Clarence Ondieki and Jim Lewis, Solution Engineers at Oracle, walked through Oracle Cloud Payroll—a solution within Oracle HCM Cloud—and how it can help organizations effectively manage payroll processes.
Payroll is an important part of a public sector organization. Organizations need to be able to control the costs of their complex legacy systems. They need to simplify and standardize their current payroll processes and be able to accurately pay a broad range of employee populations.
Oracle Cloud Payroll is a solution with broad reach and flexibility that can help organizations remain compliant with all regulatory needs from a payroll perspective. With this solution, you have real-time access to all of your information, full end-to-end visibility, and total control over all of your payroll processes.
Payroll Process in HCM Cloud
Jim walked through the actual payroll process itself as it stands in HCM Cloud. It’s very similar to many processes that public sector agencies use today, but it’s important to make sure you’re following payroll best practices. The first step is to manage all preparatory steps—gathering time, payment requests, uploading batch processes, etc. From there, you start running your payroll. You manage your calculations, gather costing information, and view results once that’s complete. Check for any errors or changes that need to be made. Once that’s finalized, you start distributing information like payroll reports and pay slips, managing accounting practices, and transfer outbound materials like electronic funds, checks, etc.
Payroll Elements and Fast Formula
Many customers have complex and specific requirements, like collective bargaining agreements, for different groups of people. Oracle HCM Cloud and Oracle Cloud Payroll can handle these scenarios. Whether simple or complex, the solution can handle your payroll processes. There are two notions about Oracle Cloud Payroll to remember:
- Fast formula
These two components make Oracle Cloud Payroll extremely flexible and able to handle complex situations.
Elements are building blocks within Oracle Cloud Payroll that handle things like earnings, deductions, benefits, leave, etc. that you manage during each payroll cycle. The combination of these elements within Oracle Cloud Payroll will help manage your payroll processes. Some examples of payroll elements include:
Fast formula helps you come up with outputs that help manage your business rules. If you apply any math or logic to your business rules, you’ll come up with some output that will help manage them. Fast formula and other configurations you might make within Oracle Cloud Payroll are all update-safe—meaning your configurations will remain intact during your update process.
What’s Included with Oracle Cloud Payroll
Jim gave a demonstration of what Oracle Cloud Payroll looks like when logged in as a payroll administrator. The Payroll Dashboard within the system is an extremely helpful tool that serves as the pulse point for monitoring how payroll is going on payroll day. Some of the features included in the Payroll Dashboard include:
- An embedded analytic that shows all payroll flows that are in process at the same time
- The ability to view activity status for different types of payroll
- The ability to manage any errors or messages to take action
- The ability to view process status
Oracle HCM Cloud also comes delivered with leading practice payroll checklists—sets of steps within your payroll process that you can use out-of-the-box. They contain embedded reporting and a sequence of steps to manage your payroll process.
Many customers have a very specific sequence for how they run payroll and complete the tasks within the process. Oracle Cloud Payroll can handle these sequences through the checklists that can be used as delivered or configured to meet the organization’s payroll needs. You can reorder the checklists, add steps to them, assign individuals to manage specific parts of the checklist, etc. You have full control over your processes.
Some of the sections within the checklist include:
- Payroll PreProcesses
- Calculate and Validate Payroll
- Payments (both PrePayments and actual payments)
Some of the sections have subsections within them as well.
To see Jim’s demonstrations of Oracle Cloud Payroll, check out the video below.
For more Oracle HCM Cloud resources, case studies, best practices, etc., check out Quest’s Oracle HCM Cloud Content Center. There are resources and training available for all aspects of HCM Cloud, including payroll, analytics, recruiting, and more!