A CFO’s Point of view on Eps Submission Papaya Global…
The platform makes it possible for companies to handle their international workforce and abide by regional work regulations and tax laws. Papaya Global uses a range of services, consisting of payroll management, advantages administration, compliance management, time and presence tracking, and HR management. The platform is designed to simplify the complexities of worldwide payroll and offer real-time visibility and control over payroll operations. The company was founded in 2016 and is headquartered in Tel Aviv, Israel, with offices in New york city, London, and Kiev.
In the vibrant landscape of worldwide company operations, managing payroll throughout borders can be a complex and challenging task. As the Chief Financial Officer (CFO) of a worldwide business, I comprehend the crucial value of effective and certified payroll management. In our pursuit of quality, we have actually welcomed ingenious options to enhance our processes, and one such transformative tool is Software.
The Obstacle of International Payroll:
Worldwide expansion produces varied difficulties, and payroll management is no exception. Differing tax guidelines, varying work laws, and several currencies make it imperative for companies to adopt advanced services to ensure accuracy, compliance, and effectiveness in payroll processing.
Software application: A Comprehensive Solution:
staff members so it’s truly essential to ensure that you have actually thought about from the beginning any post-termination limitations that you want to take into the agreement of employment that they’re enforceable so that suggests you need to really think of what it is you’re wanting to safeguard and why clearly Specify what’s included within the scope of that confidential information and attend to the period of limitation post-determination that you wish to use and be really able to to justify that in relation to intellectual property the position really depends on the type of intellectual property you’re wanting to safeguard and likewise the jurisdiction so for instance from a copyright perspective in the Netherlands the end client is most likely to have the um intellectual property rights in a copyright that the employees produced who’s been under their supervision and control instantly nevertheless in someplace like Poland for instance that automated right may not exist which task would need to flow through the chain uh contractually so it truly depends upon the jurisdiction and the type of IP okay thank you Elizabeth Steve was staying on the topic of contracts Miss categorized misclassifying employees
Papaya Global Software has actually become a game-changer in the world of global payroll management. Its cloud-based platform incorporates payroll, workforce management, and employee benefits into a single, user-friendly interface. As the CFO, I have experienced firsthand the positive impact of on our organization’s monetary operations.
Unified Worldwide Payroll Processing:
enables our company to procedure payroll flawlessly throughout several nations. The platform’s unified technique enables constant payroll estimations, decreasing errors and ensuring compliance with regional regulations. This has actually substantially reduced the threats connected with worldwide payroll processing.
likewise essential for if later on somebody says misclassification you have your file supported by the requisite files and that the ideal assessment tools to show someone that you had a thoughtful process and so what do you have to include in that process it’s the who the what the where and the when who are you dealing with are you handling a specific or are you handling a personal Service Corporation and how are they running what are they doing is it the kind of work that lends itself more to being an independent specialist than a staff member so for example accounting
I.T engineering the creatives these all provide themselves more to that examination of being freelancer you know also uh where are they doing it can they work from anywhere or do they have to be on site and handled again another crucial element is the management and supervision of the uh worker and then lastly when is it a specific project is it a six-month job 6 years all of this is manageable however it needs to be documented and it has to be thoroughly um examined so we have a tool we call it ic2 we had an ic1 and we’ve enhanced it this year so that we can roll it out worldwide these tools take a survey list for the employee the worker completes and fills these questions out and so does the end client or the recipient of the services they both put their details into the tool and then it does an examination waiting the various questions due to the fact that not every jurisdiction has the same sensation about a few of these questions some believe they’re more important than others and it brings out a red yellow or green red you’re most likely a worker yellow you’re on the cusp we can probably help you with that in regards to a few of the important things you require to reinforce to make sure that you are given that assessment of uh independent contractor or green where you were assessed as an as a independent contractor once that assessment is done all the requisite documents are beneath it so that if later there
Navigating the intricacies of global work laws and tax policies can be overwhelming. Papaya Global’s automated compliance engine keeps our organization up-to-date with changes in regulations across jurisdictions. This guarantees that our payroll processes comply with the most recent requirements, decreasing the risk of non-compliance and associated penalties.
