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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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Recent Reviews

Working with Workday.

9 out of 10
March 23, 2024
Incentivized
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
Incentivized
This program helps us with our daily procurements. Keeps all our sensitive information under lock and key. We love this program its user …
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Popular Features

View all 21 features
  • Standard reports (20)
    8.8
    88%
  • Single sign-on capability (20)
    8.7
    87%
  • Pay calculation (18)
    8.4
    84%
  • Dashboards (23)
    8.4
    84%

Reviewer Pros & Cons

View all pros & cons
Verified User
Professional in Information Technology
Computer Software Company, 201-500 employees
Ahemad Shah | TrustRadius Reviewer
Ahemad Shah
Documentation Specialist
Bci Miami (Financial Services, 51-200 employees)
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Pricing

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Workday Financial Management

Workday Financial Management

N/A
Unavailable

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

Offerings

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

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Product Demos

Lunch & Learn Demo: Supercharge Workday Financial Management

YouTube

SnapLogic Live: Workday Financial Management Integration

YouTube
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Features

Payroll Management

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

8.3
Avg 7.2

Customization

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

8.3
Avg 7.3

Security

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

8.8
Avg 8.1

Reporting & Analytics

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

8.5
Avg 7.0

General Ledger and Configurable Accounting

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

8.5
Avg 7.6

Inventory Management

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

8.7
Avg 7.9

Order Management

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

9.1
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
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

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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Comparisons

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Reviews and Ratings

(111)

Attribute Ratings

Reviews

(1-5 of 5)
Companies can't remove reviews or game the system. Here's why
March 25, 2024

Steep learning, then easy to use, Workday Financial integrated software.

Verified User
Advisor in Research & Development
Oil & Energy Company, 5001-10,000 employees
Score 7 out of 10
Vetted Review
Verified User
Incentivized
Use Cases and Deployment Scope
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!
Pros and Cons
  • 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.
Likelihood to Recommend
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.
Workday Financial Management Feature Ratings
General Ledger and Configurable Accounting (7)
78.57142857142857%
7.9
Accounts payable
80%
8.0
Accounts receivable
80%
8.0
Global Financial Support
80%
8.0
Primary and Secondary Ledgers
70%
7.0
Journals and Reconciliations
100%
10.0
Configurable Accounting
60%
6.0
Standardized Processes
80%
8.0
Subledger and Financial Process
N/A
N/A
Inventory Management (3)
86.66666666666666%
8.7
Inventory tracking
90%
9.0
Automatic reordering
90%
9.0
Location management
80%
8.0
Order Management
N/A
N/A
Payroll Management (3)
73.33333333333333%
7.3
Pay calculation
70%
7.0
Benefit plan administration
70%
7.0
Direct deposit files
80%
8.0
Reporting & Analytics (3)
83.33333333333334%
8.3
Dashboards
90%
9.0
Standard reports
90%
9.0
Custom reports
70%
7.0
Customization (2)
60%
6.0
API for custom integration
60%
6.0
Plug-ins
60%
6.0
Security (2)
80%
8.0
Role-based user permissions
70%
7.0
Single sign-on capability
90%
9.0
Grants Management
N/A
N/A
Project Financial Management
N/A
N/A
Project Execution Management
N/A
N/A
Procurement
N/A
N/A
Risk Management
N/A
N/A
Logistics
N/A
N/A
Manufacturing
N/A
N/A
Supply Chain
N/A
N/A
Product Lifecycle Management
N/A
N/A
Return on Investment
  • We were able to combine 4 different HR modules into one system.
  • We reduced data breach incidents by 95% after shifting to Workday. One of our legacy softwares had vulnerabilities.
  • The initial learning curve was higher than projected. We spent about a week to 10 days extra time deploying it, which affected the profit center that year.
Alternatives Considered
WFM is integrated with SSO, while others are not fully integrated. SAP Concur was used mostly for expense report management, while Deltek Costpoint was used for project time and cost management. Deltek was not very user-friendly, unreliable, and expensive for what it handled.
Other Software Used
March 04, 2024

