#1 most frequent
United States of America
77.3%3,940 installations of 5,098
What is Workday Financial Management?
Workday Financial Management is a cloud-based financial software platform built on an in-memory architecture and an object-oriented data model. The system unifies transaction processing, multidimensional reporting, and consolidation into a single environment accessible via web and mobile interfaces.
Categories & Use Cases
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Screenshot of a discovery board
Top Performing Features
Single sign-on capability
The software system supports a centralized authentication mechanism allowing the user to access multiple systems with a single, centrally managed password.
Category average: 8.5
Role-based user permissions
Permissions to perform actions or access or modify data are assigned to roles, which are then assigned to users, reducing complexity of administration.
Category average: 8
API for custom integration
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.
Category average: 7.7
Areas for Improvement
Credit card processing
The software facilitates credit card processing.
Category average: 7.5
Accounts receivable
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.
Category average: 8.2
Location management
The software can track multiple goods across multiple locations.
Category average: 7.8
Who Buys & Uses Workday Financial Management
#2 most frequent
United Kingdom of Great Britain and Northern Ireland
4.9%252 installations of 5,098
#3 most frequent
Canada
4.6%237 installations of 5,098
Pros
- Accurate and high-quality financial reporting
- Intuitive workflow creation
- Scalability for diverse business sizes
Cons
- Requires extensive customization for complex business processes
- Artificial intelligence features are complex and time-consuming to master
- Basic interface can be cumbersome for continuous budget management
My experience with Workday Financial Management Software.
Use Cases and Deployment Scope
We use Workday Financial Management software as an enterprise resource planning solution. The software makes it easier for us to process payments, tracking expenses and manage purchase orders. It supports multiple currencies and allows bank connections. Use of the product in our business organisation has reduced manual efforts in financial management by streamlining critical processes and ensuring real-time visibility and accuracy. The product successfully integrates with a good number of third party applications and can be easily tailored to meet specific business needs.
Pros
- Accuracy of the software when it comes to financial management and reporting.
- Software regulatory compliance.
- Workday Financial Management software is highly scalable and suits businesses of different sizes.
- I like the software's simplicity when it comes to workflow creation.
Cons
- I don't like the software's artificial intelligence features. They are complex and require a lot of time to understand.
Return on Investment
- Workday financial management software has helped us in simplifying complex human resources management processes and ensuring strategic business planning and scorecarding.
- The software has provided us with a centralised platform from which we can easily access our employees' data, grant access to selected data and ensure compliance.
- Use of the software in our organisation has promoted decision making by providing us with real-time visibility into our teams productivity and income statements.
Usability
Other Software Used
Wix, Shopify, Zoho Books
Single page Navigation with best features and user friendly.
Use Cases and Deployment Scope
We are using Workday for comprehensive time sheet tracking, Skill set management, compensation and rewards management, and leave balance tracking and submission. It is very helpful to track all employee day-to-day activity features on a single page with a single click. Managing and navigating is very easy with single-step movements and SSO enabled, making it easy to access without entering credentials multiple times, while also ensuring the best security.
Pros
- Compensation Management, generating merit letters.
- Timesheet submission by weekly or monthly.
- Skill set updating and Required trainings completion.
Cons
- Payslip generation.
- Making more trainings available based on employee skill.
- Time submission codes copying from previous weeks or months.
Return on Investment
- For us it is good on overall business deliverables.
- It could have been more robust user interface.
- Recommended as per my experience.
Usability
Alternatives Considered
ADP Comprehensive Services
Other Software Used
Rally Software, Salesforce Service Cloud, Salesforce Sales Cloud
Great overall product
Use Cases and Deployment Scope
Workday Financial Management is what we use as our primary ERP system. We currently use Workday for our consolidated financials as well as financial reporting platform.
Pros
- Great Reporting
- Easy Journal Entries
- Great automated Bank Reconciliation functions
Cons
- The intercompany functionality for Workday could be better.
- Workday requires a lot of customization for us to get it setup to where we needed it.
- Workday App could use some improvements.
Return on Investment
- Initial startup costs were a bit high, but ongoing service agreement is very fair.
- Ongoing support and implementation are good.
- Worth the overall investment.
Usability
Alternatives Considered
Applied Epic
Other Software Used
Workday Payroll and Workforce Management, Workday Adaptive Planning, Applied Epic
Great Software Solutions to Meet Many of Your Business Needs
Use Cases and Deployment Scope
Our organization utilizes Workday Financial Management across multiple departments including accounting, reporting, data management & analytics. It allows us to seamlessly connect with colleagues for instant access to pertinent information. Once users are easily setup and offered basic training on the platform, it truly is a breeze to collaborate with each other. Having everything in one place is ideal.
Pros
- Access to multiple processes
- Easy collaboration across departments
- intuitive platform
Cons
- Overall cost is somewhat high
- Support tickets can take a while for a response
- Windows updates sometimes affect functionality
Return on Investment
- Allows for collaboration across multiple departments
- Instant access to reporting and analytics
- Improved efficiency
Usability
Good for basics but you'll need add-ons to be effective.
Use Cases and Deployment Scope
The main problem with Workday is that it nickel-and-dimes an organization for valuable features. We're a non-profit and can only afford the basics, but the basics don't cut it. This is fine for admin finance users who want to set budgets and coordinate expenses. However, the basic Workday is very cumbersome for employees managing a budget throughout the year. It provides no visibility into current budget spending other than reports that need to be run and are a pain to understand. It's not easy. And employee on/offboarding is likely another feature we would need to pay extra for, and we limp along and deal with it manually with many mistakes.
Pros
- Secure logins supported (MFA, etc.)
- Messaging for supported aspects to employees.
- Home page information.
Cons
- Ability to better customize business processes for expense reporting.
- No dashboard insights into current budget areas...only reports.
- No employee on/off boarding capabilities for management.
Return on Investment
- Cloud based.
- Better management for expenses and financial information for the organization.
Usability
Alternatives Considered
Microsoft Dynamics 365 Finance and Salesforce CMS
Other Software Used
Microsoft 365, Adobe Acrobat Sign, Google Analytics
