A CFO’s Perspective on Papaya Global Payroll Closing…
The platform makes it possible for business to handle their worldwide labor force and comply with regional work regulations and tax laws. Papaya Global uses a range of services, including payroll management, advantages administration, compliance management, time and attendance tracking, and HR management. The platform is developed to simplify the complexities of global payroll and provide real-time presence and control over payroll operations. The business was founded in 2016 and is headquartered in Tel Aviv, Israel, with workplaces in New York, London, and Kiev.
In the vibrant landscape of international business operations, handling payroll across borders can be a complex and challenging task. As the Chief Financial Officer (CFO) of a worldwide business, I understand the important value of effective and certified payroll management. In our pursuit of quality, we have welcomed innovative solutions to improve our procedures, and one such transformative tool is Software application.
The Obstacle of Global Payroll:
Worldwide expansion brings about varied obstacles, and payroll management is no exception. Differing tax regulations, differing work laws, and multiple currencies make it crucial for organizations to embrace advanced solutions to guarantee precision, compliance, and effectiveness in payroll processing.
Software: A Comprehensive Service:
staff members so it’s actually fundamental to ensure that you have actually thought about from the beginning any post-termination limitations that you want to put into the contract of employment that they’re enforceable so that indicates you require to actually think about what it is you’re looking to secure and why clearly Define what’s consisted of within the scope of that secret information and address the period of constraint post-determination that you wish to apply and be actually able to to justify that in relation to intellectual property the position really depends upon the type of intellectual property you’re looking to secure and likewise the jurisdiction so for instance from a copyright point of view in the Netherlands the end client is more likely to have the um copyright rights in a copyright that the workers produced who’s been under their guidance and control instantly nevertheless in somewhere like Poland for example that automated right may not be there and that task would need to stream through the chain uh contractually so it really depends on the jurisdiction and the kind of IP all right thank you Elizabeth Steve was staying on the subject of agreements Miss classified misclassifying workers
Papaya Global Software has emerged as a game-changer in the world of global 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 financial operations.
Unified Worldwide Payroll Processing:
enables our business to procedure payroll perfectly throughout several nations. The platform’s unified approach allows for consistent payroll calculations, reducing mistakes and making sure compliance with regional guidelines. This has actually considerably mitigated the threats related to worldwide payroll processing.
also essential for if later on someone states misclassification you have your file supported by the requisite documents which the ideal examination tools to show somebody that you had a thoughtful procedure therefore what do you need to include in that procedure 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 worker so for instance accounting
I.T engineering the creatives these all lend themselves more to that evaluation of being freelancer you understand also uh where are they doing it can they work from anywhere or do they need to be on site and managed once again another key factor is the management and supervision of the uh worker and after that finally when is it a particular task is it a six-month job 6 years all of this is manageable however it needs to be documented and it needs to be completely 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 worker the employee completes and fills these questions out therefore does completion customer or the recipient of the services they both put their info into the tool and after that it does an examination waiting the different questions because not every jurisdiction has the same sensation about a few of these concerns some think they’re more crucial than others and it comes out with a red yellow or green red you’re probably a staff member yellow you’re on the cusp we can probably help you with that in terms of a few of the important things you need to boost to make sure that you are considered that evaluation of uh independent contractor or green where you were evaluated as an as a independent professional once that assessment is done all the requisite files are beneath it so that if later on there
Browsing the complexities of international work laws and tax regulations can be frustrating. Papaya Global’s automated compliance engine keeps our organization up-to-date with changes in regulations throughout jurisdictions. This guarantees that our payroll processes adhere to the most recent standards, lessening the risk of non-compliance and associated charges.
network of In-House outside advisors accounting companies and legal firms who help us keep our databases completely up to date and we likewise contact we need to when we see an uncommon or or particularly complex situations all right thanks Steve I can just see a quick question in the Q a window yes the session will be tape-recorded and sent out to guests later on um moving back to to the webinar itself Ray employer of record is controlled differently around the globe and the German law for example it’s classified as worker leasing can you shed any light on some of the unique factors to consider for countries and where the eor design isn’t managed yes Ian employee leasing or labor leasing as it’s also called which prevails in several countries particularly in Europe imposes stringent policies on products such as the length of task it likewise designates workers to collective bargaining contracts that provides rights and advantages however even in the countries that don’t have those stringent policies for instance the UK Canada and the nordics there are guidelines for each country and each worker is treated the like all the other workers because nation and all those regulations need to be complied with fine thank you Ray um Kathy moving I would say to yourself what do companies need to factor in when identifying agreement status to protect themselves and the rights of hires what are the pros and cons of employing contractors and Freelancers versus irreversible workers so obviously the the advantage of contractors versus staff members is the the flexibility for both the employee and for the employer um but I can’t stress enough how essential it is to have a consistent extensive and a well-documented compliance
Papaya Global Payroll Closing and Time Savings:
The software’s automation abilities have substantially decreased the time and effort required for payroll processing. Manual information entry and recurring tasks have been minimized, permitting our finance team to concentrate on tactical initiatives instead of administrative problems. This has actually led to increased performance and productivity within our financial operations.
