Pushing the Envelope of Efficiency: The Benefits of a One-Stop Shop in the Global Payroll Space
Tools that unify the entire payroll and payments process can bring a new level of efficiency to finance and HR. Those same tools can also connect all the workforce management tools you’re already using, creating a single source of data.
Alex Margolin| Jul 24, 2023
- In the payroll space, digital transformation is consolidating data and streamlining global workforce operations for efficiency
- Papaya Global offers end-to-end payroll and payment solutions, consolidating data from various systems into a single source of truth
- The platform also provides global connectors, offering expertise on global employment, taxes, benefits, and access to a network of finance professionals worldwide
During the late 1920s and early 1930s, a new concept was born – the one-stop shop.
The model was applied by enterprises outside of the B2C world. With time it became all about convenience, saving time, and efficiency. And nowhere is this more evident than in the payroll space.
Turning the tide of payroll inefficiency
Historically speaking, the payroll space is steeped in inefficiency. While other departments have long switched to modern, cloud-based software – marketing to HubSpot, sales to Salesforce – many finance teams still rely on manual practices, legacy technologies, or local payroll providers in each location to manage global payroll and payments, resulting in a lot of wasted time, money, and siloed information.
However, there are signs that the tide is turning. In January 2022, PwC surveyed 129 CFOs and finance leaders to track their sentiments and priorities in the field. 49% cited capitalizing on digital transformation initiatives as a high-growth opportunity that has exploded following the coronavirus pandemic.
At the heart of digital transformation in finance stands one capability: orchestrating global workforce operations in one place.
It starts with data. As companies expand globally, it’s very easy for data to become siloed, for the following reasons:
- Payroll information comes in on multiple dates and in different formats
- More data is stuck in ERP and HRIS
- Data that starts in niche technologies such as Time and Attendance or Expense Management
End-to-end payroll and payments solutions like Papaya Global are all about data consolidation. All the information from any system of record can be integrated into one dashboard, appearing in one language, currency, and an easily shareable format. Our HCM Cloud Connector syncs all HR data with payroll and integrating with NetSuite produces automated journal entries.
This creates a single source of truth regarding data between HR and Finance. With a single data source, everyone in the organization gets the same complete view, allowing businesses to control their global workforce processes efficiently.
The right tech at the right time
Another emerging process is global payments. With accelerated growth, seamless, speedy, and secure payments to employees across borders becomes crucial – and complex. Without the right technology, paying your employees can be a long, manual, error-prone process, often resulting in late, inaccurate, and undesignated payments with hidden fees and incorrect identifications.
A trusted, advanced global payroll and payments platform like Papaya Global represents a shift to automated, on-time, accurate, and optimal payroll payments. It allows companies to make global payments to employees, authorities, and benefits vendors in one click, providing the time-saving, controllable, and visible workflow decision-makers have come to expect from their vendors.
The value of global connectors
Of course, it doesn’t end with payments. Managing a global workforce comes with many questions: queries on social security carriers and tax rates, misunderstandings regarding local labor laws, compliance issues such as employee misclassification, and more. An integrated solution will provide the knowledge and expertise needed to answer all these questions.
Papaya Global’s core offering includes access to in-house experts on global employment, taxes, benefits, and a knowledge base on hiring in 160+ countries. Our unique Center of Excellence model delivers the targeted advice companies looking to expand globally require. In addition, we have strong relationships with a broad network of finance professionals around the globe that can equip you with local insight, resources, and information.
From knowledge resources, through data consolidation and integration, to a dedicated payments execution platform – today’s workforce management solutions embody the innovative spirit of the one-stop shop concept. We have the resilience of the people who went through the Great Depression to thank for that.
Find out how Papaya can transform your payroll and payments operations. Get a demo today.