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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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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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
- Keep track records of financial reports such as budget , turnover, fiscal year net worth and so on
- Access the records maintained clinically through this wonder software of Workday Financial Management
- Storage and safeguard of confidentiality handled
- So far I have only good experience no negative capacity whatsoever
- The functionality is so easier to use no problem
- Features are constantly updated to user needs
- 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.
- 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.
- data security
- easy access and management
- vased algorithm to calculate data
- more reboust features
- attractive UI
- 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.
March 25, 2024
Great tool with multi features.
- Expense management.
- Resource management.
- Consolidated results.
- Few times observe, changes has not saved.
- Initially take little time to understand, that can be improved.
- Some navigation should be improved.
March 23, 2024
Working with Workday.
- Pay: Good overview of what is being subtracted from your pay.
- Absence: It tells you how many days you will have in the future if you select a particular date.
- Onboarding documents: There were a lot of mandatory options to fill out, but I was not able to select anything. For example, it asked me for two government IDs, the first one was SIN numbers which I was able to enter without any problem, but I wanted to enter my driver's license as the second ID, but I was not able to because there was no option for it.
- Time: I understand that our company might have implemented this, but this section is useless for full-time employees who do not have to enter any hours. There should be an option where you should be able to choose that you are a full-time employee, and after choosing, it will automatically fill in the regular hours for you.
March 22, 2024
Workday is fantastic.
- Easy to use interface.
- Search functions work well - able to find answers quickly.
- Quick navigation - able to switch between different sub pages quickly.
- Users should be able to adjust forms more easily; an interface for pre-defined forms is sometimes too compressed.
- Dark mode should be an option (easier on my eyes).
- Should be able to customize home page a little more.
March 22, 2024
Accountant
- Talent Management.
- Real Time Reporting.
- Analytics
- I love a workflow, so I always encourage the incorporation of as many workflows as possible!
- The reporting function could be a bit more appealing (visually.)
- The same goes for the analytics function.
March 21, 2024
Loving Workday Financial Management!
- It's very handy to locate things
- Stores secure documents
- Has an App for people to use
- Great for clocking in and out
- Face recognition
March 20, 2024
The best of the best!
- Keeps our employees information secure
- easy to use
- Intelligently manage finance processes
- I honestly just love it as it is
- Built-in integrations to track payments
- Manage and Track Revenue and Performance
- Track Expences and Easy reporting
- Invoices and Employees payroll
- The UI is complex for new users, and employees
- Workday is highly customizable, but it will takes time to understand the platform, it could be made easier
- Pricing is little expensive for small businesses
March 20, 2024
A SOLID payroll system
- Employee organization
- Pay History
- Individual page ease of use
- Interface does not make it easy to find what you're looking for
- Provide information upfront, instead of hidden behind tab after tab
- Ease of user interface in general
- Accounts payable
- Financial reporting for audits
- User experience is the absolute easiest out of all softwares I have learned
- AR side is easier to follow than Salesforce or Quickbooks.
- It’s absolutely worked out the kinks, nothing can be easier
- It’s a great software that does everything I have used or needed in my accounting career
March 04, 2024
Workday Financial Management's a solid software
- 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
March 04, 2024
Workday Financial Management Review
- management of business processes
- customizable to fit our needs
- adaptable security settings
- Reporting and Analytics in the area of bringing different data elemtents together easily
- Understanding data flows between multiple business processes
- Clarity of integration messages
- 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!
- 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
- 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
- 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 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
- 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
- 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.