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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 22, 2024

Accountant

JL
Jason Levy
Account Director
Priority Private Care (Accounting, 51-200 employees)
Score 10 out of 10
Vetted Review
Verified User
Incentivized
Use Cases and Deployment Scope
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.
Pros and Cons
  • 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.
Likelihood to Recommend
Workday is well suited for managing employees throughout their full life cycle. It excels at housing employee data from the start of their time with the company through their departure. Workday is less suited to payroll functions, which could be more robust.
Workday Financial Management Feature Ratings
General Ledger and Configurable Accounting (7)
91.42857142857142%
9.1
Accounts payable
100%
10.0
Accounts receivable
100%
10.0
Global Financial Support
90%
9.0
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)
80%
8.0
Inventory tracking
80%
8.0
Automatic reordering
80%
8.0
Location management
80%
8.0
Order Management (1)
80%
8.0
Credit card processing
80%
8.0
Payroll Management (3)
70%
7.0
Pay calculation
70%
7.0
Benefit plan administration
70%
7.0
Direct deposit files
70%
7.0
Reporting & Analytics (3)
86.66666666666666%
8.7
Dashboards
90%
9.0
Standard reports
80%
8.0
Custom reports
90%
9.0
Customization (2)
90%
9.0
API for custom integration
90%
9.0
Plug-ins
90%
9.0
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 had a significant impact on our business's bottom line. Since instituting Workday, we have seen a 31% reduction in accounts payable outstanding year over year.
  • Thanks to Workdays' payroll reporting function, we have reduced the premium "combat" pay we offer our medical providers by 13%.
Alternatives Considered
Workday is far superior to UKG. UKG felt cumbersome while being used, whereas Workday felt easy and intuitive. Workday allows for an easier flow of completing numerous everyday functions. I aim to integrate it into as many of my daily work routines as I can, reducing the time required in each area.
Other Software Used
Users and Roles
5
Support Headcount Required
5
Business Processes Supported
  • HRIS/Talent Attraction.
  • Budgeting
  • Time Keeping
Innovative Uses
  • For great HRIS functionality.
  • Time Keeping.
  • Budget Creation.
Future Planned Uses
  • We might be able to use additional functionality not yet explored.
Likelihood to Renew
9
Products Replaced
Yes
We replaced UKG Ready with Workday. It has been a "breath of fresh air" using Workday. Unlike UKG, Workday is easy to use and intuitive. It allows for a reduction in processing time, opening up opportunities to focus on other administrative/finance-related matters that hit my desk on the regular.
Key Differentiators
  • Cloud Solutions
  • Integration with Other Systems
  • Ease of Use
Ease of use is most certainly the single most important factor in my decision. The ease of use is the main selling point of the product, as other similar systems have been difficult to learn. For example, UKG Ready requires the setup of numerous cost centers, which are not intuitive and easily understandable.
Evaluation Lessons Learned
I am happy with the Workday selection. It has been the best decision our company has made, and if I could go back, I would have implemented Workday sooner. I would not change my evaluation & selection process in the slightest. Moving off of old/antiquated systems was a breeze.
Support Rating
10
I have found Workdays' customer support to be top-notch. Between the e-mails and phone calls I have made to the company, I have seen excellent service. There has been regular follow-up as warranted, and this is welcome. While I prefer not to need to contact support when it is required, it has been a pleasant experience.
Premium Support
We did not purchase premium support, as we decided to try regular support first. Thus far, the regular support has been super helpful. Therefore, we have found no need (currently) for premium support. There may be a need for this type of support in the future, and we will continue to consider it for our needs.
Bug Resolution
No
Exceptional Examples of Workday Financial Management Support
Each time I have called Workday, I have received exceptional support, which has left me with a positive impression of the company and its team members.
Usability
10
I give it this rating because I've found Workday super easy to use. It is very intuitive and simple for a "lay person" like myself. It feels as if it was created to avoid the confusion that similar systems produce.
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

World class product, backed up by world class support

Verified User
Analyst in Corporate
Health, Wellness and Fitness Company, 1001-5000 employees
Score 9 out of 10
Vetted Review
Verified User
Incentivized
Use Cases and Deployment Scope
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.
Pros and Cons
  • 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
Likelihood to Recommend
Our primary model for budgeting revenue is centered on patient counts. Missed assumptions early in the year result in massive ramifications over the balance of the year. Workday formulas allowed us to write formulas to project the recovery of such shortfalls over a variable length of time, resulting in realistic projections for overcoming said shortfalls.
Workday Financial Management Feature Ratings
General Ledger and Configurable Accounting (5)
78%
7.8
Global Financial Support
90%
9.0
Primary and Secondary Ledgers
100%
10.0
Journals and Reconciliations
N/A
N/A
Configurable Accounting
100%
10.0
Standardized Processes
100%
10.0
Subledger and Financial Process
N/A
N/A
Inventory Management
N/A
N/A
Order Management
N/A
N/A
Payroll Management
N/A
N/A
Reporting & Analytics (3)
80%
8.0
Dashboards
80%
8.0
Standard reports
70%
7.0
Custom reports
90%
9.0
Customization (1)
100%
10.0
Plug-ins
100%
10.0
Security (2)
100%
10.0
Role-based user permissions
100%
10.0
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
  • easier long term forecasts
  • more immediate reporting against budget/forecast
  • buyin throughout senior management
Alternatives Considered
The costs to implement Hyperion were astronomical comparted to Workday. Furthermore, the implementation timeline was probably a third of what we would have been looking at had we gone with Hyperion. Simply put, we got somewhere in the neighborhood of 90% of what we needed for 10-20% of the cost.
Usability
9
Workday is easy enough navigate, as long as it is properly set up. With that said, it can be put together in a modular fashion as well, allowing for a very high degree of flexibility in terms of design and process delegation. Finally, it makes consolidation achievable in times previously unthinkable.
Support Rating
10
There has not been an issue they have been unable to work thru with us.
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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