Find out more about Papaya Global Payroll Florida ... We now have the capability to manage both our payroll and payments processes on one combined platform. It's as if our Chief Financial Officer has actually obtained a separate Chief Financial Officer particularly devoted to handling payments. This offers us with a safe and trustworthy approach of paying to our 10,000 workers 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 Portal provides employees with the capability to access and view crucial documents such as pay slips, wage and tax statements, and employment records. This website is accessible on both desktop and mobile phones and is used in different languages.
Benefits Administration
Papaya Global assists companies provide competitive benefits bundles to worldwide staff members despite the number of workers in the business. The company can establish health insurance, short-term and long-lasting special needs, vision, oral and maternity leave while removing the need to source regional advantages suppliers in every country, create regional accounts and have a minimum variety of workers.
The HR abilities offered by Worldwide HR encompass numerous functions such as keeping an eye on holiday time, ensuring compliance, helping with the process of welcoming brand-new workers and bidding goodbye to leaving ones, offering a safe online platform for storing workers' documents, and offering assistance for work allow treatments in case your workers need help because location.
HR Analytics
Papaya Global's payroll and HR analytics suite offers you insights into workforce costs, labor force variety, overall employment costs distributed per area, total employment expenses per cycle and much more.
environments around the world I offered management and strategy to populations of over a hundred thousand employees in more than 170 countries today I'm the payroll methods for as Mark said I work throughout the business handling and structure external relationships supporting Enterprise clients and options as well as serving as an advisor for those of you that don't understand who papaya International is papaya is the very first payroll and payments
company to make the time 100 list for most influential companies in the world we offer payroll payments and labor force management to all staff member enters over 160 countries I am pleased to state that we likewise have as Mark stated Johnny Nash with us today Johnny would you like to present yourself naturally thank you good morning good afternoon excellent evening depending on where you remain in the world it's charming 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 remained in the payments market for over 10 years and particularly dealing with the payroll and payment sector for over 7 years um I was interested by the complexity the problem in all of the above of
payroll payments and chose to type of make a genuine go at that over the last 5 or six years where I have actually sort of had a variety of various functions on the service provider side and likewise on the vendor side from a payroll perspective so really looking forward to this discussion today um and yeah thank you quite for your time everyone all right thanks Johnny uh we'll just provide everyone another number of uh well one of the 30 seconds or so to join we all work back to back nowadays so we'll sort of let them do that so it 'd be quite fascinating and I can see it going on already just to hear where everybody is um it's nice to to kind of like see where everybody comes from and I truly 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 very very dreary and I wish I was elsewhere at this moment in time okay so let's begin our program for today is as follows um we are going to be looking at the difficulty years of handling International payroll why companies maintain different
bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts streamlining papaya Global payroll payments as a strategic possession uh we'll likewise review a recap and that must leave his time at the extremely very 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 Worldwide workforces become increasingly more common and handling them ends up being more and more complex International companies are seeking to discover Solutions and brand-new ways to streamline procedures specifically from a payroll and cross-border payment perspective lots of organizations maintain separate savings account just for payroll while some have multiple accounts in different nations does it make sense for companies to maintain separate savings account in some cases in various countries it does however just for payroll exists a better method what role do virtual accounts and digital wallets also referred to as virtual wallets play in helping international companies streamline the episode complex procedures of
Guaranteeing precise, effective, and prompt payroll payments is a complex obstacle for companies running worldwide. Join us for a webinar to check out the benefits and downsides of payroll wallets versus payroll savings account, find out how business anticipate payroll expenses to enhance working capital, and find how simplifying global payroll payments can change them from a troublesome job into a tactical asset.
Handling payroll worldwide is an overwhelming job due to various policies, compliance requirements, information security concerns, and banking guidelines. The sheer number of staff members and services adds to the intricacy, with an estimated 3.5 billion individuals in the international labor force, 500 million of whom remain in Africa, and 230 million businesses worldwide.
Standard payroll systems frequently result in manual processes, information silos, and an absence of integration, leading to inconsistencies and inefficiencies. In spite of residing in an age of technological developments, payroll management has been slow to adjust, with as much as 25% of payroll still processed manually, frequently utilizing pen and paper. This webinar objectives to provide insights and options to simplify and optimize international payroll payments.