in one given that each state has its own guidelines Californians are some of the most rigorous an example is pay slips on a payslip in California the best info has to be on the payslip in the ideal format and in the right position if you remain in breach of of policies for payslips the fines are released per payslip so that’s each staff member each pay slip will sustain a great thanks Ray thank you Elizabeth a lot to stress to think of and we’re only 2 questions in and 10 minutes or two hiring in one country is hard enough but when working with in a you know on a global level it’s a totally various story you need to ensure that you’re up to date with present along with pending regional labor laws Steve um how do you ensure and ensure that the people 2.0 team is on top of an ever-changing landscape and that your customers are completely supported and I’ll organize this into 3 key things we carry out in firstly you require to have the ideal group so we work with a group of international professionals in Work Practices um that ex that team of specialists includes attorneys it consists of payroll specialists it consists of HR specialists and these are people that not only know the laws in these in these countries and areas but they also understand the languages they know the regional practices they understand the cultures and it is very important to have that right team and genuinely have the group on the ground uh dealing with cl
Real-time Analytics and Reporting:
Papaya Global provides detailed real-time analytics and reporting tools. As a CFO, having access to precise and timely monetary data is essential for decision-making. The platform’s reporting capabilities empower me to make educated tactical decisions based upon real-time insights into our global payroll data.
application and its scope and the manner in which it applies to work law in practice can be tested through the judicial system by way of case law examples of that would be the acquired rights instruction otherwise known as the 2p policies in the UK the working time policies which has actually had numerous hairs of that legislation tested particularly around vacation pay and obviously as Kathy’s going to come on to speak about later employment status which there’s been multiple precedence set over the years so I believe it’s actually that constant evolution of the employment law landscape that you truly require to navigate when when working in Europe alright thank you Elizabeth Ray what about you from your individual experience while moving across the pond as mentioned each country has different policies however the United States is basically 50 nations
Scalability for Business Growth:
Among the standout features of Papaya Global is its scalability. As our business continues to grow and broaden into new markets, the software effortlessly accommodates changes in our labor force and payroll requirements. This scalability makes sure that our payroll infrastructure can adjust to the evolving needs of our global company.
International Chief legal officer we have actually got Elizabeth Beal who is our chief legal officer for Amia and we’ve got Ray Gander who is our senior vice president of client services and I would state individually and jointly these 3 individuals have Decades of experience in in employment law and global Employment Practices so thank you it’s a pleasure to be with everyone here today sounds like we have actually got the right people with us today and in in addition to to those well we also have among our own Stars delete share head of Global Services at papaya Global tell us about yourself thank you Elin Ian hey there 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 a personal element and related to our subject today I’ve had the opportunity to move and operate in 3 various countries it is the company’s obligation to ensure my defense while residing in a foreign nation compliance with regional laws and regulations is important 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 show the value of regional
competence when business Go International thank you and take pleasure in alright thank you as I said let’s carry on to the pact program today’s webinar is a chance to ask the panel the concerns you have actually been thinking about we’ll go over the truths a company requires to consider when opening a new entity and broadening into brand-new countries as well as keeping things going we’ll cover aspects such as regional policies considerations when working with compliance essential challenges payments and what not to do it’s one of 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 manage understanding what to do in each brand-new circumstance as it rises is very important on numerous levels understanding regional regulations and regional laws along with company practices assists alleviate Associated and worldwide expansion papaya through our regional experts can browse potential risks such as intellectual property security information privacy security issues guaranteeing the business’s operations remain compliant and safe tax Social Security returns and remittances differ by nation
In conclusion, Papaya Global Software has shown to be an important possession in our mission for efficient and certified international payroll management. As the CFO of a global company, I am confident in recommending Papaya Global to companies seeking to enhance their payroll processes, enhance compliance, and accomplish greater effectiveness in managing their worldwide workforce. The software’s ingenious functions and commitment to quality line up with our strategic goals, making it an important part of our monetary operations.
