A CFO’s Point of view on Papaya Global How To Entry Figures Carried Forward…
The platform enables companies to manage their global workforce and adhere to local work guidelines and tax laws. Papaya Global uses a series of services, including payroll management, benefits administration, compliance management, time and attendance tracking, and HR management. The platform is created to streamline the intricacies of worldwide payroll and offer real-time exposure and control over payroll operations. The business was founded in 2016 and is headquartered in Tel Aviv, Israel, with offices in New York, London, and Kiev.
In the vibrant landscape of global service operations, handling payroll throughout borders can be a complex and challenging task. As the Chief Financial Officer (CFO) of an international company, I comprehend the vital value of effective and certified payroll management. In our pursuit of excellence, we have actually welcomed ingenious options to improve our processes, and one such transformative tool is Software.
The Challenge of Global Payroll:
Global growth causes varied obstacles, and payroll management is no exception. Differing tax regulations, differing work laws, and multiple currencies make it vital for companies to embrace sophisticated solutions to ensure accuracy, compliance, and performance in payroll processing.
Software: A Comprehensive Service:
It is crucial to consider and include post-termination constraints in the employment agreement to guarantee enforceability. You need to thoroughly identify what you are looking for to secure and plainly specify the secret information that falls within its scope. Furthermore, specify the duration of the post-termination constraint and be prepared to validate it in relation to intellectual property. The rules regarding intellectual property differ depending upon the type of IP and the jurisdiction. For instance, in the Netherlands, completion customer is likely to have copyright rights over works produced by employees under their supervision, while in Poland, contractual project may be essential.
Papaya Global Software application has actually emerged as a game-changer in the world of international payroll management. Its cloud-based platform incorporates payroll, workforce management, and employee benefits into a single, user-friendly interface. As the CFO, I have seen firsthand the positive impact of on our organization’s financial operations.
Unified Global Payroll Processing:
allows our business to process payroll effortlessly across numerous nations. The platform’s unified method permits consistent payroll estimations, lowering errors and guaranteeing compliance with local regulations. This has actually considerably mitigated the threats related to global payroll processing.
also essential for if later someone says misclassification you have your file supported by the requisite files and that the best evaluation tools to reveal somebody that you had a thoughtful procedure and so what do you have to include in that procedure it’s the who the what the where and the when who are you dealing with are you dealing with an individual 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 a worker so for instance accounting
I.T crafting the creatives these all provide themselves more to that assessment of being freelancer you know likewise uh where are they doing it can they work from anywhere or do they need to be on site and managed again another crucial aspect is the management and guidance of the uh worker and after that lastly when is it a specific task is it a six-month project six years all of this is manageable but 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 improved it this year so that we can roll it out internationally these tools take a survey list for the worker the employee fills out and fills these questions out and so does completion customer or the recipient of the services they both put their details into the tool and then it does an evaluation waiting the various concerns since not every jurisdiction has the very same feeling about a few of these questions 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 assist you with that in regards to a few of the important things you require to boost to ensure that you are considered that examination of uh independent professional or green where you were assessed as an as a independent specialist once that examination is done all the requisite documents are beneath it so that if later on there
Browsing the complexities of worldwide employment laws and tax guidelines can be overwhelming. Papaya Global’s automated compliance engine keeps our organization current with changes in regulations across jurisdictions. This makes sure that our payroll processes abide by the most recent requirements, reducing the danger of non-compliance and associated penalties.
network of In-House outside advisors accounting companies and legal firms who help us keep our databases completely as much as date and we also get in touch with we require to when we see an uncommon or or particularly complicated circumstances okay thanks Steve I can simply see a quick question in the Q a window yes the session will be recorded and sent to guests afterwards um moving back to to the webinar itself Ray employer of record is managed in a different way worldwide and the German law for instance it’s classed as worker leasing can you shed any light on some of the special factors to consider for nations and where the eor model isn’t managed yes Ian employee leasing or labor leasing as it’s likewise called which prevails in numerous nations particularly in Europe enforces strict regulations on products such as the length of assignment it also designates employees to collective bargaining agreements that provides rights and advantages but even in the nations that don’t have those stringent regulations for instance the UK Canada and the nordics there are guidelines for each nation and each employee is treated the like all the other employees because country and all those guidelines need to be abided by all right thank you Ray um Kathy moving I would state to yourself what do companies need to consider when identifying contract status to protect themselves and the rights of hires what are the advantages and disadvantages of hiring contractors and Freelancers versus irreversible staff members so clearly the the advantage of contractors versus staff members is the the flexibility for both the employee and for the company um however I can’t worry enough how essential it is to have a constant comprehensive and a well-documented compliance
Papaya Global How To Entry Figures Carried Forward and Time Savings:
The software’s automation abilities have substantially minimized the time and effort needed for payroll processing. Handbook information entry and repeated jobs have actually been minimized, allowing our finance group to focus on tactical efforts rather than administrative concerns. This has actually led to increased performance and productivity within our monetary operations.
