Synoptix vs. Workday Financial Management

Overview
ProductRatingMost Used ByProduct SummaryStarting Price
Synoptix
Score 7.5 out of 10
Mid-Size Companies (51-1,000 employees)
Synoptic provides ERP financial reporting tools and analysis. This solution is designed to deliver real-time data. The vendor’s value proposition is that their solution empowers users to create financial and operational reports with spreadsheet ease of use.N/A
Workday Financial Management
Score 8.2 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
SynoptixWorkday Financial Management
Editions & Modules
No answers on this topic
No answers on this topic
Offerings
Pricing Offerings
SynoptixWorkday Financial Management
Free Trial
NoNo
Free/Freemium Version
NoNo
Premium Consulting/Integration Services
YesNo
Entry-level Setup FeeOptionalNo setup fee
Additional Details
More Pricing Information
Community Pulse
SynoptixWorkday Financial Management
Features
SynoptixWorkday Financial Management
BI Standard Reporting
Comparison of BI Standard Reporting features of Product A and Product B
Synoptix
6.0
5 Ratings
24% below category average
Workday Financial Management
-
Ratings
Pixel Perfect reports5.83 Ratings00 Ratings
Customizable dashboards5.85 Ratings00 Ratings
Report Formatting Templates6.44 Ratings00 Ratings
Ad-hoc Reporting
Comparison of Ad-hoc Reporting features of Product A and Product B
Synoptix
7.4
7 Ratings
9% below category average
Workday Financial Management
-
Ratings
Drill-down analysis7.37 Ratings00 Ratings
Formatting capabilities7.07 Ratings00 Ratings
Integration with R or other statistical packages7.03 Ratings00 Ratings
Report sharing and collaboration8.24 Ratings00 Ratings
Report Output and Scheduling
Comparison of Report Output and Scheduling features of Product A and Product B
Synoptix
7.7
5 Ratings
7% below category average
Workday Financial Management
-
Ratings
Publish to Web7.64 Ratings00 Ratings
Publish to PDF8.45 Ratings00 Ratings
Report Versioning7.63 Ratings00 Ratings
Report Delivery Scheduling7.34 Ratings00 Ratings
Data Discovery and Visualization
Comparison of Data Discovery and Visualization features of Product A and Product B
Synoptix
6.9
3 Ratings
11% below category average
Workday Financial Management
-
Ratings
Pre-built visualization formats (heatmaps, scatter plots etc.)7.33 Ratings00 Ratings
Location Analytics / Geographic Visualization6.82 Ratings00 Ratings
Predictive Analytics6.82 Ratings00 Ratings
Pattern Recognition and Data Mining6.82 Ratings00 Ratings
Access Control and Security
Comparison of Access Control and Security features of Product A and Product B
Synoptix
7.6
6 Ratings
12% below category average
Workday Financial Management
-
Ratings
Multi-User Support (named login)7.36 Ratings00 Ratings
Role-Based Security Model8.05 Ratings00 Ratings
Multiple Access Permission Levels (Create, Read, Delete)7.75 Ratings00 Ratings
Report-Level Access Control7.35 Ratings00 Ratings
Single Sign-On (SSO)7.86 Ratings00 Ratings
Mobile Capabilities
Comparison of Mobile Capabilities features of Product A and Product B
Synoptix
6.7
4 Ratings
12% below category average
Workday Financial Management
-
Ratings
Responsive Design for Web Access6.74 Ratings00 Ratings
Mobile Application6.82 Ratings00 Ratings
Dashboard / Report / Visualization Interactivity on Mobile6.73 Ratings00 Ratings
Budgeting, Planning, and Forecasting
Comparison of Budgeting, Planning, and Forecasting features of Product A and Product B
Synoptix
6.6
8 Ratings
22% below category average
Workday Financial Management
-
Ratings
Long-term financial planning6.06 Ratings00 Ratings
Financial budgeting6.57 Ratings00 Ratings
Forecasting6.64 Ratings00 Ratings
Scenario modeling5.94 Ratings00 Ratings
Management reporting7.88 Ratings00 Ratings
Consolidation and Close
Comparison of Consolidation and Close features of Product A and Product B
Synoptix
7.6
7 Ratings
5% below category average
Workday Financial Management
-
Ratings
Financial data consolidation8.26 Ratings00 Ratings
Journal entries and reports7.03 Ratings00 Ratings
Multi-currency management7.04 Ratings00 Ratings
Intercompany Eliminations6.82 Ratings00 Ratings
Minority Ownership9.12 Ratings00 Ratings
Local and consolidated reporting7.55 Ratings00 Ratings
Detailed Audit Trails7.46 Ratings00 Ratings
Financial Reporting and Compliance
Comparison of Financial Reporting and Compliance features of Product A and Product B
Synoptix
7.2
8 Ratings
11% below category average
Workday Financial Management
-
Ratings
Financial Statement Reporting7.18 Ratings00 Ratings
Management Reporting7.78 Ratings00 Ratings
Excel-based Reporting8.07 Ratings00 Ratings
Automated board and financial reporting7.37 Ratings00 Ratings
XBRL support for regulatory filing5.83 Ratings00 Ratings
Analytics and Reporting
Comparison of Analytics and Reporting features of Product A and Product B
Synoptix
6.5
6 Ratings
22% below category average
Workday Financial Management
-
Ratings
Personalized dashboards6.46 Ratings00 Ratings
Color-coded scorecards5.94 Ratings00 Ratings
KPIs6.73 Ratings00 Ratings
Cost and profitability analysis6.73 Ratings00 Ratings
Key Performance Indicator setting6.73 Ratings00 Ratings
Benchmarking with external data6.73 Ratings00 Ratings
Integration
Comparison of Integration features of Product A and Product B
Synoptix
7.4
6 Ratings
12% below category average
Workday Financial Management
-
Ratings
Flat file integration7.33 Ratings00 Ratings
Excel data integration8.05 Ratings00 Ratings
Direct links to 3rd-party data sources6.96 Ratings00 Ratings
Payroll Management
Comparison of Payroll Management features of Product A and Product B
Synoptix
-
Ratings
Workday Financial Management
8.1
22 Ratings
10% above category average
Pay calculation00 Ratings8.222 Ratings
