Workday Financial Management tool and it's wonder in the organization landscape
We use Workday Financial Management tool to keep track of financial records. So far the tool has been super helpful to keep financial …
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
- Standard reports (20)8.888%
- Single sign-on capability (20)8.787%
- Pay calculation (18)8.484%
- Dashboards (23)8.484%
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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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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 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
(1-23 of 23)Companies can't remove reviews or game the system. Here's why
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.
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.
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.
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.
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!
March 25, 2024
Great tool with multi features.
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.
March 23, 2024
Working with Workday.
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.
March 22, 2024
Workday is fantastic.
- Used as an HR tool to confirm HR processes & staff details.
March 22, 2024
Accountant
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.
March 21, 2024
Loving Workday Financial Management!
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.
March 20, 2024
The best of the best!
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.
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.
March 20, 2024
A SOLID payroll system
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.
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.
March 04, 2024
Workday Financial Management's a solid software
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.
March 04, 2024
Workday Financial Management Review
We use supplier accounts, revenue accounts, expenses, payroll, banking and settlement accounts, and purchasing.
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.
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.
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.
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.
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.
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.
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.