Workday Consolidation offers a powerful solution for businesses looking to unify their financial data across multiple entities, locations, and systems. By automating complex processes like intercompany eliminations and currency translations, Workday Consolidation simplifies financial reporting and ensures compliance with global standards.
This article explores the key benefits, features, and best practices of leveraging Workday Consolidation to achieve seamless financial integration and drive strategic growth.
Close and Consolidate with Confidence
The Workday Adaptive Planning Consolidation tool empowers organizations to automate financial consolidation tasks and intercompany eliminations. providing real-time financial insights and eliminating the need for batch jobs or long-running processes.
With automated consolidation tasks through an intuitive, Excel-like interface, organizations can streamline intercompany eliminations, journal entries, and other processes. This enables greater accuracy and efficiency for critical eliminations, reclassifications, and allocations across the entire enterprise landscape.
Accelerate Financial Consolidation in the Cloud
Workday Adaptive Planning empowers companies to automate key financial consolidation tasks and workflows, such as eliminations and currency translations, to streamline the financial close process and improve overall organizational efficiency.
By enabling real-time visibility into financial performance with Workday’s data-driven insights, the Adaptive Planning Consolidation tool reduces errors across key data sources and financial processes and enhances decision-making through accurate and timely financial data.
Financial Consolidation Made Easy
Workday’s intuitive financial consolidation tools make it easier for companies to manage and consolidate financial data across their entire corporate hierarchy, further eliminating manual consolidation tasks and errors and streamlining reporting and period-end close procedures.
Additionally, Workday provides advanced drill-down capabilities that empower users to analyze financial statements on multiple dimensions, providing a more accurate view of financial data and ensuring a complete audit trail for a comprehensive close and consolidation process.
Reconcile Accounts the Easy Way
Account reconciliation and certification are automatically embedded in the transaction system with Workday. This way, users aren’t required to move data out of their existing Workday systems to verify current account balances.
By improving the account reconciliation and certification process, Workday Adaptive Planning helps accounting teams reconcile accounts easily and efficiently and promotes robust and agile planning processes across the entire finance transformation journey.
Workday Adaptive Planning and Consolidation
Workday Adaptive Planning and Consolidation is a single solution that integrates planning, closing, and consolidation capabilities. It provides a unified data model to simplify the process of aligning data structures, currencies, data flow, and collaboration between finance and accounting teams and manage information across multiple planning instances.
Users can simplify overall data management, financial close and consolidation, and planning processes and bring efficiency and accuracy to core reporting and analytics capabilities throughout the financial planning landscape.
Unify Planning and Consolidation
Workday Adaptive Planning and Consolidation capabilities make it easier for companies to accelerate close processes by establishing a single source of truth for financial data, improving consolidation and reporting accuracy, and increasing overall planning agility.
Better Business Insights
Workday’s intelligent consolidation tools enable users to analyze financial results by any dimension, such as supplier spending, customer profitability, spending by campaign, and project activity. This reduces the need for traditional accounting code blocks and empowers users to gain real-time insight into critical financial data and business decisions.
Multidimensional Reports in One System
Workday provides intelligent reporting, analytics, and drill-down capabilities that empower users to generate multidimensional reports and streamline financial reporting processes. This allows organizations to create financial reports with greater speed and accuracy, further enhancing overall financial visibility and decision-making across teams.
Ensure Compliance and Control
Workday’s always-on capabilities allow users to self-document every aspect of the consolidation processes directly in their Workday system, ensuring transparency across core data sources and consolidation processes. This empowers users to analyze critical financial information, complete tasks that add value, and establish relationships with key stakeholders to ensure better compliance and financial control.
Automate Compliance Processes
By simplifying data management and reducing critical errors, Workday Adaptive Planning and Consolidation helps organizations connect data sources and enhance financial reporting and analysis. Workday’s intelligent tools make it easier to automate core compliance processes and ensure consistent compliance even as financial regulations and standards evolve over time.
Get Started with Workday Experts
Whether you’re just getting started on your journey with Workday solutions or you’ve been operating in the Workday landscape for years now, Surety Systems has you covered. Our senior-level Workday consultants are here to help with everything from current system assessments and pre-implementation planning to complex data migration and integration tasks.
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For more information about our Workday consulting services or to get started on a project with our team of expert consultants, contact us today.