Workday Financial Management

Pay calculation provides for computation of employee pay with state and federal deductions.

Benefit plan administration is administration of health insurance plans and 401k plans, and other benefits.

Direct deposit is the ability to electronically transfer pay to an employee’s personal bank account.

An API (application programming interface) provides a standard programming interface for connecting third-party systems to the software for data creation, access, updating and/or deletion.

A number of third-party plug-ins are available to expand the core functionality of the software.

The software system supports a centralized authentication mechanism allowing the user to access multiple systems with a single, centrally managed password.

Permissions to perform actions or access or modify data are assigned to roles, which are then assigned to users, reducing complexity of administration.

Users can create, customize and share dashboards, which provide an overview of the most important metrics.

The software offers pre-built reports with metrics standard to the category.

Users can create custom reports.

This includes the automation and tracking of payment to vendors and suppliers, with features such as payment scheduling, check printing, open purchase order alerts, document management, direct ACH bill payment, and vendor records.

This includes the management and automation of invoices and collections, with features like statements, invoices, receipts, payment reminders, customer records, auto billing, and refund checks.

Account using multiple ledgers, multiple currencies, and multiple entities

Record and report across multiple currencies and accounting standards with primary and secondary ledgers

Automate and synchronize ledgers and processes

Configure accounting rules and segments for each chart of accounts

Centralize financial management to facilitate standardized financial processes

The software syncs orders and stock to maintain a real-time picture of inventory and supports multiple methods such as LIFO and FIFO.

The software can be set up to automatically reorder a good when it falls below a certain threshold.

The software can track multiple goods across multiple locations.

The software facilitates credit card processing.