A CFO’s Point of view on Papaya Global Tax Year End…
The platform allows companies to manage their global workforce and comply with regional work regulations and tax laws. Papaya Global provides a range of services, including payroll management, benefits administration, compliance management, time and attendance tracking, and HR management. The platform is designed to simplify the complexities of worldwide payroll and offer 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 vibrant landscape of worldwide company operations, handling payroll across borders can be a complex and difficult task. As the Chief Financial Officer (CFO) of a global business, I understand the critical value of effective and compliant payroll management. In our pursuit of excellence, we have welcomed innovative options to improve our processes, and one such transformative tool is Software application.
The Obstacle of Global Payroll:
Global growth produces diverse challenges, and payroll management is no exception. Differing tax regulations, differing work laws, and multiple currencies make it essential for companies to adopt advanced solutions to guarantee precision, compliance, and efficiency in payroll processing.
Software application: A Comprehensive Option:
It is vital to think about and consist of post-termination constraints in the employment agreement to ensure enforceability. You should thoroughly identify what you are seeking to protect and clearly specify the secret information that falls within its scope. In addition, define the period of the post-termination constraint and be prepared to justify it in relation to copyright. The rules regarding copyright differ depending on the type of IP and the jurisdiction. For instance, in the Netherlands, the end customer is most likely to have copyright rights over works produced by workers under their supervision, while in Poland, contractual task may be needed.
Papaya Global Software application has become a game-changer in the world of global payroll management. Its cloud-based platform incorporates payroll, workforce management, and employee benefits into a single, easy to use interface. As the CFO, I have actually experienced firsthand the favorable effect of on our organization’s financial operations.
Unified International Payroll Processing:
allows our company to process payroll perfectly across numerous countries. The platform’s unified approach permits consistent payroll estimations, reducing mistakes and guaranteeing compliance with local policies. This has actually substantially alleviated the dangers related to global payroll processing.
likewise crucial for if in the future somebody states misclassification you have your file supported by the requisite files which the best examination tools to show someone that you had a thoughtful procedure and so what do you need to include because procedure it’s the who the what the where and the when who are you handling are you dealing with a private or are you dealing with an individual Service Corporation and how are they operating what are they doing is it the kind of work that lends itself more to being an independent contractor than a worker so for example accounting
I.T engineering the creatives these all lend themselves more to that examination of being freelancer you understand also uh where are they doing it can they work from anywhere or do they have to be on site and handled again another essential aspect is the management and supervision of the uh worker and then lastly when is it a particular task is it a six-month job six years all of this is manageable but it needs to be documented and it has to be thoroughly um examined so we have a tool we call it ic2 we had an ic1 and we’ve enhanced it this year so that we can roll it out worldwide these tools take a questionnaire list for the worker the worker completes and fills these questions out and so does the end customer or the recipient of the services they both put their info into the tool and then it does an evaluation waiting the different concerns since not every jurisdiction has the exact same sensation about a few of these concerns some think they’re more important than others and it brings out a red yellow or green red you’re probably a worker yellow you’re on the cusp we can probably help you with that in regards to some of the things you need to bolster to make sure that you are given that evaluation of uh independent professional or green where you were assessed as an as a independent contractor once that examination is done all the requisite documents are beneath it so that if in the future there
Browsing the intricacies of global employment laws and tax guidelines can be frustrating. Papaya Global’s automated compliance engine keeps our organization updated with modifications in policies throughout jurisdictions. This guarantees that our payroll procedures follow the most recent standards, decreasing the threat of non-compliance and associated charges.
