Overview
What is Workday Financial Management?
Workday Financial Management is built on a global foundation that provides organizations with the core financial management capabilities expected from a modern cloud solution. It goes well beyond just managing financial processes to achieve greater insight, improve financial consolidation and…
Workday Financial Management tool and it's wonder in the organization landscape
Profitable Budgeting and very responsive Financial Data Management Package.
Workday Financial Management services for enterprise finance needs
Steep learning, then easy to use, Workday Financial integrated software.
Great tool with multi features.
Working with Workday.
Workday is fantastic.
Accountant
Loving Workday Financial Management!
The best of the best!
A single solution for your finance management but little confusing
A SOLID payroll system
Workday Financial Management for the win everyday at work!
Workday Financial Management's a solid software
Awards
Products that are considered exceptional by their customers based on a variety of criteria win TrustRadius awards. Learn more about the types of TrustRadius awards to make the best purchase decision. More about TrustRadius Awards
Popular Features
- Standard reports (19)8.888%
- Single sign-on capability (20)8.888%
- Pay calculation (18)8.484%
- Dashboards (23)8.383%
Reviewer Pros & Cons
Pricing
What is Workday Financial Management?
Workday Financial Management is built on a global foundation that provides organizations with the core financial management capabilities expected from a modern cloud solution. It goes well beyond just managing financial processes to achieve greater insight, improve financial consolidation and…
Entry-level set up fee?
- No setup fee
Offerings
- Free Trial
- Free/Freemium Version
- Premium Consulting/Integration Services
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Product Demos
Lunch & Learn Demo: Supercharge Workday Financial Management
SnapLogic Live: Workday Financial Management Integration
Features
Payroll Management
Provides for pay calculation and benefit plan administration, in addition to managing direct deposit, salary revisions and payroll tracking.
- 8.4Pay calculation(18) Ratings
Pay calculation provides for computation of employee pay with state and federal deductions.
- 8.6Benefit plan administration(15) Ratings
Benefit plan administration is administration of health insurance plans and 401k plans, and other benefits.
- 8.3Direct deposit files(15) Ratings
Direct deposit is the ability to electronically transfer pay to an employee’s personal bank account.
Customization
This addresses a company’s ability to configure the software to fit its specific use case and workflow.
- 8.2API for custom integration(13) Ratings
An API (application programming interface) provides a standard programming interface for connecting third-party systems to the software for data creation, access, updating and/or deletion.
- 8.1Plug-ins(15) Ratings
A number of third-party plug-ins are available to expand the core functionality of the software.
Security
This component helps a company minimize the security risks by controlling access to the software and its data, and encouraging best practices among users.
- 8.8Single sign-on capability(20) Ratings
The software system supports a centralized authentication mechanism allowing the user to access multiple systems with a single, centrally managed password.
- 8.8Role-based user permissions(18) Ratings
Permissions to perform actions or access or modify data are assigned to roles, which are then assigned to users, reducing complexity of administration.
Reporting & Analytics
Users can report on and analyze usage, performance, ROI, and/or other metrics of success.
- 8.3Dashboards(23) Ratings
Users can create, customize and share dashboards, which provide an overview of the most important metrics.
- 8.8Standard reports(19) Ratings
The software offers pre-built reports with metrics standard to the category.
- 8.3Custom reports(17) Ratings
Users can create custom reports.
General Ledger and Configurable Accounting
Financial management solution, including capabilities for general ledger and configurable accounting
- 8.9Accounts payable(14) Ratings
This includes the automation and tracking of payment to vendors and suppliers, with features such as payment scheduling, check printing, open purchase order alerts, document management, direct ACH bill payment, and vendor records.
- 9Accounts receivable(14) Ratings
This includes the management and automation of invoices and collections, with features like statements, invoices, receipts, payment reminders, customer records, auto billing, and refund checks.
- 8.3Global Financial Support(15) Ratings
Account using multiple ledgers, multiple currencies, and multiple entities
- 8.7Primary and Secondary Ledgers(15) Ratings
Record and report across multiple currencies and accounting standards with primary and secondary ledgers
- 8.8Journals and Reconciliations(12) Ratings
Automate and synchronize ledgers and processes
- 8.2Configurable Accounting(15) Ratings
Configure accounting rules and segments for each chart of accounts
- 9Standardized Processes(16) Ratings
Centralize financial management to facilitate standardized financial processes
Inventory Management
The ability to track and manage the flow of goods or materials into and out of an inventory.
- 9Inventory tracking(8) Ratings
The software syncs orders and stock to maintain a real-time picture of inventory and supports multiple methods such as LIFO and FIFO.
