, one single dashboard for my payroll, EOR and contractors
Worker Website
Employees have access to a Staff member Portal where they can view their pay slips, wage and tax statements and employment files. The website is offered in numerous languages and can be accessed on a desktop or mobile device.
Benefits Administration
Papaya Global helps companies provide competitive benefits packages to global staff members regardless of the number of workers in the company. The business can establish health insurance, short-term and long-term impairment, vision, oral and maternity leave while removing the need to source local benefits suppliers in every nation, create local accounts and have a minimum variety of staff members.
The HR capabilities supplied by Worldwide HR incorporate different functions such as monitoring getaway time, ensuring compliance, helping with the procedure of welcoming new employees and bidding goodbye to leaving ones, using a safe online platform for saving workers' files, and supplying support for work permit treatments in case your staff members need help because location.
HR Analytics
Papaya Global's payroll and HR analytics suite gives you insights into workforce spending, labor force diversity, total employment expenses distributed per area, total employment costs per cycle and much more.
Globally, I have actually demonstrated leadership and strategic knowledge in assisting massive populations of over 100,000 employees across 170 nations. Presently, I am responsible for managing payroll methods, as pointed out by Mark. My function involves managing and establishing external partnerships, supporting Enterprise customers, and supplying advisory services. Furthermore, I am proud to be a part of Papaya Global, a pioneering payroll and payments solutions provider.
business to make the time 100 list for a lot of influential business in the world we offer payroll payments and labor force management to all worker enters over 160 countries I am pleased to state that we likewise have as Mark said Johnny Nash with us today Johnny would you like to introduce yourself obviously thank you good morning good afternoon good evening depending on where you remain in the world it's charming to satisfy you and thank you very much for your time as Ian said 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 specifically dealing with the payroll and payment sector for over seven years um I was interested by the intricacy the trouble in all of the above of
payroll payments and chose to kind of make a genuine go at that over the last five or six years where I've type of had a variety of various functions on the provider side and also on the vendor side from a payroll perspective so actually anticipating this conversation today um and yeah thank you very much for your time everybody alright thanks Johnny uh we'll just offer everybody another couple of uh well among the 30 seconds or so to join we all work back to back nowadays so we'll kind of let them do that so it 'd be rather intriguing and I can see it going on currently just to hear where everybody 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 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 really gloomy and I want I was elsewhere at this moment in time fine so let's get going our program for today is as follows um we are going to be looking at the difficulty years of handling Global payroll why companies keep separate
bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts streamlining papaya Global payroll payments as a strategic property uh we'll likewise review a wrap-up and that ought to leave his time at the very very end for a q a session so as the title of the webinar suggests payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and International labor forces end up being increasingly more typical and managing them ends up being more and more intricate Global organizations are wanting to discover Solutions and brand-new methods to simplify procedures particularly from a payroll and cross-border payment perspective lots of organizations maintain separate bank account just for payroll while some have multiple accounts in different nations does it make sense for business to preserve separate checking account in some cases in various countries it does but just for payroll is there a better method what role do virtual accounts and digital wallets likewise referred to as virtual wallets play in helping multinational companies streamline the episode complex processes of
Ensuring accurate, effective, and timely payroll payments is a complex difficulty for businesses running globally. Join us for a webinar to check out the advantages and disadvantages of payroll wallets versus payroll checking account, find out how companies anticipate payroll expenses to optimize working capital, and discover how streamlining global payroll payments can change them from a challenging job into a tactical possession.
Handling payroll globally is a difficult job due to various policies, compliance requirements, data security issues, and banking rules. The large number of employees and services adds to the complexity, with an estimated 3.5 billion individuals in the global workforce, 500 million of whom remain in Africa, and 230 million businesses worldwide.
Traditional payroll systems often lead to manual processes, data silos, and a lack of combination, resulting in disparities and inefficiencies. Despite residing in an age of technological advancements, payroll management has actually been slow to adapt, with as much as 25% of payroll still processed by hand, frequently utilizing pen and paper. This webinar aims to provide insights and solutions to streamline and enhance global payroll payments.
