Hmrc Papaya Global FAQ – Payroll Management 2024

Over the last 5 or six years …Hmrc Papaya Global… functions on the provider side and also on the supplier side from a payroll viewpoint so actually anticipating this conversation today um and yeah thank you quite for your time everyone all right thanks Johnny uh we’ll simply offer everyone another number of uh well one of 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 quite intriguing and I can see it going on already simply to hear where everyone is um it’s nice to to kind of like see where everybody originates from and I really 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 drizzling here it’s extremely very uninspiring and I wish I was somewhere else 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 obstacle years of managing Worldwide payroll why business preserve different

Virtual payroll accounts are an option to conventional checking account for handling payroll payments. This is particularly useful for worldwide companies with dispersed and remote labor forces, as it simplifies the complex procedure of cross-border payments. Instead of maintaining separate checking account for payroll in various countries, virtual accounts and digital wallets provide a more structured option. In this webinar, we will check out the advantages of using virtual payroll accounts and go over why they are ending up being a tactical asset for payroll executives. We will also offer a recap of the bottom lines covered and leave time for a Q&A session at the end.

Guaranteeing accurate, effective, and prompt payroll payments is a complex difficulty for companies operating worldwide. Join us for a webinar to explore the benefits and drawbacks of payroll wallets versus payroll checking account, find out how companies anticipate payroll expenses to enhance working capital, and find how enhancing worldwide payroll payments can transform them from a troublesome job into a strategic property.

Handling payroll globally is a challenging task due to different policies, compliance requirements, information security issues, and banking guidelines. The sheer variety of employees and businesses adds to the complexity, with an estimated 3.5 billion individuals in the international workforce, 500 countless whom remain in Africa, and 230 million companies worldwide.

Standard payroll systems often lead to manual procedures, data silos, and a lack of combination, leading to inconsistencies and inefficiencies. In spite of residing in an age of technological improvements, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed manually, frequently using pen and paper. This webinar goals to offer insights and options to streamline and optimize global payroll payments.

about it to offer 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 honestly the more a company spends on international payroll the less of an image they see an absence of visibility likewise reaches payroll payments and inability to properly track these payments can result in compliance incidents in the last mile of the deal nearly half of global organizations 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 errors are because of time reporting poor HCM data information entry mistakes improperly communicated hires and terminations as well as lack management and system configurations and then when you round all of it off and the data is shipped to the wrong location the average expense of a worldwide data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash worldwide payroll and payments do not run efficiently if they depend on the necessary numerous processes 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 challenges company face when they’re making payments to workers or otherwise that’s a good question I always toss this back and state what is it what doesn’t require to be consisted of best and what does

it require to be thought about there’s varying 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 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 customer’s own in-country account so there’s intricacy anywhere you look best ultimately developing a knowledge base is definitely critical however all over you look with payroll payment they are like 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 between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are definitely basic and technology is permitting us to type of move on with that it also as well to add to that payroll and financing require to work closer together um with differing Bank Account Details varying banking requirements and setup procedures is absolutely essential that payroll and financing teams work more detailed together than ever um I’m constantly surprised when people state I’ve split payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t work 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 often split and cut up um eventually 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 however likewise paying statutory authorities and on statutory third parties so with the

The modern-day world puts a high worth on well-being and the settlement landscape is becoming significantly elaborate. Organizations are continuously presenting brand-new advantages and payment choices, which adds to the general intricacy. Large corporations often divide their payroll and payment processing into separate groups, which can result in inadequacies and bottlenecks. In my opinion, this doesn’t need to be the case. In today’s technologically advanced era, there’s no reason for keeping troublesome treatments. Payroll, the company’s biggest expenditure, should be processed properly and on time. Even minor hold-ups can negatively impact employees’ well-being and have significant repercussions. Therefore, it’s critical to prioritize accurate and prompt payments.

payroll group get um so I’m unsure anybody on this type of webinar has actually been informed thank you for processing my payroll correctly if you have it ‘d be fantastic to hear your success story and whether that’s been from all workers or not um however eventually payroll is such a crucial cycle we all hear about it when it fails everybody jumps up and down when it fails but when it goes right it’s just a tick box exercise and I believe that’s how it’s seen from the external view as well um so yeah it’s also like why WI-Fi Global why all of this stuff is absolutely vital that all of this stuff is done correctly so leveraging the first International Payments very first payroll payment solution is a great primary step um supplying an end-to-end payroll solution for your employees globally again I believe is another substantial um process once again lining up and guaranteeing you have standardization Worldwide processes all of those things are absolutely key to success success of businesses and reducing the number of tools platforms and checking account they require for their International payroll too couldn’t agree with you more and on the the front in terms of of the thank yous for getting payroll done I’ve never ever had a hundred countless them within a payroll cycle don’t expect to you do get the odd 5 or 10 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 in fact doing that for for the thanks

anyway we know how how crucial 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 everybody that’s associated with those procedures and also so picture sorry I’m just I was simply gon na state imagine the amount of thanks you got if you might cover the amount of people that we cover within this webinar I’m sure we’re discussing hundreds of thousands possibly Millions imagine getting that lots of thank you notes um I imply it ‘d be interesting to see the number of Post-it notes you got however it would certainly 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 need days of the week to attempt to look through them and really see what was going on and sort of shot to get back to everybody so proceeding look why do business select to main separate bank accounts there are Hmrc Papaya Global businesses out there doing precisely this for particular countries and I’ve worked in an organization or numerous services doing exactly that I can say it does not constantly feel effective and it does create more work I know we’re not intentionally doing that we’re not developing additional work for any person where we don’t have to and anybody that’s managing that procedure 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 believe numerous reasons one is it’s the requirement I believe individuals have got so utilized to we need a 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 believe it’s just been the standard and the standard the people have actually adopted and continue to do over years and years passed by to contribute to that individuals have looked at things like trust accounts and lots of other ways um to to kind of do it so I believe there’s a variety I think this is a process that requires looking at it needs changing but eventually individuals are extremely stuck to what they’re familiar

with ideal um modification is a tough thing we all do not like modification um so I believe it’s just kind of moving far from the norm as we’ve said so yeah so it keeps a lot of track of things um I understand clearly the advantages of having preserving several bank accounts but there’s a big amount of intricacy chooses establishing a savings account keeping it guaranteeing it can send International transfers guaranteeing it’s set up with the ideal user accesses for specific individuals so the complexity is big but I believe the honest answer is change um individuals haven’t been able to change or haven’t had always the knowledge to actually make that change into alternate Solutions aside from opening a bank account I believe you’ve hit the nail on the head I think it is understanding you know and there is an element of resistance to alter however we’ve always done it that way is no genuine excuse for not looking at the the advantages and the possibilities of carrying on and moving into you understand what could almost be identified to be the next Century or so there is a lot to track and this technique does position several difficulties um so Johnny could you tell us about those challenges yeah obviously so there’s a variety right there is so

I simply did you switched our Enterprise to OS so now we can do our payroll and payments operation on a single platform yes it’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide employees you are worthy of a corner office with a more detailed parking space due to the fact that I mastered Worldwide payroll and payments with Papaya payroll OS did you Hmrc Papaya Global