Workday Financial Management

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Workday Financial Management is a financial reporting software that is built on an adaptive, global foundation. It provides organizations with financial management capabilities that can be expected from a cloud solution. It is more than just managing financial processes that will give greater insight, or improvement of financial consolidation, and the reduction time that is needed to close. Workday instills internal control and auditability in the processes and helps achieve consistency across all global operations.

Workday is a single system supporting all transaction processing, along with multidimensional reporting, consolidation, planning, and compliance. All this is done by using in-memory and an object data model. Workday provides its users with a consistent user experience that is accessible from both desktop and mobile devices.

Vendor Details:

Workday
www.workday.com
United States of America

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Key Metrics of Workday Financial Management

Account for everything

Workday accounting software helps its users achieve new levels of financial efficiency and business performance. The software responds quickly to all anomalies as soon as they occur. This takes place with in-memory accounting and reporting. With Workday, it is now possible to manage all activity with configurable and out-of-the-box business processes. Users can also meet global requirements with the help of this accounting software, especially those that require country-specific configurations and translations to different languages. The application comes with multi-entity, multi-book, and multi-currency support.

One can proactively adapt to internal and external changes using Workday Financial Management without needing IT resources or any costly customizations. Workday also ensures security and compliance with all of the embedded internal controls as well as the always-on audit features.

Access to financial reports

Workday allows its users to gain immediate visibility into their organization’s performance. The application combines transactions and reporting, and it delivers insights that are both interactive and dimensional, all in one system.

You can gain total insight that comes with tailorable dimensions across different categories like finance, HR, and payroll with Workday. Now, communication has become simplified especially when it comes to results, with the help of dashboards, scorecards, and configurable KPIs.

Performing ad hoc analysis that comes on real-time data is easy because it comes in a familiar spreadsheet interface. You are always informed no matter where you are when it comes to reports and dashboards, because they are available on any device.

Consolidate and close in real time

Now users gain complete visibility into their global operations with Workday. You can close your books and consolidate the results with confidence. With the help of contextual analytics, configurable dashboards, and embedded business processes, it is now possible to close deals at a much faster rate. You can also view consolidated results by using automatic eliminations and currency translations.

Workday supports ownership scenarios, for example investment in a subsidiary, or a non-controlling interest activity, and even equity pickup. For a full view of your operations, you can now consolidate results from non-Workday systems as well.

Control your cash flow

Workday allows its users to streamline all payment processes and helps them gain greater visibility over their cash flow.

All your payments across your business can now be managed with a single settlement engine using Workday. You can track and manage your bank accounts, and this includes all bank signatories as well as your bank fees. You can also automatically reconcile your bank statements.

It is possible to gain real-time visibility into all bank activity and track cash position by using dedicated reports and dashboards. Workday also helps in accurately forecasting cash flow with embedded analytics.

Manage your assets

Workday accounts for all assets, starting from laptops and mobile phones to all the rights and licenses of your business. It also helps in managing the full asset lifecycle, starting from acquisition and ending with disposal.

The financial management applications lets users create multiple asset books to report on and ensures they comply with different accounting standards. You can define, track, and account for all assets, be it tangible, intangible, or composite assets.

You can also track low-cost items with high value like mobile devices, security badges, and so on with Workday. It also lets you assign items to workers so that cost leakage and security risks are prevented.

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Features

  • Accounts Payable
  • Accounts Receivable
  • Bank Reconciliation
  • Billing & Invoicing
  • CPA Firms
  • Expense Tracking
  • Fixed Asset Management
  • Fund Accounting
  • Government
  • Nonprofits
  • Payroll Management
  • Project Accounting
  • Purchase Orders
  • Tax Management



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Pricing

There is no free trial available for Workday Financial Management. To find out more about the pricing plans for this accounting software, contact the vendor.



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Pros and cons


PROS:
  • You can structure the tabs easily.
  • Businesses can view all their financials in just a few clicks.
  • It is a fully integrated system. This means that everything is in one place – time off; evaluations; goals; job openings.
  • The reporting feature is highly accurate.
  • It is easy to drill down in functions to get to the info you need when you use Workday.

CONS:
  • The interface is outdated, so the user experience is not too good.
  • Taking out the reports is not very easy and can be improved further.



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Integration

Here is a list of some of Workday Financial Management’s popular integrations:

  • Cornerstone OnDemand
  • Lumesse TalentLink
  • Chatter
  • Kronos
  • E-Verify
  • AngelPoints
  • SSN Verification
  • Directory Services
  • Jobvite*
  • Saba*
  • Globoforce*
  • Nettime Solutions*

*Delivered by Workday Partners Toolkits

  • Cloud Connect for Benefits
  • Cloud Connect for LMS
  • Financials Connectors
  • Salesforce Sales Cloud
  • Cybersource
  • ADP Check Printing
  • Payments
  • Check Print
  • Electronic Payments
  • Travel Booking
  • Payroll Connectors
  • ADP Tax Filing
  • Ceridian Tax Filing
  • ADP Check Printing
  • Canadian Check Printing
  • Kronos
  • Canadian Tax Revenue Agency
  • Quebec Tax Revenue Agency
  • Payments
  • Payroll Inputs
  • Toolkits
  • Cloud Connect for 3rd Party Payroll
  • Expenses and Procurement Connectors
  • American Express
  • Bank of America Visa
  • Citibank Visa
  • Punchout
  • Supplier Network
  • Custom Development Connectors
  • Worker Sync
  • Organization
  • Talent
  • Location
  • Worker Organization
  • Assignment
  • Competency Model
  • Job Profile and Job Family
  • Worker Time Block
  • Positions



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Specification

Free Trial- Yes

Deployment

  • Cloud, SaaS, Web

Training

  • Documentation
  • Webinars
  • In Person



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Support

ADP Workforce Now offers the following support options:

  • Online
  • Business Hours

Free Trial
Supported Devices
Windows
Linux
Android
iPhone/iPad
Mac
Web-based
Deployment
Cloud Hosted
Cloud, SaaS, Web
Mobile – Android Native
Mobile – iOS Native
On Premise
Open API
Language Support
English
Hindi
Spanish
French
Russian
Italian
Dutch
Danish
Polish
Turkish
Swedish
Pricing Model
Monthly payment
Annual Subscription
Quote-based
Training
Documentation
Webinars
In Person
Live Online
Customer Types
Small Business
Medium Enterprises
Large Corporations
Freelancers
Support
Online
Business Hours
24/7 (Live Rep)
Features
Email Marketing
Landing Pages
Marketing Automation
Webinars
CRM
Autoresponders
Integration
Integration: Workday Human Capital Management (HCM), Workday Payroll, Workday Time Tracking, Workday Student
10 Total Score
1 reviews
"My Workday"

With Workday Financial Management, I am able to take care of and find things I need, myself. Instead of going to higher management and telling them that I need to change information, or requesting something from them, a lot of the time it's available for me in Workday and I can get it myself instead of for one, having to wait, and two I am saving them time.

10Editor's score
Design
10
Usability
9.5
Support
10
Price
8
8.7User's score
Design
8
Usability
9
Support
9
Price
9
PROS
  • What I like most about Workday is that I can electronically access all of my payslips which prevents me from losing them if they were to be physical copies. I also like that I can track my career's performance history including raises, goals and achievements.
CONS
  • I like all the features of this program, the only thing I could suggest is to somewhat organize it more to make it easier to find what you're looking for. At times I find myself getting lost down the rabbit hole of the software trying to look for something.
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