Find out more about Papaya Global Payroll Where\'s My Deposit ... We now have the ability to handle both our payroll and payments procedures on one combined platform. It's as if our Chief Financial Officer has gotten a separate Chief Financial Officer particularly dedicated to managing payments. This offers us with a safe and secure and reliable technique of paying to our 10,000 staff members worldwide.}
The advanced global payroll management app improves my payroll procedure, conserving me a significant amount of time every month. With its user-friendly interface, I have access to a single dashboard that effectively manages my payroll, EOR, and professionals.
The Staff member Website provides staff members with the capability to access and view essential documents such as pay slips, wage and tax statements, and employment records. This website is accessible on both desktop and mobile phones and is used in different languages.
Benefits Administration
Papaya Global assists business offer competitive advantages bundles to global staff members no matter the variety of employees in the business. The business can set up medical insurance, short-term and long-term impairment, vision, dental and maternity leave while getting rid of the need to source local advantages suppliers in every country, develop local accounts and have a minimum number of staff members.
International HR Performances
's HR functionalities consist of PTO tracking, compliance, onboarding/offboarding tools, online storage for employees' documents and immigration services if your staff members require work authorization support.
HR Analytics
Papaya Global's payroll and HR analytics suite gives you insights into labor force spending, labor force variety, overall employment expenses dispersed per area, total employment expenses per cycle and a lot more.
Worldwide, I have actually shown leadership and strategic competence in guiding massive populations of over 100,000 workers across 170 countries. Currently, I are accountable for managing payroll strategies, as discussed by Mark. My role includes handling and developing external collaborations, supporting Business customers, and supplying advisory services. In addition, I am proud to be a part of Papaya Global, a pioneering payroll and payments solutions provider.
company to make the time 100 list for the majority of influential business on the planet we provide payroll payments and labor force management to all staff member types in over 160 nations I am pleased to say 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 excellent afternoon excellent evening depending upon where you remain in the world it's lovely to fulfill you and thank you quite for your time as Ian said my name is Johnny Nash and I'm the payments director here at um I've remained in the payments industry for over ten years and particularly dealing with the payroll and payment sector for over seven years um I was captivated by the intricacy the problem in all of the above of
payroll payments and decided to kind of make a genuine go at that over the last 5 or 6 years where I've type of had a range of different roles on the supplier side and likewise on the supplier side from a payroll point of view so really eagerly anticipating this discussion today um and yeah thank you quite for your time everyone fine thanks Johnny uh we'll simply provide everyone another number of uh well among the 30 seconds approximately to join we all work back to back nowadays so we'll type of let them do that so it 'd be rather intriguing and I can see it going on currently simply to hear where everybody is um it's nice to to type of like see where everyone comes 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 raining here it's extremely very uninspiring and I wish I was somewhere else at this moment in time okay so let's get going our agenda for today is as follows um we are going to be taking a look at the obstacle years of managing Global payroll why companies preserve different
checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts simplifying papaya Global payroll payments as a strategic possession uh we'll likewise discuss a wrap-up which needs to leave his time at the really really end for a q a session so as the title of the webinar suggests payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces become more and more common and handling them becomes more and more complex Global organizations are seeking to find Solutions and brand-new ways to streamline procedures particularly from a payroll and cross-border payment viewpoint numerous organizations preserve separate savings account just for payroll while some have numerous accounts in various countries does it make good sense for business to maintain different bank accounts sometimes in various nations it does however just for payroll is there a much better method what function do virtual accounts and digital wallets likewise called virtual wallets play in assisting international companies streamline the episode complex processes of
making payroll payments accurately efficiently firmly and on time throughout this webinar we'll stroll you through the international pros and cons of a payroll wallet versus a payroll savings account how business precisely anticipate their payroll expenses to increase working capital and how improving Global payroll payments can turn them from a siled pane into a strategic asset so payroll can be difficult in enough in one nation however when you're doing it internationally it's next level and Beyond it ends up being intricate for a variety of factors most significantly policies compliance information security and banking guidelines then there are the large numbers they add additional complexity the international 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 businesses and growing all doing their own thing all over the world in the conventional payroll design there's frequently an overwhelming number of different systems leading to time-consuming manual procedures and silos the variety of Combinations could be non-existent in big amounts and or very really standard there's no real consistency structure we're living in a period of tech but payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper and that just blows my mind every time I I believe
about it to provide you a concept of how far there still is to come according to Deloitte just 11 of businesses state they have Workforce information in real time that's another number that gives me sleepless nights and rather frankly the more a company invests in global payroll the less of a picture they see a lack of presence likewise reaches payroll payments and failure to precisely track these payments can lead to compliance mishaps in the last mile of the deal almost half of global companies have expressed that they do not have the level of standardization they require in their procedures or desire and as a result eighty percent of errors are due to time reporting poor HCM data information entry mistakes inadequately interacted hires and terminations along with lack management and system configurations and after that when you round it all off and the data is delivered to the incorrect location the typical expense of a global information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash worldwide payroll and payments don't run efficiently if they count on the required several 