A CFO’s Perspective on Papaya Global Funding…
Papaya Global’s platform streamlines international workforce management for business, making sure compliance with regional guidelines and tax laws. Their services incorporate payroll processing, benefits administration, compliance oversight, time and participation tracking, and HR assistance. The platform centralizes global payroll operations, providing services with real-time insights and control. Founded in 2016, Papaya Global has actually expanded to Tel Aviv, New York, London, and Kiev.
In the dynamic landscape of worldwide service operations, handling payroll throughout borders can be a complex and challenging job. As the Chief Financial Officer (CFO) of an international business, I understand the critical significance of effective and compliant payroll management. In our pursuit of excellence, we have accepted innovative options to streamline our processes, and one such transformative tool is Software application.
The Obstacle of Worldwide Payroll:
Global expansion causes varied difficulties, and payroll management is no exception. Differing tax regulations, differing work laws, and several currencies make it crucial for organizations to adopt sophisticated options to ensure precision, compliance, and effectiveness in payroll processing.
Software application: A Comprehensive Service:
employees so it’s really fundamental to make sure that you have actually considered from the outset any post-termination constraints that you want to put into the contract of work that they’re enforceable so that indicates you require to actually consider what it is you’re looking to safeguard and why clearly Specify what’s included within the scope of that confidential information and address the period of limitation post-determination that you want to apply and be really able to to validate that in relation to intellectual property the position truly depends on the kind of intellectual property you’re seeking to secure and also the jurisdiction so for example from a copyright viewpoint in the Netherlands completion customer is more likely to have the um intellectual property rights in a copyright that the workers produced who’s been under their guidance and control immediately nevertheless in somewhere like Poland for example that automatic right may not exist which project would require to flow through the chain uh contractually so it truly depends upon the jurisdiction and the type of IP fine thank you Elizabeth Steve was staying on the subject of agreements Miss categorized misclassifying employees
Papaya Global Software application has emerged as a game-changer in the world of international 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 effect of on our company’s financial operations.
Unified Worldwide Payroll Processing:
enables our business to process payroll perfectly across several nations. The platform’s unified technique enables consistent payroll calculations, decreasing mistakes and ensuring compliance with regional policies. This has considerably reduced the risks connected with global payroll processing.
likewise crucial for if later somebody states misclassification you have your file supported by the requisite documents which the best examination tools to reveal somebody that you had a thoughtful procedure and so what do you need to consist of in that process it’s the who the what the where and the when who are you handling 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 kind of work that lends 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 know also uh where are they doing it can they work from anywhere or do they need to be on site and managed again another crucial element is the management and guidance of the uh employee and then finally when is it a specific task is it a six-month job six years all of this is workable however it needs to be documented and it needs to be thoroughly um investigated so we have a tool we call it ic2 we had an ic1 and we have actually enhanced 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 concerns out therefore does completion client or the recipient of the services they both put their details into the tool and then it does an assessment waiting the different questions since not every jurisdiction has the exact same sensation about some of these questions some believe they’re more crucial than others and it brings out a red yellow or green red you’re probably an employee yellow you’re on the cusp we can most likely assist you with that in terms of a few of the things you need to strengthen to ensure that you are given that evaluation of uh independent specialist or green where you were evaluated as an as a independent specialist once that assessment is done all the requisite documents are beneath it so that if later on there
Navigating the intricacies of international work laws and tax policies can be overwhelming. Papaya Global’s automated compliance engine keeps our company up-to-date with modifications in guidelines throughout jurisdictions. This ensures that our payroll procedures comply with the most recent standards, lessening the danger of non-compliance and associated charges.
