A CFO’s Viewpoint on Papaya Global Year End Process…
Papaya Global’s platform simplifies global labor force management for companies, guaranteeing compliance with local policies and tax laws. Their services encompass payroll processing, benefits administration, compliance oversight, time and attendance tracking, and HR support. The platform centralizes international payroll operations, offering companies with real-time insights and control. Founded in 2016, Papaya Global has broadened to Tel Aviv, New York City, London, and Kiev.
In the dynamic landscape of worldwide organization operations, managing payroll throughout borders can be a complex and tough task. As the Chief Financial Officer (CFO) of an international company, I comprehend the critical value of efficient and compliant payroll management. In our pursuit of quality, we have actually embraced ingenious options to simplify our processes, and one such transformative tool is Software.
The Obstacle of International Payroll:
Worldwide expansion causes diverse obstacles, and payroll management is no exception. Differing tax policies, varying work laws, and numerous currencies make it crucial for organizations to adopt sophisticated solutions to make sure precision, compliance, and performance in payroll processing.
Software application: A Comprehensive Service:
staff members so it’s truly fundamental to ensure that you’ve thought about from the beginning any post-termination restrictions that you wish to take into the agreement of work that they’re enforceable so that means you require to actually think about what it is you’re seeking to protect and why plainly Define what’s consisted of within the scope of that secret information and resolve the duration of constraint post-determination that you wish to apply and be actually able to to validate that in relation to intellectual property the position really depends upon the kind of copyright you’re seeking to secure and also the jurisdiction so for example from a copyright perspective in the Netherlands completion client is more 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 be there which assignment would require to stream through the chain uh contractually so it actually depends on the jurisdiction and the kind of IP all right thank you Elizabeth Steve was remaining on the subject of agreements Miss classified misclassifying staff members
Papaya Global Software has become a game-changer in the world of worldwide payroll management. Its cloud-based platform integrates payroll, workforce management, and employee benefits into a single, easy to use interface. As the CFO, I have actually witnessed firsthand the positive impact of on our company’s financial operations.
Unified Worldwide Payroll Processing:
allows our company to process payroll perfectly across multiple nations. The platform’s unified technique allows for consistent payroll calculations, reducing errors and making sure compliance with regional regulations. This has actually substantially reduced the risks connected with international payroll processing.
also key for if later somebody states misclassification you have your file supported by the requisite documents which the ideal assessment tools to show somebody that you had a thoughtful process therefore what do you have to include in that process it’s the who the what the where and the when who are you handling are you handling a private or are you dealing with a personal Service Corporation and how are they running what are they doing is it the type of work that lends itself more to being an independent contractor than a worker so for instance accounting
I.T crafting the creatives these all lend themselves more to that evaluation of being freelancer you know likewise uh where are they doing it can they work from anywhere or do they have to be on website and managed once again another key factor is the management and guidance of the uh employee and then lastly when is it a particular task is it a six-month project 6 years all of this is workable however it has to be documented and it needs to be thoroughly 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 worldwide these tools take a questionnaire list for the worker the employee completes and fills these questions out and so does completion customer or the recipient of the services they both put their information into the tool and after that it does an assessment waiting the various questions due to the fact that not every jurisdiction has the very same feeling about some of these concerns some believe they’re more important 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 regards to a few of the things you require to reinforce to make certain that you are given that examination of uh independent contractor or green where you were assessed as an as a independent professional once that evaluation is done all the requisite documents 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 company up-to-date with changes in policies throughout jurisdictions. This makes sure that our payroll procedures comply with the latest standards, minimizing the risk of non-compliance and associated charges.
network of In-House outside consultants accounting companies and legal firms who help us keep our databases entirely approximately date and we likewise contact we need to when we see an unusual or or especially intricate circumstances all right thanks Steve I can just see a fast concern in the Q a window yes the session will be tape-recorded and sent to guests afterwards um moving back to to the webinar itself Ray employer of record is controlled differently worldwide and the German law for example it’s classed as worker leasing can you shed any light on some of the special considerations for countries and where the eor design isn’t regulated yes Ian employee leasing or labor leasing as it’s also called which is prevalent in a number of countries specifically in Europe enforces rigorous policies on items such as the length of task it also designates employees to collective bargaining agreements that provides rights and benefits however even in the countries that do not have those strict guidelines for example the UK Canada and the nordics there are policies for each country and each worker is dealt with the same as all the other employees because country and all those guidelines need to be followed okay thank you Ray um Kathy moving I would say to yourself what do business require to consider when determining contract status to secure themselves and the rights of hires what are the benefits and drawbacks of employing contractors and Freelancers versus irreversible staff members so certainly the the advantage of professionals versus staff members is the the versatility for both the employee and for the employer um however I can’t stress enough how essential it is to have a constant comprehensive and a well-documented compliance
Papaya Global Year End Process and Time Cost Savings:
The software’s automation capabilities have considerably minimized the time and effort required for payroll processing. Handbook data entry and repeated tasks have actually been minimized, enabling our financing group to focus on tactical initiatives instead of administrative concerns. This has actually led to increased effectiveness and efficiency within our monetary operations.
