A CFO’s Viewpoint on Papaya Global Year End 2020…
The platform enables companies to handle their global workforce and comply with regional work guidelines and tax laws. Papaya Global provides a range of services, including payroll management, advantages administration, compliance management, time and presence tracking, and HR management. The platform is developed to simplify the complexities of global payroll and supply real-time visibility 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 dynamic landscape of global service operations, managing payroll across borders can be a complex and difficult task. As the Chief Financial Officer (CFO) of a global business, I understand the important importance of effective and certified payroll management. In our pursuit of excellence, we have welcomed innovative solutions to simplify our processes, and one such transformative tool is Software.
The Challenge of Global Payroll:
Worldwide growth brings about varied challenges, and payroll management is no exception. Differing tax guidelines, differing work laws, and multiple currencies make it essential for companies to embrace sophisticated services to guarantee accuracy, compliance, and effectiveness in payroll processing.
Software: A Comprehensive Solution:
It is crucial to consider and include post-termination restrictions in the employment contract to make sure enforceability. You must carefully identify what you are seeking to protect and clearly define the secret information that falls within its scope. Additionally, define the period of the post-termination limitation and be prepared to justify it in relation to intellectual property. The rules concerning copyright differ depending upon the type of IP and the jurisdiction. For instance, in the Netherlands, the end client is most likely to have copyright rights over works produced by workers under their guidance, while in Poland, contractual assignment might be needed.
Papaya Global Software application has emerged as a game-changer in the realm of global payroll management. Its cloud-based platform integrates payroll, labor force management, and employee benefits into a single, easy to use interface. As the CFO, I have witnessed firsthand the positive impact of on our company’s financial operations.
Unified International Payroll Processing:
allows our company to process payroll perfectly across numerous nations. The platform’s unified method allows for constant payroll calculations, decreasing errors and guaranteeing compliance with regional policies. This has significantly mitigated the risks associated with worldwide payroll processing.
likewise key for if in the future someone states misclassification you have your file supported by the requisite files and that the best examination tools to show someone that you had a thoughtful process and so what do you need to include because process it’s the who the what the where and the when who are you dealing with are you handling a private or are you dealing with an individual Service Corporation and how are they running what are they doing is it the type of work that provides itself more to being an independent specialist than an employee so for example accounting
I.T engineering the creatives these all lend themselves more to that assessment of being freelancer you understand likewise uh where are they doing it can they work from anywhere or do they have to be on site and managed once again another crucial aspect is the management and guidance of the uh employee and after that lastly when is it a particular project is it a six-month project 6 years all of this is manageable but it needs to be recorded and it needs to be completely um examined so we have a tool we call it ic2 we had an ic1 and we’ve improved it this year so that we can roll it out internationally these tools take a survey list for the worker the worker fills out and fills these concerns out therefore does the end customer or the recipient of the services they both put their info into the tool and after that it does an evaluation waiting the different questions because not every jurisdiction has the very same sensation about a few of these questions some believe they’re more vital than others and it comes out with a red yellow or green red you’re most likely a worker yellow you’re on the cusp we can most likely help you with that in terms of some of the important things you require to boost to ensure that you are considered that evaluation of uh independent professional or green where you were evaluated as an as a independent contractor once that assessment is done all the requisite documents are underneath it so that if later on there
Navigating the intricacies of international work laws and tax policies can be frustrating. Papaya Global’s automated compliance engine keeps our company current with modifications in regulations throughout jurisdictions. This guarantees that our payroll procedures abide by the latest requirements, decreasing the threat of non-compliance and associated penalties.
network of In-House outside advisors accounting companies and legal companies who assist us keep our databases totally up to date and we likewise call on we need to when we see an uncommon or or particularly complicated scenarios alright thanks Steve I can simply see a quick question in the Q a window yes the session will be taped and sent to guests later on um returning to to the webinar itself Ray employer of record is controlled in a different way around the world and the German law for example it’s classified as employee leasing can you shed any light on a few of the unique considerations for nations and where the eor design isn’t regulated yes Ian staff member leasing or labor leasing as it’s also called which prevails in several nations particularly in Europe imposes rigorous policies on items such as the length of project it likewise appoints workers to collective bargaining arrangements that gives them rights and advantages however even in the nations that do not 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 workers in that nation and all those policies need to be followed fine thank you Ray um Kathy moving I would say to yourself what do companies need to factor in when figuring out agreement status to safeguard themselves and the rights of hires what are the advantages and disadvantages of working with specialists and Freelancers versus long-term workers so certainly the the advantage of professionals versus staff members is the the versatility for both the worker and for the company um however I can’t stress enough how essential it is to have a consistent comprehensive and a well-documented compliance
Papaya Global Year End 2020 and Time Savings:
The software application’s automation capabilities have actually considerably minimized the time and effort required for payroll processing. Handbook data entry and repeated tasks have actually been lessened, allowing our financing group to focus on strategic initiatives rather than administrative burdens. This has led to increased efficiency and efficiency within our monetary operations.