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 obstacles company face when they're making payments to employees or otherwise that's a good concern I always throw this back and state what is it what does not require to be included best 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 time frames there's payment abilities 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 consumer's own in-country account so there's intricacy wherever you look right ultimately developing a knowledge base is definitely crucial but all over you look with payroll payment they resemble incredibly payments no if but some children about it you are all superheroes processing payments for payroll if you take a look at the sort of link between fintech and payroll it's closer than ever I think there's now a bit more recognition that payroll payments are absolutely basic and technology is allowing us to kind of progress with that it likewise too to contribute to that payroll and financing require to work closer together um with varying Bank Account Details varying banking requirements and setup procedures is absolutely vital that payroll and finance groups work closer together than ever um I'm always surprised when people say I've divided 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 divide the payroll payment from computation 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 eventually it's payroll is an end-to-end process it's the point of data collection all the way through to paying individuals anywhere they are however likewise paying statutory authorities and on statutory 3rd parties so with the
The contemporary world puts a high value on well-being and the payment landscape is becoming progressively elaborate. Services are continuously introducing new advantages and payment choices, which contributes to the overall complexity. Large corporations frequently divide their payroll and payment processing into separate groups, which can result in inefficiencies and traffic jams. In my viewpoint, this doesn't have to hold true. In today's technologically sophisticated period, there's no justification for preserving troublesome procedures. Payroll, the business's greatest expense, need to be processed properly and on time. Even small hold-ups can adversely affect employees' well-being and have significant consequences. Therefore, it's crucial to focus on accurate and timely payments.
payroll team get um so I'm not exactly sure anyone on this kind of webinar has been informed thank you for processing my payroll correctly if you have it 'd be excellent to hear your success story and whether that's been from all employees or not um but ultimately payroll is such an important cycle we all find out about it when it goes wrong everyone jumps up and down when it goes wrong however when it goes right it's just a tick box exercise and I believe that's how it's seen from the external consider as well um so yeah it's likewise like why WI-Fi Global why all of this stuff is definitely vital that all of this stuff is done correctly so leveraging the first International Payments first payroll payment solution is a great primary step um providing an end-to-end payroll service for your staff members internationally again I think is another big um procedure again aligning and ensuring you have standardization International procedures all of those things are absolutely crucial to success success of services and reducing the variety of tools platforms and bank accounts they need for their Worldwide payroll too couldn't agree with you more and on the the front in regards to of the thank yous for getting payroll done I have actually never ever 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 have not gone rather where they're indicated to be um I do not believe any of us are in fact doing that for for the thanks
anyway we know how how important 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 imagine sorry I'm simply I was simply gon na state think of the quantity of thanks you got if you could cover the amount of individuals that we cover within this webinar I'm sure we're talking about hundreds of thousands possibly Millions envision getting that lots of thank you keeps in mind um I imply it 'd be interesting to see the number of Post-it notes you got however it would certainly be an intriguing task attempting to clean up 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 require days of the week to attempt to browse them and really see what was going on and type of try to return to everybody so moving on look why do business choose to primary different bank accounts there are businesses out there doing precisely this for particular countries and I have actually worked in a service or lots of businesses doing exactly that I can say it doesn't constantly feel efficient and it does produce more work I know we're not intentionally doing that we're not producing additional work for any person where we don't need to and anyone 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 amount that we are I think many factors one is it's the standard I think people have actually got so used to we require a brand-new checking account we open an entity and appropriately so you require 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 the people have adopted and continue to do over years and years gone past to add to that people have actually looked at things like trust accounts and many other methods um to to type of do it so I think there's a range I believe this is a process that needs looking at it requires altering but ultimately people are really stuck to what they recognize
with best um modification is a challenging thing we all don't like change um so I think it's just sort of moving away from the norm as we've said so yeah so it keeps a lot of track of stuff um I understand clearly the advantages of having maintaining several bank accounts however there's a substantial quantity of complexity opts for setting up a bank account preserving it ensuring it can send out International transfers guaranteeing it's established with the ideal user accesses for individual individuals so the complexity is substantial but I think the honest response is change um individuals haven't been able to alter or haven't had always the understanding to really make that change into alternate Solutions aside from opening a savings account I believe you have actually struck the nail on the head I believe it is knowledge you understand and there is an aspect of resistance to change however we have actually always done it that way is no real reason for not looking at the the benefits and the possibilities of carrying on and moving into you understand what might nearly be identified to be the next Century approximately there is a lot to track and this approach does pose several difficulties um so Johnny might you tell us about those challenges yeah of course so there's a range right there is so
I just recently made a change 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 acquired another CFO, and with this enhanced capability, I have actually successfully protected payments for our 10,000 staff members worldwide. Your commitment to mastering international payroll and payments utilizing Papaya payroll OS is good. You deserve a corner office with a parking space that is closer, considering your accomplishments.
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