Find out more about Papaya Global Payroll Second Acount ... 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 gotten a different Chief Financial Officer particularly devoted to managing payments. This supplies us with a secure and trustworthy method of making payments to our 10,000 employees worldwide.}
the BEST international payroll managment app, conserves me hours of time every month, one single control panel for my payroll, EOR and contractors
Employee Portal
Employees have access to a Staff member Website where they can view their pay slips, wage and tax statements and work files. The portal is available in multiple languages and can be accessed on a desktop or mobile device.
Advantages Administration
Papaya Global assists companies offer competitive benefits bundles to global employees no matter the number of staff members in the company. The company can establish health insurance, short-term and long-lasting disability, vision, dental and maternity leave while eliminating the need to source local benefits suppliers in every country, produce local accounts and have a minimum number of workers.
The HR capabilities supplied by Worldwide HR encompass various functions such as keeping an eye on vacation time, making sure compliance, helping with the process of welcoming brand-new employees and bidding goodbye to departing ones, offering a secure online platform for saving employees' files, and providing assistance for work allow procedures in case your workers need assistance in that area.
HR Analytics
Papaya Global's payroll and HR analytics suite provides you insights into labor force costs, workforce diversity, overall work expenses distributed per area, overall work expenses per cycle and a lot more.
environments around the world I supplied leadership and strategy to populations of over a hundred thousand workers in more than 170 countries today I'm the payroll methods for as Mark stated I work throughout the business managing and building external relationships supporting Enterprise clients and options along with serving as an advisor for those of you that don't understand who papaya Worldwide is papaya is the very first payroll and payments
business to make the time 100 list for a lot of prominent business in the world we offer payroll payments and workforce management to all employee enters over 160 nations I am pleased to state that we also have as Mark said Johnny Nash with us today Johnny would you like to present yourself of course thank you good morning great afternoon excellent evening depending on where you are in the world it's lovely to fulfill 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 specifically dealing with the payroll and payment sector for over 7 years um I was captivated by the intricacy the difficulty in all of the above of
payroll payments and chose to kind of make a real go at that over the last five or 6 years where I have actually kind of had a range of different functions on the company side and likewise on the supplier side from a payroll viewpoint so actually looking forward to this discussion today um and yeah thank you very much for your time everyone alright thanks Johnny uh we'll just offer everybody another couple of uh well among the 30 seconds or so to join we all work back to back these days so we'll type of let them do that so it 'd be quite intriguing 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 originates from and I really 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 drizzling here it's extremely really dreary and I wish I was elsewhere at this moment in time okay so let's start our agenda for today is as follows um we are going to be taking a look at the challenge years of handling International payroll why companies preserve different
bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts streamlining papaya International payroll payments as a tactical asset uh we'll likewise review a wrap-up which needs to leave his time at the very extremely 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 International workforces become increasingly more typical and managing them becomes more and more complicated Worldwide companies are aiming to find Solutions and new ways to enhance processes specifically from a payroll and cross-border payment viewpoint lots of companies keep separate checking account just for payroll while some have several accounts in various nations does it make sense for business to keep different checking account in some cases in different countries it does however just for payroll exists a much better method what function do virtual accounts and digital wallets also called virtual wallets play in helping international business simplify the episode complex processes of
Making sure precise, effective, and prompt payroll payments is a complex difficulty for businesses running worldwide. Join us for a webinar to check out the advantages and downsides of payroll wallets versus payroll savings account, find out how companies forecast payroll costs to optimize working capital, and find how enhancing global payroll payments can change them from a challenging job into a strategic property.
Handling payroll globally is a difficult job due to different regulations, compliance requirements, information security issues, and banking guidelines. The large variety of employees and organizations adds to the complexity, with an approximated 3.5 billion people in the worldwide workforce, 500 countless whom are in Africa, and 230 million services worldwide.
Conventional payroll systems frequently lead to manual procedures, information silos, and an absence of integration, leading to inconsistencies and ineffectiveness. Despite residing in a period of technological advancements, payroll management has actually been sluggish to adjust, with as much as 25% of payroll still processed manually, often using pen and paper. This webinar aims to offer insights and options to simplify and optimize international payroll payments.
