Workday Financial Management is a very solid and comprehensive system for a new organization to implement
Anonymous | TrustRadius Reviewer
December 08, 2018

Workday Financial Management is a very solid and comprehensive system for a new organization to implement

Score 8 out of 10
Vetted Review
Verified User
Review Source

Overall Satisfaction with Workday Financial Management

It is being used in our five-year-old China affiliate organization, but not used globally. It is the base system for accounting, general ledger, accounts payable, accounts receivable, payroll, asset management, sub-ledgers and financial reporting / operations. It does address our need for an enterprise resource planning system to support the backbone of the company and its financial management.
  • 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.
  • As a new starup affiliate five years ago, we did not have a huge budget. The ROI was met relatively quickly, no surprises here.
  • With minimal consulting assistance, this made the implementation cost reasonable, if any software implementation could be considered reasonable.
  • It was a risk to implement Workday Financial Management in one country but we did leverage it with HCM in the states.
Stacking up it was a faster and more inexpensive implementation. Granted it was still early in the system development years, but the results and the five years of using it speak for themselves. Cloud we wanted, comprehensive financials was a core functional requirement and this was met - it would have taken much longer to implement Workday's competitor systems and we did not have that flexibility. Adding new functionality was relatively painless.
It was suited for our brand new operation; we 'opened the box' and implemented it from scratch and did not have to sunset older systems and replace with Workday Financial Management. This was well-suited for this. The cloud functionality was a core requirement for the organization, we did not need a Cadillac with all of the trimmings, we moved relatively quickly and installed.

Workday Financial Management Feature Ratings

Accounts payable
8
Accounts receivable
8
Global Financial Support
7
Primary and Secondary Ledgers
8
Intercompany Accounting
8
Localizations
8
Journals and Reconciliations
8
Configurable Accounting
8
Centralized Rules Framework
8
Standardized Processes
8
Inventory tracking
Not Rated
Automatic reordering
Not Rated
Location management
Not Rated
Credit card processing
Not Rated
Pay calculation
7
Benefit plan administration
7
Direct deposit files
7
Salary revision and increment management
7
Reimbursement management
7
Dashboards
7
Standard reports
8
Custom reports
7
API for custom integration
8
Plug-ins
8
Role-based user permissions
9
Single sign-on capability
9