publicly revealed and it was 100 million dollar settlement that Uber made with the state of New Jersey one state in addition to the openly revealed settlements there’s also significant legal costs there exists’s other penalties there’s other costs behind that as well so the total cost can be extremely substantial in the tens of countless dollars or more and and those quantities are growing uh the reason business are getting it so wrong is truly simply the guidelines are complex and they’re altering all the time think ir-35 in the UK which has been a continuous advancement for numerous years now and and still a lot of unpredictability amongst business on what it truly means and how you deal with it most employers are simply not familiar with the rules and and act as if the the guidelines are the same everywhere which they’re not so so encourage you to to be extremely proactive as you’re engaging uh employees from a classification perspective okay thank you Stephen and returning to yourself Ray it’s not only the business that suffers in the long run what effects can this have on the employee Papaya Global Payroll Closing especially when it pertains to their own tax liabilities social security and benefits for instance jury and obviously the employees the opposite of the coin
I find time and time again the employees often misclassified unknowingly they do not understand the conditions of employment or contract and are told by the customer why it’s most advantageous generally to the client why you need to be utilized or engaged in this fashion the employee might owe taxes and Social Security to the authorities the future pension and health care benefits of the employee can be affected and several times it can be years before this all falls out and by that time it’s too late years have actually gone by they have not added to pensions And so on so it’s a huge impact that they never knew they were strolling into you could not agree with you more if you say the UK for instance hmrc can go back as much as ten years um Kathy companies are securing insurance against misclassification but usually premiums are only covering the expense of legal charges whilst the average claim assessed versus companies corresponds to to 40 or 50 percent of the base pay of employee is there any point in getting 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 haven’t seen it at least so uh the the other area that I do think if you managed to get the protection what we are stating is is that if your compliance program is not up to pack you could be denied coverage on the basis of the truth that you were not in compliance with laws um in the UK
Cost Considerations and Papaya Global Payroll Closing …
The extensive features of come at a cost,
Over the past couple of decades, the labor force has actually gone through a substantial improvement with the introduction of remote work, which has actually removed geographical restraints on hiring. This has allowed services to recruit talent from all over the world, enabling them to assemble the best possible team for each function. As a result, staff members have acquired greater flexibility to work from home and increase their incomes without needing to relocate to costly areas or commute cross countries. According to a 2022 survey, 87% of workers who have the alternative to work remotely select to do so. The COVID-19 pandemic, combined with developments in business connection software, has even more accelerated the shift towards remote work, even in industries that were at first hesitant to embrace the trend.
insights are important to us and and your fellow guests so first things first though um let’s learn more about everybody my name is Ian Charles and I have actually worked in payroll for the last 25 years I’ve had roles in all kind of Industries retail and Appeal to Aerospace in all kinds of companies start-up to matrixed environments around the world I supplied management and method to populations of more than 100,000 staff members on a monthly basis and in over 170 countries today I’m the perel strategist for papaya
Worldwide I work across business guy maning and constructing external relationships supporting Enterprise clients and options and functioning as a consultant I ‘d like to present our very first Greg um visitor 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 stated my name is Greg Piper uh I am the senior corporate counsil at bambo HR so I lead our internal legal team and in fact work extremely carefully with our um HR department also to manage different legal and HR matters that come up so really delighted to be here about bambo HR if if you’re not familiar with us uh at bambo HR we say our objective is to set you as HR specialists free to do fantastic
Although Papaya Global offers integrations with numerous HR and financing systems, we came across some hurdles throughout the integration process. Personalizing the software to line up with our existing infrastructure proved to be more complicated than prepared for, resulting in delays in the initial rollout.
The comprehensive features offered by Papaya Global come at a cost, which some of our smaller sized subsidiaries discovered to be prohibitively pricey. As an international company, we needed to carefully weigh the need for advanced performance versus budget plan restrictions.
Support Response Time:
On occasion, our teams experienced concerns that needed urgent help. However, the reaction time from Papaya Global’s consumer support group was not constantly as timely as we would have liked, causing hold-ups in resolving those concerns.
Our implementation of involved a phased method. We began by onboarding a few subsidiaries to check the system’s compatibility with our existing procedures. This enabled us to determine and deal with combination obstacles early on. As the software application ended up being more instilled in our operations, we slowly expanded its use to cover our whole global labor force.
The automated functions structured our payroll processes, minimizing the time spent on manual calculations and compliance tracking. Routine training sessions and ongoing support from Papaya helped our teams become competent users of the software application, maximizing its potential for our organization.