in one given that each state has its own guidelines Californians are a few of the most strict 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 ideal position if you remain in breach of of policies for payslips the fines are provided per payslip so that’s each worker each pay slip will incur a great thanks Ray thank you Elizabeth a lot to stress to think about and we’re only two concerns in and 10 minutes approximately hiring in one nation is tough enough however when employing in a you understand on a worldwide level it’s a totally various story you need to make sure that you depend on date with current in addition to pending local labor laws Steve um how do you make certain and ensure that individuals 2.0 team is on top of an ever-changing landscape which your customers are totally supported and I’ll arrange this into three key things we do in firstly you need to have the best team so we employ a group of global professionals in Employment Practices um that ex that team of professionals includes legal representatives it consists of payroll professionals it includes HR specialists and these are individuals that not just understand the laws in these in these countries and areas however they also know the languages they understand the regional practices they know the cultures and it’s important to have that right team and truly have the team on the ground uh dealing with cl
Real-time Analytics and Reporting:
Papaya Global provides extensive real-time analytics and reporting tools. As a CFO, having access to accurate and prompt financial data is important for decision-making. The platform’s reporting abilities empower me to make educated tactical choices based on 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 evaluated through the judicial system by way of case law examples of that would be the acquired rights instruction otherwise known as the 2p regulations in the UK the working time guidelines which has had various strands of that legislation tested particularly around holiday pay and of course as Kathy’s going to come on to discuss later on employment status which there’s been numerous precedence set for many years so I think it’s actually that continuous development of the work law landscape that you really need to navigate when when operating in Europe alright thank you Elizabeth Ray what about you from your individual experience while moving across the pond as mentioned each country has various regulations but the United States is basically 50 nations
Scalability for Company Development:
One of the standout features of Papaya Global is its scalability. As our company continues to grow and broaden into new markets, the software application effortlessly accommodates modifications in our workforce and payroll requirements. This scalability guarantees that our payroll infrastructure can adjust to the progressing requirements of our worldwide organization.
International Chief legal officer we’ve got Elizabeth Beal who is our chief legal officer for Amia and we have actually got Ray Glimpse who is our senior vice president of client services and I would state separately and collectively these three individuals have Years 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 erase share head of Global Services at papaya Worldwide tell us about yourself thank you Elin Ian hi my name is Elite I’ve been with the company for around 4 and a half years as head of Partnerships I have actually established Papaya’s network of in-country Partners in over 160 places on a personal aspect and related to our subject today I have actually had the chance to transfer and work in three various countries it is the business’s duty to guarantee my defense while living in a foreign country compliance with local laws and regulations is essential for me or anybody else as an expat or as a regional so today we have welcomed our relied on Partners individuals 2.0 to demonstrate the significance of regional
knowledge when business Go International thank you and take pleasure in all right 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 thinking about we’ll talk about the facts a business requires to consider when opening a new entity and expanding into brand-new countries along with keeping things going we’ll cover elements such as local guidelines factors to consider when hiring compliance key obstacles payments and what not to do it’s one of the most essential 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 comprehend and handle understanding what to do in each new circumstance as it rises is important on many levels comprehending local regulations and regional laws along with company practices assists reduce Associated and global expansion papaya through our local professionals can browse prospective risks such as intellectual property security information privacy security problems making sure the business’s operations stay compliant and safe and secure tax Social Security returns and remittances vary by country
