A CFO’s Point of view on Papaya Global 40M Series 45M…
Papaya Global’s platform streamlines international workforce management for business, guaranteeing compliance with local policies and tax laws. Their services encompass payroll processing, advantages administration, compliance oversight, time and attendance tracking, and HR support. The platform centralizes international payroll operations, providing businesses with real-time insights and control. Founded in 2016, Papaya Global has expanded to Tel Aviv, New York, London, and Kiev.
In the dynamic landscape of international business operations, handling payroll across borders can be a complex and difficult task. As the Chief Financial Officer (CFO) of a worldwide company, I understand the crucial value of effective and compliant payroll management. In our pursuit of quality, we have embraced ingenious solutions to improve our processes, and one such transformative tool is Software application.
The Challenge of Global Payroll:
Global expansion causes diverse difficulties, and payroll management is no exception. Differing tax regulations, varying employment laws, and several currencies make it imperative for organizations to embrace sophisticated services to make sure precision, compliance, and performance in payroll processing.
Software application: A Comprehensive Solution:
workers so it’s actually basic to make sure that you have actually thought about from the start any post-termination restrictions that you wish to put into the contract of work that they’re enforceable so that indicates you require to truly think about what it is you’re aiming to protect and why clearly Define what’s consisted of within the scope of that secret information and deal with the period of constraint post-determination that you wish to use and be really able to to justify that in relation to intellectual property the position actually depends on the kind of intellectual property you’re looking to safeguard and likewise the jurisdiction so for example from a copyright point of view in the Netherlands the end customer 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 immediately nevertheless in somewhere like Poland for instance that automatic right may not exist which project would require to flow through the chain uh contractually so it truly depends on the jurisdiction and the type of IP alright thank you Elizabeth Steve was remaining on the subject of agreements Miss classified misclassifying employees
Papaya Global Software application has actually become a game-changer in the world of worldwide payroll management. Its cloud-based platform incorporates payroll, labor force management, and employee benefits into a single, easy to use interface. As the CFO, I have experienced firsthand the positive effect of on our organization’s monetary operations.
Unified International Payroll Processing:
enables our company to process payroll effortlessly across multiple nations. The platform’s unified approach allows for constant payroll estimations, minimizing errors and guaranteeing compliance with regional regulations. This has substantially reduced the threats connected with international payroll processing.
also crucial for if later somebody states misclassification you have your file supported by the requisite documents and that the ideal examination tools to reveal someone that you had a thoughtful procedure therefore what do you have to include because process it’s the who the what the where and the when who are you handling are you handling an individual or are you handling a personal Service Corporation and how are they operating what are they doing is it the type of work that lends itself more to being an independent professional than a worker so for example accounting
I.T crafting the creatives these all provide themselves more to that examination of being freelancer you know likewise uh where are they doing it can they work from anywhere or do they have to be on site and handled once again another key factor is the management and guidance of the uh worker and then finally when is it a particular project is it a six-month project six years all of this is manageable however it needs to be documented and it has to be completely um examined so we have a tool we call it ic2 we had an ic1 and we have actually improved it this year so that we can roll it out worldwide these tools take a questionnaire list for the employee the worker submits and fills these concerns out therefore does completion client or the recipient of the services they both put their information into the tool and after that it does an evaluation waiting the different questions because not every jurisdiction has the exact same feeling about some of these questions some believe they’re more vital than others and it brings out a red yellow or green red you’re probably a worker yellow you’re on the cusp we can most likely help you with that in terms of a few of the things you need to bolster to ensure that you are considered that examination of uh independent contractor or green where you were examined as an as a independent contractor once that examination is done all the requisite documents are below it so that if in the future there
Browsing the complexities of worldwide work laws and tax policies can be overwhelming. Papaya Global’s automated compliance engine keeps our company updated with modifications in regulations across jurisdictions. This ensures that our payroll processes abide by the most recent standards, lessening the danger of non-compliance and associated penalties.