Workday Financial Management's a solid software

Verified User
Manager in Finance and Accounting
Retail Company, 51-200 employees
Score 7 out of 10
Vetted Review
Verified User
Incentivized
Use Cases and Deployment Scope
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.
Pros and Cons
  • 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
Likelihood to Recommend
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.
Workday Financial Management Feature Ratings
General Ledger and Configurable Accounting (7)
74.28571428571429%
7.4
Accounts payable
80%
8.0
Accounts receivable
70%
7.0
Global Financial Support
80%
8.0
Primary and Secondary Ledgers
80%
8.0
Journals and Reconciliations
70%
7.0
Configurable Accounting
70%
7.0
Standardized Processes
70%
7.0
Subledger and Financial Process
N/A
N/A
Inventory Management (3)
N/A
N/A
Inventory tracking
N/A
N/A
Automatic reordering
N/A
N/A
Location management
N/A
N/A
Order Management (1)
N/A
N/A
Credit card processing
N/A
N/A
Payroll Management (3)
53.33333333333333%
5.3
Pay calculation
80%
8.0
Benefit plan administration
80%
8.0
Direct deposit files
N/A
N/A
Reporting & Analytics (3)
73.33333333333333%
7.3
Dashboards
70%
7.0
Standard reports
80%
8.0
Custom reports
70%
7.0
Customization (2)
75%
7.5
API for custom integration
80%
8.0
Plug-ins
70%
7.0
Security (2)
85%
8.5
Role-based user permissions
90%
9.0
Single sign-on capability
80%
8.0
Grants Management
N/A
N/A
Project Financial Management
N/A
N/A
Project Execution Management
N/A
N/A
Procurement
N/A
N/A
Risk Management
N/A
N/A
Logistics
N/A
N/A
Manufacturing
N/A
N/A
Supply Chain
N/A
N/A
Product Lifecycle Management
N/A
N/A
Return on Investment
  • It has helped us be more efficient in month end close saving several days
  • It has helped with the uniformity and accurateness of our financials.
Alternatives Considered
The processing power of Workday Financial Management we much better. The other systems didn't run as fast when trying to look at the financials or running any of the various reports that we would need. It also has a cleaner view when looking at the details.
March 28, 2022

"Gauging Cost Variability While Automating Financial Reporting".

Verified User
Employee in Engineering
Design Company, 1001-5000 employees
Score 10 out of 10
Vetted Review
Verified User
Incentivized
Use Cases and Deployment Scope
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.
Pros and Cons
  • 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.
Likelihood to Recommend
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.
Workday Financial Management Feature Ratings
General Ledger and Configurable Accounting (7)
38.57142857142857%
3.9
Accounts payable
N/A
N/A
Accounts receivable
N/A
N/A
Global Financial Support
N/A
N/A
Primary and Secondary Ledgers
90%
9.0
Journals and Reconciliations
N/A
N/A
Configurable Accounting
90%
9.0
Standardized Processes
90%
9.0
Subledger and Financial Process
N/A
N/A
Inventory Management (3)
N/A
N/A
Inventory tracking
N/A
N/A
Automatic reordering
N/A
N/A
Location management
N/A
N/A
Order Management (1)
N/A
N/A
Credit card processing
N/A
N/A
Payroll Management (3)
N/A
N/A
Pay calculation
N/A
N/A
Benefit plan administration
N/A
N/A
Direct deposit files
N/A
N/A
Reporting & Analytics (3)
93.33333333333334%
9.3
Dashboards
90%
9.0
Standard reports
90%
9.0
Custom reports
100%
10.0
Customization (2)
45%
4.5
API for custom integration
90%
9.0
Plug-ins
N/A
N/A
Security (2)
45%
4.5
Role-based user permissions
N/A
N/A
Single sign-on capability
90%
9.0
Grants Management
N/A
N/A
Project Financial Management
N/A
N/A
Project Execution Management
N/A
N/A
Procurement
N/A
N/A
Risk Management
N/A
N/A
Logistics
N/A
N/A
Manufacturing
N/A
N/A
Supply Chain
N/A
N/A
Product Lifecycle Management
N/A
N/A
Return on Investment
  • 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.
Alternatives Considered
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.
Other Software Used
Usability
9
The availability of a stable and effective user interface terminal for all sectors/stakeholders such as workers, managers, executives, and also auditors. The simultaneous approach of automating while controlling the cash flow is something very unique offered by the Workday Financial Management financial console. The hypercube technology will enable to process/compare multiple asset models while integrating financial and operational data.
Support Rating
9
Whether fixed asset or cash management, the Workday Financial Management community is an integral resource to receive pragmatic advice from other firms facing the same issues. It’s challenging to identify and measure the correct key performance indicators unless you execute the scenarios and test your hypotheses' results. This interactive dashboard help understands what segment of the project is affecting and supporting the net revenue.
March 11, 2022

Workday Works!

