Paycom vs. Workday Financial Management

Overview
ProductRatingMost Used ByProduct SummaryStarting Price
Paycom
Score 8.5 out of 10
N/A
Paycom is an automated HCM platform, built on a single database that eliminates redundant data entry through automation. A payroll and HR software solution, Paycom is used by organizations of all sizes to access employee data without navigating multiple systems.N/A
Workday Financial Management
Score 8.3 out of 10
N/A
Workday Financial Management is a native cloud solution built on a global foundation designed to enable accounting teams to operate with greater productivity, superior insights, and adapt to changing business needs. Its AI embedded features improve financial business processes like record to report and opportunity to cash while strengthening internal controls, and enabling consistency across global operations. Powered by an in-memory architecture and object data…N/A
Pricing
PaycomWorkday Financial Management
Editions & Modules
No answers on this topic
No answers on this topic
Offerings
Pricing Offerings
PaycomWorkday Financial Management
Free Trial
NoNo
Free/Freemium Version
NoNo
Premium Consulting/Integration Services
NoNo
Entry-level Setup FeeNo setup feeNo setup fee
Additional Details
More Pricing Information
Community Pulse
PaycomWorkday Financial Management
Features
PaycomWorkday Financial Management
Human Resource Management
Comparison of Human Resource Management features of Product A and Product B
Paycom
7.9
455 Ratings
3% below category average
Workday Financial Management
-
Ratings
Employee demographic data8.9412 Ratings00 Ratings
Employment history7.8396 Ratings00 Ratings
Job profiles and administration8.0399 Ratings00 Ratings
Workflow for transfers, promotions, pay raises, etc.7.5399 Ratings00 Ratings
Organizational charting7.3312 Ratings00 Ratings
Organization and location management7.6350 Ratings00 Ratings
Compliance data (COBRA, OSHA, etc.)8.3332 Ratings00 Ratings
Payroll Management
Comparison of Payroll Management features of Product A and Product B
Paycom
8.3
463 Ratings
2% above category average
Workday Financial Management
8.1
23 Ratings
10% above category average
Pay calculation8.7450 Ratings8.323 Ratings
Support for external payroll vendors6.447 Ratings00 Ratings
Off-cycle/On-Demand payment8.718 Ratings00 Ratings
Benefit plan administration8.2391 Ratings8.020 Ratings
Direct deposit files9.3450 Ratings8.120 Ratings
Salary revision and increment management8.2375 Ratings00 Ratings
Reimbursement management8.4257 Ratings00 Ratings
Leave and Attendance Management
Comparison of Leave and Attendance Management features of Product A and Product B
Paycom
8.4
407 Ratings
3% above category average
Workday Financial Management
-
Ratings
Approval workflow8.6388 Ratings00 Ratings
Balance details8.2387 Ratings00 Ratings
Annual carry-forward and encashment8.4322 Ratings00 Ratings
Employee Self Service
Comparison of Employee Self Service features of Product A and Product B
Paycom
8.5
464 Ratings
4% above category average
Workday Financial Management
-
Ratings
View and generate pay and benefit information9.0455 Ratings00 Ratings
Update personal information8.8460 Ratings00 Ratings
View company policy documentation7.9408 Ratings00 Ratings
Employee recognition8.7223 Ratings00 Ratings
View job history7.8369 Ratings00 Ratings
Asset Management
Comparison of Asset Management features of Product A and Product B
Paycom
4.9
26 Ratings
49% below category average
Workday Financial Management
-
Ratings
Tracking of all physical assets4.926 Ratings00 Ratings
HR Reporting
Comparison of HR Reporting features of Product A and Product B
Paycom
7.1
402 Ratings
6% below category average
Workday Financial Management
-
Ratings
Report builder7.8395 Ratings00 Ratings
Pre-built reports7.7392 Ratings00 Ratings
Ability to combine HR data with external data5.855 Ratings00 Ratings
Onboarding
Comparison of Onboarding features of Product A and Product B