network of In-House outside consultants accounting firms and legal firms who help us keep our databases completely approximately date and we likewise get in touch with we require to when we see an unusual or or particularly complicated circumstances all right thanks Steve I can just see a fast concern in the Q a window yes the session will be taped and sent to guests afterwards um returning to to the webinar itself Ray company of record is managed in a different way around the globe and the German law for instance it’s classed as employee leasing can you shed any light on some of the special considerations for countries and where the eor design isn’t managed yes Ian employee leasing or labor leasing as it’s likewise called which prevails in numerous countries especially in Europe enforces strict guidelines on items such as the length of project it also designates employees to collective bargaining agreements that gives them rights and advantages but even in the countries that do not have those rigorous policies for instance the UK Canada and the nordics there are policies for each nation and each employee is treated the same as all the other workers because country and all those regulations require to be abided by fine thank you Ray um Kathy moving I would say to yourself what do companies need to factor in when determining contract status to secure themselves and the rights of hires what are the benefits and drawbacks of working with specialists and Freelancers versus long-term employees so certainly the the advantage of contractors versus employees is the the flexibility for both the worker and for the company um however I can’t worry enough how crucial it is to have a constant comprehensive and a well-documented compliance
Papaya Global Funding and Time Savings:
The software application’s automation capabilities have considerably reduced the time and effort needed for payroll processing. Handbook information entry and repeated jobs have actually been decreased, allowing our financing team to concentrate on tactical initiatives rather than administrative concerns. This has led to increased performance and efficiency within our financial operations.
in one because each state has its own regulations Californians are some of the most stringent an example is pay slips on a payslip in California the ideal details needs to be on the payslip in the right format and in the best position if you’re in breach of of guidelines for payslips the fines are issued per payslip so that’s each employee each pay slip will sustain a great thanks Ray thank you Elizabeth a lot to worry to think of and we’re only two questions in and 10 minutes or so working with in one nation is difficult enough however when working with in a you know on a global level it’s an entirely various story you require to make sure that you depend on date with current as well as pending local labor laws Steve um how do you make certain and make sure that individuals 2.0 group is on top of an ever-changing landscape and that your clients are fully supported and I’ll organize this into 3 essential things we perform in primarily you require to have the best group so we work with a group of global specialists in Work Practices um that ex that group of professionals consists of lawyers it includes payroll professionals it consists of HR experts and these are people that not just know the laws in these in these countries and regions however they also understand the languages they understand the local practices they understand the cultures and it is necessary to have that ideal group and truly have the team on the ground uh dealing with cl
Real-time Analytics and Reporting:
Papaya Global supplies extensive real-time analytics and reporting tools. As a CFO, having access to accurate and timely financial data is essential for decision-making. The platform’s reporting abilities empower me to make informed tactical decisions based on real-time insights into our international payroll information.
application and its scope and the way that it applies to work law in practice can be checked through the judicial system by way of case law examples of that would be the gotten rights regulation otherwise known as the 2p regulations in the UK the working time guidelines which has had numerous strands of that legislation tested especially around vacation pay and naturally as Kathy’s going to come on to talk about later work status which there’s been multiple precedence set throughout the years so I believe it’s actually that constant development of the employment law landscape that you truly require to navigate when when working in Europe fine thank you Elizabeth Ray what about you from your individual experience while moving across the pond as mentioned each country has different 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 business continues to grow and broaden into brand-new markets, the software application flawlessly accommodates modifications in our workforce and payroll requirements. This scalability ensures that our payroll infrastructure can adjust to the progressing requirements of our international organization.
Worldwide 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 customer service and I would say separately and jointly these three people have Decades of experience in in employment law and global Work Practices so thank you it’s a satisfaction 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 one of our own Stars delete share head of Global Services at papaya Global inform us about yourself thank you Elin Ian hey there my name is Elite I have actually been with the business for around four and a half years as head of Collaborations I have actually established Papaya’s network of in-country Partners in over 160 locations on a personal element and related to our subject today I’ve had the opportunity to transfer and work in 3 different countries it is the business’s responsibility to guarantee my security while residing in a foreign country compliance with regional laws and guidelines is important for me or anyone else as an expat or as a regional so today we have invited our trusted Partners people 2.0 to show the importance of local
knowledge when companies Go Global thank you and enjoy all right thank you as I stated let’s move on to the pact agenda today’s webinar is an opportunity to ask the panel the concerns you’ve been thinking of we’ll discuss the realities a business needs to think about when opening a brand-new entity and expanding into brand-new countries as well as keeping things going we’ll cover elements such as local regulations factors to consider when employing compliance crucial obstacles payments and what not to do it’s one of the most essential things remembering what not to do um operating on a worldwide level is not for the faint-hearted the larger a company grows the more they require to comprehend and manage understanding what to do in each new circumstance as it increases is essential on many levels understanding local guidelines and local laws as well as service practices assists mitigate Associated and worldwide growth papaya through our local professionals can browse potential dangers such as copyright security information privacy security problems guaranteeing the company’s operations stay compliant and protected tax Social Security returns and remittances vary by country
In conclusion, Papaya Global Software has shown to be an indispensable asset in our mission for efficient and certified global payroll management. As the CFO of a global company, I am confident in recommending Papaya Global to organizations seeking to enhance their payroll procedures, boost compliance, and achieve greater effectiveness in handling their international workforce. The software application’s innovative features and commitment to excellence line up with our tactical objectives, making it an integral part of our monetary operations.