In conclusion, Papaya Global Software has actually proven to be an indispensable possession in our quest for efficient and compliant international payroll management. As the CFO of a global business, I am confident in advising Papaya Global to companies looking for to streamline their payroll procedures, improve compliance, and attain higher performance in managing their international labor force. The software’s ingenious features and commitment to excellence align with our strategic objectives, making it an important part of our financial 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 announced settlements there’s likewise considerable legal expenses there’s there’s other penalties there’s other expenses behind that too so the overall cost can be very substantial in the 10s of millions of dollars or more and and those quantities are growing uh the reason companies are getting it so wrong is actually simply the rules are complex and they’re altering all the time think ir-35 in the UK which has been an ongoing advancement for several years now and and still a lot of uncertainty among business on what it truly suggests and how you handle it most employers are simply not knowledgeable about the guidelines and and act as if the the guidelines are the same everywhere which they’re not so so motivate you to to be really proactive as you’re engaging uh workers from a category viewpoint alright thank you Stephen and returning to yourself Ray it’s not only the company that suffers in the long run what results can this have on the staff member Papaya Global Year End 2020 particularly when it comes to their own tax liabilities social security and benefits for instance jury and obviously the employees the other side of the coin
I find time and time again the workers typically misclassified unconsciously they do not comprehend the conditions of work or contract and are told by the client why it’s most advantageous mainly to the customer why you ought to be utilized or taken part in this fashion the worker might owe taxes and Social Security to the authorities the future pension and healthcare privileges of the worker can be affected and numerous times it can be years before this all falls out and by that time it’s too late years have actually gone by they haven’t contributed to pensions And so on so it’s a huge effect that they never understood they were strolling into you could not agree with you more if you say the UK for instance hmrc can return as much as ten years um Kathy business are getting insurance coverage versus misclassification but generally premiums are only covering the cost of legal fees whilst the average claim evaluated versus employers corresponds to to 40 or half of the base pay of worker exists any point in securing insurance and what is the alternative yeah to your point um you do need to check out the fine print it is not covering the taxes penalty and interest most of the times I have not seen it at least so uh the the other location 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 pack you could be rejected coverage on the basis of the reality that you were not in compliance with laws um in the UK
Cost Considerations and Papaya Global Year End 2020 …
The extensive functions of come at an expense,
Recent decades have seen a significant modification to the workforce as the rise of remote work has actually broken down geographical barriers to hiring. Companies can now employ personnel from anywhere worldwide, enabling them to access the very best offered talent for any given role. This provides employees more liberty to work from home and increase their earnings without transferring to expensive areas or commuting long distances. A 2022 survey discovered that 87% of staff members who have the chance to work from another location take that chance. The break out of COVID-19, in conjunction with new business connectivity software, sped up the transfer to remote work, consisting of in industries formerly hesitant to accept the pattern.
insights are valuable to us and and your fellow guests so first things initially though um let’s learn more about everybody my name is Ian Charles and I’ve worked in payroll for the last 25 years I’ve had functions in all sort of Industries retail and Beauty to Aerospace in all types of organizations startup to matrixed environments around the world I offered management and technique to populations of more than 100,000 workers on a monthly basis and in over 170 nations today I’m the perel strategist for papaya
International I work across the business guy maning and constructing external relationships supporting Enterprise customers and solutions and functioning as a consultant I wish to introduce our 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 actually work very carefully with our um HR department also to handle numerous legal and HR matters that turn up so actually thrilled 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 totally free to do excellent
Although Papaya Global offers integrations with different HR and financing systems, we encountered some obstacles throughout the integration procedure. Customizing the software application to align with our existing infrastructure showed to be more intricate than anticipated, resulting in hold-ups in the preliminary rollout.
The comprehensive features provided by Papaya Global come at a cost, which a few of our smaller sized subsidiaries found to be excessively expensive. As an international organization, we needed to thoroughly weigh the requirement for sophisticated performance against budget constraints.
Support Response Time:
On occasion, our teams experienced issues that required urgent assistance. However, the action time from Papaya Global’s client assistance team was not always as prompt as we would have liked, leading to delays in fixing those concerns.
Our execution of included a phased technique. We started by onboarding a few subsidiaries to test the system’s compatibility with our existing procedures. This enabled us to recognize and deal with combination challenges early on. As the software ended up being more implanted in our operations, we slowly expanded its use to cover our entire worldwide labor force.
The automated functions streamlined our payroll procedures, minimizing the time spent on manual estimations and compliance tracking. Regular training sessions and continuous support from Papaya assisted our teams end up being proficient users of the software application, optimizing its potential for our company.
