Migrate From Hmrc Basic Paye To Papaya Global FAQ – Payroll Management 2024

Over the last 5 or 6 years …Migrate From Hmrc Basic Paye To Papaya Global… roles on the supplier side and also on the supplier side from a payroll perspective so truly anticipating this conversation today um and yeah thank you quite for your time everyone fine thanks Johnny uh we’ll just give everyone another number of uh well one of the 30 seconds or two to join we all work back to back these days so we’ll kind of let them do that so it ‘d be rather interesting and I can see it going on already simply to hear where everybody is um it’s nice to to kind of like see where everyone comes from and I really do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s raining here it’s really very dreary and I wish 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 taking a look at the difficulty years of handling Worldwide payroll why companies keep different

savings account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts simplifying papaya Global payroll payments as a tactical asset uh we’ll likewise go over a recap and that should leave his time at the very very end for a q a session so as the title of the webinar suggests payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces end up being increasingly more typical and handling them becomes increasingly more intricate International organizations are seeking to find Solutions and brand-new methods to improve processes particularly from a payroll and cross-border payment perspective lots of organizations maintain different savings account just for payroll while some have several accounts in various countries does it make good sense for companies to maintain separate bank accounts often in various nations it does but just for payroll is there a better way what role do virtual accounts and digital wallets also known as virtual wallets play in assisting multinational business streamline the episode complex processes of

making payroll payments properly efficiently firmly and on time throughout this webinar we’ll walk you through the worldwide pros and cons of a payroll wallet versus a payroll bank account how business accurately anticipate their payroll expenses to increase working capital and how streamlining Worldwide payroll payments can turn them from a siled pane into a tactical possession so payroll can be challenging in enough in one nation but when you’re doing it worldwide it’s next level and Beyond it becomes complex for a variety of factors most importantly regulations compliance information security and banking rules then there are the large numbers they add additional complexity the international Workforce is currently three and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and more 1.1 billion people that number is presently 500 million just for for a scale then factor in that there are some 230 million services and growing all doing their own thing all over the world in the traditional payroll model there’s often an overwhelming variety of various systems resulting in time-consuming manual processes and silos the number of Combinations could be non-existent in large amounts and or really extremely standard there’s no real consistency framework we’re residing in an age of tech however payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper which just blows my mind whenever I I believe

about it to give you a concept of how far there still is to come according to Deloitte just 11 of organizations state they have Workforce data in real time that’s another number that offers me sleepless nights and rather honestly the more an organization invests in international payroll the less of a photo they see a lack of exposure also extends to payroll payments and inability to accurately track these payments can result in compliance mishaps in the last mile of the transaction nearly half of worldwide services have actually expressed that they don’t have the level of standardization they require in their processes or desire and as a result eighty percent of errors are because of time reporting bad HCM data data entry mistakes poorly interacted hires and terminations along with absence management and system setups and then when you round all of it off and the data is shipped to the incorrect location the typical expense of a worldwide information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money around the world payroll and payments do not run smoothly if they depend on the needed several procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the obstacles company face when they’re making payments to staff members or otherwise that’s a good concern I constantly throw this back and say what is it what does not need to be consisted of best and what does

