Papaya Global Authentication Failure FAQ – Payroll Management 2024

Over the last 5 or six years …Papaya Global Authentication Failure… functions on the company side and also on the supplier side from a payroll point of view so actually anticipating this conversation today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll simply provide everyone another number of uh well among the 30 seconds or so to join all of us work back to back nowadays so we’ll sort of let them do that so it ‘d be quite interesting and I can see it going on already just to hear where everybody is um it’s nice to to sort of like see where everybody comes from and I actually do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s really really bleak and I want I was elsewhere at this moment in time all right so let’s start our agenda for today is as follows um we are going to be looking at the difficulty years of managing Global payroll why business preserve separate

bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts enhancing papaya International payroll payments as a strategic possession uh we’ll also discuss a recap and that ought to 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 Worldwide labor forces end up being a growing number of common and managing them ends up being a growing number of complex Global organizations are looking to discover Solutions and brand-new ways to simplify procedures particularly from a payroll and cross-border payment viewpoint many companies keep separate checking account just for payroll while some have numerous accounts in various countries does it make good sense for business to preserve separate bank accounts sometimes in various nations it does however just for payroll exists a much better method what role do virtual accounts and digital wallets also called virtual wallets play in assisting international business simplify the episode complex procedures of

making payroll payments precisely efficiently firmly and on time during this webinar we’ll walk you through the international advantages and disadvantages of a payroll wallet versus a payroll bank account how companies properly forecast their payroll expenses to increase working capital and how improving International payroll payments can turn them from a siled pane into a tactical possession so payroll can be challenging in enough in one country however when you’re doing it worldwide it’s next level and Beyond it becomes complex for a variety of factors most notably regulations compliance data security and banking guidelines then there are the sheer numbers they include more complexity the global Workforce is currently 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 presently 500 million just for for a scale then consider that there are some 230 million services and growing all doing their own thing all over the world in the traditional payroll design there’s often a frustrating variety of different systems resulting in time-consuming manual processes and silos the variety of Combinations could be non-existent in large amounts and or extremely very standard there’s no genuine consistency structure we’re residing 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 and that 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 businesses state they have Workforce information in real time that’s another number that gives me sleepless nights and quite honestly the more an organization invests in worldwide payroll the less of a photo they see a lack of visibility also extends to payroll payments and inability to properly track these payments can lead to compliance incidents in the last mile of the transaction nearly half of international businesses have revealed that they do not have the level of standardization they need in their procedures or desire and as a result eighty percent of errors are due to time reporting bad HCM data data entry mistakes badly communicated hires and terminations in addition to lack management and system configurations and after that when you round everything off and the information is delivered to the incorrect place the average cost of a global information breach at this moment is 3.9 billion dollars when 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 required 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 challenges company face when they’re making payments to employees or otherwise that’s a good question I always toss this back and say what is it what does not need to be consisted of ideal and what does

it need to be thought about there’s differing Bank information 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 have to pay from the consumer’s own in-country account so there’s complexity any place you look best ultimately building a knowledge base is definitely important but all over you look with payroll payment they are like super payments no if but some children about it you are all superheroes processing payments for payroll if you take a look at the kind 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 essential and technology is enabling us to type of progress with that it likewise too to add to that payroll and finance need to work closer together um with differing Checking account Details differing banking requirements and setup processes is definitely vital that payroll and finance teams work more detailed together than ever um I’m always impressed when individuals say I’ve divided payroll and payment um if you walk down the street and asked anybody what is payroll who does not operate in the payroll occupation would they split the payroll payment from computation I would say no so why do we as an industry accept that why our payroll and payments so typically 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 individuals wherever they are however likewise paying statutory authorities and on statutory 3rd parties so with the

The contemporary world puts a high value on wellness and the compensation landscape is becoming increasingly intricate. Services are continuously introducing brand-new benefits and payment alternatives, which contributes to the total complexity. Large corporations typically divide their payroll and payment processing into separate groups, which can cause inefficiencies and bottlenecks. In my opinion, this does not have to hold true. In today’s highly sophisticated period, there’s no reason for maintaining troublesome procedures. Payroll, the company’s greatest expenditure, should be processed correctly and on time. Even minor delays can negatively affect staff members’ wellness and have significant consequences. For that reason, it’s vital to prioritize accurate and timely payments.

payroll group get um so I’m unsure anyone on this type of webinar has actually been told thank you for processing my payroll properly if you have it ‘d be fantastic to hear your success story and whether that’s been from all staff members or not um but eventually payroll is such a crucial cycle all of us become aware of it when it goes wrong everyone jumps up and down when it goes wrong however when it goes right it’s simply a tick box exercise and I think that’s how it’s seen from the external deem well um so yeah it’s likewise like why WI-Fi Global why all of this things is definitely essential that all of this stuff is done properly so leveraging the very first Worldwide Payments very first payroll payment option is a great first step um providing an end-to-end payroll solution for your employees globally again I think is another substantial um procedure again lining up and guaranteeing you have standardization Global processes all of those things are definitely essential to success success of organizations and reducing the number of tools platforms and savings account they require 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’ve never 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 complaints where things haven’t gone quite where they’re implied to be um I do not think any of us are actually doing that for for the thanks

anyway we understand how how important a role 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 everybody that’s involved in those procedures and also so think of sorry I’m simply I was just gon na state picture the amount of thanks you got if you could cover the amount of people that we cover within this webinar I’m sure we’re talking about numerous thousands possibly Millions think of getting that lots of thank you notes um I mean it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be an intriguing job attempting to clean all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to look through them and really see what was going on and type of try to get back to everyone so carrying on appearance why do business pick to primary separate bank accounts there are Papaya Global Authentication Failure businesses out there doing exactly this for particular countries and I’ve operated in a business or many organizations doing exactly that I can state it does not constantly feel effective and it does produce more work I know we’re not intentionally doing that we’re not producing extra work for anyone where we do not have to and anyone 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 amount that we are I believe many factors one is it’s the requirement I believe individuals have got so used to we require a new bank account we open an entity and rightly so you require it for payroll functions however there are a number of markets where it’s not a requirement so I think it’s simply been the requirement and the standard the people have embraced and continue to do over years and years passed by to add to that individuals have actually looked at things like trust accounts and lots of other ways um to to sort of do it so I believe there’s a range I believe this is a procedure that needs looking at it requires changing but ultimately individuals are really stuck to what they recognize

with best um modification is a challenging thing all of us do not like modification um so I think it’s simply type of moving far from the norm as we have actually said so yeah so it keeps a great deal of track of things um I comprehend obviously the benefits of having maintaining several checking account but there’s a substantial amount of intricacy chooses setting up a checking account preserving it guaranteeing it can send out International transfers guaranteeing it’s set up with the ideal user accesses for specific individuals so the complexity is huge however I believe the truthful response is modification um people have not been able to change or haven’t had necessarily the knowledge to truly make that change into alternate Solutions other than opening a savings account I believe you’ve struck the nail on the head I believe it is knowledge you know and there is an element of resistance to alter however we’ve always done it that way is no genuine reason for not taking a look at the the advantages and the possibilities of moving on and moving into you know what might almost be identified to be the next Century or two there is a lot to monitor and this approach does posture several challenges 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 switched our Business 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 Global workers you should have a corner workplace with a closer parking space since I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Authentication Failure