in one given that each state has its own policies Californians are some of the most rigorous an example is pay slips on a payslip in California the best information has to be on the payslip in the right format and in the right position if you’re in breach of of guidelines 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 worry to consider and we’re just 2 concerns in and 10 minutes or so employing in one nation is hard enough but when employing in a you understand on a global level it’s a totally various story you need to ensure that you’re up to date with current along with pending local labor laws Steve um how do you make sure and guarantee that individuals 2.0 team is on top of an ever-changing landscape and that your customers are fully supported and I’ll organize this into 3 key things we do in most importantly you require to have the ideal group so we hire a group of global professionals in Work Practices um that ex that team of professionals includes lawyers it includes payroll specialists it includes HR specialists and these are people that not just understand the laws in these in these countries and areas however they also know the languages they know the regional practices they know the cultures and it is essential to have that right team and really have the team on the ground uh working with cl
Real-time Analytics and Reporting:
Papaya Global supplies extensive real-time analytics and reporting tools. As a CFO, having access to precise and timely financial information is important for decision-making. The platform’s reporting capabilities empower me to make educated strategic decisions based on real-time insights into our global payroll information.
application and its scope and the manner in which it applies to work law in practice can be evaluated through the judicial system by way of case law examples of that would be the acquired rights directive otherwise referred to as the 2p policies in the UK the working time policies which has actually had numerous hairs of that legislation checked particularly around holiday pay and obviously as Kathy’s going to come on to discuss later employment status which there’s been multiple precedence set over the years so I believe it’s really that continuous evolution of the employment law landscape that you truly need to browse when when operating in Europe alright thank you Elizabeth Ray what about you from your personal experience while moving across the pond as mentioned each nation has different policies however the United States is essentially 50 countries
Scalability for Business Development:
Among the standout functions of Papaya Global is its scalability. As our business continues to grow and expand into brand-new markets, the software flawlessly accommodates modifications in our workforce and payroll requirements. This scalability makes sure that our payroll facilities can adjust to the progressing requirements of our international organization.
Global Chief legal officer we have actually got Elizabeth Beal who is our chief legal officer for Amia and we’ve got Ray Glimpse who is our senior vice president of client services and I would say individually and collectively these three individuals have Decades of experience in in employment law and international Employment Practices so thank you it’s an enjoyment 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 among our own Stars erase share head of Global Solutions at papaya Global tell us about yourself thank you Elin Ian hi my name is Elite I’ve been with the business for around 4 and a half years as head of Partnerships I have developed Papaya’s network of in-country Partners in over 160 locations on an individual element and related to our subject today I have actually had the opportunity to transfer and operate in three various nations it is the company’s duty to guarantee my security while living in a foreign country compliance with regional laws and regulations is essential for me or anyone else as an expat or as a regional so today we have invited our relied on Partners people 2.0 to show the significance of regional
expertise when business Go International thank you and take pleasure in fine 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 discuss the realities a business needs to consider when opening a new entity and expanding into new nations along with keeping things going we’ll cover elements such as local guidelines factors to consider when hiring compliance crucial obstacles payments and what not to do it is among the most essential things remembering what not to do um operating on a worldwide 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 new circumstance as it increases is necessary on many levels understanding regional regulations and regional laws in addition to company practices helps reduce Associated and worldwide expansion papaya through our regional experts can browse possible risks such as copyright protection information privacy security issues making sure the company’s operations stay compliant and safe and secure tax Social Security returns and remittances vary by nation
In conclusion, Papaya Global Software has proven to be an important asset in our mission for efficient and certified global payroll management. As the CFO of an international business, I am confident in suggesting Papaya Global to organizations seeking to improve their payroll procedures, boost compliance, and achieve greater performance in handling their global workforce. The software’s ingenious functions and dedication to excellence line up with our strategic goals, making it an integral part of our financial operations.
