Workday Financial Management

Workday Financial Management

Score 8.0 out of 10
Workday Financial Management

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...
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Recent Reviews

Workday Works!

7 out of 10
March 11, 2022
My company is in the midst of a Workday Financial Management/Revenue Management and HCM implementation for employees along with HCM and …
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Popular Features

View all 21 features
  • Single sign-on capability (6)
    9.5
    95%
  • Custom reports (7)
    9.0
    90%
  • Dashboards (7)
    9.0
    90%
  • Standard reports (7)
    8.8
    88%

Reviewer Pros & Cons

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Video Reviews

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Pricing

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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

Workday Financial Management for Global Businesses
02:15
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Features

Payroll Management

Provides for pay calculation and benefit plan administration, in addition to managing direct deposit, salary revisions and payroll tracking.

8.1Avg 7.4

Customization

This addresses a company’s ability to configure the software to fit its specific use case and workflow.

8.8Avg 7.3

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.

9.2Avg 8.2

Reporting & Analytics

Users can report on and analyze usage, performance, ROI, and/or other metrics of success.

8.9Avg 7.3

General Ledger and Configurable Accounting

Financial management solution, including capabilities for general ledger and configurable accounting

7.9Avg 7.6

Inventory Management

The ability to track and manage the flow of goods or materials into and out of an inventory.

9Avg 7.9

Order Management

The ability to process orders, and track them from quote to cash.

8.5Avg 7.8
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Product Details

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 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, Workday has delivered a single system that supports transaction processing, multidimensional reporting, consolidation, planning, and compliance—all using a consistent user experience accessible from desktop or mobile devices.

Key feature areas:
Accounting and Finance
Audit and Internal Controls
Revenue Management
Reporting and Analytics
Global Financial Reporting and Consolidation
Financial Planning
Projects
Expenses
Procurement
Inventory
Grants Management
Project Billing

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

In this video, Cushman & Wakefield, Netflix, and Aon explain why they selected Workday finance applications to help run their global organizations. Learn more at http://bit.ly/152jzPm.

Workday Financial Management Integrations

Workday Financial Management Competitors

Workday Financial Management Technical Details

Deployment TypesSoftware as a Service (SaaS), Cloud, or Web-Based
Operating SystemsUnspecified
Mobile ApplicationApple iOS, Android
Supported CountriesAustralia, 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 LanguagesEnglish, French, Spanish, German, Chinese (Simplified), Italian, Portuguese, and Japanese

Frequently Asked Questions

Microsoft Dynamics 365 are common alternatives for Workday Financial Management.

Reviewers rate Single sign-on capability highest, with a score of 9.5.

The most common users of Workday Financial Management are from Enterprises (1,001+ employees).
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Comparisons

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Reviews and Ratings

 (60)

Attribute Ratings

Reviews

(1-7 of 7)
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Score 10 out of 10
Vetted Review
Verified User
My frequency of usage involved planning cost strategies in managing AFE (Approval for expenditure) and field expenditure variability tracking for compression infrastructure and artificial lift equipment. Delivering custom reports to the field operation departments and flexible options of changing reported costs in Workday Financial Management systems enabled our supervisors to continue working on the development projects without any delay. It also helped determine the high-cost inconsistency areas where extra consideration will be required, due to the maturation of field assets or lack of skilled labor.
  • 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.
Financial reporting is sometimes tricky in our field because some oil and gas fields are depleted, and the standard methods of activating abandoned oil wells will have high-cost variability. Therefore, in this scenario, Workday Financial Management made internal financial reporting statements pretty seamless, where initial bid and field cost can be incorporated very easily in an asset-wise manner. Also, cloud-based sharing was never a problem, and our lease operators never had a problem understanding which reports belong to which asset.
Whether fixed asset or cash management, the Workday Financial Management community is an integral resource to receive pragmatic advice from other firms facing the same issues. It’s challenging to identify and measure the correct key performance indicators unless you execute the scenarios and test your hypotheses' results. This interactive dashboard help understands what segment of the project is affecting and supporting the net revenue.
March 11, 2022

Workday Works!

