Find out more about Papaya Global Payroll And Versacheck ... We now have the capability to handle both our payroll and payments processes on one unified platform. It's as if our Chief Financial Officer has actually gotten a different Chief Financial Officer specifically committed to managing payments. This provides us with a safe and reliable method of paying to our 10,000 staff members worldwide.}
the BEST international payroll managment app, saves 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 gain access to and view essential documents such as pay slips, wage and tax declarations, and employment records. This website is accessible on both desktop and mobile devices and is used in numerous languages.
Advantages Administration
Papaya Global assists companies provide competitive advantages plans to global staff members no matter the number of workers in the company. The business can set up medical insurance, short-term and long-lasting special needs, vision, dental and maternity leave while removing the need to source regional benefits suppliers in every country, develop regional accounts and have a minimum variety of workers.
The HR abilities offered by Global HR include different functions such as keeping an eye on vacation time, making sure compliance, helping with the procedure of inviting new employees and bidding goodbye to departing ones, offering a safe online platform for saving workers' documents, and providing support for work allow procedures in case your workers need support because location.
HR Analytics
Papaya Global's payroll and HR analytics suite gives you insights into workforce spending, workforce diversity, total employment costs dispersed per area, total work costs per cycle and much more.
Internationally, I have actually shown leadership and tactical expertise in assisting massive populations of over 100,000 workers across 170 nations. Presently, I am responsible for managing payroll techniques, as discussed by Mark. My role includes handling and developing external partnerships, supporting Enterprise customers, and offering advisory services. Additionally, I am proud to be a part of Papaya Global, a pioneering payroll and payments services supplier.
As a worldwide company, we are honored to be consisted of on the prominent Time 100 list of the most prominent business worldwide. We specialize in providing payroll and workforce management services to employees in more than 160 countries. I am delighted to introduce Johnny Nash, as discussed by Mark. Now, I'll let Johnny present himself. Good day to all, regardless of your area. 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 company. With over a decade of experience in the payments industry, I have actually concentrated on payroll and payment services for the past 7 years. The intricacies and difficulties of this field have always mesmerized me.
payroll payments and chose to sort of make a genuine go at that over the last 5 or 6 years where I have actually sort of had a variety of different roles on the service provider side and likewise on the supplier side from a payroll perspective so really eagerly anticipating this discussion today um and yeah thank you very much for your time everyone okay thanks Johnny uh we'll just offer everyone another couple of uh well one of the 30 seconds approximately to join we all work back to back these days so we'll kind of let them do that so it 'd be rather fascinating and I can see it going on currently simply to hear where everyone is um it's nice to to type of like see where everybody comes from and I really do hope it's much sunnier than it is in the UK today certainly not the peak of the sunlight is it it's not no it's it's raining here it's extremely really dreary and I wish I was somewhere else at this moment in time fine so let's begin 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 utilizing virtual payroll accounts streamlining papaya International payroll payments as a tactical property uh we'll likewise discuss a wrap-up which must leave his time at the very really end for a q a session so as the title of the webinar suggests payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and International workforces end up being a growing number of common and handling them ends up being increasingly more complex Global organizations are aiming to find Solutions and new ways to simplify processes specifically from a payroll and cross-border payment perspective numerous organizations preserve different checking account just for payroll while some have numerous accounts in different countries does it make good sense for companies to preserve separate checking account in some cases in various nations it does however just for payroll is there a much better method what role do virtual accounts and digital wallets likewise known as virtual wallets play in assisting multinational companies streamline the episode complex processes of
making payroll payments accurately effectively firmly and on time throughout this webinar we'll walk you through the global benefits and drawbacks of a payroll wallet versus a payroll savings account how companies precisely forecast their payroll costs to increase working capital and how enhancing International payroll payments can turn them from a siled pane into a strategic possession so payroll can be hard in adequate in one nation but when you're doing it worldwide it's next level and Beyond it becomes complex for a range of reasons most notably policies compliance data security and banking rules then there are the large numbers they add more intricacy the worldwide Workforce is currently three 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 currently 500 million just for for a scale then consider that there are some 230 million businesses and growing all doing their own thing all over the world in the standard payroll model there's often a frustrating number of different systems causing time-consuming manual processes and silos the number of Integrations could be non-existent in large quantities and or extremely very fundamental there's no real consistency structure we're residing in an era of tech but payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper and that simply blows my mind whenever I I think