publicly announced and it was 100 million dollar settlement that Uber made with the state of New Jersey one state in addition to the publicly announced settlements there’s likewise considerable legal expenses there’s there’s other charges there’s other expenses behind that also so the total cost can be really substantial in the tens of millions of dollars or more and and those quantities are growing uh the reason that companies are getting it so wrong is truly just the guidelines are complicated and they’re changing all the time believe ir-35 in the UK which has actually been an ongoing development for a number of years now and and still a great deal of unpredictability among business on what it really indicates and how you deal with it most companies are simply not knowledgeable about the guidelines and and act as if the the guidelines 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 viewpoint all right thank you Stephen and moving back to yourself Ray it’s not only the business that suffers in the long run what impacts can this have on the worker Papaya Global How To Entry Figures Carried Forward especially when it pertains to their own tax liabilities social security and advantages for instance jury and certainly the workers the other side of the coin
I find time and time again the employees typically misclassified unwittingly they do not understand the conditions of work or contract and are told by the client why it’s optimum primarily to the customer why you need to be used or taken part in this style the worker might owe taxes and Social Security to the authorities the future pension and health care benefits of the worker can be affected and numerous 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 added to pensions Etc so it’s a big impact that they never knew they were strolling into you couldn’t agree with you more if you say the UK for instance hmrc can go back as much as 10 years um Kathy business are securing insurance coverage versus misclassification but generally premiums are just covering the expense of legal costs whilst the average claim evaluated against employers relates to to 40 or 50 percent of the base pay of worker exists any point in getting insurance and what is the alternative yeah to your point um you do need to check out the small print it is not covering the taxes penalty and interest for the most part I have not 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 protection on the basis of the reality that you were not in compliance with laws um in the UK
Expense Factors to consider and Papaya Global How To Entry Figures Carried Forward …
The detailed functions of come at an expense,
Over the past few decades, the workforce has undergone a significant change with the development of remote work, which has gotten rid of geographical constraints on hiring. This has made it possible for services to hire talent from all over the world, permitting them to assemble the best possible group for each role. As a result, employees have gained greater flexibility to work from home and increase their revenues without having to relocate to expensive areas or commute fars away. According to a 2022 study, 87% of workers who have the choice to work from another location select to do so. The COVID-19 pandemic, combined with advancements in enterprise connection software application, has actually further accelerated the shift towards remote work, even in industries that were initially hesitant to adopt the trend.
insights are important to us and and your fellow attendees 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 have actually had functions in all sort of Industries retail and Beauty to Aerospace in all types of businesses start-up to matrixed environments around the world I supplied management and strategy 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
Worldwide I work throughout the business guy maning and constructing external relationships supporting Enterprise clients and options and functioning as a consultant I want to present our very first Greg um guest Greg who will kick things off by informing us um who he is and a little bit more about bamboo HR Greg over to you thanks Ian yeah as Ian stated my name is Greg Piper uh I am the senior corporate counsil at bambo HR so I lead our internal legal team and really work extremely closely with our um HR department also to handle different legal and HR matters that come up so truly excited to be here about bambo HR if if you’re not familiar with us uh at bambo HR we state our mission is to set you as HR experts complimentary to do excellent
Although Papaya Global offers integrations with various HR and finance systems, we encountered some obstacles during the integration process. Customizing the software application to align with our existing infrastructure proved to be more complex than anticipated, resulting in delays in the preliminary rollout.
The extensive features provided by Papaya Global come at a cost, which a few of our smaller sized subsidiaries found to be excessively costly. As a global organization, we had to carefully weigh the need for advanced functionality versus spending plan restrictions.
Support Response Time:
On occasion, our groups experienced problems that needed urgent support. However, the response time from Papaya Global’s customer support group was not constantly as prompt as we would have liked, causing hold-ups in resolving those issues.
Our implementation of included a phased approach. We started by onboarding a couple of subsidiaries to check the system’s compatibility with our existing procedures. This enabled us to identify and address combination difficulties early on. As the software became more instilled in our operations, we slowly broadened its use to cover our entire international labor force.
The automated functions structured our payroll procedures, lowering the time spent on manual estimations and compliance tracking. Routine training sessions and ongoing assistance from Papaya helped our teams become competent users of the software, maximizing its potential for our organization.
However, paying a workforce can be complex. It is especially challenging for business who employ staff throughout numerous countries, as they need to constantly consolidate various information streams, by hand track regional and national labor and policies, and spend important time and resources to set up local entities in new locations. These business are faced with suboptimal, costly alternatives, like opening a foreign subsidiary or employing a professional work company, which is a local company that works with staff members on their behalf and can charge up to 15% of. By 2022, 75% of employers reported difficulty recruiting 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.
provides a solution supporting all forms of work. It supplies an end-to-end platform, from employee onboarding and ongoing management to worldwide payments and. It assists business with labor law compliance in the jurisdictions in which they run, provides management of work benefits, and guarantees information personal privacy in compliance with GDPR.
