Workday is an on-demand financial management and human capital management software vendor. The corporation is known for its suite of applications that help clients with administrative yet complex business functions, namely Finance, Human Resources (HR) and IT.
WORKDAY CLOUD CONNECT FOR THIRD-PARTY PAYROLL
One of Workday’s commitments in streamlining payroll for organisations is the Workday Cloud Connect for Third-Party Payroll. The upside of using Workday Cloud Connect is that it enables organisations to connect to any third-party payroll provider globally and easily import payroll data from third-party payroll applications into Workday Human Capital Management (HCM). Concurrently, Cloud Connect for Third-Party Payroll minimises the costs associated with deploying and integrating an external payroll provider to manage regional or global payroll.
A seamless Workday integration with payroll enables businesses to generate high levels of insights, such as improving cash forecasting, comparing financial actuals to budgets, optimising pay ranges, and managing allowances. These insights and analytics are imperative for organisations to better understand the true cost of managing a global workforce and facilitate strategic decision making.
UNDERSTANDING THE PAYROLL CONNECTOR
To facilitate integration, the Workday Payroll Connector allows bi-directionally integration to any third-party payroll application. What this means is that payroll data from the third-party payroll application can be exported to Workday HCM and vice versa. This bi-directionally process comprises Workday’s Payroll Interface Connector and Payroll Effective Change Interface. Both of these applications support Workday HCM features as well as data models and formats typically required by third-party payroll applications.
The diagram below provides an overview of how Payroll Connector links third-party payroll applications to Workday applications.
Source: Workday
GLOBAL PAYROLL CLOUD PARTNER PROGRAM
Workday also offers pre-built integrations from its partners through Cloud Connect for Third- Party Payroll. Their Global Payroll Cloud (GPC) programme facilitates integration to third-party payroll platforms by using certified pre built integrations from their global network of Workday Partners. These Workday-certified partners build, offer, and maintain bi-directional integration, allowing an organisation’s payroll results to be displayed in Workday. HR and payroll professionals are able to easily view their global payroll data from Workday while concurrently using local payroll providers that offer their preferred level of service and features.
There are plenty of payroll providers in the market today. Given that organisations today are increasingly centralising global HR functions, including payroll, it may be wise to choose a payroll partner that is Workday-certified. After all, the Workday Cloud Connect for Third-Party Payroll is meant to simplify payroll processing and facilitate seamless transfer and centralisation of critical payroll data globally between a local payroll platform and Workday HCM applications.
To find out more about Workday Cloud Connect for Third-Party Payroll and whether it is the right solution for your organisation, here are more details and benefits about this particular Workday solution.