PeopleSoft Payroll is part of Oracle's PeopleSoft Human Capital Management (HCM) system, one of the leading HR suites in North America. This user-friendly software suite is the sixth most popular platform for U.S. businesses employing less than 20,000 people. It's also the fourth most popular with larger local companies. Take a closer look at this innovative software and how it could benefit your business.
Understanding PeopleSoft Payroll
PeopleSoft Payroll is software for managing business payrolls. It automates the payroll system, making accurate, on-time payments to your entire workforce. It also allows the human resources team to manage payroll records. The program calculates net income — considering all relevant deductions and taxes — to make sure that each employee receives the correct pay every payday.
Employees can also log on to PeopleSoft Payroll to check payments and adjust their contact and bank details. This function reduces pressure on HR employees and helps make the payroll stay up to date.
PeopleSoft Payroll's reporting function makes it easy to process payroll reports at the end of the financial year. This software also integrates with other PeopleSoft programs for improved functionality.
PeopleSoft Payroll Improves Accuracy
Despite our best intentions, nobody's perfect. Human error can cause payroll mistakes that inconvenience employees and take time to correct. Using PeopleSoft Payroll reduces the risk of errors by automating several key processes. This program calculates gross to net earnings, deductions, and related taxes for you. It also calculates attendance information, eliminating the need for physical timesheets. With less paperwork to worry about, you can expect fewer mistakes.
PeopleSoft Payroll Saves Time
By automating several processes, PeopleSoft Payroll saves your employees time. With fewer menial tasks to complete, they can focus on more complex and important duties. Since automated processes are more accurate, your HR team will also spend less time rectifying errors. The employee self-service functions further reduce the time pressures on your payroll team.
PeopleSoft Payroll Meets Your Changing Business Needs
PeopleSoft Payroll understands that there's no such thing as a typical business. That's why this program is highly customizable. Set it up to work best for your individual organization, then make changes when you need to.
PeopleSoft Payroll also grows with your business. It can confidently process payroll for 30 employees. However, it's just as comfortable processing payroll for 300 staff members, 3000 staff members, or even more. It can also handle multi-organizational processing, so it's ideal for creating empires. No matter how large your business gets, you can feel confident that PeopleSoft Payroll can manage your payroll needs.
PeopleSoft Payroll Has Advanced Employee Functionality
Just as businesses are all different, PeopleSoft Payroll understands that your employees are, too. It knows salary isn't the only thing impacting how much your workers earn, so it lets you customize every record. It handles garnishments, child support orders, tax levies, and other things that impact your employees' take-home pay. You can also adjust these elements at any time to reflect changes in your workers' situations.
Regular Updates Reflect Tax Changes
Keeping up to date with tax regulations can be challenging and stressful. Businesses know that incorrectly reporting payroll taxes could result in huge fines and penalties. Using PeopleSoft Payroll can give you peace of mind because the software provides regular updates to ensure that you never overlook a tax rule change. It also understands federal, state, provincial, and local tax guidelines. This means that no matter where you're based, you can feel confident you're getting the tax rules right.
PeopleSoft Payroll May Save Your Business Money
Many companies outsource complex financial processes to experienced third parties. However, PeopleSoft Payroll simplifies many of these tasks so that companies can perform them in-house. Performing more tasks in-house saves money and reduces the risk of data breaches. Many reviewers have vouched for this benefit, claiming that their businesses saved money by getting rid of third parties.
For example, Juan Osegueda, the assistant payroll manager at MYR Group, uses PeopleSoft to process payroll for over 3000 employees every week. He wrote a review on TrustRadius that said, "At one point our company outsourced mortgage verification of employments to a third-party organization, but I was able to create my own report through People Tools that we could run by employee ID that essentially did the same thing as the third-party site, allowing us to save money when we dropped their services and performed this task ourselves."
Keep Your Sensitive Data Safer
Reducing your reliance on third parties isn't the only way PeopleSoft Payroll improves your data security. Enhanced payroll features ensure that only the right people gain access to your payroll records. Users create their own accounts with personalized usernames and passwords to keep unauthorized people out. Alter your permission lists at any time to make sure that new hires get the access they need and that your old employees can't see your data.
Flexible Storage Options
Most programs use either your own storage or a cloud-based storage solution. PeopleSoft Payroll is unique because it offers both storage options, so you can choose whichever setup you're more comfortable using. If you're concerned about the security of data stored on the cloud, store the information on your business servers instead. This option is increasingly rare as more software providers shift to cloud-based solutions.
However, if you are comfortable with cloud-based technology, you can use the Oracle Cloud. This option lets you and other users access your payroll program from anywhere in the world. It's ideal for businesses with remote workers and those short on storage space.
Payroll Is Just One Piece of the Puzzle
PeopleSoft Payroll works on its own, but it's just one of many great PeopleSoft products. Together, these programs form a comprehensive software suite with incredible business capabilities. PeopleSoft can help you track overtime and absences, so you know who your most and least productive employees are.
There are also functions for talent management, including planning for recruitment and succession, maintaining supplier relationships, and managing your supply chain. All of the PeopleSoft programs integrate seamlessly to maximize productivity in your workplace.
PeopleSoft Payroll is an intuitive system, but we understand that using new business software can be challenging. At Dimension Systems, we're here to help. For the last three decades, we've helped businesses like yours implement new software and troubleshoot their problems. Our friendly team has extensive experience using PeopleSoft Payroll, so we can easily talk you through any issues you face.
Contact us through our website, or give us a call today!