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Workday Financial Management

Workday Financial Management


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

Working with Workday.

9 out of 10
March 23, 2024
We use it for Pay, Time, absence, and onboarding documents. Pay gives you a good overview of your contribution to provincial and federal …
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The best of the best!

10 out of 10
March 20, 2024
This program helps us with our daily procurements. Keeps all our sensitive information under lock and key. We love this program its user …
Continue reading
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Popular Features

View all 21 features
  • Standard reports (20)
  • Single sign-on capability (20)
  • Pay calculation (18)
  • Dashboards (23)

Reviewer Pros & Cons

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View all pricing

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


  • Free Trial
  • Free/Freemium Version
  • Premium Consulting/Integration Services

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Product Demos

Lunch & Learn Demo: Supercharge Workday Financial Management


SnapLogic Live: Workday Financial Management Integration

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Payroll Management

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

Avg 7.2


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

Avg 7.3


This component helps a company minimize the security risks by controlling access to the software and its data, and encouraging best practices among users.

Avg 8.1

Reporting & Analytics

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

Avg 7.0

General Ledger and Configurable Accounting

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

Avg 7.6

Inventory Management

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

Avg 7.9

Order Management

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

Avg 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
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

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 Accounts receivable and Credit card processing highest, with a score of 9.1.

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


Attribute Ratings


(1-23 of 23)
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Score 10 out of 10
Vetted Review
Verified User
We use Workday Financial Management tool to keep track of financial records. So far the tool has been super helpful to keep financial records such as turnover, budget, project utilities finance report of projects and so on confidential and safe storage put together in a place. The tool has benefitted our organisation to access, analyse and better our performance. Further, Workday Financial Management is such a easy platform to use and only those eligible are given acces permission for safety measures.
  • Keep track records of financial reports such as budget , turnover, fiscal year net worth and so on
  • Access the records maintained clinically through this wonder software of Workday Financial Management
  • Storage and safeguard of confidentiality handled
  • So far I have only good experience no negative capacity whatsoever
  • The functionality is so easier to use no problem
  • Features are constantly updated to user needs
It is well suited for maintaining financial records, as it is a safe and confidential approach. The tool is easier to use and access so this makes it appropriate to be handled. Further, keeping all clinical records in one place. The tool is a magic wand to be considered for organization's especially those financial services.
Ahemad Shah | TrustRadius Reviewer
Score 9 out of 10
Vetted Review
Verified User
Powerful Accounting and budgeting product which has many easy features with excellent financial data management capability. Workday Financial Management provides effective collaboration across teams and the expense tracking and payment processing options are perfect. Financial analytics generation and financial data real time reporting through this platform is nice and invoicing and Automatic billing using Workday Financial Management is productive.
  • Budgeting ability.
  • Risk management tools.
  • Invoicing options.
  • Cash flow management features.
  • Not much but processing various financial data requires an expert.
  • Creating real time data analytics from big financial projects.
  • Transferring multiple financial data across other tools.
Effective Online payment proccessing solution and it allows Check proccessing and easy spply chain management. Through Workday Financial Management the Asset management, data access control and transaction history management this platform is fantastic. Real time monitoring and multi currency support capability is very helpful and document management features with Workday Financial Management are incredible.
Kayla Simpson | TrustRadius Reviewer
Score 9 out of 10
Vetted Review
Verified User
It is possible to discover meaningful financial and business insights with Workday Financial Management.It streamlines and automates complex accounting and financial processes thus saving time and increasing accuracy.I'm using Workday Financial Management to track,manage and control our cash flows efficiently.
  • Ability to generate accurate and timely employee payrolls.
  • Ease to analyze financial data.
  • Ability to generate custom and meaningful financial reports.
  • Ease to track and manage expenses.
  • It enhance great financial planning and budgeting.
  • Enhance proactive audit management and internal control.
  • Workday Financial Management pricing is relatively expensive compared to it's similar products and I would like to see the prices lowered so as to attract more business prospects.
Workday Financial Management is best suited to streamline and automate complex financial processes.It is a reliable tool that also enhance ease of payment processing.It is simple to generate financial reports that provides a comprehensive view of our organization performance.
Score 8 out of 10
Vetted Review
Verified User
In our organization currently we are using Workday Financial Management for many purposes for tracking employ data, track leave, conduct interviews and financial related information. here Workday Financial Management is doing great job for corporate. it's helping finance team to boost their productivity efficiency. it has many popular features like data auditing, data and accounting together, intelligent automation and customized needs of users.
  • data security
  • easy access and management
  • vased algorithm to calculate data
  • more reboust features
  • attractive UI
I'm associated with Workday Financial Management application from beginning of my career. i know it improved lots in terms of feature ,customer base and trust. Workday Financial Management doing it job better to providing flexibility to users and many others feature help colleague to chose this one.
Score 7 out of 10
Vetted Review
Verified User
It is a suitable ERP tool that is integrated into our different systems. It has made it easier to submit employee expense reports with necessary attachments. The cloud-based periodic save function helps with a clear audit trail. It also solved one big issue: integrating banking transactions into our purchasing and procurement departments. It is intuitive and somewhat easy to use!
  • Banking transaction integration for daily reconciliation.
  • Audit trail for expense reports.
  • It provides individual PDFs for each transaction if needed, with time stamp.
  • End-to-end support on expense report management.
  • The automatic save function isn't always active for the cloud version. I'm not sure if it is a glitch or a settings issue.
  • There are some limitations to customizations.
  • Updates don't go through properly on the system, leading to downtime issues.
Apart from excellent end-to-end expense reporting, it is also useful for a large organization to see the analytics across the board and project as needed.
Score 9 out of 10
Vetted Review
Verified User
Earlier, accessing systems such as expense and travel allowance records was quite lengthy. Now, with this tool, it is easy to maintain a seamless end-to-end process in the system. The interface is simple. It is mostly used in resource management systems to ensure that all data is secured in the system.
  • Expense management.
  • Resource management.
  • Consolidated results.
  • Few times observe, changes has not saved.
  • Initially take little time to understand, that can be improved.
  • Some navigation should be improved.
With this tool, it is easy to maintain end-to-end processes seamlessly in the system. The interface is simple and primarily used in resource management systems to ensure all the data is also secured.
March 23, 2024