Papaya Global 40M Series 45M and Time Cost Savings:
The software application’s automation abilities have substantially reduced the time and effort needed for payroll processing. Manual data entry and repetitive jobs have actually been lessened, permitting our finance team to concentrate on strategic efforts rather than administrative problems. This has led to increased effectiveness and productivity within our financial operations.
in one considering that each state has its own policies Californians are a few of the most rigorous an example is pay slips on a payslip in California the right information needs to be on the payslip in the ideal format and in the right position if you’re in breach of of regulations for payslips the fines are issued per payslip so that’s each staff member each pay slip will sustain a great thanks Ray thank you Elizabeth a lot to worry to consider and we’re just 2 questions in and 10 minutes or so hiring in one country is hard enough but when hiring in a you know on a worldwide level it’s a completely different story you need to make certain that you depend on date with existing along with pending local labor laws Steve um how do you ensure and ensure that the people 2.0 group is on top of an ever-changing landscape which your customers are totally supported and I’ll arrange this into three essential things we perform in firstly you require to have the best group so we hire a team of global professionals in Employment Practices um that ex that group of specialists includes lawyers it includes payroll specialists it consists of HR specialists and these are people that not just know the laws in these in these nations and regions however they also know the languages they know the regional practices they understand the cultures and it is very important to have that ideal group and really have the team on the ground uh working with cl
Real-time Analytics and Reporting:
Papaya Global supplies comprehensive real-time analytics and reporting tools. As a CFO, having access to accurate and timely financial data is important for decision-making. The platform’s reporting capabilities empower me to make informed tactical choices based upon real-time insights into our international payroll information.
application and its scope and the manner in which it applies to employment law in practice can be checked through the judicial system by way of case law examples of that would be the acquired rights directive otherwise known as the 2p regulations in the UK the working time guidelines which has actually had different hairs of that legislation tested especially around holiday pay and obviously as Kathy’s going to come on to discuss later employment status which there’s been multiple precedence set throughout the years so I think it’s really that continuous development of the work law landscape that you truly require to navigate when when operating in Europe all right thank you Elizabeth Ray what about you from your individual experience while moving across the pond as discussed each country has various policies however the United States is essentially 50 nations
Scalability for Business Development:
Among the standout functions of Papaya Global is its scalability. As our business continues to grow and broaden into brand-new markets, the software effortlessly accommodates changes in our labor force and payroll requirements. This scalability ensures that our payroll facilities can adjust to the developing needs of our international organization.
Worldwide Chief legal officer we’ve got Elizabeth Beal who is our primary legal officer for Amia and we have actually got Ray Look who is our senior vice president of customer service and I would say separately and jointly these three people have Years of experience in in work law and global Work Practices so thank you it’s a satisfaction 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 also have one of our own Stars erase share head of Global Solutions at papaya International tell us about yourself thank you Elin Ian hi my name is Elite I’ve been with the company for around four and a half years as head of Partnerships I have established Papaya’s network of in-country Partners in over 160 areas on an individual element and related to our subject today I’ve had the chance to move and operate in 3 various countries it is the company’s obligation to guarantee my protection while living in a foreign country compliance with local laws and policies is crucial for me or anybody else as an expat or as a regional so today we have actually welcomed our relied on Partners people 2.0 to demonstrate the significance of regional
knowledge when companies Go Global thank you and delight in all right thank you as I said let’s move on to the pact program today’s webinar is a chance to ask the panel the concerns you’ve been thinking of we’ll go over the facts a business needs to think about when opening a new entity and expanding into brand-new nations along with keeping things going we’ll cover aspects such as local regulations factors to consider when hiring compliance key obstacles payments and what not to do it is among the most important things remembering what not to do um operating on a global level is not for the faint-hearted the bigger a company grows the more they need to understand and handle knowing what to do in each brand-new situation as it increases is essential on numerous levels comprehending local policies and regional laws as well as business practices assists alleviate Associated and global expansion papaya through our regional specialists can navigate prospective risks such as intellectual property security information personal privacy security issues ensuring the business’s operations stay compliant and secure tax Social Security returns and remittances vary by nation
In conclusion, Papaya Global Software application has shown to be an important asset in our mission for efficient and certified international payroll management. As the CFO of an international company, I am positive in advising Papaya Global to organizations looking for to improve their payroll processes, enhance compliance, and achieve higher effectiveness in managing their worldwide labor force. The software’s innovative features and commitment to excellence line up with our strategic goals, making it an important part of our financial operations.