network of In-House outside advisors accounting companies and legal companies who help us keep our databases entirely up to date and we likewise call on we require to when we see an unusual or or especially intricate situations fine thanks Steve I can just see a quick concern in the Q a window yes the session will be tape-recorded and sent to participants afterwards um moving back to to the webinar itself Ray employer of record is regulated differently all over the world and the German law for example it’s classified as staff member leasing can you shed any light on a few of the special considerations for countries and where the eor model isn’t managed yes Ian worker leasing or labor leasing as it’s also called which is prevalent in a number of nations particularly in Europe imposes strict regulations on items such as the length of task it likewise appoints workers to collective bargaining contracts that provides rights and benefits but even in the nations that don’t have those rigorous policies for example the UK Canada and the nordics there are regulations for each nation and each worker is treated the same as all the other employees because country and all those guidelines require to be complied with okay thank you Ray um Kathy moving I would say to yourself what do business need to factor in when determining contract status to protect themselves and the rights of hires what are the advantages and disadvantages of employing professionals and Freelancers versus long-term staff members so obviously the the benefit of specialists versus workers is the the versatility for both the employee and for the employer um however I can’t stress enough how crucial it is to have a constant extensive and a well-documented compliance
Eps Submission Papaya Global and Time Cost Savings:
The software’s automation capabilities have significantly decreased the time and effort needed for payroll processing. Handbook data entry and recurring tasks have been reduced, enabling our financing group to focus on tactical efforts instead of administrative concerns. This has actually led to increased efficiency and efficiency within our monetary operations.
in one considering that each state has its own guidelines Californians are some of the most stringent an example is pay slips on a payslip in California the right details has to be on the payslip in the best format and in the ideal position if you’re in breach of of guidelines for payslips the fines are issued per payslip so that’s each employee each pay slip will sustain a great thanks Ray thank you Elizabeth a lot to worry to think of and we’re only two concerns in and 10 minutes approximately working with in one country is challenging enough however when employing in a you know on a worldwide level it’s a totally various story you require to make sure that you’re up to date with existing as well as pending local labor laws Steve um how do you make certain and make sure that the people 2.0 group is on top of an ever-changing landscape and that your customers are totally supported and I’ll organize this into three essential things we perform in most importantly you require to have the best team so we hire a team of international professionals in Work Practices um that ex that group of experts consists of attorneys it includes payroll professionals it consists of HR specialists and these are people that not only know the laws in these in these countries and regions but they also know the languages they know the local practices they know the cultures and it is essential to have that right team and genuinely have the team on the ground uh dealing with cl
Real-time Analytics and Reporting:
Papaya Global supplies thorough real-time analytics and reporting tools. As a CFO, having access to accurate and timely financial information is crucial for decision-making. The platform’s reporting abilities empower me to make educated tactical decisions based on real-time insights into our worldwide payroll information.
application and its scope and the way that it applies to work law in practice can be checked through the judicial system by way of case law examples of that would be the obtained rights regulation otherwise called the 2p regulations in the UK the working time guidelines which has had numerous hairs of that legislation evaluated particularly around vacation pay and of course as Kathy’s going to come on to speak about later on employment status which there’s been numerous precedence set for many years so I think it’s really that continuous evolution of the work law landscape that you truly require to browse when when operating in Europe alright thank you Elizabeth Ray what about you from your individual experience while moving across the pond as discussed each country has different regulations but the United States is essentially 50 countries
Scalability for Company Development:
Among the standout functions of Papaya Global is its scalability. As our company continues to grow and expand into new markets, the software application perfectly accommodates modifications in our workforce and payroll requirements. This scalability ensures that our payroll facilities can adapt to the developing needs of our international company.
