Find out more about Papaya Global Online Payroll Owner ... We now have the capability to manage both our payroll and payments procedures on one combined platform. It's as if our Chief Financial Officer has actually gotten a separate Chief Financial Officer specifically committed to handling payments. This offers us with a safe and reliable technique of paying to our 10,000 workers worldwide.}
the very best international payroll managment app, saves me hours of time every month, one single control panel for my payroll, EOR and professionals
The Worker Website offers staff members with the ability to access and view crucial documents such as pay slips, wage and tax declarations, and work records. This website is accessible on both desktop and mobile devices and is used in various languages.
Benefits Administration
Papaya Global helps business use competitive benefits packages to international employees no matter the variety of employees in the company. The business can set up medical insurance, short-term and long-term special needs, vision, oral and maternity leave while eliminating the requirement to source local advantages providers in every nation, develop local accounts and have a minimum number of employees.
International HR Functionalities
's HR performances consist of PTO tracking, compliance, onboarding/offboarding tools, online storage for employees' documents and migration services if your workers require work authorization help.
HR Analytics
Papaya Global's payroll and HR analytics suite provides you insights into labor force costs, workforce diversity, total employment expenses dispersed per location, overall work expenses per cycle and far more.
environments around the world I provided management and method to populations of over a hundred thousand workers in more than 170 countries today I'm the payroll methods for as Mark stated I work throughout business handling and building external relationships supporting Business customers and options along with functioning as an advisor for those of you that don't know who papaya International is papaya is the first payroll and payments
business to make the time 100 list for most influential companies in the world we supply payroll payments and workforce management to all worker enters over 160 countries I am pleased to say that we also have as Mark stated Johnny Nash with us today Johnny would you like to present yourself of course thank you good morning great afternoon good night depending upon where you are in the world it's lovely to meet you and thank you very much 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 industry for over 10 years and particularly working on the payroll and payment sector for over seven years um I was amazed by the intricacy the problem in all of the above of
payroll payments and chose to sort of make a genuine go at that over the last 5 or six years where I have actually kind of had a range of various functions on the supplier side and also on the vendor side from a payroll viewpoint so really looking forward to this discussion today um and yeah thank you very much for your time everybody alright thanks Johnny uh we'll simply provide everyone another couple of uh well one of the 30 seconds approximately to join all of us work back to back these days so we'll type of let them do that so it 'd be quite intriguing and I can see it going on already simply to hear where everyone is um it's nice to to sort of like see where everyone originates from and I truly do hope it's much sunnier than it remains in the UK today definitely not the peak of the sunlight is it it's not no it's it's drizzling here it's extremely really uninspiring and I wish I was somewhere else at this moment in time alright so let's get going our agenda for today is as follows um we are going to be taking a look at the difficulty years of managing International payroll why business keep separate
savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts streamlining papaya Global payroll payments as a tactical possession uh we'll also discuss a wrap-up and that needs to leave his time at the very very 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 Global workforces become a growing number of common and handling them becomes a growing number of complex Worldwide organizations are aiming to discover Solutions and brand-new methods to enhance procedures specifically from a payroll and cross-border payment standpoint numerous organizations keep separate savings account just for payroll while some have multiple accounts in various nations does it make sense for companies to maintain separate savings account in some cases in various countries it does but just for payroll is there a much better method what role do virtual accounts and digital wallets likewise known as virtual wallets play in helping international business simplify the episode complex procedures of
making payroll payments accurately effectively firmly and on time during this webinar we'll stroll you through the global pros and cons of a payroll wallet versus a payroll bank account how business properly forecast their payroll costs to increase working capital and how enhancing Global payroll payments can turn them from a siled pane into a tactical possession so payroll can be tough in enough in one country however when you're doing it internationally it's next level and Beyond it ends up being intricate for a range of reasons most importantly policies compliance information security and banking rules then there are the large numbers they add further complexity the international Workforce is currently 3 and a half billion people by 2030 it's estimated that in Africa alone they will contribute and additional 1.1 billion people that number is presently 500 million just for for a scale then factor in that there are some 230 million businesses and growing all doing their own thing worldwide in the standard payroll design there's frequently a frustrating variety of various systems resulting in lengthy manual processes and silos the variety of Combinations could be non-existent in big amounts and or extremely really standard there's no genuine consistency structure we're living in an era of tech however payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper which simply blows my mind each time I I think
about it to give you an idea of how far there still is to come according to Deloitte just 11 of businesses say they have Workforce information in real time that's another number that gives me sleepless nights and quite frankly the more a company spends on international payroll the less of a photo they see an absence of exposure likewise reaches payroll payments and failure to accurately track these payments can cause compliance accidents in the last mile of the deal nearly half of worldwide services have expressed that they do not have the level of standardization they need in their procedures or want and as a result eighty percent of mistakes are due to time reporting poor HCM data information entry mistakes badly communicated hires and terminations along with absence management and system setups and then when you round it all off and the information is delivered to the incorrect place the typical expense of an international data 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 depend on the required multiple procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the challenges organization face when they're paying to workers or otherwise that's an excellent question I constantly throw this back