Find out more about Papaya Global Payroll Software In Colleges ... We now have the ability to manage both our payroll and payments processes on one unified platform. It's as if our Chief Financial Officer has acquired a separate Chief Financial Officer particularly committed to handling payments. This offers us with a protected and dependable method of making payments to our 10,000 staff members worldwide.}
The innovative international payroll management app streamlines my payroll procedure, conserving me a significant amount of time monthly. With its easy to use interface, I have access to a single dashboard that efficiently handles my payroll, EOR, and specialists.
The Employee Portal supplies employees with the ability to access and view important documents such as pay slips, wage and tax statements, and employment records. This portal is accessible on both desktop and mobile devices and is provided in different languages.
Advantages Administration
Papaya Global assists business offer competitive benefits packages to international workers despite the number of employees in the business. The business can set up health insurance, short-term and long-lasting special needs, vision, dental and maternity leave while removing the need to source local benefits suppliers in every country, create regional accounts and have a minimum variety of workers.
The HR capabilities offered by Worldwide HR encompass different functions such as keeping track of getaway time, making sure compliance, facilitating the process of welcoming brand-new staff members and bidding goodbye to departing ones, offering a safe and secure online platform for keeping employees' files, and supplying assistance for work allow treatments in case your staff members require support in that area.
HR Analytics
Papaya Global's payroll and HR analytics suite offers you insights into workforce costs, workforce variety, overall work costs distributed per place, overall employment expenses per cycle and a lot more.
Internationally, I have actually demonstrated management and strategic knowledge in assisting large-scale populations of over 100,000 employees throughout 170 countries. Presently, I are accountable for supervising payroll techniques, as mentioned by Mark. My role includes managing and developing external partnerships, supporting Enterprise clients, and offering advisory services. Furthermore, I am proud to be a part of Papaya Global, a pioneering payroll and payments solutions service provider.
As an international company, we are honored to be consisted of on the distinguished Time 100 list of the most prominent business worldwide. We focus on providing payroll and labor force management services to workers in more than 160 countries. I am delighted to present Johnny Nash, as mentioned by Mark. Now, I'll let Johnny present himself. Good day to all, regardless of your location. It's an enjoyment to fulfill you and thank you for your valuable time. As Ian discussed, I am Johnny Nash, the director of payments at our company. With over a years of experience in the payments market, I have actually concentrated on payroll and payment services for the past 7 years. The complexities and challenges of this field have actually always mesmerized me.
payroll payments and decided to type of make a genuine go at that over the last five or six years where I have actually sort of had a variety of different roles on the company side and also on the supplier side from a payroll perspective so really anticipating this discussion today um and yeah thank you quite for your time everybody alright thanks Johnny uh we'll simply give everybody another number of uh well one of the 30 seconds or so to join we all work back to back nowadays so we'll type of let them do that so it 'd be quite intriguing 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 everyone originates 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 raining here it's really really bleak 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 challenge years of managing Worldwide payroll why companies preserve different
savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts simplifying papaya International payroll payments as a strategic possession uh we'll also go over a wrap-up which must leave his time at the very very end for a q a session so as the title of the webinar suggests payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and International labor forces end up being more and more typical and handling them becomes increasingly more complex Global companies are looking to discover Solutions and new methods to simplify processes specifically from a payroll and cross-border payment perspective many companies maintain separate checking account just for payroll while some have multiple accounts in various countries does it make sense for business to maintain different savings account often in various countries it does however just for payroll is there a much better way what function do virtual accounts and digital wallets likewise called virtual wallets play in helping multinational companies simplify the episode complex processes of
making payroll payments accurately efficiently firmly and on time throughout this webinar we'll stroll you through the global pros and cons of a payroll wallet versus a payroll checking account how companies accurately anticipate their payroll costs to increase working capital and how simplifying International payroll payments can turn them from a siled pane into a tactical asset so payroll can be tough in enough in one nation however when you're doing it globally it's next level and Beyond it ends up being complicated for a range of factors most importantly policies compliance data security and banking guidelines then there are the large numbers they include further complexity the worldwide Labor force is presently three and a half billion individuals by 2030 it's approximated that in Africa alone they will contribute and further 1.1 billion people that number is presently 500 million just for for a scale then factor in that there are some 230 million services and growing all doing their own thing all over the world in the traditional payroll model there's typically a frustrating variety of various systems causing time-consuming manual processes and silos the number of Combinations could be non-existent in big amounts and or extremely very standard there's no real consistency framework we're living in a period of tech however payroll has actually been slow to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper which just blows my mind every time I I think
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of organizations say they have Labor force information in real time that's another number that gives me sleep deprived nights and quite frankly the more a company spends on global payroll the less of a picture they see an absence of exposure likewise reaches payroll payments and inability to precisely track these payments can result in compliance mishaps in the last mile of the transaction almost half of international businesses have actually expressed 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 because of time reporting bad HCM data data entry errors improperly communicated hires and terminations as well as absence management and system setups and then when you round all of it off and the information is delivered to the wrong location the typical expense of a global information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash around the globe payroll and payments do not run smoothly if they count on the necessary numerous procedures 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 difficulties organization face when they're making payments to staff members or otherwise that's a good concern I constantly throw this back and say what is it what does not require to be included ideal and what does