Benefit plan administration00 Ratings8.019 Ratings
Direct deposit files00 Ratings8.019 Ratings
Customization
Comparison of Customization features of Product A and Product B
Synoptix
-
Ratings
Workday Financial Management
8.1
19 Ratings
9% above category average
API for custom integration00 Ratings8.516 Ratings
Plug-ins00 Ratings7.618 Ratings
Security
Comparison of Security features of Product A and Product B
Synoptix
-
Ratings
Workday Financial Management
9.0
24 Ratings
8% above category average
Single sign-on capability00 Ratings9.124 Ratings
Role-based user permissions00 Ratings8.822 Ratings
Reporting & Analytics
Comparison of Reporting & Analytics features of Product A and Product B
Synoptix
-
Ratings
Workday Financial Management
7.9
26 Ratings
8% above category average
Dashboards00 Ratings7.826 Ratings
Standard reports00 Ratings7.923 Ratings
Custom reports00 Ratings7.921 Ratings
General Ledger and Configurable Accounting
Comparison of General Ledger and Configurable Accounting features of Product A and Product B
Synoptix
-
Ratings
Workday Financial Management
7.6
22 Ratings
1% below category average
Accounts payable00 Ratings7.417 Ratings
Accounts receivable00 Ratings7.117 Ratings
Global Financial Support00 Ratings7.218 Ratings
Primary and Secondary Ledgers00 Ratings7.218 Ratings
Journals and Reconciliations00 Ratings7.515 Ratings
Configurable Accounting00 Ratings7.318 Ratings
Standardized Processes00 Ratings7.819 Ratings
Inventory Management
Comparison of Inventory Management features of Product A and Product B
Synoptix
-
Ratings
Workday Financial Management
7.1
10 Ratings
11% below category average
Inventory tracking00 Ratings7.410 Ratings
Automatic reordering00 Ratings7.210 Ratings
Location management00 Ratings6.69 Ratings
Order Management
Comparison of Order Management features of Product A and Product B
Synoptix
-
Ratings
Workday Financial Management
6.7
10 Ratings
15% below category average
Credit card processing00 Ratings6.710 Ratings
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SynoptixWorkday Financial Management
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User Ratings
SynoptixWorkday Financial Management
Likelihood to Recommend
7.5
(18 ratings)
8.4
(26 ratings)
Likelihood to Renew
9.1
(2 ratings)
9.0
(1 ratings)
Usability
7.1
(7 ratings)
9.1
(9 ratings)
Support Rating
9.1
(2 ratings)
10.0
(5 ratings)
Implementation Rating
9.1
(1 ratings)
-
(0 ratings)
User Testimonials
SynoptixWorkday Financial Management
Likelihood to Recommend
Synoptix
Synoptix has been great for us to allow end users access to the data and information they need to make informed decisions without letting them have full access to all ERP functions. It has also been very easy to create custom reports that meet our needs. It is also nimble enough to create quick reports that are needed with a small turnaround
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
Synoptix
  • Easy report building interface with an query interface that allows financial users the ability to conduct complex queries without difficulty.
  • The ability to create reporting that allows us to review in-depth financial review by drilling down into accounts to find transnational data easily.
  • Easily maintained and monitored with simple upgrade installations and end point installation.
  • Great knowledge base for review and trouble-shooting.
  • Highly knowledgeable and easy to work with staff.
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
Synoptix
  • It has a poor install procedure which is not standard. It almost requires copying folders from an existing computer to the new install.
  • The update process is less than desirable. It seems like Compusoft needs to do a better job of testing before releasing updates.
  • The interface is a bit archaic. It looks more like a program from 20 years ago than one used today.
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
Synoptix
There is no question that we will continue to use this product for as long as it's available
Read full review
Workday
No answers on this topic
Usability
Synoptix
It didn't take long to learn how it works and has always been easy to navigate and accomplish all that we have needed. Whenever there have been any issues Synopotix has been great to address them in a timely manner and have always been able to resolve the issues we have had
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.
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Support Rating
Synoptix
Support does not know much about software solutions. As an example, I have struggled for weeks just to set up LDAP that should be fairly simple.
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.
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Implementation Rating
Synoptix
Good guidance of what steps will halppen.
Read full review
Workday
No answers on this topic
Alternatives Considered
Synoptix
Synoptix is more oriented to users as their own developers. You do not need to understand any sort of coding or languages. If you are working in financials you just need to know your trial balance. The menus and programing are so user friendly the programming is "kinda obvious"
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.
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Return on Investment
Synoptix
  • As a reporting tool it has allowed us to make fact based decisions. We have a significant annual cost with relation to our legacy system and Synoptix provides us with the best tool to mine the data that resides in our legacy system.
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

Workday Financial Management Screenshots

Screenshot of a discovery boardScreenshot of financial resultsScreenshot of operational analysis