about it to offer you an idea of how far there still is to come according to Deloitte only 11 of companies state they have Labor force information in real time that's another number that offers me sleep deprived nights and quite honestly the more a business spends on worldwide payroll the less of a picture they see an absence of exposure likewise encompasses payroll payments and inability to precisely track these payments can result in compliance incidents in the last mile of the transaction nearly half of global companies have 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 data data entry errors poorly interacted hires and terminations along with lack management and system configurations and after that when you round it all off and the information is shipped to the wrong place the typical expense of an international information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money around the world payroll and payments don't run smoothly if they rely on the essential numerous processes systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the obstacles service face when they're paying to staff members or otherwise that's a good concern I always throw this back and say what is it what does not need to be included ideal and what does
it require to be thought about there's varying 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 best ultimately building a knowledge base is definitely crucial however all over you look with payroll payment they are like incredibly payments no if however 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 believe there's now a bit more acknowledgment that payroll payments are definitely basic and innovation is allowing us to type of move on with that it likewise also to contribute to that payroll and finance require to work closer together um with differing Savings account Particulars varying banking requirements and setup procedures is absolutely vital that payroll and finance groups work more detailed together than ever um I'm always 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 work in the payroll occupation would they divide the payroll payment from estimation I would say no so why do we as a market accept that why our payroll and payments so typically split and cut up um eventually it's payroll is an end-to-end procedure it's the point of data collection all the way through to paying people any place they are but also paying statutory authorities and on statutory third parties so with the
The modern-day world puts a high worth on well-being and the compensation landscape is becoming progressively intricate. Organizations are continually introducing brand-new benefits and payment choices, which adds to the general intricacy. Large corporations typically divide their payroll and payment processing into separate teams, which can result in inadequacies and bottlenecks. In my viewpoint, this doesn't need to be the case. In today's highly sophisticated age, there's no reason for maintaining troublesome procedures. Payroll, the business's biggest expenditure, should be processed properly and on time. Even small hold-ups can adversely impact workers' wellness and have far-reaching consequences. Therefore, it's crucial to prioritize precise and timely payments.
payroll group get um so I'm uncertain anyone on this kind of webinar has been told thank you for processing my payroll properly if you have it 'd be fantastic to hear your success story and whether that's been from all employees or not um however ultimately payroll is such a crucial cycle all of us find out about it when it fails everyone jumps up and down when it fails however when it goes right it's just a tick box exercise 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 things is definitely vital that all of this things is done correctly so leveraging the first Global Payments first payroll payment service is a great primary step um offering an end-to-end payroll service for your workers internationally again I think is another big um procedure once again aligning and ensuring you have standardization Global processes all of those things are definitely key to success success of businesses and reducing the number of tools platforms and checking account they require for their Global payroll too couldn't agree with you more and on the the front in terms of of the thank yous for getting payroll done I have actually never had a hundred thousand of them within a payroll cycle don't anticipate to you do get the odd 5 or 10 or whatever it might be with the with the the grievances where things haven't gone quite where they're indicated to be um I don't think any of us are in fact doing that for for the thanks
anyhow we know how how important 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 associated with those procedures and also so envision sorry I'm simply I was just gon na state picture the quantity of thanks you got if you could cover the amount of individuals that we cover within this webinar I'm sure we're speaking about numerous thousands possibly Millions picture getting that numerous thank you notes 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 up all those up for sure oh absolutely I can't think of 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 really see what was going on and sort of shot to return to everyone so carrying on appearance why do business select to primary different bank accounts there are organizations out there doing precisely this for particular countries and I've operated in a company or lots of services doing exactly that I can say it doesn't always feel effective and it does produce more work I understand we're not intentionally doing that we're not developing additional work for anybody where we do not have to and anybody that's handling 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 quantity that we are I think lots of factors one is it's the requirement I think people have got so used to we require a new savings account we open an entity and appropriately 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 requirement and the norm the people have embraced and continue to do over years and years passed by to add to that individuals have looked at things like trust accounts and many other methods um to to kind of do it so I think there's a variety I believe this is a procedure that needs looking at it requires altering but eventually people are really stuck to what they're familiar
with best um change is a challenging thing we all do not like change um so I think it's just sort of moving far from the norm as we have actually said so yeah so it keeps a lot of track of things um I comprehend clearly the advantages of having preserving numerous bank accounts however there's a big amount of intricacy chooses setting up a bank account maintaining it ensuring it can send International transfers guaranteeing it's established with the ideal user accesses for specific individuals so the complexity is big however I think the truthful response is change um individuals have not had the ability to alter or haven't had necessarily the knowledge to actually make that change into alternate Solutions besides opening a savings account I think you have actually struck the nail on the head I think it is knowledge you know and there is a component of resistance to change however we have actually always done it that way is no genuine excuse for not looking at the the benefits and the possibilities of carrying on and moving into you understand what could practically be determined to be the next Century or two there is a lot to track and this method does position numerous difficulties um so Johnny could you tell us about those difficulties yeah of course 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 handle our payroll and payment jobs on one platform. It seems like our CFO has acquired another CFO, and with this improved ability, I have successfully protected payments for our 10,000 employees worldwide. Your dedication to mastering global payroll and payments utilizing Papaya payroll OS is good. You are worthy of a corner workplace with a parking space that is closer, considering your achievements.
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