Papaya Global Hmrc Gateway FAQ – Payroll Management 2024

Over the last five or 6 years …Papaya Global Hmrc Gateway… roles on the service provider side and also on the vendor side from a payroll perspective so truly looking forward to this conversation today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll simply offer everyone another number of uh well one of 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 just to hear where everyone is um it’s nice to to type of like see where everybody originates from and I actually 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 very very bleak and I wish I was somewhere else at this moment in time fine so let’s get going our program for today is as follows um we are going to be looking at the obstacle years of managing International payroll why companies keep separate

Virtual payroll accounts are an alternative to traditional savings account for handling payroll payments. This is particularly helpful for international organizations with dispersed and remote labor forces, as it simplifies the complicated process of cross-border payments. Instead of keeping separate checking account for payroll in various countries, virtual accounts and digital wallets provide a more structured service. In this webinar, we will explore the advantages of using virtual payroll accounts and discuss why they are ending up being a strategic possession for payroll executives. We will also offer a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.

making payroll payments properly effectively securely and on time during this webinar we’ll stroll you through the international advantages and disadvantages of a payroll wallet versus a payroll bank account how business accurately anticipate their payroll expenses to increase working capital and how streamlining International payroll payments can turn them from a siled pane into a tactical property so payroll can be hard in sufficient in one nation but when you’re doing it internationally it’s next level and Beyond it ends up being complicated for a variety of reasons most notably regulations compliance data security and banking rules then there are the sheer numbers they add additional complexity the worldwide Workforce is presently 3 and a half billion people by 2030 it’s estimated 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 around the globe in the conventional payroll design there’s frequently an overwhelming variety of various systems causing time-consuming manual processes and silos the variety of Combinations could be non-existent in big amounts and or really extremely standard there’s no real consistency framework we’re living in an age of tech but payroll has actually been slow to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper which simply blows my mind each time I I think

about it to offer you a concept of how far there still is to come according to Deloitte just 11 of companies say they have Labor force information in real time that’s another number that gives me sleep deprived nights and rather frankly the more a service spends on global payroll the less of a photo they see an absence of presence likewise reaches payroll payments and failure to precisely track these payments can cause compliance incidents in the last mile of the deal nearly half of international businesses have actually revealed that they don’t have the level of standardization they require in their procedures or desire and as a result eighty percent of mistakes are due to time reporting bad HCM data data entry errors inadequately interacted hires and terminations in addition to lack management and system setups and then when you round it all off and the data is shipped to the wrong location the average 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 all over the world payroll and payments don’t run efficiently if they count on the needed several procedures systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the difficulties service face when they’re paying to employees or otherwise that’s a great question I always throw this back and state what is it what doesn’t require to be included best and what does

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it require to be thought of there’s differing Bank details so the length of an eye band a swift an account number routing code per country there’s payment timespan 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 consumer’s own in-country account so there’s complexity wherever you look ideal eventually building a knowledge base is definitely vital but everywhere you look with payroll payment they are like incredibly payments no if but some infants about it you are all superheroes processing payments for payroll if you look at the kind of link between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are absolutely fundamental and technology is enabling us to type of progress with that it also too to contribute to that payroll and financing require to work closer together um with varying Bank Account Details varying banking requirements and setup processes is absolutely crucial that payroll and financing groups work more detailed together than ever um I’m always astonished when people state I’ve divided 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 typically 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 anywhere they are but also paying statutory authorities and on statutory third parties so with the

world we live in and wellness being more and more essential to contribute to kind of the level of intricacy there’s a growing number of advantages being organ or being used by services across the world so again you’re just aiming to include a growing number of payments to this currently complex landscape so if you type of got any experience well I’m from your large experience here and I make certain but have you got any experience in kind of genuine obstacles or genuine challenging kind of pay utilizes to play to pay people I believe yeah I indicate over the last well yeah a number of decades I would certainly say that the larger a service 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 groups feeding details into the next function as it were that’s in fact handling the payment side of things however you know in in my viewpoint and my experience that doesn’t necessarily need to be the case you know long gone are the times where we require to develop additional handoffs at the same times that we operate in they just make them more prompt they make them less effective and they do not make them what they need to be in in an age of tech and an era that you know that we are operating in today there is no reason we are still making this as difficult as it requires to be concurred and appropriately as you said payroll is the single biggest liability that any service has from a cost point of view from an impact point of view on employees it is absolutely vital that it’s done correctly 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 greatest damaging effect on people’s well-being and numerous other aspects if individuals aren’t paid uh I’ve constantly been surprised coming into this Market kind of the last 5 to ten years is how little thanks the

