Workday ERP Guide: How to Streamline Payroll with Confidence

Payroll teams face a costly reality. Disconnected HR, finance, and payroll systems create data silos that lead to processing errors, compliance risks, and wasted administrative hours. But the Workday ERP system eliminates this problem by centralizing all workforce management functions on a single cloud platform. 

The results speak for themselves. When the City and County of Denver implemented Workday, they eliminated over 75% of paper processing. This level of transformation isn't unique — it's what happens when organizations move from fragmented legacy systems to Workday's integrated approach. 

In this guide, we'll explore how Workday's ERP capabilities can streamline your operations and help you determine if it's the right solution for your organization's needs. 

What is the Workday ERP system, and what does it do? 

Workday's cloud-based ERP system provides a single source of truth for workforce data, financial operations, and employee lifecycle processes. Its intuitive interface and mobile accessibility empower employees to work from anywhere, while real-time reporting capabilities enable strategic decision-making. The platform scales securely as your business grows and evolves. 

Workday's core modules include: 

Human capital management (HCM) – Centralizes talent acquisition, employee data, benefits administration, and workforce planning in one system. A self-service portal lets employees handle routine requests independently. 

Financial management – Delivers comprehensive budgeting, accounting, reporting, and procurement capabilities through intelligent automation and data management. Teams spend less time processing transactions and more on strategic analysis. For example, Salesforce set up new legal entity structures in minutes using Workday — a process that traditionally takes months and costs hundreds of thousands of dollars. 

Payroll and workforce management – Streamlines employee compensation while ensuring accuracy, efficiency, and compliance with tax laws and labor regulations. The system integrates seamlessly with other Workday modules for unified operations. 

Analytics and reporting – Offers real-time insights across HR, finance, and payroll using customizable dashboards and reports. Decision-makers can quickly identify trends, monitor metrics, and make informed strategic plans. 

Why should you consider the Workday ERP system?  

Workday stands out from other ERP solutions with its unified architecture and comprehensive feature set. Here are the key advantages it offers over fragmented legacy systems: 

• Unified platform – Seamlessly integrates HR, finance, and payroll data into a single system, fostering collaboration by eliminating the data silos that slow down your team. 

• Cloud-based accessibility – Provides secure access anywhere, anytime, enabling remote work without compromising data security. 

• Real-time analytics – Delivers powerful insights through up-to-date metrics and forecasts, empowering faster, data-driven decisions. 

• Scalability – Scales seamlessly from startup to enterprise without the complexity of managing multiple disconnected systems. 

• Compliance and security – Adheres to global regulatory standards through a centralized security model that protects sensitive data.
   

What is Workday Payroll?  

Payroll errors can be costly, draining finances, damaging employee trust, and stealing time from your team. Unfortunately, the more manual your processes, the higher your risk for errors. That's why organizations are increasingly turning to automated solutions. 

Workday Payroll is part of the Workday ERP system. Using advanced tools, this solution helps users manage complex payroll needs, providing them with control, flexibility, and transparency. As a key part of the Workday ERP system, it integrates smoothly with HR and Finance modules to create a unified payroll process. 

Here's how Workday Payroll transforms your payroll operations: 

• Streamlined payroll processing – Workday Payroll eliminates manual calculations and human error, achieving an 85% reduction in processing time, 62% in cycle time, and over 99.9% accuracy. 

• Centralized data management – By unifying financial and HR data, Workday Payroll reduces redundancies and enhances data accuracy. Finance can preview how payroll affects the general ledger before completion, enabling better forecasting, real-time decisions, and alignment between departments. 

• Flexibility for diverse payroll needs – Workday Payroll supports diverse pay groups, frequencies, and rules for various employees, from contractors to retirees. It handles complex payroll tasks like bonuses, garnishments, and retro payments efficiently, ensuring accurate, timely pay. 

• Built-in compliance tools – Staying compliant with changing laws is challenging and costly. Workday Payroll updates tax and regulatory changes automatically, reducing the risk of penalties and reputational damage.  

• Real-time payroll calculations and reporting – Real-time dashboards display pay calculations, deductions, taxes, and net pay on any device. Calculations update automatically with payroll events, and audit tools ensure accuracy and compliance. 

• Integration with HCM and time tracking – Seamlessly integrates with Workday's HCM and time tracking, reducing manual input and ensuring accurate payment for all time worked. The Workday ERP system provides a smooth workflow that boosts efficiency. 

• Employee self-service – The Workday ERP and Payroll module improves the employee experience by providing a user-friendly portal for accessing pay stubs, updating tax information, managing direct deposits, and more. This self-service portal also eliminates routine HR inquiries.   

• Global payroll integration – Supports international workforces through partnerships with global payroll providers, ensuring consistency and compliance while reducing third-party management costs. 

Interested in hearing more about the Workday ERP system and Workday Payroll? 

With its intuitive interface, mobile accessibility, and real-time reporting capabilities, Workday helps you stay agile in a rapidly changing environment. Whether you're looking to modernize payroll processes, improve workforce management, or gain actionable insights, Workday provides the tools and flexibility to meet your evolving needs. 

Ready to take the next step? Our OSV experts can answer your questions and help you determine if Workday is right for your organization. Reach out to us today.