Paycom
8.1
399 Ratings
2% above category average
Workday Financial Management
-
Ratings
New hire portal8.1396 Ratings00 Ratings
Manager tracking tools8.1344 Ratings00 Ratings
Performance and Goals
Comparison of Performance and Goals features of Product A and Product B
Paycom
6.1
232 Ratings
27% below category average
Workday Financial Management
-
Ratings
Corporate goal setting4.236 Ratings00 Ratings
Individual goal setting7.8215 Ratings00 Ratings
Line-of sight-visibility4.835 Ratings00 Ratings
Performance tracking7.6227 Ratings00 Ratings
Performance Management
Comparison of Performance Management features of Product A and Product B
Paycom
7.6
289 Ratings
4% below category average
Workday Financial Management
-
Ratings
Performance plans7.7268 Ratings00 Ratings
Performance improvement plans7.4252 Ratings00 Ratings
Review status tracking7.8260 Ratings00 Ratings
Review reminders7.8266 Ratings00 Ratings
Multiple review frequency7.3238 Ratings00 Ratings
Succession Planning
Comparison of Succession Planning features of Product A and Product B
Paycom
8.7
47 Ratings
11% above category average
Workday Financial Management
-
Ratings
Create succession plans/pools9.126 Ratings00 Ratings
Candidate ranking9.132 Ratings00 Ratings
Candidate search8.445 Ratings00 Ratings
Candidate development8.342 Ratings00 Ratings
Recruiting / ATS
Comparison of Recruiting / ATS features of Product A and Product B
Paycom
7.0
288 Ratings
10% below category average
Workday Financial Management
-
Ratings
Job Requisition Management7.2257 Ratings00 Ratings
Company Website Posting7.0252 Ratings00 Ratings
Publish to Social Media6.3199 Ratings00 Ratings
Job Search Site Posting6.9234 Ratings00 Ratings
Duplicate Candidate Prevention6.8221 Ratings00 Ratings
Applicant Tracking7.0262 Ratings00 Ratings
Notifications and Alerts7.9271 Ratings00 Ratings
Customization
Comparison of Customization features of Product A and Product B
Paycom
-
Ratings
Workday Financial Management
8.1
20 Ratings
9% above category average
API for custom integration00 Ratings8.517 Ratings
Plug-ins00 Ratings7.719 Ratings
Security
Comparison of Security features of Product A and Product B
Paycom
-
Ratings
Workday Financial Management
9.0
25 Ratings
7% above category average
Single sign-on capability00 Ratings9.125 Ratings
Role-based user permissions00 Ratings8.823 Ratings
Reporting & Analytics
Comparison of Reporting & Analytics features of Product A and Product B
Paycom
-
Ratings
Workday Financial Management
8.0
27 Ratings
9% above category average
Dashboards00 Ratings8.027 Ratings
Standard reports00 Ratings7.924 Ratings
Custom reports00 Ratings8.022 Ratings
General Ledger and Configurable Accounting
Comparison of General Ledger and Configurable Accounting features of Product A and Product B
Paycom
-
Ratings
Workday Financial Management
7.7
23 Ratings
0% above category average
Accounts payable00 Ratings7.518 Ratings
Accounts receivable00 Ratings7.018 Ratings
Global Financial Support00 Ratings7.419 Ratings
Primary and Secondary Ledgers00 Ratings7.319 Ratings
Journals and Reconciliations00 Ratings7.616 Ratings
Configurable Accounting00 Ratings7.519 Ratings
Standardized Processes00 Ratings7.820 Ratings
Inventory Management
Comparison of Inventory Management features of Product A and Product B
Paycom
-
Ratings
Workday Financial Management
7.2
11 Ratings
10% below category average
Inventory tracking00 Ratings7.511 Ratings
Automatic reordering00 Ratings7.211 Ratings
Location management00 Ratings6.710 Ratings
Order Management
Comparison of Order Management features of Product A and Product B
Paycom
-
Ratings
Workday Financial Management
7.1
11 Ratings
10% below category average
Credit card processing00 Ratings7.111 Ratings
Best Alternatives
PaycomWorkday Financial Management
Small Businesses
Dayforce Powerpay
Dayforce Powerpay
Score 9.3 out of 10
Zoho One
Zoho One
Score 9.3 out of 10
Medium-sized Companies