- 8.6Automatic reordering(8) Ratings
The software can be set up to automatically reorder a good when it falls below a certain threshold.
- 8.5Location management(7) Ratings
The software can track multiple goods across multiple locations.
Order Management
The ability to process orders, and track them from quote to cash.
- 9.2Credit card processing(9) Ratings
The software facilitates credit card processing.
Product Details
- About
- Integrations
- Competitors
- Tech Details
- FAQs
What is Workday Financial Management?
Workday Financial Management Features
General Ledger and Configurable Accounting Features
- Supported: Accounts payable
- Supported: Accounts receivable
- Supported: Global Financial Support
- Supported: Primary and Secondary Ledgers
- Supported: Journals and Reconciliations
- Supported: Configurable Accounting
- Supported: Standardized Processes
Inventory Management Features
- Supported: Inventory tracking
- Supported: Automatic reordering
- Supported: Location management
Order Management Features
- Supported: Credit card processing
Payroll Management Features
- Supported: Pay calculation
- Supported: Benefit plan administration
- Supported: Direct deposit files
Reporting & Analytics Features
- Supported: Dashboards
- Supported: Standard reports
- Supported: Custom reports
Customization Features
- Supported: API for custom integration
- Supported: Plug-ins
Security Features
- Supported: Role-based user permissions
- Supported: Single sign-on capability
- Supported: Multi-factor authentication
- Supported: User-level audit trail
Workday Financial Management Video
Workday Financial Management Integrations
Workday Financial Management Competitors
- Microsoft Dynamics 365
- Oracle
- SAP
- Oracle NetSuite
Workday Financial Management Technical Details
Deployment Types | Software as a Service (SaaS), Cloud, or Web-Based |
---|---|
Operating Systems | Unspecified |
Mobile Application | Apple iOS, Android |
Supported Countries | Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, India, Ireland, Japan, Luxembourg, Malaysia, Malta, Netherlands, New Zealand, Norway, Philippines, Portugal, Singapore, South Africa, Spain, Sweden, Switzerland, United Kingdom, U.S. |
Supported Languages | English, French, Spanish, German, Chinese (Simplified), Italian, Portuguese, and Japanese |
Frequently Asked Questions
Comparisons
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Reviews and Ratings
(113)Attribute Ratings
Reviews
(1-22 of 22)Workday, a life saver for people managers
- Staff Self Serve for Time off, overtime, sick days
- Generation of important Job Letters, Pay stubs, pay history,
- Resource for all things HR, Pay, and time off.
- The Search function can be a little slow at times
- Tracking of Employee goals
- Reminders for Employee milestones
- Keep track records of financial reports such as budget , turnover, fiscal year net worth and so on
- Access the records maintained clinically through this wonder software of Workday Financial Management
- Storage and safeguard of confidentiality handled
- So far I have only good experience no negative capacity whatsoever
- The functionality is so easier to use no problem
- Features are constantly updated to user needs
- Budgeting ability.
- Risk management tools.
- Invoicing options.
- Cash flow management features.
- Not much but processing various financial data requires an expert.
- Creating real time data analytics from big financial projects.
- Transferring multiple financial data across other tools.
- data security
- easy access and management
- vased algorithm to calculate data
- more reboust features
- attractive UI
- Banking transaction integration for daily reconciliation.
- Audit trail for expense reports.
- It provides individual PDFs for each transaction if needed, with time stamp.
- End-to-end support on expense report management.
- The automatic save function isn't always active for the cloud version. I'm not sure if it is a glitch or a settings issue.
- There are some limitations to customizations.
- Updates don't go through properly on the system, leading to downtime issues.
Great tool with multi features.
- Expense management.
- Resource management.
- Consolidated results.
- Few times observe, changes has not saved.
- Initially take little time to understand, that can be improved.
- Some navigation should be improved.
Working with Workday.
- Pay: Good overview of what is being subtracted from your pay.
- Absence: It tells you how many days you will have in the future if you select a particular date.
- Onboarding documents: There were a lot of mandatory options to fill out, but I was not able to select anything. For example, it asked me for two government IDs, the first one was SIN numbers which I was able to enter without any problem, but I wanted to enter my driver's license as the second ID, but I was not able to because there was no option for it.
- Time: I understand that our company might have implemented this, but this section is useless for full-time employees who do not have to enter any hours. There should be an option where you should be able to choose that you are a full-time employee, and after choosing, it will automatically fill in the regular hours for you.
Accountant
- Talent Management.
- Real Time Reporting.
- Analytics
- I love a workflow, so I always encourage the incorporation of as many workflows as possible!
- The reporting function could be a bit more appealing (visually.)
