Find out more about Papaya Global Payroll Revenue ... 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 acquired a different Chief Financial Officer particularly devoted to handling payments. This supplies us with a secure and trusted technique of making payments to our 10,000 staff members worldwide.}
The advanced global payroll management app streamlines my payroll procedure, conserving me a substantial quantity of time each month. With its user-friendly user interface, I have access to a single control panel that effectively handles my payroll, EOR, and contractors.
The Staff member Website offers workers with the capability to access and view important files such as pay slips, wage and tax declarations, and employment records. This portal is accessible on both desktop and mobile phones and is used in various languages.
Benefits Administration
Papaya Global assists business provide competitive benefits packages to global staff members no matter the number of employees in the company. The business can establish health insurance, short-term and long-term disability, vision, oral and maternity leave while getting rid of the requirement to source regional advantages providers in every country, produce local accounts and have a minimum number of employees.
Worldwide HR Performances
's HR functionalities include PTO tracking, compliance, onboarding/offboarding tools, online storage for employees' documents and migration services if your employees need work authorization assistance.
HR Analytics
Papaya Global's payroll and HR analytics suite offers you insights into labor force spending, labor force variety, overall work expenses distributed per location, overall work expenses per cycle and a lot more.
environments around the world I provided leadership and method to populations of over a hundred thousand workers in more than 170 nations today I'm the payroll strategies for as Mark stated I work across the business handling and building external relationships supporting Enterprise customers and solutions as well as serving 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 prestigious Time 100 list of the most prominent companies worldwide. We focus on supplying payroll and labor force management services to staff members in more than 160 nations. I am delighted to introduce Johnny Nash, as pointed out by Mark. Now, I'll let Johnny present himself. Good day to all, regardless of your area. It's a pleasure to fulfill you and thank you for your valuable time. As Ian mentioned, I am Johnny Nash, the director of payments at our organization. With over a years of experience in the payments market, I have concentrated on payroll and payment solutions for the past seven years. The complexities and difficulties of this field have constantly captivated me.
payroll payments and decided to sort of make a real go at that over the last 5 or six years where I've sort of had a variety of various roles on the company side and likewise on the vendor side from a payroll viewpoint so truly anticipating this discussion today um and yeah thank you quite for your time everybody fine thanks Johnny uh we'll just offer 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 type of let them do that so it 'd be quite interesting and I can see it going on already simply to hear where everybody is um it's nice to to sort of like see where everybody originates 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 drizzling here it's very really gloomy and I want I was somewhere else at this moment in time alright so let's get started our program for today is as follows um we are going to be taking a look at the difficulty years of handling Worldwide 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 Global payroll payments as a strategic possession uh we'll also go over a recap and that must leave his time at the very really end for a q a session so as the title of the webinar recommends payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and Global workforces end up being increasingly more typical and handling them ends up being a growing number of complex Global organizations are wanting to find Solutions and new ways to simplify procedures particularly from a payroll and cross-border payment viewpoint numerous organizations preserve different savings account just for payroll while some have numerous accounts in various countries does it make good sense for business to preserve different bank accounts in some cases in different nations it does but just for payroll is there a much better method what role do virtual accounts and digital wallets also referred to as virtual wallets play in helping international business simplify the episode complex procedures of
Guaranteeing precise, efficient, and timely payroll payments is a complex obstacle for organizations operating globally. Join us for a webinar to explore the advantages and drawbacks of payroll wallets versus payroll checking account, find out how companies forecast payroll expenses to optimize working capital, and find how improving international payroll payments can transform them from a difficult job into a tactical possession.
Managing payroll globally is a difficult task due to numerous policies, compliance requirements, information security issues, and banking guidelines. The large variety of staff members and organizations adds to the complexity, with an estimated 3.5 billion individuals in the worldwide labor force, 500 countless whom are in Africa, and 230 million businesses worldwide.
Traditional payroll systems often lead to manual processes, information silos, and an absence of integration, leading to disparities and ineffectiveness. Despite residing in a period of technological developments, payroll management has been slow to adjust, with as much as 25% of payroll still processed by hand, often using pen and paper. This webinar aims to offer insights and services to streamline and optimize international payroll payments.