network of In-House outside advisors accounting firms and legal companies who assist us keep our databases completely as much as date and we likewise get in touch with we require to when we see an unusual or or particularly intricate situations all right thanks Steve I can just see a fast question in the Q a window yes the session will be tape-recorded and sent to participants later on um moving back to to the webinar itself Ray company of record is controlled in a different way around the globe and the German law for example it’s classed as staff member leasing can you shed any light on some of the unique considerations for countries and where the eor design isn’t managed yes Ian worker leasing or labor leasing as it’s likewise called which is prevalent in several countries particularly in Europe enforces rigorous guidelines on products such as the length of task it also designates employees to collective bargaining arrangements that provides rights and advantages however even in the nations that do not have those strict regulations for instance the UK Canada and the nordics there are policies for each nation and each worker is dealt with the same as all the other employees because nation and all those guidelines need to be abided by alright thank you Ray um Kathy moving I would say to yourself what do companies require to consider when determining contract status to protect themselves and the rights of hires what are the advantages and disadvantages of working with contractors and Freelancers versus long-term employees so undoubtedly the the benefit of contractors versus workers is the the flexibility for both the employee and for the company um but I can’t stress enough how important it is to have a consistent comprehensive and a well-documented compliance
Papaya Global Tax Year End and Time Cost Savings:
The software’s automation capabilities have substantially minimized the time and effort required for payroll processing. Manual information entry and recurring tasks have been decreased, enabling our finance team to focus on strategic initiatives rather than administrative concerns. This has actually resulted in increased efficiency and performance within our financial operations.
in one because 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 needs to be on the payslip in the right format and in the ideal position if you remain in breach of of policies for payslips the fines are released per payslip so that’s each staff member each pay slip will sustain a fine thanks Ray thank you Elizabeth a lot to stress to think about and we’re only two questions in and 10 minutes approximately hiring in one nation is hard enough but when working with in a you understand on a global level it’s an entirely different story you need to ensure that you depend on date with present as well as pending local labor laws Steve um how do you make certain and guarantee that individuals 2.0 group is on top of an ever-changing landscape and that your customers are completely supported and I’ll arrange this into three essential things we do in most importantly you need to have the right group so we hire a team of international professionals in Employment Practices um that ex that group of professionals includes legal representatives it consists of payroll specialists it consists of HR specialists and these are people that not just 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 is essential to have that right group and genuinely have the group on the ground uh working with cl
Real-time Analytics and Reporting:
Papaya Global offers detailed real-time analytics and reporting tools. As a CFO, having access to precise and timely financial information is vital for decision-making. The platform’s reporting capabilities empower me to make informed tactical choices based upon real-time insights into our worldwide payroll data.
application and its scope and the manner in which it applies to employment law in practice can be tested through the judicial system by way of case law examples of that would be the gotten rights directive otherwise called the 2p policies in the UK the working time guidelines which has actually had numerous hairs of that legislation evaluated especially around holiday pay and obviously 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 believe it’s really that consistent development of the employment law landscape that you actually need to navigate when when operating in Europe okay thank you Elizabeth Ray what about you from your personal experience while crossing the pond as mentioned each nation has various policies however the United States is essentially 50 nations
Scalability for Business Growth:
One of the standout functions of Papaya Global is its scalability. As our company continues to grow and broaden into brand-new markets, the software perfectly accommodates modifications in our labor force and payroll requirements. This scalability guarantees that our payroll infrastructure can adapt to the developing needs of our worldwide company.
Global Chief legal officer we have actually 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 3 individuals have Decades of experience in in work law and worldwide Work 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 likewise have one of our own Stars erase share head of Global Services at papaya Worldwide inform us about yourself thank you Elin Ian hey there my name is Elite I’ve been with the company for around four and a half years as head of Partnerships I have developed Papaya’s network of in-country Partners in over 160 places on an individual element and related to our subject today I have actually had the opportunity to relocate and work in 3 different nations it is the company’s responsibility to ensure my protection while living 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 welcomed our relied on Partners people 2.0 to demonstrate the importance of local
competence when business Go Worldwide thank you and delight in alright thank you as I stated let’s carry on to the pact agenda today’s webinar is an opportunity to ask the panel the concerns you’ve been considering we’ll talk about the realities a company requires to consider when opening a brand-new entity and broadening into brand-new nations in addition to keeping things going we’ll cover elements such as local policies factors to consider when employing compliance key challenges payments and what not to do it’s one of the most important things remembering what not to do um operating on an international level is not for the faint-hearted the bigger a company grows the more they need to comprehend and manage understanding what to do in each new scenario as it increases is important on lots of levels comprehending regional regulations and regional laws along with organization practices helps alleviate Associated and international expansion papaya through our local specialists can browse potential dangers such as intellectual property defense information privacy security concerns making sure the company’s operations stay certified and safe tax Social Security returns and remittances differ by nation
In conclusion, Papaya Global Software has actually shown to be an important property in our mission for effective and compliant international payroll management. As the CFO of a global business, I am confident in advising Papaya Global to organizations seeking to streamline their payroll processes, improve compliance, and attain higher performance in handling their international labor force. The software application’s ingenious features and commitment to quality align with our tactical goals, making it an essential part of our financial operations.
