Find out more about Papaya Global Payroll Mindsight ... We now have the ability to handle both our payroll and payments procedures on one unified platform. It's as if our Chief Financial Officer has actually gotten a separate Chief Financial Officer particularly dedicated to managing payments. This offers us with a safe and secure and reliable approach of paying to our 10,000 employees worldwide.}
the BEST international payroll managment app, conserves me hours of time monthly, one single dashboard for my payroll, EOR and specialists
The Staff member Website supplies workers with the capability to access and view essential documents such as pay slips, wage and tax statements, and work records. This website is accessible on both desktop and mobile phones and is used in different languages.
Benefits Administration
Papaya Global assists business offer competitive benefits plans to worldwide workers despite the variety of workers in the company. The company can set up health insurance, short-term and long-lasting special needs, vision, dental and maternity leave while getting rid of the need to source local benefits service providers in every country, develop regional accounts and have a minimum number of employees.
Worldwide HR Functionalities
's HR functionalities consist of PTO tracking, compliance, onboarding/offboarding tools, online storage for workers' files and immigration services if your workers require work permit help.
HR Analytics
Papaya Global's payroll and HR analytics suite provides you insights into labor force costs, labor force variety, overall employment costs distributed per area, overall work expenses per cycle and a lot more.
environments around the world I offered leadership and technique to populations of over a hundred thousand employees in more than 170 nations today I'm the payroll techniques for as Mark said I work throughout the business managing and building external relationships supporting Business customers and options along with 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 company, we are honored to be consisted of on the prestigious Time 100 list of the most prominent companies worldwide. We focus on offering payroll and labor force management services to workers in more than 160 nations. I am delighted to present Johnny Nash, as discussed by Mark. Now, I'll let Johnny introduce himself. Good day to all, regardless of your place. It's an enjoyment to satisfy you and thank you for your important time. As Ian mentioned, I am Johnny Nash, the director of payments at our company. With over a years of experience in the payments industry, I have actually concentrated on payroll and payment services for the past 7 years. The complexities and difficulties of this field have actually always mesmerized me.
payroll payments and decided to sort of make a genuine go at that over the last five or six years where I have actually sort of had a variety of various functions on the supplier side and also on the vendor side from a payroll viewpoint so actually eagerly anticipating this conversation today um and yeah thank you quite for your time everybody okay thanks Johnny uh we'll simply give everybody another couple of uh well one of the 30 seconds or two to join we all work back to back these days so we'll sort of let them do that so it 'd be quite fascinating and I can see it going on currently simply to hear where everyone is um it's nice to to kind 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 sunshine is it it's not no it's it's drizzling here it's extremely really dreary and I want I was elsewhere at this moment in time all right so let's begin our program for today is as follows um we are going to be taking a look at the obstacle years of handling Global payroll why business preserve different
savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts enhancing papaya International payroll payments as a strategic possession uh we'll likewise review a wrap-up and that should leave his time at the very really 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 a growing number of typical and handling them ends up being more and more intricate International companies are seeking to find Solutions and new methods to enhance procedures especially from a payroll and cross-border payment viewpoint lots of companies keep different checking account just for payroll while some have several accounts in various nations does it make good sense for companies to preserve separate checking account often in different nations it does however just for payroll is there a better way what role do virtual accounts and digital wallets also called virtual wallets play in helping international companies improve the episode complex procedures of
making payroll payments properly effectively securely and on time throughout this webinar we'll walk you through the global advantages and disadvantages of a payroll wallet versus a payroll checking account how business properly anticipate their payroll costs to increase working capital and how enhancing Worldwide payroll payments can turn them from a siled pane into a strategic possession so payroll can be hard in enough in one nation however when you're doing it globally it's next level and Beyond it becomes complicated for a variety of factors most importantly regulations compliance information security and banking rules then there are the large numbers they add additional intricacy the global Labor force is presently three and a half billion people by 2030 it's approximated that in Africa alone they will contribute and more 1.1 billion individuals that number is presently 500 million just for for a scale then consider that there are some 230 million businesses and growing all doing their own thing around the world in the standard payroll model there's often an overwhelming number of various systems causing lengthy manual procedures and silos the number of Combinations could be non-existent in big quantities and or really very fundamental there's no real consistency framework we're living in an age of tech however payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper and that simply blows my mind whenever I I believe
about it to offer you a concept of how far there still is to come according to Deloitte only 11 of services state they have Labor force data in real time that's another number that provides me sleepless nights and quite honestly the more a company invests in international payroll the less of an image they see a lack of presence also reaches payroll payments and failure to properly track these payments can result in compliance mishaps in the last mile of the deal almost half of worldwide businesses have revealed that they don't have the level of standardization they require in their processes or want and as a result eighty percent of errors are due to time reporting bad HCM information information entry mistakes improperly interacted hires and terminations in addition to lack management and system setups and then when you round all of it off and the data is delivered to the incorrect place the average cost of a worldwide information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash worldwide payroll and payments do not run efficiently if they rely on the necessary numerous 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 obstacles company face when they're paying to employees or otherwise that's a great concern I constantly toss this back and say what is it what does not need to be consisted of best 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 amount of time 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 any place you look right ultimately building a knowledge base is absolutely crucial but all over you look with payroll payment they resemble very payments no if however some infants about it you are all superheroes processing payments for payroll if you take a look at the kind of link in between fintech and payroll it's closer than ever I think there's now a bit more acknowledgment that payroll payments are definitely essential and technology is allowing us to sort of move forward with that it likewise also to add to that payroll and financing require to work closer together um with varying Checking account Details varying banking requirements and setup processes is absolutely important that payroll and financing teams work closer together than ever um I'm always surprised when people state I have actually divided payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn't 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 frequently split and cut up um ultimately it's payroll is an end-to-end process 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
The modern-day world places a high value on wellness and the settlement landscape is ending up being progressively complex. Services are continually presenting new benefits and payment choices, which adds to the total intricacy. Large corporations frequently divide their payroll and payment processing into separate groups, which can lead to inadequacies and bottlenecks. In my viewpoint, this doesn't need to be the case. In today's highly sophisticated period, there's no justification for keeping cumbersome treatments. Payroll, the business's greatest cost, need to be processed properly and on time. Even minor hold-ups can negatively impact employees' wellness and have far-reaching effects. Therefore, it's crucial to focus on precise and prompt payments.
