Save Your Organization Time and Resources with Tax Updates as a Service
You have to perform them multiple times annually, they take up key business hours, you need to dedicate your talented IT staff for this task and you also have to allocate key business employees for testing. It’s the dreaded tax updates, and in order to comply with tax laws, you must update your PeopleSoft payroll when these updates roll out.
What Does This Mean For Your Organization?
Erroneous payroll is not an option.
Unfortunately, to ensure that updates to the system do not negatively affect the existing processing of data, once updates have been applied, you are forced to perform regression testing so that you can uncover new non-conformances after the changes or updates have been made. Adding to this challenge, regression testing - especially when applying mandatory or regulatory updates to the system (such as tax updates) often must be performed on a time-limited basis, increasing the pressure on testing the accuracy of the new code.
Typically, your organization has to perform a very rigorous and time consuming process at least 4-5 times per year in order to remain compliant. The typical tasks and effort goes something like this:
Review the tax updates to understand the changes that are within them
Research and review prerequisites to the tax updates. Identifying prerequisites and determining the correct order to apply them can be a time consuming process
Download the tax update to your non-production environments
Apply the tax update into your demo environment (this has changed starting in 9.2)
Do some sanity checks in your demo environment
Apply the tax update into your development environment
Run compare reports
Reapply customizations if any are affected
Apply the maintenance plus customizations in the next environment (test)
Test all processes and customizations. Resolve issues that are identified
Deploy to production
Validate application in production
This is a tedious and time consuming exercise performed multiple times a year. However, with the latest version of PeopleSoft – 9.2, Oracle has introduced PUM (PeopleSoft Update Manager), which now allows PeopleSoft customers to create custom change packages and apply tax updates which is now added to an image that the customer must download, and create a package for applying to test and production environments, in the above steps. There has to be a better way than pulling your core team to run updates.
Velocity Tax Update as a Service
Velocity offers Tax Updates as a Service (TUaaS) for your organization's PeopleSoft HCM application to help reduce risk, accelerate your maintenance and gain a faster return on investment so that you can free your staff from the mundane, but necessary process of staying compliant.
The typical cost, and resource, savings associated with TUaaS are 20%.
Tax updates are part of our core business. As such, we have experienced teams in place to ensure proper processes are completed for your business
Reduce risk by applying Oracle standard updates
Free your staff to focus on tasks and projects core to your business
Complete tax updates faster and more efficiently ensuring timely compliance and correct tax rates
North American Payroll Tax Updates for Oracle’s PeopleSoft HCM. This package includes tax updates for one full year although it’s also available for two consecutive years. The package is delivered six times per year on the same schedule as tax updates for releases under Premier Support.
For more information about the new tax updates process or about Velocity’s TUaaS contact us today.