in one considering that each state has its own regulations Californians are a few of the most rigorous an example is pay slips on a payslip in California the right details needs to be on the payslip in the right format and in the best position if you remain in breach of of policies for payslips the fines are issued per payslip so that’s each employee each pay slip will sustain a fine thanks Ray thank you Elizabeth a lot to stress to consider and we’re only 2 questions in and 10 minutes or so hiring in one nation is challenging enough however when employing in a you understand on an international level it’s an entirely different story you need to make certain that you’re up to date with existing along with pending regional labor laws Steve um how do you ensure and ensure that individuals 2.0 team is on top of an ever-changing landscape which your clients are totally supported and I’ll organize this into 3 essential things we perform in most importantly you need to have the best group so we employ a team of international professionals in Work Practices um that ex that team of professionals includes lawyers it includes payroll professionals it consists of HR experts and these are people that not only know the laws in these in these countries and areas however they likewise know the languages they understand the local practices they understand the cultures and it’s important to have that right team and really have the team on the ground uh working with cl
Real-time Analytics and Reporting:
Papaya Global offers comprehensive real-time analytics and reporting tools. As a CFO, having access to precise and timely monetary data is important for decision-making. The platform’s reporting abilities empower me to make educated tactical decisions 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 obtained rights regulation otherwise known as the 2p guidelines in the UK the working time policies which has actually had various strands of that legislation checked particularly around vacation pay and naturally as Kathy’s going to come on to talk about later on work status which there’s been numerous precedence set for many years so I believe it’s really that continuous development of the work law landscape that you really need to browse when when operating in Europe fine thank you Elizabeth Ray what about you from your individual experience while crossing the pond as mentioned each nation has various guidelines however the United States is basically 50 countries
Scalability for Service Growth:
One of the standout features of Papaya Global is its scalability. As our company continues to grow and expand into new markets, the software flawlessly accommodates changes in our workforce and payroll requirements. This scalability ensures that our payroll infrastructure can adapt to the progressing requirements of our worldwide company.
International Chief legal officer we have actually got Elizabeth Beal who is our primary legal officer for Amia and we have actually got Ray Gander who is our senior vice president of customer service and I would say separately and collectively these three people have Years of experience in in employment law and international Work Practices so thank you it’s a pleasure to be with everybody here today seems like we have actually 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 Services at papaya Global tell us about yourself thank you Elin Ian hey there my name is Elite I have actually been with the business 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 areas on a personal element and related to our subject today I have actually had the chance to move and operate in three various nations it is the business’s responsibility to ensure my protection while residing in a foreign nation compliance with local laws and guidelines is important for me or anyone else as an expat or as a regional so today we have actually invited our relied on Partners people 2.0 to show the value of local
competence when business Go Global thank you and enjoy fine thank you as I said let’s move on to the pact agenda today’s webinar is a chance to ask the panel the questions you have actually been thinking of we’ll talk about the truths a business requires to think about when opening a brand-new entity and broadening into brand-new nations as well as keeping things going we’ll cover aspects such as local policies considerations when hiring compliance crucial obstacles payments and what not to do it’s one of the most crucial things remembering what not to do um operating on a global level is not for the faint-hearted the larger a company grows the more they require to understand and manage knowing what to do in each new scenario as it rises is necessary on many levels comprehending regional policies and regional laws in addition to business practices assists mitigate Associated and international expansion papaya through our local experts can navigate prospective risks such as intellectual property security data personal privacy security concerns making sure the business’s operations remain certified and protected tax Social Security returns and remittances vary by nation
In conclusion, Papaya Global Software has proven to be a vital property in our quest for effective and certified global payroll management. As the CFO of an international business, I am positive in suggesting Papaya Global to organizations seeking to enhance their payroll processes, improve compliance, and achieve greater efficiency in handling their international labor force. The software’s innovative functions and commitment to quality align with our tactical objectives, making it an important part of our financial operations.