I discover time and time again the employees typically misclassified unconsciously they don’t comprehend the conditions of work or agreement and are informed by the client why it’s optimum generally to the customer why you need to be employed or participated in this style the worker may owe taxes and Social Security to the authorities the future pension and healthcare advantages 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 passed they haven’t contributed to pensions Etc so it’s a huge impact that they never understood they were walking into you couldn’t agree with you more if you say the UK for example hmrc can go back as much as ten years um Kathy companies are securing insurance versus misclassification but normally premiums are just covering the expense of legal costs whilst the average claim evaluated versus companies equates to to 40 or 50 percent of the base salary of employee exists any point in taking out insurance and what is the alternative yeah to your point um you do need to read the small print it is not covering the taxes penalty and interest most of the times I have not seen it a minimum of so uh the the other location that I do think if you managed to get the protection what we are saying is is that if your compliance program is not up to stuff you could be rejected protection on the basis of the fact that you were not in compliance with laws um in the UK
Cost Factors to consider and Papaya Global 40M Series 45M …
The comprehensive features of come at a cost,
Over the past couple of decades, the workforce has undergone a substantial change with the introduction of remote work, which has removed geographical restraints on hiring. This has actually made it possible for services to recruit skill from all over the world, enabling them to put together the very best possible team for each function. As a result, employees have gotten higher flexibility to work from home and increase their earnings without having to transfer to pricey areas or commute long distances. According to a 2022 study, 87% of staff members who have the alternative to work remotely choose to do so. The COVID-19 pandemic, integrated with improvements in business connectivity software application, has even more sped up the shift towards remote work, even in industries that were at first hesitant to adopt the pattern.
insights are valuable to us and and your fellow attendees so first things first though um let’s learn more about everybody my name is Ian Charles and I have actually operated in payroll for the last 25 years I’ve had roles in all sort of Industries retail and Appeal to Aerospace in all types of businesses startup to matrixed environments across the globe I offered management and strategy to populations of more than 100,000 employees on a monthly basis and in over 170 nations today I’m the perel strategist for papaya
International I work across the business male maning and developing external relationships supporting Business customers and solutions and acting as a consultant I wish to introduce our first Greg um guest Greg who will kick things off by informing us um who he is and a bit more about bamboo HR Greg over to you thanks Ian yeah as Ian stated 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 turn up so truly thrilled to be here about bambo HR if if you’re not knowledgeable about us uh at bambo HR we state our objective is to set you as HR professionals totally free to do fantastic
Although Papaya Global provides combinations with various HR and finance systems, we experienced some difficulties during the integration process. Personalizing the software application to line up with our existing infrastructure proved to be more intricate than anticipated, resulting in delays in the initial rollout.
The comprehensive features offered by Papaya Global come at an expense, which a few of our smaller subsidiaries discovered to be excessively pricey. As a worldwide organization, we needed to thoroughly weigh the requirement for advanced functionality versus budget plan constraints.
Support Response Time:
On occasion, our teams experienced issues that needed immediate help. However, the action time from Papaya Global’s customer assistance group was not always as prompt as we would have liked, causing hold-ups in fixing those problems.
Our implementation of involved a phased approach. We started by onboarding a few subsidiaries to test the system’s compatibility with our existing processes. This enabled us to identify and attend to integration difficulties early on. As the software ended up being more implanted in our operations, we slowly broadened its use to cover our whole worldwide workforce.
The automated functions structured our payroll processes, lowering the time spent on manual computations and compliance tracking. Routine training sessions and ongoing assistance from Papaya helped our teams become proficient users of the software application, optimizing its potential for our company.
Business that staff member workers across numerous countries frequently face elaborate difficulties when it pertains to managing their workforce. One of the greatest hurdles is combining numerous data streams and sticking to varied regional and nationwide labor guidelines, which can be both time-consuming and pricey. Moreover, setting up local entities in new areas can be a costly and suboptimal option, with alternatives such as opening a foreign subsidiary or working with a professional work organization (PEO) frequently charging up to 15% of the payroll. These difficulties have caused a considerable increase in problem recruiting certified 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 expected to reach $50.4 billion by 2030.
provides a solution supporting all kinds of employment. It offers an end-to-end platform, from employee onboarding and ongoing management to international payments and. It helps companies with labor law compliance in the jurisdictions in which they run, uses management of employment benefits, and guarantees information privacy in compliance with GDPR.