Working with Workday.

Score 9 out of 10
Vetted Review
Verified User
We use it for Pay, Time, absence, and onboarding documents. Pay gives you a good overview of your contribution to provincial and federal governments. Time and absence also give a good overall view. I did face a few problems when it came to the onboarding process. There were some sections that required a mandatory response from me, but I was unable to write or submit anything.
  • Pay: Good overview of what is being subtracted from your pay.
  • Absence: It tells you how many days you will have in the future if you select a particular date.
  • Onboarding documents: There were a lot of mandatory options to fill out, but I was not able to select anything. For example, it asked me for two government IDs, the first one was SIN numbers which I was able to enter without any problem, but I wanted to enter my driver's license as the second ID, but I was not able to because there was no option for it.
  • Time: I understand that our company might have implemented this, but this section is useless for full-time employees who do not have to enter any hours. There should be an option where you should be able to choose that you are a full-time employee, and after choosing, it will automatically fill in the regular hours for you.
I think its user interface is very nice. The alternatives I had to use for this were ADP and BambooHR at my previous job. I would rate this better than ADP, but BambooHR has more features. You could also see others' time off, which was a good feature.
March 22, 2024

Workday is fantastic.

Score 8 out of 10
Vetted Review
Verified User
- Used as an HR tool to confirm HR processes & staff details.
  • Easy to use interface.
  • Search functions work well - able to find answers quickly.
  • Quick navigation - able to switch between different sub pages quickly.
  • Users should be able to adjust forms more easily; an interface for pre-defined forms is sometimes too compressed.
  • Dark mode should be an option (easier on my eyes).
  • Should be able to customize home page a little more.
- As an HR Financial tool, it's very reliable & info can be easily found.
March 22, 2024


Score 10 out of 10
Vetted Review
Verified User
We use Workday for numerous functions. We find it super helpful as an HRIS, as it helps us manage our people, culture, and talent attraction functions. The system helps address business problems, namely housing employee documentation, licensing, and other important data. We also use the enterprise resource planning function.
  • Talent Management.
  • Real Time Reporting.
  • Analytics
  • I love a workflow, so I always encourage the incorporation of as many workflows as possible!
  • The reporting function could be a bit more appealing (visually.)
  • The same goes for the analytics function.
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.
Michelle Allen | TrustRadius Reviewer
Score 7 out of 10
Vetted Review
Verified User
We use Workday Financial Management for all HR information. Payroll... W-4's and I-9's, PTO requests and continuing education. Having an App handy for the quicker access if you are an hourly employee is wonderful benefit. Saves from having to log onto computer then go to a website then click into it and clock in.
  • It's very handy to locate things
  • Stores secure documents
  • Has an App for people to use
  • Great for clocking in and out
  • Face recognition
It is a great tool but there are so many have to make sure it matches with the company using
March 20, 2024

The best of the best!

