Find out more about Papaya Global Payroll Tax Credit ... We now have the capability to handle both our payroll and payments processes on one merged platform. It's as if our Chief Financial Officer has gotten a different Chief Financial Officer particularly committed to managing payments. This supplies us with a safe and dependable method of making payments to our 10,000 staff members worldwide.}
the very best global payroll managment app, conserves me hours of time each month, one single control panel for my payroll, EOR and specialists
The Worker Website offers workers with the ability to access and view crucial documents such as pay slips, wage and tax declarations, and work records. This website is accessible on both desktop and mobile phones and is used in different languages.
Advantages Administration
Papaya Global helps business provide competitive advantages bundles to international staff members no matter the variety of workers in the business. The business can set up medical insurance, short-term and long-term disability, vision, dental and maternity leave while removing the requirement to source regional benefits suppliers in every country, develop regional accounts and have a minimum variety of employees.
The HR capabilities provided by Worldwide HR include numerous functions such as keeping track of trip time, ensuring compliance, assisting in the process of welcoming brand-new workers and bidding goodbye to departing ones, offering a safe and secure online platform for keeping employees' documents, and providing assistance for work permit treatments in case your employees need assistance because area.
HR Analytics
Papaya Global's payroll and HR analytics suite offers you insights into labor force costs, labor force variety, total work costs distributed per place, total employment costs per cycle and far more.
environments around the world I provided leadership and strategy to populations of over a hundred thousand workers in more than 170 countries today I'm the payroll strategies for as Mark said I work throughout business handling and building external relationships supporting Enterprise clients and services in addition to serving as an advisor for those of you that don't know who papaya Worldwide is papaya is the first payroll and payments
company to make the time 100 list for the majority of influential business on the planet we offer payroll payments and labor force management to all staff member types in over 160 countries I am pleased to say that we also have as Mark stated Johnny Nash with us today Johnny would you like to present yourself naturally thank you good morning excellent afternoon excellent night depending on where you remain in the world it's lovely to meet 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 ten years and specifically working on the payroll and payment sector for over seven years um I was interested by the complexity the problem in all of the above of
payroll payments and chose to type of make a real go at that over the last five or 6 years where I have actually sort of had a range of different roles on the supplier side and also on the vendor side from a payroll perspective so actually anticipating this discussion today um and yeah thank you very much for your time everyone okay thanks Johnny uh we'll just give everyone another number of uh well among the 30 seconds or so to join all of us work back to back these days so we'll kind of let them do that so it 'd be rather 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 remains in the UK today certainly not the peak of the sunlight is it it's not no it's it's raining here it's extremely really dreary and I want I was somewhere else 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 difficulty years of handling International payroll why business keep separate
Virtual payroll accounts are an alternative to standard savings account for managing payroll payments. This is especially useful for worldwide organizations with dispersed and remote labor forces, as it streamlines the complex procedure of cross-border payments. Instead of keeping separate savings account for payroll in various countries, virtual accounts and digital wallets use a more streamlined solution. In this webinar, we will check out the advantages of using virtual payroll accounts and talk about why they are ending up being a tactical property for payroll executives. We will likewise provide a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments accurately effectively safely and on time during this webinar we'll stroll you through the worldwide pros and cons of a payroll wallet versus a payroll savings account how business properly forecast their payroll expenses to increase working capital and how simplifying Global payroll payments can turn them from a siled pane into a strategic asset so payroll can be tough in sufficient in one nation but when you're doing it globally it's next level and Beyond it becomes complicated for a range of reasons most significantly regulations compliance information security and banking guidelines then there are the large numbers they include further intricacy the global Labor force is presently three and a half billion individuals by 2030 it's estimated that in Africa alone they will contribute and more 1.1 billion individuals that number is currently 500 million just for for a scale then factor in that there are some 230 million services and growing all doing their own thing around the world in the standard payroll design there's frequently an overwhelming number of different systems leading to lengthy manual procedures and silos the number of Combinations could be non-existent in big amounts and or really extremely fundamental there's no real consistency framework we're residing in a period 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 and that just blows my mind each time I I think
about it to give you an idea of how far there still is to come according to Deloitte just 11 of businesses state they have Labor force data in real time that's another number that offers me sleepless nights and rather honestly the more a business spends on international payroll the less of a photo they see an absence of visibility likewise encompasses payroll payments and failure to accurately track these payments can result in compliance accidents in the last mile of the deal almost half of global services 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 bad HCM information data entry mistakes badly interacted hires and terminations as well as absence management and system setups and then when you round everything off and the data is delivered to the wrong place the typical expense of an international data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money worldwide payroll and payments do not run smoothly if they count on the needed several procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the obstacles organization face when they're making payments to workers or otherwise that's a great question I constantly toss this back and say what is it what doesn't require to be consisted of best and what does