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of companies state they have Workforce data in real time that's another number that provides me sleepless nights and rather frankly the more an organization spends on international payroll the less of a picture they see a lack of exposure likewise extends to payroll payments and failure to properly track these payments can lead to compliance accidents in the last mile of the transaction almost half of international organizations have expressed that they don't have the level of standardization they need in their processes or want and as a result eighty percent of errors are because of time reporting bad HCM information information entry mistakes badly interacted hires and terminations as well as absence management and system configurations and then when you round everything off and the information is delivered to the wrong location the typical cost of a global 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 depend on the needed several procedures systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the challenges organization face when they're paying to employees or otherwise that's a good question I constantly toss this back and state what is it what doesn't need to be consisted of ideal and what does
it require to be thought of there's differing 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 have to pay from an in-country account do you need to pay from the client's own in-country account so there's complexity any place you look right eventually building a knowledge base is absolutely important however everywhere you look with payroll payment they resemble very payments no if but some children about it you are all superheroes processing payments for payroll if you look at the type 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 fundamental and innovation is allowing us to sort of move forward with that it also as well to contribute to that payroll and finance need to work closer together um with varying Bank Account Details differing banking requirements and setup processes is definitely essential that payroll and finance groups work more detailed together than ever um I'm always surprised when people say I've split payroll and payment um if you walk down the street and asked anyone what is payroll who doesn't operate in the payroll occupation 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 eventually 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 also paying statutory authorities and on statutory third parties so with the
The contemporary world positions a high worth on wellness and the compensation landscape is ending up being progressively complex. Businesses are constantly presenting new benefits and payment options, which contributes to the total intricacy. Large corporations typically divide their payroll and payment processing into different teams, which can cause ineffectiveness and bottlenecks. In my opinion, this does not need to be the case. In today's highly advanced era, there's no validation for maintaining cumbersome treatments. Payroll, the company's most significant expenditure, must be processed correctly and on time. Even small hold-ups can negatively affect workers' wellness and have far-reaching effects. Therefore, it's important to prioritize accurate and timely payments.
payroll group get um so I'm not sure anyone on this type of webinar has actually been informed thank you for processing my payroll properly if you have it 'd be terrific to hear your success story and whether that's been from all employees or not um however ultimately payroll is such an essential cycle all of us become aware of it when it goes wrong everyone jumps up and down when it goes wrong but when it goes right it's simply a tick box workout and I think that's how it's seen from the external consider as well um so yeah it's also like why WI-Fi Global why all of this stuff is absolutely vital that all of this things is done properly so leveraging the first Global Payments very first payroll payment service is an excellent first step um supplying an end-to-end payroll service for your employees internationally again I believe is another substantial um process once again lining up and ensuring you have standardization International processes all of those things are absolutely crucial to success success of services and reducing the variety of tools platforms and savings account they require for their International 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 countless them within a payroll cycle don't expect to you do get the odd 5 or ten or whatever it might be with the with the the grievances where things haven't gone rather where they're suggested to be um I don't believe any of us are actually doing that for for the thanks
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 everybody that's associated with those procedures and also so picture sorry I'm just I was simply gon na say envision the quantity of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make certain we're discussing numerous thousands possibly Millions imagine getting that lots of thank you notes um I imply it 'd be interesting to see how many Post-it notes you got however it would absolutely be an intriguing job attempting to clean 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 need days of the week to try to look through them and really see what was going on and kind of try to get back to everybody so carrying on look why do companies choose to primary separate bank accounts there are services out there doing precisely this for specific nations and I have actually operated in a business or many companies doing precisely that I can say it doesn't constantly feel efficient and it does develop more work I understand we're not purposely doing that we're not developing additional work for anybody where we do not have to and anybody that's managing 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 think lots of reasons one is it's the requirement I think people have got so used to we require a brand-new checking account we open an entity and rightly so you need it for payroll functions however there are a variety of markets where it's not a requirement so I think 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 people have looked at things like trust accounts and lots of other ways um to to kind of do it so I think there's a variety I believe this is a procedure that requires taking a look at it needs changing however ultimately people are really stuck to what they're familiar
with right um change is a hard thing all of us do not like modification um so I believe it's simply type of moving far from the norm as we've said so yeah so it keeps a great deal of track of stuff um I comprehend obviously the advantages of having maintaining multiple savings account however there's a substantial amount of intricacy chooses setting up a bank account keeping it guaranteeing it can send out International transfers guaranteeing it's set up with the ideal user accesses for specific individuals so the complexity is big however I think the sincere response is change um people have not had the ability to change or have not had always the knowledge 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 believe it is knowledge you understand and there is an aspect of resistance to alter but we have actually constantly done it that way is no genuine excuse for not taking a look at the the benefits and the possibilities of carrying on and moving into you understand what might almost be figured out to be the next Century or so there is a lot to monitor and this approach does position several obstacles um so Johnny could you tell us about those challenges yeah naturally so there's a variety right there is so
I recently made a modification to our Business 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 actually gained another CFO, and with this enhanced ability, I have actually successfully protected payments for our 10,000 employees worldwide. Your devotion to mastering global payroll and payments using Papaya payroll OS is good. You are worthy of a corner workplace with a parking space that is more detailed, considering your accomplishments.
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