Score 10 out of 10
Vetted Review
Verified User
This program helps us with our daily procurements. Keeps all our sensitive information under lock and key. We love this program its user friendly easy to teach. No complaints even when I have to teach someone who has never used this system they love how easy it is to use.
  • Keeps our employees information secure
  • easy to use
  • Intelligently manage finance processes
  • I honestly just love it as it is
Just doing daily time checks clock ins and out. Approving time is so easy. I love being able to access it anywhere and being able show my coworkers tips and tricks. Its a game changer Thank you for creating such a great tool we are all able to use. I cant wait to see what you create next to make like even more easy!
Score 9 out of 10
Vetted Review
Verified User
Firstly, we love the UI so far. We have been using Workday for the last two years, and we mainly use it for our finance and accounting needs, as most of our processes are automated, we have to give our team a way to see all the reports in one place. Since Workday Financial Management has built-in integrations, we can able to see all our transactions in one place, and it helps us a lot for auditing purposes. And another important feature is time management, which helps us track our employees' working time/hours. And we can easily set up payroll for our employees, and keep their info in one place.
  • Built-in integrations to track payments
  • Manage and Track Revenue and Performance
  • Track Expences and Easy reporting
  • Invoices and Employees payroll
  • The UI is complex for new users, and employees
  • Workday is highly customizable, but it will takes time to understand the platform, it could be made easier
  • Pricing is little expensive for small businesses
Our main use case is to manage and track our expenses and revenue, which has worked well for us so far. It is easy to integrate with our CRM, and other financial tools we use in our company, so we can get all those data together for accounting needs. But, if we are looking for more affordable solutions, or a simple tool, Workday will not work for us.
Score 8 out of 10
Vetted Review
Verified User
We use Workday Financial Management at my business as a tool for employee compensation, organization, and time tracking. It gives information such as compensation statements, tax deductions, employee organizations, pay history, and team management. It is the sole software we use for this type of tracking, and has done well for us up to this point.
  • Employee organization
  • Pay History
  • Individual page ease of use
  • Interface does not make it easy to find what you're looking for
  • Provide information upfront, instead of hidden behind tab after tab
  • Ease of user interface in general
Workday Financial Management is very good at tracking data. It does this particularly well with time off and compensation data. It's a great management tool if you're able to dedicate some time to teach others in the company how to use it. It is not as user friendly to a first time user though, and many key parts of the system are hidden behind layers of options.
Erin Easterberg | TrustRadius Reviewer
Score 10 out of 10
Vetted Review
Verified User
Workday Financial Management is a huge success of a software. The general ledger is easy to use, view, enter. The AP side is streamlined compared to other previous used softwares. Cash management is reported easily for the controller. The financial reporting has helped aide in quicker financial audits. It has KPI available and built in scorecards for the visual employees.
  • Accounts payable
  • Financial reporting for audits
  • User experience is the absolute easiest out of all softwares I have learned
  • AR side is easier to follow than Salesforce or Quickbooks.
  • It’s absolutely worked out the kinks, nothing can be easier
  • It’s a great software that does everything I have used or needed in my accounting career
Staffing companies will absolutely Benefit from Workday Financial Management. The complexity we see with our billing side from billing worked shift to differentials to fees, it handles with ease. Large scale no problem. All ages of users no problem. This software is legit for big and small and any business will benefit with its abilities.
Score 7 out of 10
Vetted Review
Verified User
Workday Financial Management has been a valuable tool for our company to better prepare and report on the financial statements. It allows for the team to review the transactional detail with ease. It has helped the team have a uniform reporting package and has sped up the time to perform their month end tasks. The financials are more accurate with the ease of use.
  • Syncing with our budgeting software, Adaptive Planning
  • Being able to drill down into the detail
  • Navigating the menu takes some time learning
  • Building new reports and what is customizable
It is well suited if you are already using Workday Financial Management for HR or Adaptive Planning for your budgeting software. It is most likely for companies that are a little more established and moving on from another entry level type accounting software.
Score 8 out of 10
Vetted Review
Verified User
We use supplier accounts, revenue accounts, expenses, payroll, banking and settlement accounts, and purchasing.
  • management of business processes
  • customizable to fit our needs
  • adaptable security settings
  • Reporting and Analytics in the area of bringing different data elemtents together easily
  • Understanding data flows between multiple business processes
  • Clarity of integration messages
There are out of the box solutions that Workday Financial Management has when implementing, but the system is overall highly configurable to meet the needs of your organization. There are layers of security and complex reporting elements that allow you to get to the data you need (sometimes easily and sometimes it's a challenge). Workday Financial Management is very effective for us.
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.
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.
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.
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.
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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