Find out more about Papaya Global Payroll Preview ... We now have the ability to manage both our payroll and payments procedures on one unified platform. It's as if our Chief Financial Officer has actually acquired a different Chief Financial Officer specifically devoted to managing payments. This offers us with a secure and reputable method of making payments to our 10,000 staff members worldwide.}
The innovative global payroll management app streamlines my payroll process, saving me a considerable quantity of time each month. With its easy to use interface, I have access to a single control panel that efficiently manages my payroll, EOR, and contractors.
The Employee Website provides staff members 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 phones and is offered in different languages.
Advantages Administration
Papaya Global helps business offer competitive benefits plans to international workers despite the variety of staff members in the business. The business can establish medical insurance, short-term and long-lasting disability, vision, dental and maternity leave while eliminating the need to source regional advantages companies in every nation, develop local accounts and have a minimum variety of workers.
The HR capabilities offered by International HR include various functions such as keeping track of trip time, making sure compliance, assisting in the process of inviting brand-new employees and bidding farewell to departing ones, offering a safe and secure online platform for saving employees' documents, and providing assistance for work allow procedures in case your staff members need support in that area.
HR Analytics
Papaya Global's payroll and HR analytics suite gives you insights into labor force costs, workforce variety, total employment costs distributed per area, total employment expenses per cycle and a lot more.
environments across the globe I offered management and technique to populations of over a hundred thousand staff members in more than 170 nations today I'm the payroll techniques for as Mark stated I work across the business handling and building external relationships supporting Enterprise customers and options along with acting as an advisor for those of you that do not understand who papaya Global is papaya is the first payroll and payments
As an international business, we are honored to be included on the prominent Time 100 list of the most influential companies worldwide. We concentrate on supplying payroll and labor force management services to staff members in more than 160 countries. I am delighted to introduce Johnny Nash, as pointed out by Mark. Now, I'll let Johnny introduce himself. Good day to all, regardless of your location. It's a satisfaction to satisfy you and thank you for your important time. As Ian pointed out, I am Johnny Nash, the director of payments at our organization. With over a years of experience in the payments industry, I have actually focused on payroll and payment options for the past 7 years. The intricacies and challenges of this field have always captivated me.
payroll payments and chose to kind of make a real go at that over the last five or six years where I've sort of had a variety of various functions on the supplier side and also on the supplier side from a payroll point of view so truly anticipating this conversation today um and yeah thank you very much for your time everybody alright thanks Johnny uh we'll simply give everyone another number of uh well one of the 30 seconds or so to join all of us work back to back nowadays 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 everyone originates from and I actually do hope it's much sunnier than it remains in the UK today certainly not the peak of the sunshine is it it's not no it's it's raining here it's really very dreary and I wish I was somewhere else at this moment in time okay so let's get started our agenda for today is as follows um we are going to be taking a look at the obstacle years of managing International payroll why business preserve different
Virtual payroll accounts are an alternative to traditional savings account for managing payroll payments. This is especially helpful for worldwide organizations with dispersed and remote workforces, as it streamlines the complicated procedure of cross-border payments. Instead of preserving separate bank accounts for payroll in various countries, virtual accounts and digital wallets offer a more structured solution. In this webinar, we will explore the advantages of using virtual payroll accounts and talk about why they are becoming a strategic asset for payroll executives. We will also offer a recap of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments accurately effectively firmly and on time during this webinar we'll walk you through the international pros and cons of a payroll wallet versus a payroll checking account how companies properly forecast their payroll expenses to increase working capital and how improving International payroll payments can turn them from a siled pane into a tactical property so payroll can be hard in enough in one country however when you're doing it internationally it's next level and Beyond it becomes complex for a variety of reasons most notably policies compliance information security and banking rules then there are the sheer numbers they include additional complexity the worldwide Workforce is presently three and a half billion people by 2030 it's approximated that in Africa alone they will contribute and additional 1.1 billion individuals that number is presently 500 million just for for a scale then factor in that there are some 230 million organizations and growing all doing their own thing worldwide in the standard payroll design there's typically an overwhelming variety of various systems resulting in lengthy manual procedures and silos the variety of Combinations could be non-existent in big quantities and or extremely very fundamental there's no genuine consistency structure we're residing in an age of tech however 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 which just 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 companies say they have Workforce information in real time that's another number that provides me sleepless nights and rather honestly the more a company invests in worldwide payroll the less of a picture they see an absence of presence likewise extends to payroll payments and failure to accurately track these payments can result in compliance incidents in the last mile of the transaction almost half of worldwide 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 mistakes are due to time reporting poor HCM data information entry errors poorly interacted hires and terminations as well as absence management and system setups and after that when you round everything off and the information is shipped to the wrong location the typical expense of an international data 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 don't run smoothly if they rely on the essential numerous procedures 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 challenges service face when they're making payments to employees or otherwise that's a good concern I constantly toss this back and state what is it what doesn't require to be consisted of ideal and what does