Paypro Workforce Management
Paypro Workforce Management
Score 9.1 out of 10
Infor VISUAL
Infor VISUAL
Score 7.4 out of 10
Enterprises
PeopleStrong
PeopleStrong
Score 10.0 out of 10
24SevenOffice
24SevenOffice
Score 9.0 out of 10
All AlternativesView all alternativesView all alternatives
User Ratings
PaycomWorkday Financial Management
Likelihood to Recommend
8.7
(562 ratings)
8.3
(26 ratings)
Likelihood to Renew
7.2
(24 ratings)
9.0
(1 ratings)
Usability
9.0
(86 ratings)
9.0
(9 ratings)
Availability
9.1
(2 ratings)
-
(0 ratings)
Performance
9.1
(2 ratings)
-
(0 ratings)
Support Rating
9.1
(52 ratings)
10.0
(5 ratings)
In-Person Training
6.4
(1 ratings)
-
(0 ratings)
Online Training
3.8
(3 ratings)
-
(0 ratings)
Implementation Rating
8.2
(7 ratings)
-
(0 ratings)
Configurability
9.1
(2 ratings)
-
(0 ratings)
Ease of integration
5.5
(1 ratings)
-
(0 ratings)
Product Scalability
9.1
(2 ratings)
-
(0 ratings)
Vendor post-sale
9.0
(4 ratings)
-
(0 ratings)
Vendor pre-sale
9.0
(4 ratings)
-
(0 ratings)
User Testimonials
PaycomWorkday Financial Management
Likelihood to Recommend
Paycom
I've implemented at least 7 HRMS and/or performance suites over the years. I have no true complaints about the platform. We have found that for one of our client codes, the scheduling functionality doesn't accommodate the constant scheduling adjustments our transportation company requires. That said, our routes can change more than once an hour and start/end times often change with routes. We have found that managing the full employee life cycle is even more streamlined with the recent Position Seat updates. We also value that the platform is a native build - so no lagging API integrations to navigate.
Read full review
Workday
Workday is well suited for managing employees throughout their full life cycle. It excels at housing employee data from the start of their time with the company through their departure. Workday is less suited to payroll functions, which could be more robust.
Read full review
Pros
Paycom
  • Before Paycom we were using Paylocity and in about six months of running payroll with Paylocity, we never once had 100% accuracy from a payroll standpoint. So we had disgruntled employees because either their time was off or their pay was off. With Paycom, we've never had a case where our payroll was not 100% accurate.
Read full review
Workday
  • 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.
Read full review
Cons
Paycom
  • I think that when we do need a response back, which is very unlikely from the contact about something that's happening or going on, it can take a little long to get back to us. Longer than we would like because obviously it's an emergency to us, but we understand they have tons of emergencies they have to solve. But I think that's the only aspect.
  • I know from a payroll standpoint, which I'm not really privy to because I don't work on the payroll side, there have been some little hiccups that about certain formulas used, certain credits being issued that we've already filed for tax credits that we filed for. So I know that my CFO's already on top of it and pay comes on top of it as well and it's getting resolved, but obviously that's a big issue that needs some work there.
Read full review
Workday
  • 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
Read full review
Likelihood to Renew
Paycom
we are having no problems with how the system works and our support system at paycom is the best - we are learning more and using the system in more ways all the time the only thing that could be better is pricing on some things
Read full review
Workday
No answers on this topic
Usability
Paycom
The interface is very intuitive, you can navigate it pretty well. Everything's pretty much spelled out and the features just flow really well. They make it easy for you to go back and forth with the UX/UI type of interface. So I think it was built pretty well.
