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…
Recent Reviews
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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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…
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Lunch & Learn Demo: Supercharge Workday Financial Management
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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 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).
Comparisons
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Reviews and Ratings
(111)Attribute Ratings
Reviews
(1-3 of 3)Companies can't remove reviews or game the system. Here's why
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.
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- Reliable budgeting and invoicing solution.
- Data visualization is excellent and even on our payment processing operations.
- Expense tracking and transaction history handing.
- Collaboration is easy and project documentation.
Workday Financial Management provides additional capabilities like real time financial analytics creation, easy tracking of multiple projects expense and management of all project financial data from one platform. CRM features are also impressive, billing tools and the online invoicing using Workday Financial Management and fraund detection is effective and even on distribution management this product is the master.
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.
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- It automate and optimize financial processes performance.
- Ability to make informed and better business decisions.
- It eliminates errors thus increasing accuracy.
- It's time-saving.
Workday Financial Management has more advanced features and functionalities compared to it's alternative.
It is possible to streamline and automate complex financial processes with Workday Financial Management more effectively compared to it's alternative.
It is possible to streamline and automate complex financial processes with Workday Financial Management more effectively compared to it's alternative.
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.
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- Quick and non-glitchy financial reporting.
- As more people use it, inter-department talks are always there as HR and Project managers are talking about the same software.
- The disturbance in service is no longer the problem as It integrates the three different sectors of financial reporting.
The application data of users in the case of PeopleSoft is stored in its proprietary data storage, whereas Workday Financial Management connects to outside databases to create analytics reports. Therefore, this option uplifts the need to use Workday Financial Management as an interactive tool of business intelligence. The release model of Workday Financial Management is ahead of Oracle because it has a continual announcement of more functionality that is a very attractive incentive for our project management team for improving and developing the ongoing operational streams.