it require to be thought of there's differing Bank details 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 capabilities so can you pay it from International or do you have to pay from an in-country account do you have to pay from the consumer's own in-country account so there's complexity wherever you look ideal eventually building a knowledge base is absolutely crucial however everywhere you look with payroll payment they are like super payments no if but some infants about it you are all superheroes processing payments for payroll if you look at the kind of link between fintech and payroll it's closer than ever I think there's now a bit more recognition that payroll payments are definitely basic and technology is permitting us to sort of progress with that it also too to add to that payroll and finance need to work closer together um with differing Bank Account Particulars varying banking requirements and setup procedures is definitely crucial that payroll and finance teams work better together than ever um I'm constantly astonished when people say I've divided payroll and payment um if you walk down the street and asked anyone what is payroll who does not operate in the payroll profession would they divide the payroll payment from computation I would say no so why do we as an industry accept that why our payroll and payments so often split and cut up um ultimately it's payroll is an end-to-end process it's the point of information collection all the way through to paying individuals wherever they are but likewise paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being increasingly more important to contribute to kind of the level of complexity there's a growing number of advantages being organ or being provided by businesses throughout the world so once again you're simply aiming to include more and more payments to this currently complicated landscape so if you kind of got any experience well I'm from your vast experience here and I make certain however have you got any experience in kind of real obstacles or genuine challenging sort of pay utilizes to play to pay individuals I think yeah I suggest over the last well yeah a couple of decades I would definitely state that the larger a service 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 teams feeding details into the next function as it were that's really handling the payment side of things but you understand in in my opinion and my experience that doesn't necessarily need to be the case you know long gone are the times where we require to develop extra handoffs at the same times that we run in they simply make them more timely they make them less efficient and they don't make them what they require to be in in a period of tech and an age that you know that we are working in today there is no reason that we are still making this as difficult as it needs to be agreed and appropriately as you stated payroll is the single most significant liability that any business has from a cost perspective from an effect viewpoint on staff members it is definitely vital that it's done properly 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 destructive result on people's wellness and many other factors if individuals aren't paid uh I have actually always been astonished entering into this Market kind of the last five to 10 years is how little thanks the
payroll group get um so I'm unsure anybody on this type of webinar has actually been informed thank you for processing my payroll correctly if you have it 'd be terrific to hear your success story and whether that's been from all employees or not um but ultimately payroll is such an important cycle all of us hear about it when it fails everyone jumps up and down when it goes wrong however when it goes right it's simply 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 properly so leveraging the very first Worldwide Payments first payroll payment service is a fantastic primary step um supplying an end-to-end payroll option for your employees worldwide once again I believe is another huge um process again aligning and ensuring you have standardization Global procedures all of those things are definitely key to success success of organizations and decreasing the variety of tools platforms and bank accounts they need 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 expect 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 implied to be um I don't believe any of us are really doing that for for the thanks
anyway we understand how how essential 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 associated with those processes and likewise so imagine sorry I'm just I was simply gon na say think of the amount of thanks you got if you could cover the amount of people that we cover within this webinar I make sure we're speaking about numerous thousands potentially Millions think of getting that many thank you notes um I indicate it 'd be interesting to see the number of Post-it notes you got but it would certainly be a fascinating job trying to clean all those up for sure oh definitely I can't think of 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 kind of shot to get back to everybody so carrying on appearance why do business choose to main separate bank accounts there are companies out there doing precisely this for particular countries and I've operated in a business or many services doing precisely that I can state it does not always feel efficient and it does create more work I know we're not deliberately doing that we're not producing extra work for anyone where we do not have to and any person that's handling that procedure I 'd be interested to hear your thoughts Johnny why do you think that we're doing that in in the in the quantity that we are I believe lots of factors one is it's the requirement I think people have got so used to we need a new bank account we open an entity and rightly so you require it for payroll purposes however there are a variety of markets where it's not a requirement so I believe it's simply been the requirement and the norm individuals have actually embraced and continue to do over years and years passed by to contribute to that people have taken a look at things like trust accounts and numerous other methods um to to sort of do it so I think there's a variety I think this is a procedure that requires looking at it requires changing however ultimately individuals are very stuck to what they recognize
with ideal um modification is a difficult thing all of us do not like modification um so I believe it's simply type of moving far from the standard as we have actually said so yeah so it keeps a lot of track of things um I comprehend certainly the advantages of having keeping several bank accounts but there's a big amount of intricacy chooses setting up a bank account preserving it guaranteeing it can send International transfers guaranteeing it's established with the right user accesses for private people so the complexity is substantial but I believe the truthful answer is modification um people haven't had the ability to change or have not had necessarily the understanding to really make that change into alternate Solutions aside from opening a bank account I believe you've hit the nail on the head I believe it is knowledge you know and there is an element of resistance to alter however we've always done it that way is no real excuse for not taking a look at the the advantages and the possibilities of carrying on and moving into you understand what could nearly be figured out to be the next Century approximately there is a lot to track and this method does pose numerous obstacles um so Johnny might you inform us about those difficulties yeah naturally so there's a variety right there is so
I just recently made a change 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 boosted capability, I have actually effectively protected payments for our 10,000 employees worldwide. Your devotion to mastering international payroll and payments utilizing Papaya payroll OS is commendable. You should have a corner office with a parking space that is better, considering your achievements.
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