International Chief legal officer we’ve got Elizabeth Beal who is our chief legal officer for Amia and we’ve got Ray Glimpse who is our senior vice president of client services and I would state separately and collectively these 3 people have Years of experience in in work law and global Employment Practices so thank you it’s a pleasure to be with everybody here today sounds like we’ve got the right people with us today and in in addition to to those well we likewise have one of our own Stars delete share head of Global Provider at papaya International tell us about yourself thank you Elin Ian hi my name is Elite I have actually been with the business for around 4 and a half years as head of Partnerships I have established Papaya’s network of in-country Partners in over 160 places on an individual element and related to our subject today I have actually had the chance to relocate and operate in three various countries it is the company’s obligation to guarantee my protection while residing in a foreign nation compliance with regional laws and guidelines is essential for me or anybody else as an expat or as a regional so today we have actually invited our trusted Partners people 2.0 to show the value of regional
competence when business Go Worldwide thank you and enjoy okay thank you as I stated let’s carry on to the pact agenda today’s webinar is a chance to ask the panel the concerns you’ve been considering we’ll talk about the truths a business needs to consider when opening a new entity and expanding into new nations as well as keeping things going we’ll cover elements such as local regulations factors to consider when working with compliance crucial obstacles payments and what not to do it’s one of the most essential things remembering what not to do um operating on a worldwide level is not for the faint-hearted the bigger a business grows the more they need to comprehend and handle knowing what to do in each new circumstance as it increases is important on numerous levels understanding local policies and local laws along with company practices assists alleviate Associated and global expansion papaya through our regional specialists can navigate prospective risks such as copyright protection data personal privacy security concerns guaranteeing the business’s operations stay certified and protected tax Social Security returns and remittances differ by country
In conclusion, Papaya Global Software application has actually proven to be an important property in our mission for effective and compliant worldwide payroll management. As the CFO of a worldwide business, I am positive in recommending Papaya Global to companies seeking to simplify their payroll procedures, boost compliance, and accomplish greater effectiveness in managing their international labor force. The software application’s innovative features and dedication to quality line up with our strategic objectives, making it an essential part of our financial operations.
I discover time and time again the employees frequently misclassified unknowingly they do not comprehend the conditions of employment or agreement and are informed by the client why it’s most advantageous generally to the customer why you should be utilized or participated in this fashion the employee might owe taxes and Social Security to the authorities the future pension and health care opportunities of the employee can be impacted and a number of times it can be years before this all falls out and by that time it’s far too late years have actually passed they have not contributed to pensions Etc so it’s a big effect that they never ever knew they were walking into you couldn’t agree with you more if you say the UK for instance hmrc can return as much as ten years um Kathy companies are securing insurance coverage against misclassification but normally premiums are only covering the expense of legal charges whilst the typical claim assessed versus employers relates to to 40 or half of the base pay of worker is there any point in taking out insurance coverage and what is the alternative yeah to your point um you do require to check out the fine print it is not covering the taxes penalty and interest in many cases I haven’t seen it a minimum of so uh the the other area that I do believe if you managed to get the protection what we are stating is is that if your compliance program is not up to stuff you could be rejected coverage on the basis of the reality that you were not in compliance with laws um in the UK
Expense Factors to consider and Eps Submission Papaya Global …
The extensive features of come at an expense,
Over the past few decades, the labor force has gone through a considerable transformation with the emergence of remote work, which has eliminated geographical restraints on hiring. This has actually made it possible for companies to recruit skill from all over the world, permitting them to assemble the best possible group for each role. As a result, employees have actually gotten greater flexibility to work from home and increase their revenues without needing to transfer to costly locations or commute fars away. According to a 2022 study, 87% of employees who have the option to work remotely choose to do so. The COVID-19 pandemic, combined with advancements in enterprise connectivity software application, has actually further sped up the shift towards remote work, even in industries that were initially reluctant to embrace the trend.
