In an ever-changing financial climate, companies need tools and resources that allow them to keep up with financial data and changes in their core financial management processes and remain a strong competitor in their environment…
This article will explore the key components and capabilities of the Workday Accounting Center, as well as where our team of Workday consultants can come in to help.
Read on to learn more!
Understanding the Workday Accounting Center
The Workday Accounting Center is a comprehensive accounting solution designed to help business users optimize financial reporting and analysis functions, reduce dependence on IT staff to manage different data systems, and deliver deeper insights for their finance teams.
With the Accounting Center, Workday users can collect, manage, and maintain operational data in a single source of truth, making it easier to create data lineage and improve visibility into important source transactions across the entire enterprise.
Key Components of Workday Accounting Software
Workday Accounting Center provides advanced tools and capabilities that help users ingest, enrich, and transform business events into visible accounting data.
With these capabilities, users can simplify their accounting experiences by automatically reconciling and creating accounting to drive efficiencies across your finance team…
- Revenue and Expense Recognition: Transform data from operational transactions, including technology order and policy data, into accounting to recognize revenue and expenses from business events to match recognized revenues across the board.
- Subsidiary Insights: Combine summarized general ledger entries in comprehensive sub-ledgers to provide better data transformation capabilities and improve insight into financial and operational data.
- Cash Ledgers: Collect and analyze data for credit card payments and cash transactions and transform calculations into accounting.
Main Advantages of Workday Accounting
Here are a few of the key benefits of the Workday Accounting system for your team…
1) Improve Data Control
With Workday Financial Management offering comprehensive financial management tools, the accounting center simplifies the entire data management process, making it easier for companies to maintain accounting rules, comply with audit requirements, and resolve errors in their data.
2) Promote Deeper Insights
With Workday Accounting Center, users can transform their transactional and operational data into accounting to deliver deeper insight into core financial management operations across their organization.
Better data management tools and richer financial insights help teams improve core data analysis functions and drive better business outcomes in the long run.
3) Increase Process Efficiencies
The Accounting Center stores all of your essential financial, transactional, and operational data in the same system to improve financial process efficiencies.
With this solution, users can simplify data reconciliation and consolidation processes and improve the speed and agility of their quarter and year-end closing processes.
4) Manage Your Own Experience
Workday provides an accounting rules engine that is written in common business language rather than complex code to make it easier for companies to understand each rule and maintain compliance across the board.
How Can We Help?
Whether you need help implementing the Workday Accounting Center for the first time, data lineage for deeper insights, or additional support integrating the Accounting Center with other Workday applications, Surety Systems is here to help.
Our team of senior-level Workday consultants has the technical skills and functional expertise needed to help you facilitate better data management across departments and make the most of your Workday investment.
Getting Started with Us
Interested in learning how our expert Workday consultants can help your organization? Ready to optimize your financial management processes but don’t know where to start?