payroll team get um so I’m uncertain anyone on this type of webinar has actually been told 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 eventually payroll is such a crucial cycle all of us become aware of it when it goes wrong everybody jumps up and down when it goes wrong but 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 also like why WI-Fi Global why all of this things is definitely crucial that all of this stuff is done properly so leveraging the very first Worldwide Payments first payroll payment solution is a great primary step um providing an end-to-end payroll service for your employees globally again I think is another huge um process again aligning and ensuring you have standardization Worldwide procedures all of those things are definitely essential to success success of services and minimizing the variety of tools platforms and savings account they require for their Worldwide payroll too could not agree with you more and on the the front in terms of of the thank yous for getting payroll done I’ve never had a hundred countless them within a payroll cycle do not anticipate to you do get the odd 5 or 10 or whatever it might be with the with the the problems where things haven’t gone rather where they’re meant to be um I don’t think any of us are actually doing that for for the thanks

anyway we know 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 easy as possible for everyone that’s involved in those processes and also so picture sorry I’m simply I was just gon na state picture the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I make sure we’re talking about hundreds of thousands potentially Millions imagine getting that numerous thank you keeps in mind um I suggest it ‘d be interesting to see how many Post-it notes you got however it would definitely be an intriguing job trying to clean up 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 need days of the week to try to check out them and really see what was going on and type of try to return to everyone so carrying on look why do business select to main separate bank accounts there are Papaya Global Hmrc Gateway businesses out there doing exactly this for particular nations and I have actually worked in a company or many organizations doing exactly that I can state it does not always feel effective and it does create more work I know we’re not intentionally doing that we’re not creating additional work for anyone where we do not need to and any person that’s managing 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 think lots of reasons one is it’s the standard I think individuals have got so utilized to we require a brand-new checking account we open an entity and rightly so you need it for payroll purposes but there are a number of markets where it’s not a requirement so I think it’s simply been the standard and the norm individuals have actually embraced and continue to do over years and years passed by to add to that people have taken a look at things like trust accounts and lots of other methods um to to sort of do it so I believe there’s a variety I believe this is a procedure that needs looking at it needs altering however eventually people are extremely stuck to what they’re familiar

with ideal um modification is a difficult thing all of us do not like modification um so I believe it’s simply type of moving far from the norm as we have actually said so yeah so it keeps a lot of track of things um I understand undoubtedly the benefits of having maintaining multiple checking account however there’s a substantial quantity of intricacy goes with setting up a bank account keeping it ensuring it can send International transfers guaranteeing it’s set up with the right user accesses for specific people so the intricacy is substantial however I believe the sincere response is change um people have not been able to change or haven’t had always the understanding to truly make that change into alternate Solutions besides opening a savings account I think you’ve hit the nail on the head I believe it is understanding you know and there is an element of resistance to change but we’ve constantly done it that way is no genuine excuse for not taking a look at the the benefits and the possibilities of proceeding and moving into you know what might almost be figured out to be the next Century approximately there is a lot to keep track of and this method does position numerous difficulties um so Johnny could you inform us about those challenges yeah obviously so there’s a variety right there is so

I just recently made a modification to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It seems like our CFO has actually gained another CFO, and with this boosted ability, I have actually successfully protected payments for our 10,000 staff members worldwide. Your devotion to mastering global payroll and payments using Papaya payroll OS is good. You are worthy of a corner workplace with a parking space that is closer, considering your accomplishments. Papaya Global Hmrc Gateway