What is Workday in Accounting?

Workday accounting is a single system of record that connects people with financial information. This financial management solution unifies all aspects of global operations, from transaction processing to planning and compliance reporting.

Improve visibility and strengthen internal controls with a unified finance foundation. Unify payroll and expense management with online Expense Reporting, which reduces manual errors and automates approvals.

Accounts Receivable

Workday provides a powerful solution to manage customer accounting and the quote-to-cash process. This helps organizations streamline the order-to-cash cycle, increase visibility into customer accounts and receivables,s and accelerate cash flow.

Workday accounting automatically ingests business events in real-time and delivers accurate, timely financial information to leadership teams. This eliminates manual hand-offs between systems and enables data to be delivered when and where it’s needed for the business.

The Procurement feature enables you to create, manage and track purchases for goods and services across the entire procure-to-pay process. Its centralized view of procurement status helps reduce manual errors and allows you to track costs more accurately.

Workday expense management enables employees to report expenses online and automates the approval and reimbursement processes, reducing administrative burden. It also helps you understand employee spending by grouping spending into hierarchies and mapping them to ledger accounts for accounting reporting. This helps you identify trends and control spending.

Project Accounting

Workday Project Accounting enables you to track, report, and manage all project billing and revenue recognition aspects. It expands on the capabilities of Work Management and gives your organization real-time visibility into project profitability.

Leverage a single supplier collaboration portal to help you manage and reduce goods, services, and contingent labor costs. Workday Procurement supports the unique policies and processes of your goods and services procurement needs, from requisition to payment.

Eliminate manual hand-offs and integration points with a unified solution with HCM, Payroll, and Financial Management. Reduce expenses costs with a simple and intuitive system for global expense reporting. Improve grant compliance with streamlined tools that make it easy to report on spending, grant budgets, and expenditures by the sponsor. Reclaim business assets that “walk out the door” with ease using Business Asset Tracking. And reduce tax risk with a solution that automatically calculates tax liabilities and integrates with your tax systems.

Fixed Assets Management

Streamline the process from contract to cash and record to report with flexible tools that help you create business strategies. With Workday, you can make faster decisions and better manage risks. Its always-on audit and internal controls provide real-time visibility to bank balances and transactions and enable you to monitor risk, compliance, and performance 24/7.

Managing the life cycle of fixed assets is critical to efficient financial management. Workday helps you set up standard operating procedures for acquisitions, transfers, and disposals to improve procurement processes, reduce costs, and ensure regulatory compliance.

Today’s finance organizations need broader capabilities than traditional general ledgers can provide. Workday ingests all business events into accounting, so leadership teams have the information they need to help their companies grow and thrive. For example, Workday revenue management delivers a single, comprehensive customer account view and a robust order-to-cash engine. It also captures multidimensional revenue information to drive more profound insights into customer behavior.

Cash Management

Workday helps organizations manage cash with comprehensive business processes for invoicing, payments, and reconciliation. It also provides visibility into spending across the enterprise based on valuable business dimensions.

Accounts Payable automates the invoice-to-payment process and reduces manual errors while streamlining the close cycle. In addition, it enables organizations to receive invoices electronically and enables suppliers to “flip” a purchase order into an expense invoice for streamlined approval and payment processing.

Expense Management reduces manual errors in expense reporting and reimbursement while improving the accuracy of expenditure data for external financial reports. It also automates the approval and payment process and offers real-time spending visibility.

Revenue Management manages the entire revenue lifecycle, from contract to cash, while supporting complex revenue arrangements and complying with generally accepted accounting principles and international financial reporting standards (IFRS). It provides a single view of consolidated revenues and expenses and enables organizations to create custom financial statements.