I find time and time again the workers typically misclassified unwittingly they do not comprehend the conditions of work or contract and are told by the client why it’s most advantageous generally to the client why you should be employed or participated 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 numerous times it can be years before this all falls out and by that time it’s far too late years have actually passed they haven’t contributed to pensions Etc so it’s a big impact that they never understood they were walking into you couldn’t agree with you more if you say the UK for example hmrc can return as much as ten years um Kathy business are getting insurance against misclassification however generally premiums are just covering the cost of legal costs whilst the typical claim assessed against employers equates to to 40 or half of the base salary of worker is there any point in getting insurance coverage and what is the alternative yeah to your point um you do need to read the small print it is not covering the taxes penalty and interest most of the times I haven’t seen it at least so uh the the other location that I do believe if you managed to get the coverage what we are saying is is that if your compliance program is not up to pack you could be denied coverage on the basis of the truth that you were not in compliance with laws um in the UK
Expense Considerations and Papaya Global Tax Year End …
The thorough features of come at an expense,
Recent decades have actually seen a remarkable change to the workforce as the increase of remote work has actually broken down geographical barriers to employing. Businesses can now employ staff from anywhere worldwide, allowing them to access the very best available talent for any provided function. This gives employees more freedom to work from home and increase their earnings without moving to expensive areas or travelling long distances. A 2022 survey found that 87% of workers who have the possibility to work from another location take that chance. The break out of COVID-19, in conjunction with new business connectivity software application, sped up the transfer to remote work, consisting of in industries previously reluctant to accept the trend.
insights are important to us and and your fellow guests so first things first though um let’s get to know everyone my name is Ian Charles and I’ve worked in payroll for the last 25 years I have actually had roles in all type of Industries retail and Beauty to Aerospace in all kinds of businesses startup to matrixed environments around the world I offered leadership and method 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 business male maning and building external relationships supporting Business customers and services and functioning as an advisor I ‘d like to introduce our 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 said my name is Greg Piper uh I am the senior business counsil at bambo HR so I lead our internal legal team and really work really closely with our um HR department too to handle various legal and HR matters that turn up so actually delighted to be here about bambo HR if if you’re not knowledgeable about us uh at bambo HR we state our objective is to set you as HR professionals totally free to do fantastic
Although Papaya Global supplies integrations with numerous HR and financing systems, we experienced some obstacles throughout the integration process. Personalizing the software application to align with our existing infrastructure showed to be more complicated than prepared for, resulting in hold-ups in the preliminary rollout.
The comprehensive features provided by Papaya Global come at an expense, which a few of our smaller sized subsidiaries discovered to be prohibitively costly. As an international organization, we needed to thoroughly weigh the need for advanced functionality against spending plan restrictions.
Support Reaction Time:
On occasion, our teams experienced issues that required immediate help. Nevertheless, the reaction time from Papaya Global’s client support team was not constantly as timely as we would have liked, causing delays in solving those problems.
Our implementation of involved a phased approach. We began by onboarding a couple of subsidiaries to check the system’s compatibility with our existing processes. This allowed us to recognize and attend to combination challenges early on. As the software application ended up being more ingrained in our operations, we slowly broadened its usage to cover our entire international labor force.
The automated features structured our payroll procedures, reducing the time spent on manual calculations and compliance tracking. Routine training sessions and continuous support from Papaya helped our teams become skilled users of the software, optimizing its capacity for our company.
Companies that staff member workers across numerous nations frequently deal with complex difficulties when it concerns handling their labor force. One of the biggest obstacles is combining different data streams and sticking to varied local and nationwide labor policies, which can be both lengthy and expensive. Furthermore, establishing local entities in new areas can be a pricey and suboptimal choice, with options such as opening a foreign subsidiary or hiring a professional employment company (PEO) typically charging up to 15% of the payroll. These challenges have resulted in a significant increase in trouble recruiting qualified workers, with 75% of companies reporting this problem in 2022, a 21% increase from 2019. The payroll and HR solutions market, valued at $26.4 billion in 2022, is anticipated to reach $50.4 billion by 2030.