Eynat Guez |
Eynat is the CEO of. An entrepreneur with 15 years of experience, she is a leading professional in payroll and labor force management. She co-founded after seeing the technology space in international.
papaya this webcast has actually been pre-approved for hrci and Sherm credit please make sure to participate in the complete webcast in order to receive your credits if you have any concerns throughout the webcast please click on the Q&A tab in your webinar controls and type the there a new tab will open in your internet browser with the webcast study please make certain to complete it as quickly as the webcast has ended it is now my pleasure to turn it over to Pap and bamboo HR for their presentation hey there and thank you for joining us today we’re thrilled to have you here as we embark on a journey of data to regulation accomplishing
360 degree worker compliance where we’ll dive into the essential elements of the employee compliance management design throughout the session we’ll explore real world obstacles genuine local guidelines finest practices and the function of Automotion in simplying compliance journey be prepared to emerge in an extensive understanding of how to secure your organization and workers while staying certified in an
Ever evolving regulative environment in the everchanging world of organization and finance ensuring compliance with payroll guidelines is not only important but also a legal vital from the minute of employing to the in intri intricacies even sorry of termination every step along the employee journey is Frau with compliance threats that have far-reaching effects however with a deeper more nuanced understanding of their commitments organizations can not only browse the detailed landscape however likewise proactively ensure this 360 degree compliance the webinar is designed to equip you with the understanding and tools essential to navigate the complex Surface of compliance whether you’re an experienced P expert a small business owner or someone new to the field what I want to do before we start and I think it’s truly crucial
In our mission to boost efficiency and precision in handling our worldwide labor force, our international corporation turned to, a leading and workforce management software. The transition aimed to streamline the complex task of managing across different nations, currencies, and compliance regulations.
Among the standout features of is its robust compliance management system. The software application automatically updates itself to abide by ever-evolving tax and labor laws throughout multiple jurisdictions. This has been important in guaranteeing that our processes remain compliant 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 ought to you have any concerns or concerns in relation to anything that we’ve talked about today our secret take essential takeaways by the end of the webinar will be an understanding of worker compliance risks how to employ ly with self-confidence how to simplify information management and automation so let’s take ourselves a moment to acquaint ourselves with the webinar platform once again as we have actually.
act as your hris or is type of your core employee record um to handle that employee life process throughout their Journey with you as as a staff member in addition to a payroll module we need to assist you pay those workers and compensate them and benefits Administration module that permits you to assist handle the benefits you offer to your employees so actually delighted to be here represent um bamb booy container and talk about this topic um and I think from my point of view I’ll I’ll most likely offer a lot of a focus on the United States side of things when we talk about type of compliance so delighted to be here thanks for having me Ian all right thanks Greg um Gina over to you would you like to introduce yourself and inform the audience a bit about papay international yes absolutely thank you Ian hi everyone I’m Gina dorelis I’m the Work professional manager.
at I manage the employment Council in the United States APAC EMA and Israel region I likewise act as us Council for I’m certified in New York and New Jersey um we guarantee compliance onboarding and offboarding of employees with regard to papaya we provide payroll payments and labor force management as a Service labor force supplier to employees serving in over.
160 countries all right thank you so both I feel totally underqualified sitting here with you both well I forgot to discuss as we were sort of like going through the intro so it’s really truly good to actually see in the webinar chat where everyone’s actually going to from today I can see that we have individuals in Las Vegas and Indiana currently so if you want to continue tell where you are that would be definitely fantastic whilst we just await everybody else to sort of like take part there we go Chicago as well well um so whil we’re doing that I’m awaiting everybody to type of join I’ll just run us through the program um today we are going to talk about employing Talent new greater Information Management termination compliance and automation wow the chat has got really really busy 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 excellent commentary and concerns throughout the uh the webinar also alright so that’s the program then what I wish to Now cover is the the compliance and the Privacy side of things so the the Journey of an employee and their data is Papaya Global 40M Series 45M diverse without fail and an.
Ever evolving relationship that starts the minute a person signs up with a company it continues throughout their employment and Beyond this journey can be divided into k to several key stages whilst we’re actually you understand that they’re utilized with us so on boarding day-to-day operations compensation and advantages professional advancement then we get to the offboarding and even advocacy so it even occurs after the staff member has left your employment throughout the journey organizations are responsible for collecting saving safeguarding employee data in compliance with information privacy policies no matter where it is you’re operating worldwide it frequently involves implementing safe data management systems and ensuring stringent adherence to local requirements to secure both the staff member and the company the development of employee data and management c.