Find out more about Papaya Global Payroll Blog ... We now have the capability to manage both our payroll and payments processes on one unified platform. It's as if our Chief Financial Officer has acquired a separate Chief Financial Officer specifically dedicated to handling payments. This offers us with a secure and trustworthy technique of making payments to our 10,000 workers worldwide.}
The advanced global payroll management app enhances my payroll procedure, conserving me a considerable amount of time monthly. With its user-friendly user interface, I have access to a single control panel that effectively handles my payroll, EOR, and professionals.
The Worker Website supplies staff members with the ability to gain access to and view important files such as pay slips, wage and tax declarations, and work records. This website is accessible on both desktop and mobile phones and is provided in various languages.
Advantages Administration
Papaya Global assists companies provide competitive advantages packages to international staff members no matter the variety of staff members in the company. The company can set up medical insurance, short-term and long-term impairment, vision, oral and maternity leave while removing the need to source regional advantages service providers in every nation, produce regional accounts and have a minimum variety of workers.
International HR Functionalities
's HR performances include PTO tracking, compliance, onboarding/offboarding tools, online storage for workers' documents and immigration services if your workers require work authorization help.
HR Analytics
Papaya Global's payroll and HR analytics suite gives you insights into workforce spending, workforce diversity, overall work expenses dispersed per area, total employment costs per cycle and much more.
environments across the globe I provided leadership and strategy to populations of over a hundred thousand employees in more than 170 nations today I'm the payroll strategies for as Mark said I work across the business handling and structure external relationships supporting Enterprise customers and services as well as functioning as an advisor for those of you that do not understand who papaya Worldwide is papaya is the very first payroll and payments
As an international business, we are honored to be included on the distinguished Time 100 list of the most prominent business worldwide. We focus on offering payroll and labor force management services to workers in more than 160 nations. I am delighted to introduce Johnny Nash, as mentioned by Mark. Now, I'll let Johnny present himself. Good day to all, no matter your location. It's an enjoyment to meet you and thank you for your valuable time. As Ian mentioned, I am Johnny Nash, the director of payments at our company. With over a decade of experience in the payments market, I have focused on payroll and payment options for the past seven years. The complexities and obstacles of this field have actually constantly mesmerized me.
payroll payments and decided to sort of make a genuine go at that over the last five or 6 years where I've kind of had a variety of different roles on the company side and likewise on the vendor side from a payroll perspective so really eagerly anticipating this discussion today um and yeah thank you very much for your time everybody alright thanks Johnny uh we'll simply give everyone another couple of uh well among the 30 seconds approximately to join we all work back to back nowadays so we'll type of let them do that so it 'd be quite interesting and I can see it going on currently simply to hear where everybody is um it's nice to to sort of like see where everybody comes from and I truly 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 raining here it's very really uninspiring and I wish I was elsewhere at this moment in time okay so let's get started our program for today is as follows um we are going to be taking a look at the challenge years of managing International payroll why companies maintain different
bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts simplifying papaya International payroll payments as a tactical asset uh we'll likewise go over a wrap-up and that ought to 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 Global labor forces become more and more common and handling them ends up being increasingly more intricate Worldwide companies are wanting to discover Solutions and brand-new methods to improve processes specifically from a payroll and cross-border payment perspective many companies keep separate checking account just for payroll while some have numerous accounts in various nations does it make good sense for companies to maintain separate checking account in some cases in different countries it does however just for payroll exists a better method what function do virtual accounts and digital wallets also referred to as virtual wallets play in helping international business improve the episode complex procedures of
Guaranteeing accurate, effective, and prompt payroll payments is a complex challenge for services running internationally. Join us for a webinar to check out the advantages and drawbacks of payroll wallets versus payroll savings account, learn how business anticipate payroll expenses to enhance working capital, and discover how streamlining worldwide payroll payments can change them from a burdensome task into a tactical possession.
Managing payroll worldwide is a complicated job due to numerous guidelines, compliance requirements, data security issues, and banking rules. The sheer number of workers and organizations contributes to the complexity, with an estimated 3.5 billion people in the worldwide labor force, 500 countless whom are in Africa, and 230 million organizations worldwide.
Standard payroll systems typically lead to manual processes, information silos, and an absence of integration, resulting in disparities and ineffectiveness. Despite living in an era of technological advancements, payroll management has actually been slow to adjust, with as much as 25% of payroll still processed by hand, often using pen and paper. This webinar goals to provide insights and options to streamline and enhance worldwide payroll payments.