it require to be considered there's differing Bank details so the length of an eye band a swift an account number routing code per nation 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 any place you look right ultimately building a knowledge base is definitely important but everywhere you look with payroll payment they resemble super payments no if however some babies about it you are all superheroes processing payments for payroll if you take a look at the sort 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 absolutely essential and innovation is allowing us to sort of progress with that it also too to contribute to that payroll and finance require to work closer together um with differing Savings account Details varying banking requirements and setup procedures is definitely crucial that payroll and financing teams work closer together than ever um I'm always surprised when people state I've split payroll and payment um if you stroll down the street and asked anyone what is payroll who does not operate in the payroll profession would they split the payroll payment from calculation 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 procedure it's the point of data collection all the way through to paying individuals wherever they are but also paying statutory authorities and on statutory third parties so with the
world we live in and well-being being increasingly more crucial to contribute to sort of the level of complexity there's increasingly more benefits being organ or being used by companies throughout the world so once again you're simply aiming to include increasingly more payments to this currently complicated landscape so if you type of got any experience well I'm from your large experience here and I make certain however have you got any experience in kind of genuine challenges or real difficult type of pay utilizes to play to pay people I believe yeah I suggest over the last well yeah a couple of years I would definitely say that the larger a company gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the task there are teams feeding information into the next function as it were that's really handling the payment side of things however you understand in in my opinion and my experience that doesn't necessarily need to be the case you understand long gone are the times where we need to create additional handoffs at the same times that we operate in they just make them more prompt they make them less efficient and they do not make them what they require to be in in an age of tech and an age that you understand that we are working in today there is no reason that we are still making this as hard as it needs to be agreed and appropriately as you said payroll is the single biggest liability that any organization has from an expense point of view from an effect viewpoint on workers it is definitely crucial that it's done properly 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 biggest detrimental result on individuals's well-being and lots of other elements if individuals aren't paid uh I have actually constantly been surprised coming into this Market type of the last five to 10 years is how little thanks the
The payroll team may not have been thanked for correctly processing payroll throughout a webinar. If anyone has actually been thanked, it would be excellent to hear their success story, whether it's from all employees or not. Payroll is an essential cycle, and people just discover when things fail. Nevertheless, when things go right, it's seen as simply a routine job. This is how it's viewed externally too. For that reason, it is vital to guarantee that tasks like Wi-Fi Worldwide and other important matters are done correctly. Using the very first Global Payments very first payroll payment option is a terrific preliminary step towards offering a thorough payroll service for staff members worldwide. Standardization, global processes, and lowering the variety of tools, platforms, and bank accounts needed for international payroll are crucial consider accomplishing organization success. While we don't anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally receive a couple of problems when things don't go as planned. Ultimately, we do not do it for the thankfulness.
anyway we know 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 easy as possible for everybody that's involved in those procedures and likewise so think of sorry I'm simply I was simply gon na state imagine the quantity of thanks you got if you might cover the amount of people that we cover within this webinar I'm sure we're talking about hundreds of thousands potentially Millions envision getting that lots of thank you keeps in mind um I mean it 'd be interesting to see the number of Post-it notes you got however it would definitely be an interesting task trying to clean all those up for sure oh absolutely I can't picture the size of my my Outlook inbox if that held true um you 'd need days of the week to try to check out them and in fact see what was going on and kind of shot to get back to everyone so carrying on look why do business choose to main separate checking account there are businesses out there doing precisely this for specific nations and I've operated in a company or many companies doing precisely that I can state it does not always feel efficient and it does create more work I know we're not intentionally doing that we're not developing extra work for anybody where we do not have to and any person that's dealing with that process I 'd be interested to hear your ideas Johnny why do you think that we're doing that in in the in the quantity that we are I think many factors one is it's the standard I believe people have got so used to we need a brand-new savings account we open an entity and appropriately so you require it for payroll purposes but 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 adopted and continue to do over years and years gone past to contribute to that individuals have taken a look at things like trust accounts and numerous other methods um to to type of do it so I think there's a variety I believe this is a procedure that requires taking a look at it needs altering but ultimately individuals are very stuck with what they recognize
with best um modification is a tough thing all of us do not like change um so I think it's simply type of moving far from the standard as we have actually said so yeah so it keeps a great deal of track of things um I comprehend clearly the benefits of having keeping numerous bank accounts but there's a huge quantity of intricacy opts for setting up a bank account preserving it ensuring it can send out International transfers ensuring it's established with the ideal user accesses for private individuals so the intricacy is huge however I believe the truthful answer is change um individuals have not had the ability to change or have not had necessarily the knowledge to really make that change into alternate Solutions besides opening a savings account I believe you've hit the nail on the head I think it is knowledge you understand and there is an element of resistance to alter but we've constantly done it that way is no real excuse for not taking a look at the the advantages and the possibilities of proceeding and moving into you know what could almost be identified to be the next Century or so there is a lot to keep track of and this approach does posture a number of difficulties um so Johnny could you inform us about those difficulties yeah naturally so there's a variety right there is so
I simply did you changed our Enterprise to OS so now we can do our payroll and payments operation on a single platform yes it resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide staff members you deserve a corner workplace with a more detailed parking space since I mastered Global payroll and payments with Papaya payroll OS did you
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