payroll group get um so I'm uncertain anybody on this kind of webinar has been informed thank you for processing my payroll correctly if you have it 'd be excellent to hear your success story and whether that's been from all employees or not um however eventually payroll is such an important cycle all of us become aware of it when it goes wrong everybody jumps up and down when it goes wrong however when it goes right it's just a tick box workout and I think 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 absolutely important that all of this stuff is done correctly so leveraging the very first Worldwide Payments very first payroll payment option is a great first step um providing an end-to-end payroll option for your employees worldwide again I believe is another substantial um procedure once again lining up and guaranteeing you have standardization International procedures all of those things are absolutely key to success success of organizations and minimizing the number of tools platforms and bank accounts they require for their Global payroll too couldn't agree with you more and on the the front in regards to of the thank yous for getting payroll done I have actually never ever 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 rather where they're indicated to be um I don't believe any of us are really doing that for for the thanks
anyway we know how how important a role 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 simple as possible for everybody that's involved in those processes and likewise so picture sorry I'm just I was simply gon na say picture the amount of thanks you got if you could cover the amount of people that we cover within this webinar I make certain we're speaking about hundreds of thousands potentially Millions think of getting that lots of thank you notes um I mean it 'd be interesting to see how many Post-it notes you got but it would certainly be an intriguing task attempting to clean all those up for sure oh definitely 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 browse them and actually see what was going on and kind of shot to get back to everyone so moving on appearance why do business choose to primary separate checking account there are companies out there doing precisely this for specific countries and I've operated in a business or lots of organizations doing precisely that I can say it doesn't constantly feel effective and it does develop more work I know we're not purposely doing that we're not developing additional work for anyone where we do not have to and anyone that's dealing with that procedure I 'd be interested to hear your ideas Johnny why do you believe that we're doing that in in the in the quantity that we are I believe many reasons one is it's the standard I believe individuals have got so used to we need a new checking account we open an entity and appropriately so you need it for payroll purposes but there are a number of markets where it's not a requirement so I believe it's simply been the requirement and the standard the people have actually embraced and continue to do over years and years passed by to contribute to that individuals have looked at things like trust accounts and lots of other methods um to to sort of do it so I think there's a range I think this is a process that needs looking at it needs altering however eventually people are very stuck to what they're familiar
with right um modification is a challenging thing all of us don't like modification um so I believe it's simply type of moving away from the norm as we've said so yeah so it keeps a lot of track of stuff um I comprehend obviously the advantages of having preserving multiple bank accounts however there's a substantial amount of complexity opts for setting up a savings account maintaining it ensuring it can send International transfers guaranteeing it's set up with the best user accesses for individual individuals so the intricacy is huge but I believe the honest response is change um people haven't had the ability to alter or have not had always the understanding to truly make that change into alternate Solutions besides opening a checking account I believe you have actually hit the nail on the head I think it is knowledge you understand and there is an element of resistance to change but we've always done it that way is no real reason for not taking a look at the the advantages and the possibilities of carrying on and moving into you know what could practically be determined to be the next Century approximately there is a lot to track and this technique does position several difficulties um so Johnny might you inform us about those obstacles yeah of course so there's a range right there is so
I recently made a change to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It feels like our CFO has gained another CFO, and with this enhanced ability, I have effectively protected payments for our 10,000 employees worldwide. Your dedication to mastering international payroll and payments utilizing Papaya payroll OS is commendable. You should have a corner office with a parking space that is more detailed, considering your achievements.
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