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 Labor force data in real time that's another number that offers me sleepless nights and quite frankly the more a business spends on global payroll the less of an image they see a lack of visibility also extends to payroll payments and inability to accurately track these payments can result in compliance accidents in the last mile of the deal nearly half of international organizations have actually revealed that they don't have the level of standardization they need in their procedures or desire and as a result eighty percent of errors are due to time reporting poor HCM information information entry errors improperly interacted hires and terminations in addition to absence management and system configurations and after that when you round all of it off and the data is delivered to the wrong place the average cost of a global information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash around the globe payroll and payments do not run smoothly if they count on the required several processes systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the difficulties organization face when they're paying to employees or otherwise that's an excellent concern I always throw this back and state what is it what doesn't need to be included ideal and what does
it require to be thought about there's varying Bank details so the length of an eye band a swift an account number routing code per nation 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 intricacy wherever you look right ultimately building a knowledge base is definitely critical but all over you look with payroll payment they resemble incredibly payments no if but some infants about it you are all superheroes processing payments for payroll if you take a look at the sort of link between fintech and payroll it's closer than ever I think there's now a bit more acknowledgment that payroll payments are definitely basic and innovation is permitting us to sort of progress with that it likewise also to add to that payroll and finance need to work closer together um with varying Bank Account Particulars differing banking requirements and setup processes is absolutely important that payroll and financing teams work better together than ever um I'm always amazed when individuals say I've divided payroll and payment um if you stroll 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 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 individuals anywhere they are but also paying statutory authorities and on statutory 3rd parties so with the
The modern world positions a high value on wellness and the settlement landscape is becoming significantly detailed. Businesses are continually presenting brand-new advantages and payment alternatives, which contributes to the general intricacy. Big corporations often divide their payroll and payment processing into separate teams, which can cause inefficiencies and bottlenecks. In my viewpoint, this doesn't need to be the case. In today's highly innovative period, there's no validation for maintaining cumbersome procedures. Payroll, the company's most significant expense, should be processed correctly and on time. Even small delays can negatively affect workers' wellness and have significant consequences. Therefore, it's critical to prioritize accurate and prompt payments.
The payroll group may not have been thanked for correctly processing payroll throughout a webinar. If anybody has actually been thanked, it would be terrific to hear their success story, whether it's from all workers or not. Payroll is an essential cycle, and individuals only see when things fail. However, when things go right, it's viewed as simply a regular job. This is how it's viewed externally as well. For that reason, it is essential to guarantee that jobs like Wi-Fi International and other essential matters are done correctly. Using the very first International Payments very first payroll payment option is a great preliminary action towards supplying a comprehensive payroll service for workers worldwide. Standardization, worldwide procedures, and decreasing the number of tools, platforms, and bank accounts necessary for global payroll are key consider achieving organization success. While we don't anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally get a few problems when things don't go as planned. Ultimately, we do not do it for the thankfulness.
anyhow we understand 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 easy as possible for everybody that's associated with those procedures and also so imagine sorry I'm just I was just gon na say imagine 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 speaking about numerous thousands potentially Millions imagine 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 definitely be an intriguing task attempting to clean up all those up for sure oh definitely I can't envision the size of my my Outlook inbox if that was the case um you 'd require 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 proceeding appearance why do business choose to main different bank accounts there are services out there doing precisely this for specific countries and I've worked in an organization or numerous organizations doing exactly that I can state it does not always feel effective and it does create more work I know we're not intentionally doing that we're not producing extra work for any person where we don't need to and any person that's managing that process I 'd be interested to hear your ideas Johnny why do you believe that we're doing that in in the in the amount that we are I believe many reasons one is it's the standard I believe individuals have got so used to we require a new checking account we open an entity and rightly so you need it for payroll functions however there are a variety of markets where it's not a requirement so I believe it's just been the standard and the standard the people have actually adopted and continue to do over years and years passed by to add to that people have looked at things like trust accounts and many other ways um to to sort of do it so I think there's a range I believe this is a procedure that requires taking a look at it needs changing but ultimately people are extremely stuck to what they're familiar
with right um modification is a difficult thing all of us do not like change um so I believe it's simply kind 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 clearly the advantages of having keeping multiple bank accounts but there's a substantial amount of complexity chooses setting up a bank account preserving it guaranteeing it can send International transfers guaranteeing it's established with the right user accesses for individual people so the intricacy is huge but I think the truthful response is modification um people haven't been able to change or haven't had necessarily the understanding to truly make that change into alternate Solutions other than opening a bank account I believe you've hit the nail on the head I think it is knowledge 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 looking at the the benefits and the possibilities of proceeding and moving into you know what might almost be determined to be the next Century or so there is a lot to keep an eye on and this method does posture numerous obstacles um so Johnny might you tell us about those challenges yeah obviously so there's a variety right there is so
I simply did you changed 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 International employees you are worthy of a corner workplace with a closer parking space due to the fact that I mastered Worldwide payroll and payments with Papaya payroll OS did you
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