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https://dudodiprj2sv7.cloudfront.net/product-logos/65/p9/ZSNXBIJQ2L23.JPEGWorkday Financial Management is a very solid and comprehensive system for a new organization to implementIt 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.,8,As a new starup affiliate five years ago, we did not have a huge budget. The ROI was met relatively quickly, no surprises here. With minimal consulting assistance, this made the implementation cost reasonable, if any software implementation could be considered reasonable. It was a risk to implement Workday Financial Management in one country but we did leverage it with HCM in the states.,PeopleSoft Financials, PeopleSoft Campus Solutions and Oracle ERP Cloud,Kyriba, Workday Human Capital Management, Oracle Hyperion Enterprise Performance Management, Google AnalyticsWorkday Financial Management makes it a good dayWhen 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.,6,From my experience with it, it had a positive impact on our business by helping make smoother financial reports. Easy to collaborate with others on building actual reports. Made life easier for supervisors by allowing them to quickly and easily look over actual information, to move forward wth planning future budgets.,,Box, Microsoft Dynamics AX, Google Drive, Google Hangouts, Google Forms, PayPal Payments
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Workday Financial Management
20 Ratings
Score 8.2 out of 101
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Workday Financial Management Reviews

Workday Financial Management
20 Ratings
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Score 8.2 out of 101
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December 08, 2018

Review: "Workday Financial Management is a very solid and comprehensive system for a new organization to implement"

Score 8 out of 10
Vetted Review
Verified User
Review Source
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.
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April 10, 2017

Review: "Workday Financial Management makes it a good day"

Score 6 out of 10
Vetted Review
Verified User
Review Source
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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Workday Financial Management Scorecard Summary

Feature Scorecard Summary

Pay calculation (1)
7
Benefit plan administration (1)
7
Direct deposit files (1)
7
Salary revision and increment management (1)
7
Reimbursement management (1)
7
API for custom integration (1)
8
Plug-ins (1)
8
Single sign-on capability (1)
9
Role-based user permissions (1)
9
Dashboards (2)
7.0
Standard reports (2)
8.0
Custom reports (2)
7.3
Accounts payable (1)
8
Accounts receivable (1)
8
Expense management (1)
8
Global Financial Support (1)
7
Primary and Secondary Ledgers (1)
8
Intercompany Accounting (1)
8
Localizations (1)
8
Journals and Reconciliations (1)
8
Configurable Accounting (1)
8
Centralized Rules Framework (1)
8
Standardized Processes (1)
8

About 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
Has featureAccounts payable
Has featureAccounts receivable
Does not have featureCash management
Does not have featureBank reconciliation
Does not have featureExpense management
Does not have featureTime tracking
Does not have featureFixed asset management
Does not have featureMulti-currency support
Does not have featureMulti-division support
Does not have featureRegulations compliance
Does not have featureElectronic tax filing
Does not have featureSelf-service portal
Has featureGlobal Financial Support
Has featurePrimary and Secondary Ledgers
Has featureIntercompany Accounting
Has featureLocalizations
Has featureJournals and Reconciliations
Does not have featureEnterprise Accounting
Has featureConfigurable Accounting
Has featureCentralized Rules Framework
Has featureStandardized Processes
Inventory Management Features
Has featureInventory tracking
Has featureAutomatic reordering
Has featureLocation management
Does not have featureManufacturing module
Order Management Features
Does not have featurePricing
Does not have featureOrder entry
Has featureCredit card processing
Does not have featureCost of goods sold
Does not have featureOrder Orchestration
Does not have featureEnd-to-end order visibility
Does not have featureOrder exception Resolution
Payroll Management Features
Has featurePay calculation
Has featureBenefit plan administration
Has featureDirect deposit files
Has featureSalary revision and increment management
Has featureReimbursement management
Reporting & Analytics Features
Has featureDashboards
Has featureStandard reports
Has featureCustom reports
Customization Features
Has featureAPI for custom integration
Has featurePlug-ins
Security Features
Has featureRole-based user permissions
Has featureSingle sign-on capability
Has featureMulti-factor authentication
Has featureUser-level audit trail
Accounting Firm BPO Features Features
Does not have featureBranded client dashboards
Does not have featureClient data roll-up capabilities
Does not have featureClient data consolidation for benchmarking
Does not have featureConfigurable alerts
Does not have featureBilling bypass
Does not have featureClient template cloning
Does not have featureSingle sign-on
Does not have featureConfigurable client onboarding questions
Does not have featureCross-client workflow management
Does not have featureIndustry-specific versioning
Does not have featureLegacy system data migration

Workday Financial Management Integrations

Workday Financial Management Competitors

Oracle, SAP, Oracle NetSuite, Microsoft Dynamics 365 (formerly Microsoft Dynamics CRM)

Workday Financial Management Support Options

 Free VersionPaid Version
Phone
Email
Social Media
Video Tutorials / Webinar
Live Chat
Forum/Community
FAQ/Knowledgebase

Workday Financial Management Technical Details

Deployment Types:SaaS
Operating Systems: Unspecified
Mobile Application:Apple iOS, Android
Supported Countries:Australia, 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 Languages: English, French, Spanish, German, Chinese (Simplified), Italian, Portuguese, and Japanese