I find time and time again the employees frequently misclassified unknowingly they do not comprehend the conditions of employment or agreement and are informed by the client why it’s most advantageous mainly to the customer why you need to be employed or engaged in this style the worker might owe taxes and Social Security to the authorities the future pension and health care advantages of the employee can be impacted and a number of times it can be years before this all falls out and by that time it’s far too late years have gone by they have not added to pensions Etc so it’s a big impact that they never understood they were walking 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 securing insurance coverage versus misclassification but usually premiums are only covering the cost of legal costs whilst the typical claim assessed against employers corresponds to to 40 or half of the base pay of employee exists any point in taking out insurance and what is the alternative yeah to your point um you do need to read the small print it is not covering the taxes penalty and interest for the most part I haven’t seen it a minimum of so uh the the other area 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 denied coverage on the basis of the reality that you were not in compliance with laws um in the UK
Cost Factors to consider and Papaya Global Funding …
The thorough functions of come at an expense,
Recent decades have seen a significant modification to the labor force as the increase of remote work has actually broken down geographical barriers to hiring. Businesses can now work with staff from anywhere worldwide, allowing them to access the best available skill for any provided function. This offers workers more flexibility to work from home and increase their earnings without transferring to expensive locations or travelling cross countries. A 2022 survey found that 87% of employees who have the possibility to work from another location take that opportunity. The outbreak of COVID-19, in conjunction with brand-new business connection software, sped up the relocate to remote work, including in industries formerly hesitant to welcome the trend.
insights are important to us and and your fellow attendees so first things first though um let’s get to know everyone my name is Ian Charles and I’ve operated in payroll for the last 25 years I’ve had functions in all type of Industries retail and Charm to Aerospace in all kinds of organizations start-up to matrixed environments around the world I supplied management and strategy 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
International I work throughout business man maning and constructing external relationships supporting Business clients and solutions and functioning as a consultant I wish to introduce our very first Greg um guest Greg who will kick things off by telling 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 in-house legal team and actually work really carefully with our um HR department as well to manage numerous 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 professionals totally free to do excellent
While Papaya Global offers combinations with various HR and financing systems, the execution process was not without obstacles. Incorporating the software with our existing infrastructure needed extra personalization, causing some hold-ups in the initial rollout.
Paying FAQs Papaya Global Funding 2024
and some smaller subsidiaries within our company discovered the pricing to be on the greater side. As a worldwide company, stabilizing the need for innovative features with spending plan constraints became a delicate exercise.
Customer Assistance Response Time:
There were instances where our groups faced issues that required prompt support. Nevertheless, the action time from’s client assistance team was not always as fast as desired, causing occasional delays in problem resolution.
Our application of included a phased technique. We began by onboarding a couple of subsidiaries to evaluate the system’s compatibility with our existing procedures. This permitted us to recognize and address integration difficulties early on. As the software became more instilled in our operations, we gradually broadened its use to cover our whole international labor force.
The automated functions streamlined our payroll procedures, decreasing the time spent on manual estimations and compliance tracking. Regular training sessions and ongoing support from Papaya helped our teams become proficient users of the software application, maximizing its potential for our organization.
