"Gauging Cost Variability While Automating Financial Reporting".
Updated March 28, 2022

"Gauging Cost Variability While Automating Financial Reporting".

Anonymous | TrustRadius Reviewer
Score 10 out of 10
Vetted Review
Verified User

Overall Satisfaction with Workday Financial Management/Revenue Management

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

  • 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.

Cons

  • 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.
  • 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.
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.

Do you think Workday Financial Management delivers good value for the price?

Yes

Are you happy with Workday Financial Management's feature set?

Yes

Did Workday Financial Management live up to sales and marketing promises?

I wasn't involved with the selection/purchase process

Did implementation of Workday Financial Management go as expected?

Yes

Would you buy Workday Financial Management again?

Yes

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.
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.
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

9.0
Accounts payable
Not Rated
Accounts receivable
Not Rated
Global Financial Support
Not Rated
Primary and Secondary Ledgers
9
Journals and Reconciliations
Not Rated
Configurable Accounting
9
Standardized Processes
9
Subledger and Financial Process ()
Not Rated
Not Rated
Inventory tracking
Not Rated
Automatic reordering
Not Rated
Location management
Not Rated
Not Rated
Credit card processing
Not Rated
Not Rated
Pay calculation
Not Rated
Benefit plan administration
Not Rated
Direct deposit files
Not Rated
9.3
Dashboards
9
Standard reports
9
Custom reports
10
9.0
API for custom integration
9
Plug-ins
Not Rated
9.0
Role-based user permissions
Not Rated
Single sign-on capability
9
Grants Management ()
Not Rated
Project Financial Management ()
Not Rated
Project Execution Management ()
Not Rated
Procurement ()
Not Rated
Risk Management ()
Not Rated
Logistics ()
Not Rated
Manufacturing ()
Not Rated
Supply Chain ()
Not Rated
Product Lifecycle Management ()
Not Rated

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