about it to give you a concept of how far there still is to come according to Deloitte just 11 of businesses say they have Labor force data in real time that's another number that provides me sleep deprived nights and quite honestly the more an organization spends on global payroll the less of a photo they see an absence of presence also encompasses payroll payments and inability to accurately track these payments can result in compliance incidents in the last mile of the transaction nearly half of worldwide services have actually revealed that they do not have the level of standardization they need in their processes or want and as a result eighty percent of errors are due to time reporting bad HCM data data entry errors improperly communicated hires and terminations as well as lack management and system configurations and then when you round all of it off and the data is delivered to the wrong location the average expense of an international data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash all over the world payroll and payments don't run smoothly if they rely on the needed numerous processes systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the challenges business face when they're making payments to staff members or otherwise that's an excellent concern 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 varying Bank details so the length of an eye band a swift an account number routing code per country there's payment timespan 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 client's own in-country account so there's complexity wherever you look best ultimately building a knowledge base is absolutely crucial however all over you look with payroll payment they are like extremely payments no if however some infants 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 absolutely essential and technology is allowing us to type of move forward with that it likewise also to add to that payroll and finance require to work closer together um with varying Bank Account Particulars varying banking requirements and setup processes is absolutely essential that payroll and financing teams work better together than ever um I'm constantly amazed when individuals state I've split payroll and payment um if you stroll down the street and asked anyone what is payroll who does not work in the payroll profession 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 frequently 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 people wherever they are but also paying statutory authorities and on statutory 3rd parties so with the
world we live in and wellness being more and more important to add to kind of the level of complexity there's a growing number of advantages being organ or being provided by companies across the world so once again you're just seeking to add a growing number of payments to this currently complex landscape so if you type of got any experience well I'm from your large experience here and I make sure however have you got any experience in kind of genuine difficulties or real difficult sort of pay utilizes to play to pay individuals I believe yeah I imply over the last well yeah a couple of decades I would certainly say that the bigger an organization gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the task there are teams feeding info into the next function as it were that's in fact managing the payment side of things however you understand in in my viewpoint and my experience that doesn't necessarily require to be the case you understand long gone are the times where we require to create additional handoffs in the processes that we run in they just make them more timely they make them less efficient and they don't make them what they need to be in in an era of tech and a period that you understand that we are operating in today there is no reason why we are still making this as challenging as it needs to be concurred and rightly as you said payroll is the single biggest liability that any business has from a cost viewpoint from an effect perspective on workers it is definitely vital that it's done correctly and on time so what we suggest by that is not a day before not a day after on pay day and payments have to be done right it has the most significant detrimental result on individuals's wellness and numerous other factors if people aren't paid uh I've constantly been astonished entering into this Market kind of the last five to ten years is how little thanks the
payroll team get um so I'm unsure anyone on this sort of webinar has actually been informed thank you for processing my payroll correctly if you have it 'd be great to hear your success story and whether that's been from all employees or not um however ultimately payroll is such a crucial cycle we all hear about it when it goes wrong everyone jumps up and down when it fails but when it goes right it's just a tick box workout and I believe 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 definitely crucial that all of this stuff is done correctly so leveraging the very first International Payments very first payroll payment service is a great first step um offering an end-to-end payroll solution for your staff members worldwide again I think is another substantial um procedure once again aligning and ensuring you have standardization Global procedures all of those things are absolutely key to success success of companies and reducing the number of tools platforms and savings account they require for their International payroll too could not agree with you more and on the the front in terms of of the thank yous for getting payroll done I've never ever had a hundred thousand of 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 complaints where things haven't gone rather where they're meant to be um I don't believe any of us are actually doing that for for the thanks
anyway we understand how how crucial a role 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 procedures and likewise so imagine sorry I'm simply I was simply gon na state think of the quantity of thanks you got if you might cover the quantity of individuals that we cover within this webinar I'm sure we're speaking about hundreds of thousands potentially Millions envision 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 task attempting to clean all those up for sure oh definitely I can't imagine 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 try to return to everyone so carrying on look why do companies select to primary different savings account there are companies out there doing exactly this for specific countries and I've operated in a service or many organizations doing exactly that I can say it does not always feel effective and it does produce more work I understand we're not purposely doing that we're not creating additional work for anyone where we do not need to and anyone that's managing that procedure 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 think lots of factors one is it's the standard I believe people have actually got so used to we need a brand-new bank 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 simply been the requirement and the norm the people have actually embraced and continue to do over years and years gone past to add to that people have actually taken a look at things like trust accounts and many other ways um to to kind of do it so I believe there's a range I believe this is a procedure that requires looking at it requires changing however eventually individuals are very stuck to what they're familiar
with ideal um change is a challenging thing we all do not like modification um so I think it's simply kind of moving far from the standard as we've said so yeah so it keeps a great deal of track of things um I understand undoubtedly the benefits of having preserving numerous bank accounts however there's a big amount of intricacy goes with setting up a bank account keeping it ensuring it can send out International transfers ensuring it's set up with the ideal user accesses for individual individuals so the intricacy is huge however I think the truthful answer is change um individuals have not been able to alter or haven't had always the knowledge to really make that change into alternate Solutions other than opening a checking account I believe you have actually struck the nail on the head I think it is knowledge you know and there is an element of resistance to change however we've always done it that way is no real reason for not looking at the the advantages and the possibilities of carrying on and moving into you understand what could almost be determined to be the next Century approximately there is a lot to keep an eye on and this approach does position numerous challenges um so Johnny might you inform us about those challenges yeah of course so there's a range right there is so
I just did you changed our Business to OS so now we can do our payroll and payments operation on a single platform yes it's like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 International staff members you deserve a corner workplace with a better parking space due to the fact that I mastered International payroll and payments with Papaya payroll OS did you
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