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it require to be thought of there’s varying 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 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 client’s own in-country account so there’s complexity wherever you look right eventually constructing a knowledge base is definitely vital but all over you look with payroll payment they are like incredibly payments no if however some infants about it you are all superheroes processing payments for payroll if you take a look at the type of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are absolutely basic and technology is permitting us to kind of move forward with that it likewise also to contribute to that payroll and financing need to work closer together um with varying Savings account Details varying banking requirements and setup procedures is definitely important that payroll and finance groups work better together than ever um I’m constantly amazed when individuals state I have actually divided payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t work in the payroll occupation would they divide 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 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 increasingly more important to add to kind of the level of complexity there’s a growing number of benefits being organ or being used by businesses across the world so again you’re simply wanting to include more and more payments to this currently 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 type of pay uses to play to pay individuals I believe yeah I suggest over the last well yeah a number of decades I would absolutely state that the larger a company gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the task there are groups feeding info into the next function as it were that’s really handling the payment side of things but you understand in in my viewpoint and my experience that doesn’t always need to be the case you understand long gone are the times where we need to develop extra handoffs while doing sos that we operate in they simply make them more timely they make them less effective and they don’t make them what they need to be in in an age of tech and a period that you understand that we are working in today there is no reason why we are still making this as difficult as it requires to be concurred and rightly as you stated payroll is the single biggest liability that any service has from a cost viewpoint from an effect viewpoint on staff members it is absolutely crucial that it’s done properly and on time so what we suggest by that is not a day before not a day after on pay day and payments need to be done right it has the most significant damaging result on individuals’s wellness and many other aspects if individuals aren’t paid uh I have actually always been astonished entering this Market kind of the last five to 10 years is how little thanks the

The payroll group might not have actually been thanked for correctly processing payroll throughout a webinar. If anybody has actually been thanked, it would be great to hear their success story, whether it’s from all employees or not. Payroll is an important cycle, and individuals just discover when things go wrong. However, when things go right, it’s viewed as just a routine job. This is how it’s perceived externally as well. Therefore, it is vital to make sure that tasks like Wi-Fi International and other important matters are done properly. Using the very first International Payments first payroll payment service is an excellent initial action towards offering a detailed payroll solution for staff members worldwide. Standardization, global procedures, and reducing the variety of tools, platforms, and checking account required for global payroll are essential consider attaining company success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally get a few grievances when things don’t go as prepared. Eventually, we don’t do it for the gratitude.

anyhow we know how how essential a role 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 easy as possible for everybody that’s involved in those processes and likewise so imagine sorry I’m just I was just gon na state imagine the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I make sure we’re discussing hundreds of thousands potentially Millions picture getting that many thank you keeps in mind um I mean it ‘d be interesting to see the number of Post-it notes you got however it would certainly be an interesting task attempting 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 try to check out them and in fact see what was going on and kind of shot to get back to everybody so carrying on look why do companies choose to main different savings account there are Migrate From Hmrc Basic Paye To Papaya Global businesses out there doing exactly this for particular nations and I’ve worked in a service or lots of organizations doing precisely that I can say it does not always 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 do not need to and any person that’s dealing with 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 many factors one is it’s the standard I think individuals have got so utilized to we require a 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 just been the standard and the standard individuals have adopted and continue to do over years and years gone past to contribute to that people have actually taken a look at things like trust accounts and many other ways um to to kind of do it so I believe there’s a variety I believe this is a procedure that requires taking a look at it requires changing however eventually individuals are really stuck with what they’re familiar

with best um change is a hard thing all of us don’t like change um so I believe it’s just sort of moving away from the standard as we’ve said so yeah so it keeps a lot of track of things um I understand undoubtedly the benefits of having preserving numerous bank accounts however there’s a huge quantity of complexity chooses establishing a savings account keeping it guaranteeing it can send out International transfers guaranteeing it’s established with the ideal user accesses for specific individuals so the intricacy is big however I believe the sincere answer is change um individuals have not had the ability to change or have not had always the understanding to actually make that change into alternate Solutions besides opening a checking account I think you have actually hit the nail on the head I think it is understanding you know and there is an aspect of resistance to change however we’ve always done it that way is no real reason for not looking at the the advantages and the possibilities of carrying on and moving into you understand what could almost be determined to be the next Century or so there is a lot to track and this technique does pose several difficulties um so Johnny might you inform us about those challenges yeah of course so there’s a range right there is so

I recently made a modification to our Business 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 gotten another CFO, and with this improved ability, I have actually effectively secured payments for our 10,000 staff members worldwide. Your dedication to mastering worldwide payroll and payments utilizing Papaya payroll OS is commendable. You are worthy of a corner office with a parking space that is more detailed, considering your accomplishments. Migrate From Hmrc Basic Paye To Papaya Global