Nevertheless, paying a workforce can be complicated. It is especially challenging for business who employ staff throughout multiple nations, as they need to continuously combine various data streams, manually track regional and nationwide labor and regulations, and invest important time and resources to set up regional entities in new locations. These companies are faced with suboptimal, pricey alternatives, like opening a foreign subsidiary or working with a professional work company, which is a regional firm that employs workers on their behalf and can charge up to 15% of. By 2022, 75% of companies reported difficulty hiring certified workers, a boost of 21% from 2019. The payroll & HR solutions market was valued at $26.4 billion in 2022 and is predicted 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 continuous management to global payments and. It assists companies with labor law compliance in the jurisdictions in which they operate, uses management of work advantages, and ensures 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 gap in global.
papaya this webcast has been pre-approved for hrci and Sherm credit please be sure to attend the total webcast in order to receive your credits if you have any concerns during the webcast please click on the Q&A tab in your webinar controls and type the there a new tab will open in your browser with the webcast survey 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 discussion hi and thank you for joining us today we’re enjoyed have you here as we embark on a journey of information to regulation attaining
360 degree employee compliance where we’ll dive into the important elements of the worker compliance management model throughout the session we’ll check out real world difficulties genuine local regulations best practices and the role of Automotion in simplying compliance journey be prepared to emerge in a comprehensive understanding of how to protect your organization and staff members while staying certified in an
Ever evolving regulatory environment in the everchanging world of service and financing making sure compliance with payroll policies is not just essential however likewise a legal necessary from the minute of working with to the in intri intricacies even sorry of termination every step along the worker journey is Frau with compliance dangers that have far-reaching effects nevertheless with a deeper more nuanced understanding of their obligations companies can not just navigate the elaborate landscape however also proactively guarantee this 360 degree compliance the webinar is designed to equip you with the understanding and tools necessary to navigate the complex Terrain of compliance whether you’re a skilled P expert a small business owner or somebody new to the field what I wish to do before we start and I believe it’s really important
In our quest to improve efficiency and accuracy in handling our international workforce, our international corporation turned to, a leading and workforce management software. The transition intended to streamline the complex job of handling across numerous countries, currencies, and compliance guidelines.
One of the standout functions of is its robust compliance management system. The software immediately updates itself to comply with ever-evolving tax and labor laws across numerous jurisdictions. This has been vital in ensuring that our procedures stay certified in each nation of operation.
is to state that the material here is not legal suggestions it is simply for your info please consult your legal team needs to you have any concerns or concerns in relation to anything that we’ve gone over today our secret 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 information management and automation so let’s take ourselves a minute to acquaint 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 staff member life cycle throughout their Journey with you as as a staff member in addition to a payroll module we need to help you pay those employees and compensate them and benefits Administration module that enables you to help manage the advantages you offer to your workers so truly thrilled to be here represent um bamb booy container and speak about this subject um and I think from my perspective I’ll I’ll most likely provide a lot of a focus on the US side of things when we discuss type of compliance so delighted to be here thanks for having me Ian alright thanks Greg um Gina over to you would you like to introduce yourself and tell the audience a little bit about papay international yes absolutely thank you Ian hey there everybody I’m Gina dorelis I’m the Work professional supervisor.
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 city and New Jersey um we guarantee compliance onboarding and offboarding of workers with regard to papaya we provide payroll payments and labor force management as a Service labor force service provider to employees serving in over.
160 nations all right thank you so both I feel completely underqualified sitting here with you both well I forgot to mention as we were kind of like going through the intro so it’s truly truly nice to actually see in the webinar chat where everybody’s actually participating in from today I can see that we have people in Las Vegas and Indiana already so if you want to carry on tell where you are that would be definitely great whilst we just wait on everyone else to sort of like join in there we go Chicago as well well um so whil we’re doing that I’m waiting on everybody to sort of join I’ll simply run us through the program um today we are going to discuss hiring Skill brand-new greater Info Management termination compliance and automation wow the chat has actually got really really busy so we got Dallas Austin San Antonio Toronto San Francisco Richmond um you’re coming from absolutely everywhere which is wonderful so uh I’m hoping that we’re really going to have some truly 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 a worker and their data is Papaya Global Year End 2020 complex without fail and an.
Ever evolving relationship that starts the moment a person joins an organization it continues throughout their work and Beyond this journey can be divided into k to several essential phases whilst we’re in fact you know that they’re used 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 happens after the staff member has left your employment throughout the journey companies are responsible for collecting storing securing staff member data in compliance with data personal privacy guidelines no matter where it is you’re operating around the globe it often includes executing safe and secure information management systems and ensuring strict adherence to regional requirements to protect both the employee and the company the development of employee data and management c.