Eynat Guez |
Eynat is the CEO of. An entrepreneur with 15 years of experience, she is a leading expert in payroll and workforce management. She co-founded after seeing the innovation space in international.
papaya this webcast has actually been pre-approved for hrci and Sherm credit please make sure to go to the total webcast in order to receive your credits if you have any questions during the webcast please click the Q&A tab in your webinar controls and type the there a brand-new tab will open in your internet browser with the webcast survey please make sure to complete it as soon as the webcast has ended it is now my pleasure to turn it over to Pap and bamboo HR for their presentation hi and thank you for joining us today we’re thrilled to have you here as we embark on a journey of information to guideline attaining
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 life difficulties real regional policies best practices and the function of Automotion in simplying compliance journey be prepared to emerge in a detailed understanding of how to protect your company and employees while staying compliant in an
Ever evolving regulative environment in the everchanging world of company and financing guaranteeing compliance with payroll guidelines is not just important but likewise a legal important from the moment of hiring to the in intri intricacies even sorry of termination every step along the staff member journey is Frau with compliance threats that have significant repercussions nevertheless with a much deeper more nuanced understanding of their responsibilities organizations can not only navigate the elaborate landscape however likewise proactively guarantee this 360 degree compliance the webinar is developed to equip you with the understanding and tools needed to navigate the complex Surface of compliance whether you’re a skilled P specialist a small company owner or somebody new to the field what I wish to do before we start and I think it’s really important
In our mission to enhance effectiveness and accuracy in managing our worldwide workforce, our international corporation turned to, a leading and workforce management software. The shift intended to streamline the complex job of handling across different nations, currencies, and compliance regulations.
One of the standout functions of is its robust compliance management system. The software application instantly updates itself to adhere to ever-evolving tax and labor laws throughout several jurisdictions. This has been vital in making sure that our procedures stay certified in each nation of operation.
is to state that the material here is illegal suggestions it is just for your details please consult your legal team needs to you have any questions or concerns in relation to anything that we’ve gone over today our secret take crucial takeaways by the end of the webinar will be an understanding of worker compliance risks how to work with ly with self-confidence how to simplify data management and automation so let’s take ourselves a moment 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 manage that staff member life process throughout their Journey with you as as an employee in addition to a payroll module we need to assist you pay those workers and compensate them and benefits Administration module that allows you to help handle the benefits you offer to your staff members so actually delighted to be here represent um bamb booy jar and talk about this subject um and I guess from my perspective I’ll I’ll probably provide a great deal of a concentrate on the United States side of things when we discuss sort of compliance so happy 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 bit about papay international yes definitely thank you Ian hi everybody I’m Gina dorelis I’m the Employment expert manager.
at I manage the employment Council in the United States APAC EMA and Israel area I also act as us Council for I’m accredited in New York and New Jersey um we ensure compliance onboarding and offboarding of employees with regard to papaya we offer payroll payments and labor force management as a Service labor force supplier to employees serving in over.
160 nations okay thank you so both I feel entirely underqualified sitting here with you both well I forgot to mention as we were type of like going through the introduction so it’s really actually good to actually see in the webinar chat where everyone’s really attending from today I can see that we have individuals in Las Vegas and Indiana already so if you want to continue inform where you are that would be absolutely fantastic whilst we simply await everybody else to sort of like participate in there we go Chicago as well well um so whil we’re doing that I’m waiting for everybody to sort of join I’ll just run us through the agenda um today we are going to go over hiring Talent brand-new higher Info Management termination compliance and automation wow the chat has actually got actually actually hectic so we got Dallas Austin San Antonio Toronto San Francisco Richmond um you’re coming from absolutely all over which is wonderful so uh I’m hoping that we’re actually going to have some actually excellent commentary and questions throughout the uh the webinar as well okay so that’s the program then what I wish 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 How To Entry Figures Carried Forward diverse without fail and an.
Ever developing relationship that begins the moment a person joins a company it continues throughout their employment and Beyond this journey can be divided into k to numerous key phases whilst we’re in fact you know that they’re used with us so on boarding daily operations compensation 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 organizations are responsible for gathering saving protecting worker data in compliance with information personal privacy guidelines no matter where it is you’re running around the globe it typically includes implementing secure information management systems and ensuring rigorous adherence to regional requirements to safeguard both the staff member and the company the advancement of staff member data and management c.