about it to provide you an idea 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 sleepless nights and rather honestly the more an organization spends on international payroll the less of a photo they see a lack of presence likewise extends to payroll payments and failure to properly track these payments can cause compliance mishaps in the last mile of the transaction nearly half of international organizations have actually revealed that they do not have the level of standardization they require in their procedures or want and as a result eighty percent of mistakes are because of time reporting poor HCM information information entry errors inadequately communicated hires and terminations in addition to absence management and system setups and then when you round all of it off and the information is delivered to the incorrect place the average expense of an international information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money around the world payroll and payments do not run efficiently if they rely on the necessary several processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the difficulties company face when they're making payments to employees or otherwise that's a good question I always throw this back and say what is it what doesn't need to be consisted of right and what does
it need to be thought of 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 abilities 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 anywhere you look right ultimately developing a knowledge base is definitely important however everywhere you look with payroll payment they resemble incredibly payments no if but 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 basic and technology is allowing us to sort of move on with that it also as well to contribute to that payroll and finance need to work closer together um with varying Bank Account Details varying banking requirements and setup procedures is absolutely vital that payroll and finance teams work closer together than ever um I'm always 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 does not operate in the payroll occupation would they divide the payroll payment from calculation 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 information 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 increasingly more essential to add to kind of the level of intricacy there's increasingly more advantages being organ or being used by organizations throughout the world so again you're simply seeking to include increasingly more payments to this currently complicated landscape so if you type of got any experience well I'm from your large experience here and I'm sure however have you got any experience in kind of real difficulties or genuine challenging kind of pay utilizes to play to pay people I believe yeah I imply over the last well yeah a number of years I would absolutely state that the larger an organization gets the more it tends to segregate the payroll and the payments works um there are groups 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 however you understand in in my opinion and my experience that doesn't necessarily require to be the case you know long gone are the times where we need to develop additional handoffs in the processes that we run in they simply make them more timely they make them less effective and they don't make them what they need to be in in an age of tech and an age that you understand that we are working in today there is no reason why we are still making this as challenging as it requires to be agreed and rightly as you said payroll is the single most significant liability that any company has from an expense viewpoint from an effect perspective on employees it is absolutely crucial that it's done correctly and on time so what we mean 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 detrimental effect on individuals's well-being and lots of other elements if people aren't paid uh I've constantly been amazed entering into this Market kind of the last 5 to ten years is how little thanks the
The payroll group may not have been thanked for properly processing payroll during a webinar. If anyone has been thanked, it would be excellent to hear their success story, whether it's from all employees or not. Payroll is an essential cycle, and people only notice when things go wrong. However, when things go right, it's seen as simply a routine job. This is how it's perceived externally too. Therefore, it is necessary to ensure that tasks like Wi-Fi Global and other crucial matters are done properly. Utilizing the very first International Payments first payroll payment service is a great initial step towards supplying an extensive payroll service for staff members worldwide. Standardization, global procedures, and decreasing the variety of tools, platforms, and savings account required for worldwide payroll are crucial factors in achieving company success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do occasionally get a couple of complaints when things do not go as planned. Ultimately, we do not do it for the gratitude.
anyway 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 simple as possible for everyone that's involved in those processes and also so think of sorry I'm simply I was simply gon na say imagine the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I make sure we're speaking about hundreds of thousands possibly Millions picture getting that lots of 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 job trying to clean all those up for sure oh definitely I can't picture the size of my my Outlook inbox if that held true um you 'd need days of the week to attempt to look through them and in fact see what was going on and sort of shot to return to everyone so moving on appearance why do business choose to primary different checking account there are businesses out there doing exactly this for specific countries and I've operated in an organization or lots of businesses doing precisely that I can state it doesn't always feel efficient and it does produce more work I understand we're not deliberately doing that we're not producing extra work for any person where we do not need to and anybody that's dealing with that process 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 believe lots of factors one is it's the standard I think people have actually got so used to we require a brand-new bank 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 believe it's just been the standard and the standard individuals have embraced and continue to do over years and years gone past to add to that individuals have looked at things like trust accounts and many other methods um to to sort of do it so I think there's a range I think this is a process that needs taking a look at it requires changing however ultimately people are very stuck with what they're familiar
with ideal um modification is a challenging thing all of us do not like change um so I believe it's just sort of moving away from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I understand undoubtedly the advantages of having preserving several savings account however there's a huge amount of intricacy opts for setting up a bank account preserving it guaranteeing it can send out International transfers ensuring it's set up with the best user accesses for private individuals so the intricacy is huge however I think the sincere response is modification um people have not been able to change or have not had necessarily the knowledge to really make that change into alternate Solutions besides opening a checking account I think you have actually struck the nail on the head I think it is understanding you understand and there is an aspect of resistance to alter but we have actually always done it that way is no real reason for not taking a look at the the benefits and the possibilities of moving on and moving into you understand what could almost be determined to be the next Century or two there is a lot to monitor and this method does posture a number of obstacles um so Johnny could you inform us about those obstacles yeah of course so there's a variety right there is so
I recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It seems like our CFO has actually gotten another CFO, and with this boosted ability, I have effectively secured payments for our 10,000 employees worldwide. Your dedication to mastering international payroll and payments using Papaya payroll OS is commendable. You are worthy of a corner office with a parking space that is better, considering your achievements.
Sure Payroll Vs Papaya Global