Workday Financial Management vs. Workiva

Overview
ProductRatingMost Used ByProduct SummaryStarting Price
Workday Financial Management
Score 8.2 out of 10
N/A
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 reduce time to close, instill internal control and auditability, and achieve consistency across global operations. By using an in-memory architecture and object data model,…N/A
Workiva
Score 8.6 out of 10
N/A
Workiva is a cloud platform supporting ESG protecting, designed to provide collaboration, data integration, and an audit trail. The platform helps mitigate risk, and improves productivity.N/A
Pricing
Workday Financial ManagementWorkiva
Editions & Modules
No answers on this topic
No answers on this topic
Offerings
Pricing Offerings
Workday Financial ManagementWorkiva
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
Features
Workday Financial ManagementWorkiva
Payroll Management
Comparison of Payroll Management features of Product A and Product B
Workday Financial Management
8.3
19 Ratings
15% above category average
Workiva
-
Ratings
Pay calculation8.519 Ratings00 Ratings
Benefit plan administration8.816 Ratings00 Ratings
Direct deposit files8.416 Ratings00 Ratings
Customization
Comparison of Customization features of Product A and Product B
Workday Financial Management
8.3
17 Ratings
9% above category average
Workiva
-
Ratings
API for custom integration8.414 Ratings00 Ratings
Plug-ins8.316 Ratings00 Ratings
Security
Comparison of Security features of Product A and Product B
Workday Financial Management
8.9
21 Ratings
9% above category average
Workiva
-
Ratings
Single sign-on capability8.921 Ratings00 Ratings
Role-based user permissions8.919 Ratings00 Ratings
Reporting & Analytics
Comparison of Reporting & Analytics features of Product A and Product B
Workday Financial Management
8.6
23 Ratings
18% above category average
Workiva
-
Ratings
Dashboards8.423 Ratings00 Ratings
Standard reports8.920 Ratings00 Ratings
Custom reports8.518 Ratings00 Ratings
General Ledger and Configurable Accounting
Comparison of General Ledger and Configurable Accounting features of Product A and Product B
Workday Financial Management
8.5
19 Ratings
10% above category average
Workiva
-
Ratings
Accounts payable8.914 Ratings00 Ratings
Accounts receivable9.014 Ratings00 Ratings
Global Financial Support8.315 Ratings00 Ratings
Primary and Secondary Ledgers8.715 Ratings00 Ratings
Journals and Reconciliations8.912 Ratings00 Ratings
Configurable Accounting8.215 Ratings00 Ratings
Standardized Processes9.016 Ratings00 Ratings
Inventory Management
Comparison of Inventory Management features of Product A and Product B
Workday Financial Management
8.7
8 Ratings
10% above category average
Workiva
-
Ratings
Inventory tracking9.08 Ratings00 Ratings
Automatic reordering8.68 Ratings00 Ratings
Location management8.57 Ratings00 Ratings
Order Management
Comparison of Order Management features of Product A and Product B
Workday Financial Management
9.2
9 Ratings
16% above category average
Workiva
-
Ratings
Credit card processing9.29 Ratings00 Ratings
Governance, Risk & Compliance
Comparison of Governance, Risk & Compliance features of Product A and Product B
Workday Financial Management
-
Ratings
Workiva
7.9
6 Ratings
5% above category average
Common repository of GRC items00 Ratings8.05 Ratings
Risk management00 Ratings7.75 Ratings
Integration with Corporate Performance Management (CPM) systems00 Ratings9.03 Ratings
GRC policy management00 Ratings7.74 Ratings
Incident management00 Ratings7.05 Ratings
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Workday Financial ManagementWorkiva
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User Ratings
Workday Financial ManagementWorkiva
Likelihood to Recommend
8.8
(23 ratings)
5.7
(11 ratings)
Likelihood to Renew
9.0
(1 ratings)
-
(0 ratings)
Usability
10.0
(5 ratings)
9.0
(3 ratings)
Support Rating
10.0
(5 ratings)
9.7
(3 ratings)
User Testimonials
Workday Financial ManagementWorkiva
Likelihood to Recommend
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.
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Workiva
Wdesk is best suited for companies with demanding SEC filings and documents, with multiple revisions due to auditor/counsel review, and where financial reporting is extremely manual. Wdesk really helps take out the potential errors out of extremely manual processes, and helps automate regular financial reporting by allowing companies to link financial information and build customized flows of their information into financial statements and other documents (such as presentations or other internal reporting).
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Pros
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.
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Workiva
  • The biggest strength of the program for our team is that multiple users can work in the document at the same time. Multiple users can be in the program updating financial statements, footnotes, MD&A - all without stepping on each other's toes.
  • Rolling forward the documents from one period to the next is pretty simple. Links to source documents are maintained and new ones can be added without much hassle.
  • Edits and changes can be made right up until the last minute before filing. There is no waiting period or pencils-down period unless we enforce one ourselves - the Financial Reporting team is in control of the timing of our filings.
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Cons
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
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Workiva
  • The automation could be better. A lot of mass updates are done manually.
  • Sometimes the system has connection issues and certain functions are down.
  • The customer service could be more proactive to provide regular training and sharing updates on the software.
  • Customer service could be better to help process the mass updates in a timely fashion.
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Usability
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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Workiva
Overall it's a good-to-go product because of its features. It's easy to set up, meets requirements, has quality support, etc. So far, it has been working quite well for me, and I wish to continue using it for as long as it meets my requirements.
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Support Rating
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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Workiva
Workiva's technical support is impeccable and undoubtedly one of the best. The times we needed them, they were super quick and willing to help. It works 24 hours a day, and there will always be someone to help with doubts or technical problems regarding the tool.
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Alternatives Considered
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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Workiva
We moved from a third party filer to doing it in house. Have seen demos of products like Active Disclosure, which has come a long way from the beta version I saw and but we are not too far gone with Wdesk for us to evaluate other products. When we first signed up with Webfilings, (former name of Workiva), there were no viable products in the market. I had seen an Oracle product and a beta version of Active Disclosure. It was not hard to see the ease and intuitive-screens, to guide one through the filing process. The excel-like spreadsheets were an added bonus.
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Return on Investment
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.
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Workiva
  • We spend less than we used to with a traditional printer.
  • We have been able to do turn-on-a-dime equity offerings with last minute changes and still file on time.
  • Inviting external legal into the platform has helped with communication but we actually suspect they spend MORE time (and billing) on our documents than they used to just simply because it's so easy to get at them anytime they want.
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