openly announced 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 likewise considerable legal costs there’s there’s other charges there’s other expenses behind that also so the total expense can be extremely considerable in the tens of millions of dollars or more and and those amounts are growing uh the reason why business are getting it so wrong is actually simply the rules are complicated and they’re altering all the time think ir-35 in the UK which has actually been a continuous development for a number of years now and and still a lot of unpredictability amongst companies on what it truly means and how you handle it most employers are simply not aware of the rules and and act as if the the rules are the same all over which they’re not so so motivate you to to be really proactive as you’re engaging uh employees from a category point of view alright thank you Stephen and returning to yourself Ray it’s not just the company that suffers in the long run what effects can this have on the staff member Papaya Global Year End Process specifically when it pertains to their own tax liabilities social security and benefits for instance jury and obviously the workers the other side of the coin
I discover time and time again the employees typically misclassified unwittingly they don’t understand the conditions of work or contract and are informed by the client why it’s optimum mainly to the client why you ought to be used or engaged in this fashion the employee might owe taxes and Social Security to the authorities the future pension and health care 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 passed they haven’t added to pensions Etc so it’s a big effect that they never knew they were strolling into you could not agree with you more if you state the UK for example hmrc can return as much as 10 years um Kathy companies are getting insurance versus misclassification but generally premiums are only covering the expense of legal costs whilst the typical claim evaluated against companies equates to to 40 or 50 percent of the base salary of worker exists any point in getting insurance and what is the alternative yeah to your point um you do require to read the fine print it is not covering the taxes penalty and interest in many cases I haven’t seen it at least so uh the the other location that I do believe if you managed to get the coverage 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 truth that you were not in compliance with laws um in the UK
Cost Factors to consider and Papaya Global Year End Process …
The comprehensive features of come at an expense,
Current decades have actually seen a dramatic modification to the workforce as the increase of remote work has broken down geographical barriers to employing. Companies can now work with personnel from anywhere worldwide, allowing them to access the very best offered talent for any offered function. This offers workers more liberty to work from home and increase their income without relocating to costly locations or travelling cross countries. A 2022 survey discovered that 87% of staff members who have the chance to work from another location take that opportunity. The break out of COVID-19, in conjunction with brand-new business connectivity software, accelerated the transfer to remote work, including in industries previously hesitant to accept the pattern.
insights are valuable to us and and your fellow guests so first things first though um let’s learn more about everyone my name is Ian Charles and I have actually operated in payroll for the last 25 years I’ve had functions in all type of Industries retail and Charm to Aerospace in all types of services start-up to matrixed environments around the world I offered leadership and strategy to populations of more than 100,000 staff members on a month-to-month basis and in over 170 countries today I’m the perel strategist for papaya
Global I work throughout the business man maning and developing external relationships supporting Enterprise customers and solutions and acting as a consultant I ‘d like to introduce our first Greg um guest Greg who will kick things off by telling 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 internal legal group and really work very carefully with our um HR department as well to deal with different legal and HR matters that come up so truly delighted to be here about bambo HR if if you’re not acquainted with us uh at bambo HR we say our objective is to set you as HR experts complimentary to do terrific
Although Papaya Global provides integrations with numerous HR and finance systems, we encountered some difficulties during the integration procedure. Tailoring the software to line up with our existing infrastructure proved to be more complex than anticipated, leading to hold-ups in the preliminary rollout.
The comprehensive functions used by Papaya Global come at a cost, which some of our smaller sized subsidiaries found to be prohibitively pricey. As a global company, we needed to thoroughly weigh the requirement for advanced functionality versus spending plan restraints.
Support Response Time:
On occasion, our groups experienced issues that required urgent assistance. Nevertheless, the action time from Papaya Global’s consumer support group was not constantly as prompt as we would have liked, leading to hold-ups in dealing with those concerns.
Our execution of included a phased technique. We started by onboarding a couple of subsidiaries to evaluate the system’s compatibility with our existing processes. This enabled us to determine and attend to integration difficulties early on. As the software ended up being more ingrained in our operations, we slowly broadened its usage to cover our entire international labor force.
The automated functions structured our payroll procedures, decreasing the time spent on manual estimations and compliance tracking. Routine training sessions and continuous support from Papaya assisted our groups end up being skilled users of the software application, optimizing its potential for our company.
Business that employee workers throughout numerous countries typically deal with detailed difficulties when it concerns managing their workforce. Among the most significant obstacles is combining various information streams and sticking to diverse local and national labor policies, which can be both lengthy and expensive. Furthermore, setting up regional entities in brand-new areas can be an expensive and suboptimal option, with alternatives such as opening a foreign subsidiary or employing a professional employment organization (PEO) often charging up to 15% of the payroll. These obstacles have resulted in a considerable increase in trouble hiring certified workers, with 75% of employers reporting this problem 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.
offers a solution supporting all forms of work. It provides an end-to-end platform, from staff member onboarding and ongoing management to worldwide payments and. It helps business with labor law compliance in the jurisdictions in which they operate, offers management of employment benefits, and guarantees data personal privacy in compliance with GDPR.
