You may already know that Papaya’s unified payroll & payments platform can cut costs by over $300k or $900k, depending on the number of employees. Here’s the breakdown of how those ground breaking benefits work.
Executive Summary:
- Technology and AI-driven automations are the key to significantly reducing global payroll and payments costs.
- Payslip processing expenses are rigid and harder to cut down, but the manual work associated with these processes can be significantly reduced through technology automation.
- Papaya Global offers savings from the first step of the journey by tailoring automated solutions to meet specific business needs and providing onboarding and data syncing tools.
The cost of managing global payroll and payments is impacted by two elements: payslip processing, and the human resources required to make it all happen.
We believe this analysis has one key takeaway: the secret to saving significantly on your payroll and payments costs lies in technology and AI-driven automations.
The costs for processing payslips are harder to decrease, as they essentially just “cost what they cost”. Payslip processing expenses are mostly determined by local requirements, leaving less wiggle room for cost adjustments.
So, if an organization wants to significantly reduce its global payroll and payments costs, there is one main expense category they should focus on: the manual work associated with these processes. This work and its associated costs can be significantly reduced by embracing a technology automating and unifying as many payroll and payments processes as possible.
Leveraging AI and automations to streamline and unify every step of the global payroll and payments journey is the only path to cut down these costs. And it’s only possible with a unified, AI-based, global payroll and payments SaaS solution. Or, as we call it, a Payroll OS.
In this report we broke the global payroll and payments expenses down further, presenting them in four layers of cost items: one-off, ongoing, system & services, and indirect expenses – and we highlighted the ways technology can reduce these costs. Here’s a brief rundown on each of these categories, and how they can replace elements of your current timesucking and expensive operations.
One-Off Cost Items
Cost-cutting with Papaya Global starts from the first step of the journey. The fact that Papaya gives you the choice of bringing your own ICPs or working with our vetted partners is just one example of how we tailor a solution for your exact business needs, instead of expecting you to twist and turn to fit our way of work.
On top of that, Papaya’s collection of onboarding and data syncing tools, including a wide suite of ready-made integrations, is highlighted by our groundbreaking AI-driven HCM Cloud Connector. The universal connector can slash HR data sync and onboarding from a year to a day, and can work with any platform or data format you currently use.
Since other vendors have yet to leverage the tech we bring, it usually takes significantly longer (which you pay for in headcount and labor). They also typically charge a fee per country and per integration. With Papaya, this is all included as part of the platform fee – no additional costs for one system or country over any other.
You save money and time, and onboard faster and with a more robust outcome.
Ongoing Cost Items
Managing global payroll and payments includes countless complex and sensitive ongoing tasks that can and should be automated. Papaya leverages the finest technology in the space, which means you can save time and money on the following moving parts:
- Data collection
- Approvals
- Validations
- Transfers
- Last-minute changes
- JE updates
- Reconciliation of ERP, including better FX rates and embedded payments distribution capabilities
This equals a better experience for employers and employees alike: fewer mistakes, less time needed to explore and explain, smoother integrations with HCM/HRIS and payments and journal entries.
System and Service Replacements
As the most advanced and only truly end-to-end global payroll and payments platform, Papaya’s comprehensive solution brings savings of time, money, and effort. With built-in Time and Attendance functionalities and powerful native Analytics and Reporting capabilities, Papaya also offers FREE EoR services to its payroll and payments clients – an offering unique throughout the industry.
Indirect Cost Savings
Papaya Global’s comprehensive platform and service are built on years of global payroll expertise and supported by a global team of experts in local regulation and compliance. Our comprehensive global benefits offering and dedicated legal and HR advisory support provide our clients with significant time and cost savings, all backed by our reliable support.
Need to terminate an employee? Papaya’s legal team will provide its support with no extra costs for most cases. Schedule a demo to learn more.