Score 7 out of 10
Vetted Review
Verified User
My company is in the midst of a Workday Financial Management/Revenue Management and HCM implementation for employees along with HCM and for customers and suppliers for procurement.
  • Punchouts
  • Business assets
  • Reporting
  • Integration with Channel Online and product sales
  • Use of DGW for configuration
  • Tax accounting
Workday can be configured to do almost anything that is needed for a client. However, it has been difficult for us to integrate Channel Online into Workday Financial Management/Revenue Management because of all of the exceptions that come along with using Channel Online. For example, having a PO in Channel Online trigger the creation of an invoice in Workday even though the product on the PO may not have shipped yet or if the product is cancelled the invoice has already been generated in Workday Financial Management/Revenue Management.
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.
Score 9 out of 10
Vetted Review
Verified User
My primary involvement centered around formulating and implementing budget strategies, to include reporting and forecasting revisions. some of the main issues we have had to deal with recently was variability in our forecast due to Covid, as contrasted to normal ongoing variability. Historical comparisons and KPIs allowed us to highlight specific areas that needed additional attention.
  • 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
Our primary model for budgeting revenue is centered on patient counts. Missed assumptions early in the year result in massive ramifications over the balance of the year. Workday formulas allowed us to write formulas to project the recovery of such shortfalls over a variable length of time, resulting in realistic projections for overcoming said shortfalls.
There has not been an issue they have been unable to work thru with us.
Score 7 out of 10
Vetted Review
Verified User
I use Workday Financial Management/Revenue Management to track spending in my department and to automate invoices/expenses with external vendors. Helps to track costs and find opportunities to reduce costs.
  • Tracking expenses
  • Automated invoicing
  • Summarizes billing
  • Easier user interface
  • Sometimes slow to access data
  • Steep learning curve
Workday Financial Management/Revenue Management is good for creating dashboards to see where costs are within your organization. There is a steep learning curve though, so may not be suited for organizations that want to hit the ground running immediately.
Sometimes difficult or takes long response time to get help through support team for Workday Financial Management/Revenue Management.
Zahra Najib | TrustRadius Reviewer
Score 10 out of 10
Vetted Review
Verified User
Workday Financial Management is used by our entire organization. We use it on a daily basis to track our working hours, paid time off, our pay stubs and much more. It helps us stay on track by calculating the number of hours every employee works and when they hit their overtime. This, in turn, helps the company to avoid paying employees overtime and make sure that nobody gets overworked. All of the benefits are tracked via Workday as well. Any communication regarding requesting time off to rolling in new policies is all communicated via Workday.
  • 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 is a very innovative platform that offers plenty of options and resources to its users in their daily lives. I have used Workday in three of the organizations I have worked in the past for. I am also a current user of Workday through my employer. Workday is best suitable for any retail or customer-facing environments. More and more companies are using Workday to even have strong candidates apply for a job. This helps them navigate their way through a platform that they will be using in the near future.
Score 8 out of 10
Vetted Review
Verified User
It is being used in our five-year-old China affiliate organization, but not used globally. It is the base system for accounting, general ledger, accounts payable, accounts receivable, payroll, asset management, sub-ledgers and financial reporting / operations. It does address our need for an enterprise resource planning system to support the backbone of the company and its financial management.
  • 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.
It was suited for our brand new operation; we 'opened the box' and implemented it from scratch and did not have to sunset older systems and replace with Workday Financial Management. This was well-suited for this. The cloud functionality was a core requirement for the organization, we did not need a Cadillac with all of the trimmings, we moved relatively quickly and installed.
Score 6 out of 10
Vetted Review
Verified User
When I first started it, we were using Workday Financial Management mainly for financial planning and project management.
  • 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.
I thought this was a great tool for putting together and tracking our department's actuals. Kind of like a Google Doc, people could edit it in real-time and comment. Which is great as I work on projects with coworkers where the events and projects are using different budgets. It helps to sort through what items should hit each budget.
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