Find out more about Wave Payroll Vs Papaya Global ... We now have the capability to handle both our payroll and payments procedures on one unified platform. It's as if our Chief Financial Officer has obtained a different Chief Financial Officer particularly dedicated to handling payments. This offers us with a safe and secure and dependable technique of making payments to our 10,000 workers worldwide.}
the very best worldwide payroll managment app, conserves me hours of time on a monthly basis, one single control panel for my payroll, EOR and contractors
The Staff member Website supplies workers with the ability to access and view essential documents such as pay slips, wage and tax statements, 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 advantages plans to global workers regardless of the number of staff members in the business. The business can establish health insurance, short-term and long-term special needs, vision, oral and maternity leave while removing the requirement to source local benefits companies in every nation, create local accounts and have a minimum variety of workers.
International HR Performances
's HR functionalities consist of PTO tracking, compliance, onboarding/offboarding tools, online storage for workers' files and migration services if your staff members require work permit assistance.
HR Analytics
Papaya Global's payroll and HR analytics suite provides you insights into workforce costs, labor force diversity, overall work costs distributed per place, overall employment costs per cycle and a lot more.
Internationally, I have actually shown management and tactical know-how in guiding massive populations of over 100,000 staff members across 170 countries. Currently, I am responsible for overseeing payroll methods, as pointed out by Mark. My function includes managing and establishing external partnerships, supporting Enterprise customers, and offering advisory services. Additionally, I am proud to be a part of Papaya Global, a pioneering payroll and payments services provider.
business to make the time 100 list for a lot of influential companies on the planet we provide payroll payments and labor force management to all employee key ins over 160 countries I am pleased to state that we also have as Mark stated Johnny Nash with us today Johnny would you like to introduce yourself of course thank you good morning good afternoon good evening depending on where you remain in the world it's charming to fulfill you and thank you quite 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 industry for over ten years and particularly working on the payroll and payment sector for over seven years um I was amazed by the complexity the trouble in all of the above of
payroll payments and chose to sort of make a real go at that over the last 5 or 6 years where I have actually sort of had a range of various functions on the company side and likewise on the supplier side from a payroll perspective so actually eagerly anticipating this discussion today um and yeah thank you very much for your time everybody fine thanks Johnny uh we'll simply offer everybody another number of uh well among 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 rather interesting 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 everyone comes from and I actually do hope it's much sunnier than it remains in the UK today definitely not the peak of the sunshine is it it's not no it's it's raining here it's really extremely dreary and I wish I was somewhere else at this moment in time alright so let's start our program for today is as follows um we are going to be taking a look at the challenge years of handling International payroll why companies maintain separate
bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts simplifying papaya International payroll payments as a strategic property uh we'll also discuss a recap and that needs to leave his time at the extremely really end for a q a session so as the title of the webinar recommends payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and Global workforces become increasingly more typical and managing them ends up being more and more intricate International companies are wanting to discover Solutions and brand-new ways to enhance procedures particularly from a payroll and cross-border payment viewpoint lots of companies preserve separate savings account just for payroll while some have multiple accounts in different nations does it make sense for business to keep different bank accounts sometimes in different nations it does however just for payroll is there a much better method what role do virtual accounts and digital wallets likewise called virtual wallets play in helping international companies improve the episode complex procedures of
Guaranteeing precise, effective, and prompt payroll payments is a complex challenge for businesses running globally. Join us for a webinar to check out the advantages and downsides of payroll wallets versus payroll checking account, discover how companies forecast payroll costs to optimize working capital, and discover how improving international payroll payments can change them from a troublesome task into a tactical possession.
Handling payroll internationally is an overwhelming task due to different policies, compliance requirements, data security concerns, and banking rules. The large variety of workers and services contributes to the intricacy, with an approximated 3.5 billion individuals in the global labor force, 500 countless whom remain in Africa, and 230 million services worldwide.
Conventional payroll systems often result in manual procedures, data silos, and an absence of combination, resulting in disparities and inadequacies. Despite living in a period of technological developments, payroll management has been slow to adapt, with as much as 25% of payroll still processed manually, frequently utilizing pen and paper. This webinar aims to supply insights and solutions to simplify and enhance international payroll payments.
