Is Workday Financial Management Right For Your Business?

Workday Financial Management is a cloud-based system that enables organizations to streamline transaction processing, reporting, and consolidations. It also helps them monitor cash flow and deliver real-time insights.

During the first phase of its finance transformation, KeyBank chose Workday to replace its core systems and centralize accounting rules. During the second phase, it expects to automate even more processes.

Accounting

Workday accounting functions allow users to improve financial visibility and streamline internal financial management processes. The system also provides a range of general ledger functions, accounts payable/receivable management, budgeting forecasting, and reporting capabilities.

Its worldwide capacities, consisting of multi-currency, multi-language, and multiple books, help simplify global accounting processes. Workday can model many operating entities, businesses, and company units to enable easier completion of intercompany transactions such as eliminations, allocations, adjustments, and consolidated reporting.

The system’s accounting center takes large volumes of transactional data from various disparate systems and transforms them into accounting entries. This allows organizations to maintain accounting rules, comply with audit requirements, and resolve errors in financial data.

It also supports flexible business process management, including a flexible framework for creating and managing approval chains. This ensures the right people get the appropriate information at the right time. Moreover, employees and managers can record their regular and overtime hours and manage expense reports from anywhere and at any time via the employee portal.

Financial Reporting

Workday’s financial reporting functions provide users with a clear view of deductions and earnings. It also helps them track their expenses and make decisions in the most efficient way possible. Its cloud connection for payroll makes it easy for companies to integrate with third-party payroll providers. Additionally, it provides access to all payroll data regardless of time frames.

The application’s unified financial management system significantly improves traditional legacy enterprise resource planning systems. This streamlined approach makes it easier to manage the business and accelerates the period close. It also allows you to model multiple operating entities, businesses, or company units to support intercompany transactions, eliminations, allocations, adjustments, and consolidated reporting.

The app has been designed to help organizations streamline their HR, finance, and analytics processes. The software provides a single, integrated platform for handling all aspects of human resources management, including payroll, performance, and employee engagement. Workday’s reporting capabilities enable organizations to identify the impact of HCM programs on business results. These may be direct results like sales per employee or indirect ones such as revenue per user or cost per incident.

Financial Planning

Workday’s financial planning functions allow users to manage employee data and improve internal finance processes. Its user-friendly interface makes it easy for businesses to track time and expense reports, analyze project performance, and stay current on the latest company news.

Workday also offers several payroll processing tools. Its unified system is compatible with any device and can be accessed anywhere. Its flexible framework allows employees and managers to organize themselves based on function, hierarchy, or department. It can handle everything from hiring and training to monitoring expenses and logging sick or vacation time.

The system provides accounting, human capital management (HCM), planning, professional services automation, and project management. It can be used by mid-size and large companies, divisions within a larger enterprise, and higher education institutions. It can help organizations streamline their HR and internal finance operations and boost productivity. It can also help them make better business decisions based on real-time data.

Financial Analysis

Workday Financial Management provides a complete accounting and finance solution, transforming your organization’s business processes with powerful analytics and automation. Workday’s cloud-based platform streamlines general ledger, accounts payable, and financial planning & analysis. It also lets you quickly deploy new capabilities, including predictive analytics and machine learning.

The Accounts Payable feature in Workday automates invoice processing and payment, reducing manual errors and saving time. It supports multicurrency accounting and can be integrated with bank systems. The Fixed Assets feature in Workday allows organizations to track and manage their fixed assets, calculating depreciation accurately. Workday’s Expense Reporting and Reimbursement feature allows employees to submit expense reports electronically and automates the approval process, reducing manual errors.

Workday’s flexible global foundation delivers scalable multidimensional reporting and analytics across all data sources. It helps you simplify accounting procedures, improve financial consolidation and close, and achieve better compliance with regulations. It also accelerates close times and increases efficiency with a unified user experience.