Rules-Based Payroll Engine
Traditional payroll solutions provide hard-coded, out-of-the-box packages that are often unable to accommodate specific business needs. HCM7 provides flexible and intuitive configuration capabilities that can support your organizationâs advanced and complex requirements. With its distinctive data-driven approach, HCM7 enables users to define and manage your diverse payroll requirements that reflect your business policies
Formula Composer
HCM7 provides you complete control over the most complex processing rules and calculations. Formula Composer is a powerful tool to model business rules. Using Formula Composer, HCM7âs easy-to-learn calculation feature, you can quickly specify detailed payroll calculations using conditional logic and references to any Payroll attributes
Flexible proration rules
You can only hire, promote, transfer or make any payroll changes on the first of the month due to system proration limitationâ, a frequent statement no organization would like to hear. HCM7 enables organizations to flexibly define proration rules and events that accommodate all kind of payroll related changes on any day in the month. It also accommodates proration rules per payroll and pay element (ex: 30 Days, month actual days, 26 days, 22 days ,365/12)
Retroactive Payment & Increments
You can make retroactive adjustments to employeesâ past earnings or deductions based on changes to pay rates, unpaid leave, or other information. Retro process automatically detects and notify you of any changes that will impact pay. The Retro-Pay process automatically calculates the difference between the newly calculated and original amounts and records the adjustment for subsequent processing
Complete Payment History
Using Date Track, you can examine employee payment history at any time and perform date specific changes while maintaining the integrity of the data and any proration implications. Payroll Admin can alter the period to view and perform past or future changes over a period of time
Unlimited Pay Elements, Employees and Roles
With our smart payroll solution, your payroll expands and shrinks as your business grows, enabling you to add as many employees or pay cycles as you like.
With our role-based functionality, additional users can also have access to the system for on different roles as per client needs. A main system administrator role allows client to define users, their role and access type
Prepayments
HCM7 allow payroll admins to connect the employee net pay with the payment method defined for that employee and generating bank files. It supports multiple payment methods with % distribution of the employee net pay
Costing
The costing process is a feature in the HCM7 system which identifies the costing accounts for the payments done in the payroll cycle. Costing can be done at different levels to cover cost centres, natural accounts, and individual assignment costing. Costing and journal reports and files can be generated to aid in the process of transfer to the Financial System (GL)
Single Concurrent Program
HCM7 uses a single concurrent program which enables HR & Payroll admins to submit all the requests and reports from a single page
Transfer to GL
Once the costing process is completed. Transfer to GL can be initiated to generate the journals and send it to Oracle ERP GL using HCM7 embedded âintegration with GLâ functionality. HCM7 Journals support exchange rates calculations to accommodate for different Ledgerâs accounting currency in comparison with the payroll payment currency
Built In Reports and Dashboards
HCM7 provides Payroll common payroll dashboards and analytics which enables Payroll admins and managers to run, analyze, and reconcile payroll data with ease.
Countries with built in Payroll legislations have their payroll legislative reporting requirements defined and configured as per the country standard templates and formats. HCM7 reporting engine allows the configuration and customization of reports as per clientâs specific requirements
Data Security
HCM7 supports data and job security rules to allow organizations with multiple Legal Entities and Payrolls to implement their security matrix with ease and delegate the appropriate payroll process steps to the appropriate roles and teams