Verified User
Analyst in Information Technology
Higher Education Company, 51-200 employees
Score 7 out of 10
Vetted Review
Verified User
Incentivized
Use Cases and Deployment Scope
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.
Pros and Cons
  • Punchouts
  • Business assets
  • Reporting
  • Integration with Channel Online and product sales
  • Use of DGW for configuration
  • Tax accounting
Likelihood to Recommend
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.
Workday Financial Management Feature Ratings
General Ledger and Configurable Accounting (7)
84.28571428571429%
8.4
Accounts payable
80%
8.0
Accounts receivable
80%
8.0
Global Financial Support
80%
8.0
Primary and Secondary Ledgers
90%
9.0
Journals and Reconciliations
90%
9.0
Configurable Accounting
90%
9.0
Standardized Processes
80%
8.0
Subledger and Financial Process
N/A
N/A
Inventory Management (3)
N/A
N/A
Inventory tracking
N/A
N/A
Automatic reordering
N/A
N/A
Location management
N/A
N/A
Order Management (1)
90%
9.0
Credit card processing
90%
9.0
Payroll Management (3)
86.66666666666666%
8.7
Pay calculation
90%
9.0
Benefit plan administration
80%
8.0
Direct deposit files
90%
9.0
Reporting & Analytics (3)
93.33333333333334%
9.3
Dashboards
90%
9.0
Standard reports
100%
10.0
Custom reports
90%
9.0
Customization (2)
85%
8.5
API for custom integration
90%
9.0
Plug-ins
80%
8.0
Security (2)
95%
9.5
Role-based user permissions
90%
9.0
Single sign-on capability
100%
10.0
Grants Management
N/A
N/A
Project Financial Management
N/A
N/A
Project Execution Management
N/A
N/A
Procurement
N/A
N/A
Risk Management
N/A
N/A
Logistics
N/A
N/A
Manufacturing
N/A
N/A
Supply Chain
N/A
N/A
Product Lifecycle Management
N/A
N/A
Return on Investment
  • Workday has streamlined several processes
  • Workday has eliminated a number of systems
  • Workday has increased efficiency
Alternatives Considered
We went from PeopleSoft to Workday because of the efficiency and ease of use. There were a lot of limitations in PeopleSoft, just in simple things like character limits on fields that did not allow us to be as detailed. Workday Financial Management/Revenue Management has very few limitations and is very intuitive.
Other Software Used
Usability
8
Workday Financial Management/Revenue Management does have a slight learning curve but is mostly intuitive and easy to pick up by novice users after a few uses.
Support Rating
9
Our support team has been awesome. They are extremely knowledgeable and have been able to guide us through all of the challenges we have faced. Workday's community online is also extremely helpful with many trainings and help topics that can be reviewed at your convenience.
March 10, 2022

Great dashboards, could be more user friendly

Verified User
Engineer in Engineering
Electrical & Electronic Manufacturing Company, 10,001+ employees
Score 7 out of 10
Vetted Review
Verified User
Incentivized
Use Cases and Deployment Scope
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.
Pros and Cons
  • Tracking expenses
  • Automated invoicing
  • Summarizes billing
  • Easier user interface
  • Sometimes slow to access data
  • Steep learning curve
Likelihood to Recommend
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.
Workday Financial Management Feature Ratings
General Ledger and Configurable Accounting (7)
62.857142857142854%
6.3
Accounts payable
60%
6.0
Accounts receivable
60%
6.0
Global Financial Support
80%
8.0
Primary and Secondary Ledgers
50%
5.0
Journals and Reconciliations
40%
4.0
Configurable Accounting
80%
8.0
Standardized Processes
70%
7.0
Subledger and Financial Process
N/A
N/A
Inventory Management (3)
90%
9.0
Inventory tracking
90%
9.0
Automatic reordering
90%
9.0
Location management
90%
9.0
Order Management (1)
80%
8.0
Credit card processing
80%
8.0
Payroll Management (3)
76.66666666666667%
7.7
Pay calculation
70%
7.0
Benefit plan administration
80%
8.0
Direct deposit files
80%
8.0
Reporting & Analytics (3)
90%
9.0
Dashboards
100%
10.0
Standard reports
90%
9.0
Custom reports
80%
8.0
Customization (2)
85%
8.5
API for custom integration
80%
8.0
Plug-ins
90%
9.0
Security (2)
85%
8.5
Role-based user permissions
80%
8.0
Single sign-on capability
90%
9.0
Grants Management
N/A
N/A
Project Financial Management
N/A
N/A
Project Execution Management
N/A
N/A
Procurement
N/A
N/A
Risk Management
N/A
N/A
Logistics
N/A
N/A
Manufacturing
N/A
N/A
Supply Chain
N/A
N/A
Product Lifecycle Management
N/A
N/A
Return on Investment
  • Cost reduction
  • Expense visibility
  • Automated vendor payments
Usability
5
Workday Financial Management/Revenue Management could be more user friendly. Steep learning curve makes it difficult for an organization to hit the ground running.
Support Rating
6
Sometimes difficult or takes long response time to get help through support team for Workday Financial Management/Revenue Management.
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