- The same goes for the analytics function.
Loving Workday Financial Management!
- It's very handy to locate things
- Stores secure documents
- Has an App for people to use
- Great for clocking in and out
- Face recognition
The best of the best!
- Keeps our employees information secure
- easy to use
- Intelligently manage finance processes
- I honestly just love it as it is
- Built-in integrations to track payments
- Manage and Track Revenue and Performance
- Track Expences and Easy reporting
- Invoices and Employees payroll
- The UI is complex for new users, and employees
- Workday is highly customizable, but it will takes time to understand the platform, it could be made easier
- Pricing is little expensive for small businesses
A SOLID payroll system
- Employee organization
- Pay History
- Individual page ease of use
- Interface does not make it easy to find what you're looking for
- Provide information upfront, instead of hidden behind tab after tab
- Ease of user interface in general
- Accounts payable
- Financial reporting for audits
- User experience is the absolute easiest out of all softwares I have learned
- AR side is easier to follow than Salesforce or Quickbooks.
- It’s absolutely worked out the kinks, nothing can be easier
- It’s a great software that does everything I have used or needed in my accounting career
Workday Financial Management's a solid software
- Syncing with our budgeting software, Adaptive Planning
- Being able to drill down into the detail
- Navigating the menu takes some time learning
- Building new reports and what is customizable
Workday Financial Management Review
- management of business processes
- customizable to fit our needs
- adaptable security settings
- Reporting and Analytics in the area of bringing different data elemtents together easily
- Understanding data flows between multiple business processes
- Clarity of integration messages
- The flexibility of going beyond handling the accounts, where we can handle cash, assets, and accounting simultaneously for the customer.
- The single platform offers grants management where you can organize the lifecycle of the grants and synchronize it with any criteria of grant closing out scheme.
- I personally liked Project billing with the essence of evaluating project revenue and nice reporting templates that can be shared with the customer at any stage of the project while having the flexibility of auditing the reported cost.
- There is room for improving the Workday Financial Management app interface. It can be smooth, and also, the app is forgetting the username and biometrics even if you select remember me on the app console.
- At first glance, it is hard to learn and understand, especially if we are talking about self-learning.
- Implementation can be improved in the greater aspect of setting it up without the third party.
Workday Works!
- Punchouts
- Business assets
- Reporting
- Integration with Channel Online and product sales
- Use of DGW for configuration
- Tax accounting
World class product, backed up by world class support
- Highly flexible
- Simple user interface
- Multitude of ways to access/update the system
- Handling Day" data vs "month" data
- Speed of Updates
- better documentation/more examples
Great dashboards, could be more user friendly
- Tracking expenses
- Automated invoicing
- Summarizes billing
- Easier user interface
- Sometimes slow to access data
- Steep learning curve
Simple and Intuitive solution
- Workday is very organized and user friendly. I haven't heard this from any of my co workers that they faced a hard time navigating around or getting technical support.
- The platform offers variety of options for the company to offer to their employees. This includes easy access to their time off balance, hours they have worked, and accessing pay stubs any time.
- One of the biggest thing I notice on a lot of technical platforms is that they don't notify their users of any updates they may be making on their website but workday does a great job of notifying its user way ahead of time of any updates they may be doing
- Some of the Workday updates last till like 10 in the morning which prevents employees to clock in and check their times and some cases their schedules
- Workday can work on opening documents quicker instead of taking couple of minutes or notifying the user when they are ready to download
Workday Financial Management is a very solid and comprehensive system for a new organization to implement
- We specically wanted a cloud financial management system that we could use in China and communicate reports to the headquarters organization and roll-up reporting. It performs well.
- It was reasonably priced since we are not a for-profit company and need the Workday flexibility for finance and accounting operations. Most of our requirements are met with this one system.
- The system worked efficiently with the additional security we built on to keep confidential. Many reports are ready off-the-shelf or easy to develop, which is a strength.
- We were surprised by the lack of user guides and supporting information for day-to-day users. Granted, we could find this, but our users like guides.
- The system could improve with contact help and chat functions if you need the answers quickly. We figured this would all have been built in.
- Quite surprised by the lack of treasury management functionality. SAP and Oracle have it, although their modules are not that comprehensive or user friendly.
Workday Financial Management makes it a good day
- I really liked being able to put together reports for my supervisor by using the financial planning tools. I was able to show our actuals which then allowed my boss to talk more easily with our accounting department to plan future budgets.
- We only used this system for a short time before switching over to new software, but nothing from my experience. There are a lot of great tools with Workday Financial Management, I'm sure our other departments could have made great use out of features like inventory, expenses, or procurement.