offers an option supporting all kinds of employment. It supplies an end-to-end platform, from worker 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 work benefits, and ensures data 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 worldwide.
papaya this webcast has been pre-approved for hrci and Sherm credit please be sure to participate in the complete webcast in order to receive your credits if you have any questions 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 internet browser with the webcast study please make sure to complete it as soon as the webcast has actually 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 enjoyed have you here as we start a journey of data to policy achieving
360 degree employee compliance where we’ll dive into the vital elements of the staff member compliance management model throughout the session we’ll check out real life difficulties genuine local regulations best practices and the role of Automotion in simplying compliance journey be prepared to emerge in a thorough understanding of how to secure your organization and workers while remaining compliant in an
Ever progressing regulatory environment in the everchanging world of company and finance ensuring compliance with payroll regulations is not only vital however likewise a legal essential from the moment of hiring to the in intri intricacies even sorry of termination every step along the worker journey is Frau with compliance risks that have far-reaching repercussions however with a deeper more nuanced understanding of their commitments companies can not just navigate the complex landscape but also proactively ensure this 360 degree compliance the webinar is designed to equip you with the understanding and tools needed to browse the complex Surface of compliance whether you’re a skilled P specialist a small business owner or someone new to the field what I want to do before we start and I believe it’s truly crucial
In our quest to improve efficiency and accuracy in managing our international workforce, our multinational corporation turned to, a leading and labor force management software application. The transition intended to simplify the complex job of managing across numerous countries, currencies, and compliance policies.
One of 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 been invaluable in making sure that our procedures stay compliant in each country of operation.
is to state that the content here is not legal advice it is just for your information please consult your legal team must you have any concerns or concerns in relation to anything that we have actually gone over today our key take key takeaways by the end of the webinar will be an understanding of employee compliance threats how to work with ly with confidence how to simplify information management and automation so let’s take ourselves a moment to familiarize ourselves with the webinar platform once again as we’ve.
function as your hris or is kind of your core employee record um to handle that staff member life cycle 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 advantages Administration module that allows you to help handle the benefits you provide to your staff members so really excited to be here represent um bamb booy container and discuss this subject um and I guess from my viewpoint I’ll I’ll probably provide a lot of a focus on the US side of things when we speak about sort of compliance so pleased to be here thanks for having me Ian okay thanks Greg um Gina over to you would you like to introduce yourself and inform the audience a little bit about papay international yes absolutely thank you Ian hey there everyone I’m Gina dorelis I’m the Employment expert manager.
at I handle the work Council in the US APAC EMA and Israel region I likewise work 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 supply payroll payments and labor force management as a Service work force service provider to employees serving in over.
160 nations okay thank you so both I feel totally underqualified sitting here with you both well I forgot to discuss as we were sort of like going through the intro so it’s truly actually good to really see in the webinar chat where everyone’s in fact participating in from today I can see that we have people in Las Vegas and Indiana already so if you wish to carry on tell where you are that would be absolutely great whilst we simply wait on everyone else to kind of like participate there we go Chicago too well um so whil we’re doing that I’m waiting for everyone to sort of join I’ll simply run us through the agenda um today we are going to go over hiring Talent brand-new higher Information Management termination compliance and automation wow the chat has actually got actually really busy so we got Dallas Austin San Antonio Toronto San Francisco Richmond um you’re originating from definitely all over which is fantastic so uh I’m hoping that we’re in fact going to have some really fantastic commentary and questions throughout the uh the webinar too all right so that’s the program then what I want to Now cover is the the compliance and the Personal privacy side of things so the the Journey of an employee and their data is Papaya Global Tax Year End diverse without fail and an.
Ever evolving relationship that starts the moment an individual signs up with an organization it continues throughout their employment and Beyond this journey can be divided into k to several crucial phases whilst we’re actually you know that they’re utilized with us so on boarding everyday operations settlement and benefits professional development then we get to the offboarding and even advocacy so it even occurs after the staff member has actually left your work throughout the journey organizations are accountable for gathering keeping safeguarding staff member data in compliance with information privacy guidelines no matter where it is you’re running worldwide it frequently includes executing safe information management systems and guaranteeing rigorous adherence to regional requirements to safeguard both the worker and the organization the evolution of staff member data and management c.