Companies that worker workers across several nations frequently face detailed obstacles when it comes to managing their workforce. One of the biggest hurdles is combining different data streams and adhering to varied local and nationwide labor policies, which can be both lengthy and pricey. Furthermore, establishing regional entities in new areas can be a pricey and suboptimal choice, with alternatives such as opening a foreign subsidiary or hiring an expert work company (PEO) typically charging up to 15% of the payroll. These obstacles have actually caused a substantial boost in difficulty recruiting qualified workers, with 75% of employers reporting this problem in 2022, a 21% boost from 2019. The payroll and HR services market, valued at $26.4 billion in 2022, is expected to reach $50.4 billion by 2030.
uses a solution supporting all types of work. It supplies an end-to-end platform, from employee onboarding and ongoing management to global payments and. It helps business with labor law compliance in the jurisdictions in which they run, offers management of work 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 labor force management. She co-founded after seeing the technology space in global.
papaya this webcast has actually been pre-approved for hrci and Sherm credit please be sure to attend the complete webcast in order to get your credits if you have any concerns throughout the webcast please click the Q&A tab in your webinar controls and type the there a new tab will open in your web browser with the webcast survey please make sure to finish it as quickly as the webcast has ended it is now my pleasure to turn it over to Pap and bamboo HR for their discussion hey there and thank you for joining us today we’re enjoyed have you here as we embark on a journey of data to guideline attaining
360 degree staff member compliance where we’ll dive into the vital aspects of the worker compliance management design throughout the session we’ll explore real world obstacles real local regulations best practices and the role of Automotion in simplying compliance journey be prepared to emerge in a thorough understanding of how to protect your company and staff members while remaining certified in an
Ever progressing regulatory environment in the everchanging world of company and finance ensuring compliance with payroll policies is not only vital however likewise a legal vital from the minute of hiring to the in intri intricacies even sorry of termination every step along the worker journey is Frau with compliance threats that have significant effects however with a much deeper more nuanced understanding of their obligations companies can not just browse the complex landscape however likewise proactively ensure this 360 degree compliance the webinar is developed to equip you with the knowledge and tools necessary to navigate the complex Terrain of compliance whether you’re an experienced P expert a small business owner or somebody new to the field what I would like to do before we begin and I believe it’s actually crucial
In our mission to improve performance and precision in managing our worldwide labor force, our multinational corporation turned to, a leading and labor force management software application. The transition aimed to streamline the complex job of managing across numerous countries, currencies, and compliance policies.
Among the standout features of is its robust compliance management system. The software application instantly updates itself to comply with ever-evolving tax and labor laws throughout multiple jurisdictions. This has been vital in making sure that our procedures remain certified in each country of operation.
is to state that the material here is illegal advice it is simply for your information please consult your legal group ought to you have any questions or issues in relation to anything that we’ve gone over today our key take key takeaways by the end of the webinar will be an understanding of employee compliance risks how to hire ly with confidence how to streamline data management and automation so let’s take ourselves a minute to familiarize ourselves with the webinar platform once again as we have actually.
work as your hris or is type of your core worker record um to handle that staff member life cycle throughout their Journey with you as as a worker in addition to a payroll module we need to help you pay those staff members and compensate them and advantages Administration module that allows you to help manage the advantages you provide to your staff members so actually delighted to be here represent um bamb booy jar and speak about this subject um and I think from my viewpoint I’ll I’ll most likely supply a great deal of a concentrate on the US side of things when we discuss sort of compliance so pleased to be here thanks for having me Ian alright thanks Greg um Gina over to you would you like to present yourself and tell the audience a bit about papay global yes definitely thank you Ian hey there everybody I’m Gina dorelis I’m the Employment professional manager.
at I handle the work Council in the United States APAC EMA and Israel area I likewise serve as us Council for I’m certified in New York and New Jersey um we ensure compliance onboarding and offboarding of employees with regard to papaya we supply payroll payments and labor force management as a Service work force company to workers serving in over.
160 countries alright thank you so both I feel totally underqualified sitting here with you both well I forgot to mention as we were type of like going through the intro so it’s really really nice to really see in the webinar chat where everybody’s really attending from today I can see that we have people in Las Vegas and Indiana already so if you wish to carry on tell where you are that would be definitely great whilst we simply wait for everyone else to sort of like participate in there we go Chicago too 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 discuss employing Skill new higher Details Management termination compliance and automation wow the chat has actually got actually really busy so we got Dallas Austin San Antonio Toronto San Francisco Richmond um you’re coming from absolutely all over which is fantastic so uh I’m hoping that we’re actually going to have some actually great commentary and questions throughout the uh the webinar as well alright so that’s the program then what I ‘d like to Now cover is the the compliance and the Privacy side of things so the the Journey of an employee and their information is Papaya Global Payroll Closing complex without fail and an.
Ever progressing relationship that starts the minute a person signs up with an organization it continues throughout their work and Beyond this journey can be divided into k to numerous key stages whilst we’re in fact you know that they’re employed with us so on boarding day-to-day operations settlement and benefits expert development then we get to the offboarding and even advocacy so it even takes place after the employee has left your employment throughout the journey companies are responsible for gathering storing safeguarding employee information in compliance with information privacy regulations no matter where it is you’re running around the globe it often includes carrying out secure information management systems and guaranteeing stringent adherence to regional requirements to protect both the employee and the organization the development of employee information and management c.