Read full review
Workday
Workday is easy enough navigate, as long as it is properly set up. With that said, it can be put together in a modular fashion as well, allowing for a very high degree of flexibility in terms of design and process delegation. Finally, it makes consolidation achievable in times previously unthinkable.
Read full review
Reliability and Availability
Paycom
They are very dependable and I have never experience any outages
Read full review
Workday
No answers on this topic
Performance
Paycom
Yes, Paycom's performance is excellent, no issues.
Read full review
Workday
No answers on this topic
Support Rating
Paycom
Have been bounced around alot in our 3 years of partnership. Wanted a dedicated rep but that did not provide us the care and attention we required. Work with a team first and then get to your representative. Sometimes an issue with time differences - representative working on different timebelt and not accessible, or we had to wait a day to move an issue along
Read full review
Workday
Our support team has been awesome. They are extremely knowledgeable and have been able to guide us through all of the challenges we have faced. Workday's community online is also extremely helpful with many trainings and help topics that can be reviewed at your convenience.
Read full review
In-Person Training
Paycom
They were a sales person and not really a good trainer.
Read full review
Workday
No answers on this topic
Online Training
Paycom
All the online training modules were short and straight to the point. Every module teach you how to use the system. If there is one thing they know how to do is training. We did implementation during the pandemic so all had to be done online or via zoom meetings.
Read full review
Workday
No answers on this topic
Implementation Rating
Paycom
Not at all satisfied it was a nightmare we spent over 8 months with the implementation team having issues after issues all related to the Puerto Rico regulations (half my employees are in Puerto Rico) and at the end we were moved over from the implementation team to the production team without all the issues being resolved
Read full review
Workday
No answers on this topic
Alternatives Considered
Paycom
We really only had Paychecks and that was our biggest problem is that with several different companies, it was very hard If you had a salary employee and didn't terminate them in the prior company, they get paid twice, so this has really been definitely a big help for us.
Read full review
Workday
Despite Airtable also being easier to use one thing that differentiates and put forth Workday Financial Management tool above is it's key features and better suited functionality for handling confidential data. The other positive note where Workday Financial Management performs high is it key analytics tool that's easier to use and representation of information into insightful dashboards.
Read full review
Scalability
Paycom
They are not able to meet our current needs
Read full review
Workday
No answers on this topic
Return on Investment
Paycom
  • I would think the most time would come from applicant tracking and I don't think that's a Paycom issue necessarily. I think it was a training issue during implementation. I would say that that has improved now that we had onsite training. But initially the applicant tracking piece can be difficult when you're used to just using an ATS. That's specifically for talent acquisition because there's a lot of nuances that goes into the system that Paycom bills.
Read full review
Workday
  • We were able to combine 4 different HR modules into one system.
  • We reduced data breach incidents by 95% after shifting to Workday. One of our legacy softwares had vulnerabilities.
  • The initial learning curve was higher than projected. We spent about a week to 10 days extra time deploying it, which affected the profit center that year.
Read full review
ScreenShots

Paycom Screenshots

Screenshot of a new study that reveals that for a composite organization representative of interviewed clients, unifying HR and payroll in a single-database software with automation and streamlined workflows achieved a three-year 362% ROI and resulted in: $1.4M net present value*; over 45% total time saved by HR; 80% time saved on compliance work.Screenshot of IWant, which is a command-driven AI engine in a single database, for instant access to employee data.Screenshot of Direct Data Exchange®, which takes a detailed pulse of how employees interact with Paycom. It automatically assigns a dollar value of savings based on Ernst & Young research.

Workday Financial Management Screenshots

Screenshot of a discovery boardScreenshot of financial resultsScreenshot of operational analysis