"Gauging Cost Variability While Automating Financial Reporting".
My frequency of usage involved
planning cost strategies in managing AFE (Approval for expenditure) and field
expenditure variability …
Workday Financial Management
Workday Financial Management
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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Popular Features
View all 21 features- Single sign-on capability (6)9.595%
- Custom reports (7)9.090%
- Dashboards (7)9.090%
- Standard reports (7)8.888%
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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…
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- No setup fee
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- Free Trial
- Free/Freemium Version
- Premium Consulting / Integration Services
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Workday Financial Management for Global Businesses
02:15
Features
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Product Details
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- Competitors
- Tech Details
- FAQs
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
- Microsoft Dynamics 365
- Oracle
- SAP
- Oracle NetSuite
Workday Financial Management Technical Details
| Deployment Types | Software as a Service (SaaS), Cloud, or Web-Based |
|---|---|
| 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 |
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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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.
March 11, 2022
Workday Works!
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
March 10, 2022
World class product, backed up by world class support
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
March 10, 2022
Great dashboards, could be more user friendly
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
July 10, 2019
Simple and Intuitive solution
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
December 09, 2018
Workday Financial Management is a very solid and comprehensive system for a new organization to implement
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.
April 10, 2017
Workday Financial Management makes it a good day
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.