insights are important to us and and your fellow participants so first things first though um let’s get to know everyone my name is Ian Charles and I’ve operated in payroll for the last 25 years I’ve had roles in all sort of Industries retail and Charm to Aerospace in all types of companies startup to matrixed environments across the globe I provided leadership and method to populations of more than 100,000 workers on a regular monthly basis and in over 170 countries today I’m the perel strategist for papaya
Global I work across business male maning and building external relationships supporting Business clients and solutions and serving as an advisor I wish to present our very first Greg um guest Greg who will kick things off by informing us um who he is and a little bit more about bamboo HR Greg over to you thanks Ian yeah as Ian said my name is Greg Piper uh I am the senior business counsil at bambo HR so I lead our in-house legal team and in fact work very closely with our um HR department also to handle various legal and HR matters that show up so really excited to be here about bambo HR if if you’re not familiar with us uh at bambo HR we state our mission is to set you as HR specialists complimentary to do terrific
While Papaya Global offers combinations with numerous HR and financing systems, the application procedure was not without obstacles. Integrating the software with our existing infrastructure required additional personalization, causing some hold-ups in the preliminary rollout.
Paying FAQs Eps Submission Papaya Global 2024
and some smaller subsidiaries within our organization found the prices to be on the greater side. As a worldwide business, stabilizing the requirement for sophisticated features with spending plan restrictions ended up being a fragile exercise.
Customer Support Action Time:
There were circumstances where our groups dealt with problems that needed timely help. Nevertheless, the response time from’s customer assistance team was not always as fast as preferred, resulting in periodic hold-ups in concern resolution.
Our application of included a phased method. We began by onboarding a couple of subsidiaries to evaluate the system’s compatibility with our existing procedures. This permitted us to recognize and deal with combination challenges early on. As the software application ended up being more instilled in our operations, we slowly expanded its use to cover our entire worldwide labor force.
The automated features streamlined our payroll procedures, lowering the time spent on manual calculations and compliance tracking. Regular training sessions and continuous support from Papaya helped our teams become competent users of the software, optimizing its potential for our company.
Companies that employee workers throughout multiple nations often deal with intricate obstacles when it concerns handling their workforce. Among the most significant hurdles is consolidating different information streams and sticking to diverse regional and nationwide labor guidelines, which can be both time-consuming and expensive. Furthermore, setting up local entities in brand-new areas can be a costly and suboptimal alternative, with options such as opening a foreign subsidiary or hiring an expert employment company (PEO) typically charging up to 15% of the payroll. These obstacles have actually resulted in a considerable increase in difficulty hiring qualified personnel, with 75% of companies reporting this issue in 2022, a 21% increase from 2019. The payroll and HR services market, valued at $26.4 billion in 2022, is anticipated to reach $50.4 billion by 2030.
provides a solution supporting all forms of employment. It provides an end-to-end platform, from employee onboarding and continuous management to worldwide payments and. It helps companies with labor law compliance in the jurisdictions in which they run, offers management of employment benefits, and makes sure information privacy in compliance with GDPR.
Eynat Guez |
Eynat is the CEO of. A business owner with 15 years of experience, she is a leading professional in payroll and workforce management. She co-founded after seeing the technology space in worldwide.
