Video: Oracle Fusion Payroll - A Pro-active & Flexible Business Solution for an Efficient Payroll Function
Guest post by
Christopher Allwyn Thomas, Senior Consultant, Infosys
Hi, I am Christopher Thomas. I am a part of Infosys Oracle Fusion Applications COE and I will be sharing my insights on Oracle Fusion Payroll.
Before me starting off on the perception, I reckon it would be ideal to understand the need and criticality of a good payroll system. For any organization, a successful payroll system is one of the most visible measures of a successful HR strategy. As an example, staff will not mind the delays in getting a certificate or a delayed approval for annual leave, as much as when their salary doesn't go into their bank account accurately and on-time. This situation would definitely lead to their displeasure.
Employee satisfaction is one of the key motives of Human Resources and issues arising because of an inefficient payroll system are no excuse. Often upgrade to newer payroll systems are also much harder to add real strategic value to the business. Hence it's evident, that payroll function is a critical business operation. Therefore, it is imperative that payroll department consistently produce timely and accurate paychecks, without consuming excessive resources in the process. Having said, we can now realize the need and importance of an accurate, reliable and efficient payroll system and its weightage from a HR strategic point of view.
I recognize Oracle Fusion Payroll as the product that enables Business Strategists to achieve goals relative to payroll operations with ease, such as:
- Process Standardization & Automation
- Rationalize system integration and
- Attain operational efficiency
Oracle Fusion Payroll addresses innumerable and immeasurable business needs required to function in today's global economy. It provides 3 solution options namely Oracle Fusion Global Payroll, Oracle Fusion International Human Resources & Payroll and Oracle Fusion Global Payroll Interface. All three are engineered to work together or independently within an enterprise.
I would describe Oracle Fusion Global Payroll, as a high-performance, rules-based system with embedded graphical reporting. It accommodates the simplest and the complex requirements of any payroll management. It is designed to keep pace with the ever-changing needs of today's enterprises and workforce which primarily aims to reduce set-up costs, lower its administrative dependencies and improve processing time. To its name, Oracle Fusion Global Payroll operates globally and consistently using a highly scalable processing engine. It makes use of Oracle database features like parallel processing to result in optimal performance.
In countries with localizations, delivered and supported by Oracle, Oracle Fusion Global Payroll provides the payroll, tax reporting and regulatory rules required to accurately process payroll and remain in compliance.
It also has integration with Oracle Fusion Financials, liaises with Fusion Sub Ledger Accounting & Fusion Cash Management and supports Common Single Bank Model, having touch points with Fusion Payables & Fusion Receivables. It provides greater flexibility in configuration and in reconciliation of payroll disbursements, without affecting the payroll payment model & the delivered or customized country extension.
On the other hand, customers from other countries may contemplate that Oracle Fusion Global Payroll solution is not yet ready for their region and perhaps, may also decide to delay the decision in picking up Oracle Fusion Payroll. But as matter of fact, Oracle Fusion Payroll buries such doubts through Oracle Fusion International Human Resources and Payroll solution. Though it is christened as such, it is no different from Oracle Fusion Global Payroll. The technology, schematics and the security are same as that of Oracle Fusion Global Payroll. It utilizes the same rules-based engine offering the same benefits and strengths of Oracle Fusion Global Payroll. This includes wizard based user interfaces enabling organizations to create country or organization specific rules.
To describe Oracle Fusion Global Payroll Interface, Let me use an example:
There are many reasons an organization can choose to outsource all or part of their payroll to a third party vendor. One reason I can think of is, an organization employing workers in small numbers. Such organizations can decide to outsource their payroll but use Oracle Fusion Workforce Management capabilities. This kind of a business requirement is easily catered by Oracle Fusion Payroll vide Oracle Fusion Global Payroll Interface. It is agile and active enough to accommodate such varied business requirements. I see it as a technique to capture details like tax, social insurance, earnings and deductions, employee-banking information as required for a third party vendor to process the payroll. It also provides a platform to determine the employees for processing, define secure integration points. Importantly, it provides a non-legislative gross prior to sending the file to the outsourcer. By utilizing the capabilities of Oracle Fusion Global Payroll Interface, customers can reduce the effort and cost of integrating Fusion Workforce Management with 3rd Party Payroll Systems.
Our next question following its purpose and function would be on its security capability. Since Oracle Fusion Payroll is part of Fusion Applications, the concept of Role Based Access Control (RBAC) is well cascaded. To its significance, RBAC exceeds the needs of auditable and segregation of duties requirements. Thus sensitive and confidential Payroll information is well secured and safe guarded from external threats, irrespective whether system residing on Cloud or On-Premise.
To conclude my narration, I opine, enterprises would do well to consider the welfare and goodness in choosing Oracle Fusion Payroll System, as they would definitely experience value add, benefits and improve their ROIs as the Oracle Fusion Payroll provides capabilities to:
- Reduce the administrative efforts and lowers costs
- Drive the payroll processing efficiently and attain 100% accuracy
- Maintain flexibility with control
- Gain strategic insights vide Payroll dashboards and checklists
- Analyze statistics via embedded Business Intelligence for simulation & compliance reporting
- Abide Country extensions & statutory compliance
- Decrease the occurrence of compliance risk
- Address Multi-national & multi-business unit organization structures
- Adopt SaaS/Cloud Business model to attain zero Infrastructure cost
Having listened to me, I reckon, you will also agree and see Oracle Fusion Payroll as a pro-active, flexible business solution for an efficient payroll function.
Thanks for hearing me and have a nice day!