it need 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 abilities 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 customer's own in-country account so there's intricacy wherever you look ideal ultimately developing a knowledge base is absolutely vital but 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 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 innovation is enabling us to kind of move forward with that it also as well to add to that payroll and financing require to work closer together um with differing Bank Account Particulars varying banking requirements and setup processes is absolutely crucial that payroll and finance groups work closer together than ever um I'm always impressed when people state I have actually split payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn't operate in the payroll occupation 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 information collection all the way through to paying people anywhere they are however also paying statutory authorities and on statutory third parties so with the
The contemporary world puts a high worth on wellness and the settlement landscape is becoming increasingly detailed. Organizations are continuously introducing new advantages and payment choices, which contributes to the general intricacy. Big corporations frequently divide their payroll and payment processing into separate teams, which can cause ineffectiveness and traffic jams. In my viewpoint, this doesn't need to be the case. In today's technologically innovative era, there's no reason for maintaining cumbersome treatments. Payroll, the company's greatest expense, should be processed properly and on time. Even small delays can adversely affect workers' well-being and have significant repercussions. Therefore, it's important to focus on accurate and timely payments.
The payroll team might not have been thanked for correctly processing payroll during a webinar. If anyone has been thanked, it would be excellent to hear their success story, whether it's from all workers or not. Payroll is an important cycle, and people just notice when things fail. Nevertheless, when things go right, it's viewed as simply a routine job. This is how it's viewed externally too. For that reason, it is essential to ensure that tasks like Wi-Fi Worldwide and other important matters are done properly. Using the first Global Payments first payroll payment solution is a great initial step towards offering a thorough payroll service for workers worldwide. Standardization, international procedures, and reducing the number of tools, platforms, and bank accounts required for international payroll are key factors in achieving organization success. While we don't anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes get a couple of problems when things don't go as prepared. Ultimately, we do not do it for the appreciation.
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 processes and also so envision sorry I'm simply I was just gon na say picture the quantity of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make sure we're speaking about hundreds of thousands potentially Millions envision getting that numerous thank you notes um I imply it 'd be interesting to see the number of Post-it notes you got however it would absolutely be an interesting job trying to clean all those up for sure oh definitely I can't imagine the size of my my Outlook inbox if that was the case um you 'd require days of the week to try to check out them and in fact see what was going on and type of try to get back to everyone so proceeding look why do business choose to primary separate savings account there are businesses out there doing precisely this for specific countries and I have actually worked in a service or numerous organizations doing precisely that I can say it doesn't always feel efficient and it does produce more work I know we're not deliberately doing that we're not developing additional work for anyone where we do not need 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 think many reasons one is it's the standard I think individuals have got so used to we need a brand-new bank account we open an entity and rightly 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 norm individuals have adopted and continue to do over years and years gone past to contribute to that people have actually looked at things like trust accounts and many other ways um to to kind of do it so I think there's a variety I think this is a process that needs taking a look at it needs changing but eventually individuals are really stuck with what they recognize
with best um change is a hard thing we all don't like modification um so I believe it's simply kind of moving far from the standard as we have actually said so yeah so it keeps a great deal of track of stuff um I comprehend obviously the advantages of having keeping numerous checking account but there's a big quantity of intricacy opts for setting up a savings account keeping it guaranteeing it can send International transfers ensuring it's set up with the best user accesses for individual individuals so the complexity is substantial however I believe the sincere answer is change um individuals have not had the ability to change or haven't had always the understanding to really make that change into alternate Solutions besides opening a bank account I think you have actually struck the nail on the head I believe it is knowledge you understand and there is an element of resistance to change but we've constantly done it that way is no real reason for not taking a look at the the benefits and the possibilities of moving on and moving into you understand what could nearly be identified to be the next Century or two there is a lot to track and this approach does position several obstacles um so Johnny could you tell us about those difficulties yeah obviously so there's a range 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 tasks on one platform. It feels like our CFO has actually acquired another CFO, and with this boosted ability, I have actually successfully secured payments for our 10,000 staff members worldwide. Your devotion to mastering international payroll and payments utilizing Papaya payroll OS is good. You should have a corner office with a parking space that is better, considering your accomplishments.
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