Workday Financial Management
What is Workday Financial?
Workday Financials 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. The Workday financial system instills internal control and audibility in the processes and helps achieve consistency across all global operations.
Workday financial software is a single system supporting all transaction processing, along with multidimensional reporting, consolidation, planning, and compliance. All this is done by using an in-memory and an object data model. Workday accounting provides its users with a consistent user experience that is accessible from both desktop and mobile devices.
- Company: Workday inc
- Website: www.workday.com
- Founded in 2005
- United States of America
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 finance, 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. The Workday accounting system 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 financial services allow 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 onemain financial. 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
The Workday audit 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 accounts payable also help 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 the disposal.
The financial management applications let users create multiple asset books to report on and ensure 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 a 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.
- Accounts Payable
- Accounts Receivable
- Bank Reconciliation
- Billing & Invoicing
- CPA Firms
- Expense Tracking
- Fixed Asset Management
- Fund Accounting
- Payroll Management
- Project Accounting
- Purchase Orders
- Tax Management
Workday Financial Pricing
There is no free trial available in Workday Financial pricing. To find out more about the pricing plans for this accounting software, contact the vendor.
Pros and cons
- 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 a Workday lease accounting.
- 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.
Here is a list of some of Workday Financial Management’s popular integrations:
- Cornerstone OnDemand
- Lumesse TalentLink
- SSN Verification
- Directory Services
- Nettime Solutions*
*Delivered by Workday Partners Toolkits
- Cloud Connect for Benefits
- Cloud Connect for LMS
- Financials Connectors
- Salesforce Sales Cloud
- ADP Check Printing
- Check Print
- Electronic Payments
- Travel Booking
- Payroll Connectors
- ADP Tax Filing
- Ceridian Tax Filing
- ADP Check Printing
- Canadian Check Printing
- Canadian Tax Revenue Agency
- Quebec Tax Revenue Agency
- Payroll Inputs
- Cloud Connect for 3rd Party Payroll
- Expenses and Procurement Connectors
- American Express
- Bank of America Visa
- Citibank Visa
- Supplier Network
- Custom Development Connectors
- Worker Sync
- Worker Organization
- Competency Model
- Job Profile and Job Family
- Worker Time Block
Free Trial- Yes
- Cloud, SaaS, Web
Workday Financial Support
ADP Workforce Now offers the following support options:
- Business Hours
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.
- 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.
- 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.