about it to provide you a concept of how far there still is to come according to Deloitte just 11 of services state they have Workforce data in real time that's another number that gives me sleep deprived nights and quite frankly the more an organization spends on international payroll the less of a picture they see an absence of visibility likewise encompasses payroll payments and inability to accurately track these payments can lead to compliance mishaps in the last mile of the deal almost half of worldwide businesses 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 because of time reporting bad HCM data information entry mistakes poorly communicated hires and terminations along with lack management and system setups and after that when you round everything off and the information is delivered to the incorrect place the typical expense of a global information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash around the world payroll and payments don't run efficiently if they rely on the necessary numerous procedures systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the obstacles company face when they're making payments to workers or otherwise that's a good concern I always toss this back and state what is it what doesn't need to be included right 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 country there's payment time frames 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 consumer's own in-country account so there's intricacy wherever you look ideal ultimately building a knowledge base is definitely crucial however all over you look with payroll payment they resemble incredibly payments no if but some children 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 absolutely fundamental and innovation is allowing us to type of progress with that it likewise too to add to that payroll and financing require to work closer together um with differing Savings account Details varying banking requirements and setup processes is definitely imperative that payroll and finance groups work more detailed together than ever um I'm always surprised when individuals say I've split payroll and payment um if you stroll down the street and asked anyone what is payroll who does not work 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 typically 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 wherever they are however likewise paying statutory authorities and on statutory third parties so with the
The modern world places a high value on wellness and the settlement landscape is becoming increasingly elaborate. Services are constantly introducing new advantages and payment alternatives, which adds to the general intricacy. Big corporations frequently divide their payroll and payment processing into separate groups, which can cause ineffectiveness and traffic jams. In my opinion, this does not have to be the case. In today's highly sophisticated period, there's no justification for keeping troublesome treatments. Payroll, the business's most significant expense, must be processed correctly and on time. Even minor delays can negatively impact employees' well-being and have far-reaching consequences. Therefore, it's important to focus on accurate and prompt payments.
payroll team get um so I'm not exactly sure anyone on this sort of webinar has actually been informed thank you for processing my payroll correctly if you have it 'd be great to hear your success story and whether that's been from all workers or not um however ultimately payroll is such an important cycle all of us hear about it when it goes wrong everyone jumps up and down when it fails however when it goes right it's just a tick box workout and I believe that's how it's seen from the external view as well um so yeah it's likewise like why WI-Fi Global why all of this stuff is definitely crucial that all of this stuff is done properly so leveraging the first Global Payments very first payroll payment option is an excellent initial step um providing an end-to-end payroll option for your workers globally again I believe is another substantial um process again lining up and guaranteeing you have standardization International processes all of those things are absolutely crucial to success success of companies and minimizing the variety of tools platforms and checking account they require for their Worldwide payroll too could not agree with you more and on the the front in terms of 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 ten or whatever it might be with the with the the problems 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
anyway we know how how important 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 everyone that's associated with those procedures and likewise so think of sorry I'm just I was just gon na say imagine the amount of thanks you got if you might cover the quantity of people that we cover within this webinar I make sure we're discussing hundreds of thousands potentially Millions envision getting that many thank you notes um I suggest it 'd be interesting to see how many Post-it notes you got but it would certainly be a fascinating 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 was the case um you 'd require days of the week to try to check out them and in fact see what was going on and type of try to return to everyone so carrying on look why do business choose to primary separate bank accounts there are services out there doing exactly this for specific countries and I've operated in a service or numerous services doing precisely that I can state it doesn't constantly feel effective and it does produce more work I know we're not intentionally doing that we're not creating additional work for any person where we do not need to and anyone that's handling that process 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 believe numerous reasons one is it's the standard I think individuals have got so utilized to we require a brand-new checking account we open an entity and rightly 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 simply been the standard and the standard individuals have actually adopted and continue to do over years and years gone past to add to that individuals have looked at things like trust accounts and lots of other ways um to to type of do it so I believe there's a range I believe this is a process that needs looking at it requires changing however ultimately people are extremely stuck with what they're familiar
with right um modification is a hard thing all of us don't like modification um so I think it's simply sort of moving far from the standard as we've said so yeah so it keeps a great deal of track of things um I comprehend undoubtedly the advantages of having preserving numerous savings account however there's a big quantity of intricacy opts for setting up a savings account preserving it ensuring it can send International transfers ensuring it's established with the right user accesses for individual people so the intricacy is substantial however I think the sincere response is modification um people have not had the ability to alter or have not had necessarily the understanding to truly make that change into alternate Solutions aside from opening a savings account I believe you've hit the nail on the head I think it is understanding you know and there is an aspect of resistance to change but we have actually always done it that way is no real reason for not taking a look at the the advantages and the possibilities of moving on and moving into you understand what might almost be figured out to be the next Century or two there is a lot to monitor and this technique does posture several obstacles um so Johnny could you inform us about those challenges yeah naturally so there's a range right there is so
I recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It feels like our CFO has gained another CFO, and with this improved ability, I have successfully secured payments for our 10,000 staff members worldwide. Your devotion to mastering international payroll and payments utilizing Papaya payroll OS is commendable. You should have a corner workplace with a parking space that is more detailed, considering your achievements.
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