and state what is it what doesn't require to be included right 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 timespan there's payment capabilities 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 client's own in-country account so there's intricacy any place you look best eventually building a knowledge base is absolutely critical but all over you look with payroll payment they resemble 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 think there's now a bit more recognition that payroll payments are absolutely basic and innovation is permitting us to sort of progress with that it likewise also to add to that payroll and finance require to work closer together um with differing Bank Account Particulars varying banking requirements and setup procedures is definitely necessary that payroll and finance teams work closer together than ever um I'm constantly impressed 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 split the payroll payment from computation I would say no so why do we as an industry accept that why our payroll and payments so frequently split and cut up um ultimately it's payroll is an end-to-end procedure it's the point of data collection all the way through to paying individuals anywhere they are but likewise paying statutory authorities and on statutory 3rd parties so with the
world we reside in and well-being being a growing number of important to add to kind of the level of complexity there's a growing number of benefits being organ or being offered by services throughout the world so again you're just seeking to include more and more payments to this already complex landscape so if you kind of got any experience well I'm from your huge experience here and I'm sure but have you got any experience in kind of genuine obstacles or real challenging sort of pay utilizes to play to pay people I think yeah I indicate over the last well yeah a number of decades I would definitely say that the larger a business gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the job there are groups feeding info into the next function as it were that's actually managing the payment side of things but you understand in in my viewpoint and my experience that doesn't always need to be the case you understand long gone are the times where we require 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 don't make them what they require to be in in an era 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 tough as it requires to be concurred and appropriately as you said payroll is the single greatest liability that any company has from an expense perspective from an impact viewpoint on staff members it is definitely vital that it's done correctly and on time so what we imply by that is not a day before not a day after on pay day and payments have to be done right it has the biggest damaging effect on people's well-being and numerous other elements if individuals aren't paid uh I've always been astonished entering this Market sort of the last 5 to ten years is how little thanks the
The payroll group might not have been thanked for correctly processing payroll throughout a webinar. If anyone has actually been thanked, it would be terrific to hear their success story, whether it's from all staff members or not. Payroll is an important cycle, and people only see when things fail. Nevertheless, when things go right, it's viewed as simply a routine task. This is how it's viewed externally also. Therefore, it is important to ensure that jobs like Wi-Fi Global and other vital matters are done correctly. Utilizing the first Worldwide Payments very first payroll payment solution is an excellent initial action towards providing a detailed payroll option for staff members worldwide. Standardization, worldwide processes, and decreasing the variety of tools, platforms, and checking account required for international payroll are key consider accomplishing business success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do periodically get a few complaints when things do not go as prepared. Eventually, we don't do it for the gratitude.
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 everybody that's involved in those procedures and likewise so envision sorry I'm simply I was just gon na say imagine the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I'm sure we're talking about numerous thousands possibly Millions think of getting that numerous thank you keeps in mind um I mean it 'd be interesting to see how many Post-it notes you got but it would absolutely be an interesting job attempting to clean all those up for sure oh absolutely I can't imagine the size of my my Outlook inbox if that held true um you 'd need days of the week to try to browse them and actually see what was going on and sort of try to get back to everyone so carrying on appearance why do business select to primary separate bank accounts there are businesses out there doing precisely this for particular countries and I've worked in a company or many services doing precisely that I can say it doesn't constantly feel efficient and it does produce more work I understand we're not intentionally doing that we're not producing extra work for anyone where we do not have to and anybody that's dealing with 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 lots of factors one is it's the standard I think individuals have actually got so used to we require a new checking account we open an entity and appropriately so you require it for payroll purposes but there are a number of markets where it's not a requirement so I believe it's just been the standard and the norm the people have embraced and continue to do over years and years gone past to add to that individuals have taken a look at things like trust accounts and lots of other ways um to to type of do it so I believe there's a variety I believe this is a procedure that needs taking a look at it needs changing however eventually people are very stuck to what they recognize
with ideal um modification is a challenging thing we all don't like change um so I believe it's just sort of moving far from the standard as we've said so yeah so it keeps a lot of track of things um I comprehend obviously the benefits of having preserving numerous checking account but there's a substantial quantity of complexity goes with setting up a checking account preserving it guaranteeing it can send International transfers guaranteeing it's set up with the right user accesses for individual individuals so the intricacy is substantial however I think the sincere response is modification um people have not been able to change or have not had always the understanding to really make that change into alternate Solutions aside from opening a bank account I believe you have actually struck the nail on the head I think it is understanding you understand and there is an element of resistance to change but we've constantly done it that way is no real reason for not taking a look at the the benefits and the possibilities of proceeding and moving into you know what might practically be figured out to be the next Century or so there is a lot to track and this technique does pose numerous obstacles um so Johnny might you tell us about those challenges yeah obviously 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 Global workers you deserve a corner workplace with a closer parking space because I mastered Global payroll and payments with Papaya payroll OS did you
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