about it to provide you a concept of how far there still is to come according to Deloitte just 11 of companies state they have Labor force information in real time that's another number that provides me sleep deprived nights and rather frankly the more a company spends on international payroll the less of a photo they see a lack of exposure likewise reaches payroll payments and failure to precisely track these payments can cause compliance accidents in the last mile of the transaction almost half of worldwide companies have revealed that they do not have the level of standardization they need in their processes or desire and as a result eighty percent of errors are due to time reporting bad HCM data information entry mistakes poorly communicated hires and terminations along with lack management and system configurations and after that when you round it all off and the data is shipped to the incorrect place the typical expense of an international data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money around the world payroll and payments do not run smoothly if they rely on the needed multiple processes 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 obstacles organization face when they're making payments to staff members or otherwise that's an excellent question I always throw this back and say what is it what does not need to be included right 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 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 customer's own in-country account so there's intricacy wherever you look ideal ultimately building a knowledge base is absolutely vital however all over you look with payroll payment they resemble super payments no if but some infants about it you are all superheroes processing payments for payroll if you look at the kind 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 technology is enabling us to type of move forward with that it likewise as well to add to that payroll and financing require to work closer together um with differing Bank Account Details differing banking requirements and setup processes is definitely imperative that payroll and finance teams work closer together than ever um I'm constantly astonished when individuals say I have actually split payroll and payment um if you walk down the street and asked anyone what is payroll who doesn't work in the payroll profession would they divide the payroll payment from calculation I would say no so why do we as a market accept that why our payroll and payments so often 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 any place they are however also paying statutory authorities and on statutory third parties so with the
world we live in and well-being being increasingly more important to contribute to kind of the level of intricacy there's increasingly more advantages being organ or being provided by organizations throughout the world so once again you're simply aiming to include a growing number of payments to this already complex landscape so if you kind 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 obstacles or genuine tough kind of pay utilizes to play to pay people I think yeah I imply over the last well yeah a number of decades I would definitely 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 job there are teams feeding details into the next function as it were that's actually handling the payment side of things however you know in in my opinion and my experience that does not always need to be the case you understand long gone are the times where we require to create extra handoffs at the same times that we run in they simply make them more timely they make them less effective and they don't make them what they require to be in in a period of tech and an era that you know that we are operating in today there is no reason that we are still making this as difficult as it needs to be concurred and appropriately as you said payroll is the single most significant liability that any service has from a cost perspective from an impact perspective on staff members it is absolutely critical that it's done correctly and on time so what we indicate by that is not a day before not a day after on pay day and payments need to be done right it has the biggest damaging result on people's wellness and lots of other elements if individuals aren't paid uh I've constantly been amazed entering this Market kind of the last five to 10 years is how little thanks the
payroll group get um so I'm uncertain anybody on this sort of webinar has 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 but ultimately payroll is such a crucial cycle all of us hear about it when it fails everyone jumps up and down when it goes wrong however when it goes right it's just a tick box exercise and I think that's how it's seen from the external view as well um so yeah it's likewise like why WI-Fi Global why all of this things is absolutely important that all of this things is done correctly so leveraging the very first International Payments very first payroll payment solution is a great initial step um providing an end-to-end payroll service for your staff members internationally once again I believe is another big um process again lining up and guaranteeing you have standardization International processes all of those things are definitely essential to success success of organizations and lowering the number of tools platforms and checking account they need for their International payroll too could not agree with you more and on the the front in regards to of the thank yous for getting payroll done I've never ever had a hundred countless them within a payroll cycle do not expect to you do get the odd 5 or ten or whatever it might be with the with the the grievances where things have not gone rather where they're meant to be um I don't believe any of us are really doing that for for the thanks
anyhow we understand how how important a function it is which'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 associated with those processes and also so picture sorry I'm simply I was simply gon na say imagine the quantity of thanks you got if you might cover the amount of people that we cover within this webinar I make sure we're discussing hundreds of thousands possibly Millions picture getting that numerous thank you notes um I indicate it 'd be interesting to see how many Post-it notes you got however it would absolutely be a fascinating job trying to clean up all those up for sure oh definitely I can't envision 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 sort of try to return to everybody so carrying on look why do companies pick to main separate checking account there are companies out there doing precisely this for particular nations and I have actually worked in a service or numerous businesses doing precisely that I can state it doesn't constantly feel effective and it does create more work I understand we're not purposely doing that we're not developing extra work for any person where we don't need to and any person that's handling that process I 'd be interested to hear your ideas Johnny why do you believe that we're doing that in in the in the quantity that we are I think lots of factors one is it's the standard I think individuals have actually got so utilized to we require a 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 believe it's just been the standard and the norm the people have adopted and continue to do over years and years gone past to add to that individuals have looked at things like trust accounts and lots of other methods um to to sort of do it so I think there's a range I think this is a process that needs looking at it requires altering however ultimately people are very stuck to what they're familiar
with best um modification is a hard thing we all do not like change um so I believe it's simply type of moving far from the standard as we've said so yeah so it keeps a lot of track of things um I understand certainly the benefits of having preserving numerous savings account however there's a big amount of intricacy chooses setting up a savings account maintaining it guaranteeing it can send International transfers ensuring it's set up with the right user accesses for individual individuals so the intricacy is big however I think the truthful answer is change um people have not had the ability to alter or have not had necessarily the understanding to truly make that change into alternate Solutions aside from opening a checking account I believe you have actually struck the nail on the head I believe it is knowledge you know and there is a component of resistance to alter however we have actually constantly done it that way is no genuine reason for not looking at the the benefits and the possibilities of moving on and moving into you understand what might practically be identified to be the next Century or so there is a lot to track and this method does position several obstacles um so Johnny might you tell us about those difficulties yeah naturally so there's a range right there is so
I just recently made a change to our Enterprise 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 acquired another CFO, and with this improved capability, I have effectively secured payments for our 10,000 staff members worldwide. Your dedication to mastering worldwide payroll and payments using Papaya payroll OS is good. You deserve a corner workplace with a parking space that is closer, considering your achievements.
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