Efficient accounts receivable management is crucial for maintaining a healthy cash flow, gaining visibility into overall financial impact, and ensuring the financial stability of any organization.
Workday Accounts Receivable offers a comprehensive, cloud-based solution that simplifies invoicing, payment tracking, and collections tasks. By integrating seamlessly with solutions like the Budgeting and Forecasting feature and the Auditing and Compliance feature, users can gain visibility into outstanding receivables, automate key processes, and enhance accuracy in financial reporting.
This article explores the key features and benefits of Workday Accounts Receivable, highlighting how it helps organizations streamline their accounts receivable processes, improve the accuracy of cash flow statements, and maintain stronger customer relationships.
Understanding the Workday Financial Management Landscape
Workday’s Enterprise Accounting and Finance suite provides intelligent automation tools that help finance teams streamline critical financial processes and gain real-time insights to improve overall decision-making.
By consolidating all financial data in a single platform, Workday Financial Management empowers users to manage critical accounting and finance workflows seamlessly, including expense management, close and consolidate, grants management, revenue recognition, and more.
Workday also provides a flexible framework and access to machine learning tools to further automate finance-related processes, adhere to regulatory and compliance requirements, and facilitate continuous improvement even as the organization changes over time.
Key Capabilities of the Accounts Receivable Feature in Workday
Here’s a closer look at a few of the key features of Workday’s Accounts Receivable module:
Collections management
An intelligent collections management strategy ensures invoices are paid on time, streamlines the allocation of critical financial resources, and maintains customer relationships over time.
By leveraging customizable workflows and intelligent automation tools, users can track collections activities, set up automatic notifications for outstanding balances, and add notes to customer accounts to ensure adequate payment.
Real-time analytics and reporting
With immediate access to relevant customer information and pre-built connections between enterprise systems, organizations can track customer payment status and behavior, monitor outstanding balances, and maintain strategic financial management plans.
Workday enables users to create customized reports, charts, graphs, and other data visualizations to analyze financial records and gain actionable insights from the numbers. Organizations can then schedule and deliver reports to all key stakeholders and ensure the right users can access relevant financial statements.
Payment management
Intelligent payment management tools and self-service features empower finance teams and customers to access critical account data, view paid and outstanding invoices, and monitor payment status anytime, anywhere, and on any device.
Users can also synchronize payment data with the rest of their technology landscape, making it easier to raise and resolve payment disputes as needed and stay up-to-date with payment activity over time.
Cash flow prediction
With intuitive cash prediction features, Workday Accounting solutions empower organizations to use both artificial intelligence and machine learning to analyze past payment behavior and make intelligent predictions about when payments will be made.
Workday’s intelligent cash prediction and management capabilities enable accounts receivable teams to track potential changes in payment behavior and proactively address at-risk accounts before problems arise.
How Can We Help?
Whether you need help implementing the full suite of Workday Financial Management products, integrating new modules into your existing Workday landscape, facilitating collaboration across project teams, or ensuring compliance with critical financial regulations, Surety Systems can help.
Our senior-level Workday consultants have the skills and experience to understand your critical project needs and prepare your internal teams for continuous improvement, innovation, and success.
Contact Us
For more information about our Workday consulting services or to get started on a project with our team of expert consultants, contact us today.