Eynat Guez |
Eynat is the CEO of. A business owner with 15 years of experience, she is a leading specialist 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 make certain to go to 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 web browser with the webcast survey please be sure 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 enjoyed have you here as we embark on a journey of information to guideline achieving
360 degree staff member compliance where we’ll dive into the essential aspects of the employee compliance management model throughout the session we’ll explore real world challenges genuine regional guidelines best practices and the role of Automotion in simplying compliance journey be prepared to emerge in a detailed understanding of how to secure your organization and employees while remaining compliant in an
Ever progressing regulative environment in the everchanging world of organization and finance making sure compliance with payroll regulations is not only vital however also a legal necessary from the moment of hiring to the in intri complexities even sorry of termination every step along the worker journey is Frau with compliance dangers that have significant repercussions however with a deeper more nuanced understanding of their obligations companies can not only browse the elaborate landscape but likewise proactively ensure this 360 degree compliance the webinar is created to equip you with the understanding and tools necessary to navigate the complex Terrain of compliance whether you’re an experienced P professional a small business owner or somebody new to the field what I wish to do before we start and I think it’s really crucial
In our mission to improve performance and accuracy in managing our global labor force, our international corporation turned to, a leading and labor force management software application. The shift aimed to simplify the complex task of managing across different countries, currencies, and compliance guidelines.
Among the standout features of is its robust compliance management system. The software application immediately updates itself to comply with ever-evolving tax and labor laws throughout multiple jurisdictions. This has actually been indispensable in guaranteeing that our processes remain compliant in each country of operation.
is to state that the content here is not legal advice it is just for your details please consult your legal team must you have any concerns or issues in relation to anything that we have actually gone over today our key take crucial takeaways by the end of the webinar will be an understanding of employee compliance threats how to hire ly with confidence how to streamline information management and automation so let’s take ourselves a minute to familiarize ourselves with the webinar platform once again as we’ve.
function as your hris or is type of your core worker record um to handle that employee life cycle throughout their Journey with you as as a worker in addition to a payroll module we need to help you pay those workers and compensate them and benefits Administration module that enables you to help handle the benefits you provide to your staff members so actually thrilled to be here represent um bamb booy jar and speak about this topic um and I guess from my perspective I’ll I’ll most likely offer a lot of a concentrate on the United States side of things when we discuss type of compliance so happy to be here thanks for having me Ian all right thanks Greg um Gina over to you would you like to present yourself and tell the audience a little bit about papay worldwide yes definitely thank you Ian hey there everybody I’m Gina dorelis I’m the Work expert supervisor.
at I handle the work Council in the US APAC EMA and Israel region I also work as us Council for I’m licensed in New york city and New Jersey um we make sure compliance onboarding and offboarding of employees with regard to papaya we provide payroll payments and labor force management as a Service work force service provider to workers serving in over.
160 countries all right thank you so both I feel completely underqualified sitting here with you both well I forgot to point out as we were kind of like going through the intro so it’s actually really good to in fact see in the webinar chat where everyone’s in fact going to from today I can see that we have individuals in Las Vegas and Indiana currently so if you wish to carry on tell where you are that would be absolutely great whilst we simply wait for everybody else to kind of like participate in there we go Chicago also well um so whil we’re doing that I’m waiting for everybody to kind of join I’ll just run us through the program um today we are going to discuss hiring Skill brand-new higher Info Management termination compliance and automation wow the chat has got truly really busy so we got Dallas Austin San Antonio Toronto San Francisco Richmond um you’re coming from definitely all over which is wonderful so uh I’m hoping that we’re in fact going to have some actually great commentary and concerns throughout the uh the webinar as well okay so that’s the agenda then what I want to Now cover is the the compliance and the Personal privacy side of things so the the Journey of a staff member and their information is Papaya Global Year End Process multifaceted without fail and an.
Ever evolving relationship that starts the minute a person joins a company it continues throughout their employment and Beyond this journey can be divided into k to numerous crucial phases whilst we’re actually you understand that they’re employed 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 happens after the employee has actually left your work throughout the journey organizations are accountable for collecting keeping securing employee data in compliance with data personal privacy guidelines no matter where it is you’re running worldwide it frequently involves carrying out protected data management systems and guaranteeing strict adherence to regional requirements to protect both the worker and the company the evolution of staff member information and management c.