Companies that employee workers throughout multiple countries typically deal with detailed challenges when it pertains to handling their labor force. One of the greatest difficulties is consolidating different information streams and sticking to diverse regional and nationwide labor guidelines, which can be both lengthy and costly. Additionally, establishing regional entities in new areas can be a pricey and suboptimal option, with alternatives such as opening a foreign subsidiary or employing a professional work company (PEO) frequently charging up to 15% of the payroll. These difficulties have actually resulted in a considerable boost in difficulty recruiting certified workers, with 75% of companies reporting this concern in 2022, a 21% boost from 2019. The payroll and HR options market, valued at $26.4 billion in 2022, is expected to reach $50.4 billion by 2030.
provides a solution supporting all forms of employment. It supplies an end-to-end platform, from employee onboarding and ongoing management to worldwide payments and. It helps companies with labor law compliance in the jurisdictions in which they run, provides management of employment advantages, and ensures 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 professional in payroll and workforce management. She co-founded after seeing the innovation space in global.
papaya this webcast has actually been pre-approved for hrci and Sherm credit please make sure to go to the complete webcast in order to get 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 new tab will open in your web browser with the webcast study 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 discussion hello and thank you for joining us today we’re enjoyed have you here as we embark on a journey of information to regulation accomplishing
360 degree staff member compliance where we’ll dive into the essential elements of the employee compliance management model throughout the session we’ll explore real world difficulties real regional regulations finest practices and the function of Automotion in simplying compliance journey be prepared to emerge in a comprehensive understanding of how to protect your company and workers while remaining compliant in an
Ever progressing regulatory environment in the everchanging world of company and financing ensuring compliance with payroll regulations is not just important but likewise a legal crucial from the moment of hiring to the in intri intricacies even sorry of termination every step along the employee journey is Frau with compliance threats that have far-reaching consequences however with a deeper more nuanced understanding of their obligations organizations can not only navigate the detailed landscape however likewise proactively ensure this 360 degree compliance the webinar is developed to equip you with the understanding and tools required to browse the complex Surface of compliance whether you’re a seasoned P expert a small business owner or someone brand-new to the field what I wish to do before we start and I believe it’s really important
In our mission to improve effectiveness and precision in handling our global workforce, our multinational corporation turned to, a leading and workforce management software application. The shift intended to simplify the complex job of handling across different nations, currencies, and compliance guidelines.
Among the standout features of is its robust compliance management system. The software application instantly updates itself to abide by ever-evolving tax and labor laws throughout multiple jurisdictions. This has actually been important in making sure that our procedures remain compliant in each nation of operation.
is to state that the material here is illegal recommendations it is just for your information please consult your legal group needs to you have any concerns or issues in relation to anything that we have actually discussed today our secret take crucial takeaways by the end of the webinar will be an understanding of staff member compliance threats how to employ ly with self-confidence how to streamline information management and automation so let’s take ourselves a moment to familiarize ourselves with the webinar platform once again as we have actually.
function as your hris or is sort of your core employee 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 have to help you pay those employees and compensate them and benefits Administration module that allows you to help manage the benefits you offer to your staff members so really excited to be here represent um bamb booy container and talk about this subject um and I think from my perspective I’ll I’ll probably supply a lot of a concentrate on the US side of things when we speak about sort of compliance so happy to be here thanks for having me Ian okay thanks Greg um Gina over to you would you like to present yourself and inform the audience a bit about papay global yes definitely thank you Ian hey there everybody I’m Gina dorelis I’m the Work professional supervisor.
at I manage the employment Council in the US 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 workers with regard to papaya we supply payroll payments and labor force management as a Service labor force company to employees serving in over.
160 countries alright 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 truly truly nice to really see in the webinar chat where everybody’s in fact participating in from today I can see that we have people in Las Vegas and Indiana currently so if you want to continue inform where you are that would be definitely great whilst we just await everyone else to type of like join in there we go Chicago too well um so whil we’re doing that I’m waiting for everyone to kind of join I’ll simply run us through the agenda um today we are going to go over hiring Skill new greater Information Management termination compliance and automation wow the chat has got actually actually hectic so we got Dallas Austin San Antonio Toronto San Francisco Richmond um you’re coming from absolutely everywhere which is great so uh I’m hoping that we’re really going to have some truly terrific commentary and questions throughout the uh the webinar as well fine so that’s the program then what I wish to Now cover is the the compliance and the Privacy side of things so the the Journey of an employee and their information is Papaya Global Funding diverse without fail and an.
Ever developing relationship that starts the minute an individual 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 understand that they’re used with us so on boarding day-to-day operations settlement and advantages 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 accountable for collecting storing securing staff member information in compliance with information privacy regulations no matter where it is you’re running around the globe it frequently involves carrying out safe and secure data management systems and ensuring strict adherence to local requirements to protect both the worker and the company the evolution of employee information and management c.