papaya this webcast has actually been pre-approved for hrci and Sherm credit please be sure to participate in the complete webcast in order to receive your credits if you have any concerns during the webcast please click the Q&A tab in your webinar controls and type the there a brand-new tab will open in your internet browser with the webcast study please make sure to finish it as soon as the webcast has ended it is now my pleasure to turn it over to Pap and bamboo HR for their discussion hello and thank you for joining us today we’re thrilled to have you here as we embark on a journey of data to policy achieving
360 degree employee compliance where we’ll dive into the essential elements of the worker compliance management design throughout the session we’ll check out real life challenges real regional regulations best practices and the function of Automotion in simplying compliance journey be prepared to emerge in a detailed understanding of how to secure your organization and workers while staying compliant in an
Ever developing regulatory environment in the everchanging world of company and finance guaranteeing compliance with payroll regulations is not just important but likewise a legal essential from the minute of hiring to the in intri intricacies even sorry of termination every step along the employee journey is Frau with compliance threats that have significant consequences nevertheless with a deeper more nuanced understanding of their obligations organizations can not only browse the complex landscape but also proactively guarantee this 360 degree compliance the webinar is created to equip you with the knowledge and tools necessary to navigate the complex Surface of compliance whether you’re a skilled P specialist a small company owner or somebody new to the field what I want to do before we start and I believe it’s truly important
In our quest to improve effectiveness and accuracy in handling our international labor force, our multinational corporation turned to, a leading and labor force management software. The shift intended to simplify the complex job of managing across various countries, currencies, and compliance policies.
One of the standout functions of is its robust compliance management system. The software immediately updates itself to follow ever-evolving tax and labor laws throughout multiple jurisdictions. This has actually been indispensable in ensuring that our procedures remain certified in each nation of operation.
is to state that the material here is not legal recommendations it is just for your information please consult your legal team must you have any questions or issues in relation to anything that we have actually discussed today our secret take key takeaways by the end of the webinar will be an understanding of worker compliance dangers how to employ ly with self-confidence how to streamline information management and automation so let’s take ourselves a moment to familiarize ourselves with the webinar platform once again as we have actually.
function as your hris or is kind of your core staff member record um to handle that employee life cycle throughout their Journey with you as as an employee in addition to a payroll module we have to help you pay those staff members and compensate them and benefits Administration module that allows you to help handle the advantages you provide to your workers so actually delighted to be here represent um bamb booy jar and talk about this topic um and I think from my point of view I’ll I’ll most likely provide a lot of a concentrate on the United States side of things when we speak about kind of compliance so pleased to be here thanks for having me Ian okay thanks Greg um Gina over to you would you like to present yourself and inform the audience a bit about papay global yes definitely thank you Ian hi everybody I’m Gina dorelis I’m the Work expert supervisor.
at I handle the employment Council in the US APAC EMA and Israel region I also act as us Council for I’m licensed in New York and New Jersey um we guarantee compliance onboarding and offboarding of employees with regard to papaya we supply payroll payments and workforce management as a Service labor force service provider to workers serving in over.
160 countries fine thank you so both I feel completely underqualified sitting here with you both well I forgot to point out as we were sort of like going through the introduction so it’s truly actually great to really see in the webinar chat where everyone’s really going to from today I can see that we have people in Las Vegas and Indiana currently so if you wish to continue inform where you are that would be definitely fantastic whilst we simply wait for everybody else to kind of like join in there we go Chicago also well um so whil we’re doing that I’m awaiting everybody to sort of join I’ll just run us through the program um today we are going to go over hiring Skill brand-new higher Details Management termination compliance and automation wow the chat has got really truly hectic so we got Dallas Austin San Antonio Toronto San Francisco Richmond um you’re coming from definitely everywhere which is great so uh I’m hoping that we’re really going to have some really fantastic commentary and concerns throughout the uh the webinar also fine so that’s the agenda then what I wish to Now cover is the the compliance and the Personal privacy side of things so the the Journey of a worker and their information is Eps Submission Papaya Global diverse without fail and an.
Ever developing relationship that starts the minute an individual signs up with an organization it continues throughout their employment and Beyond this journey can be divided into k to a number of essential stages whilst we’re really you understand that they’re utilized with us so on boarding daily operations payment and benefits professional advancement then we get to the offboarding and even advocacy so it even takes place after the employee has left your work throughout the journey organizations are accountable for collecting storing protecting employee data in compliance with information privacy policies no matter where it is you’re operating around the globe it typically includes implementing safe data management systems and making sure stringent adherence to regional requirements to protect both the employee and the company the advancement of worker information and management c.