Finance plays a critical part in the success of any company. But with importance comes increased pressure—the finance team has to enable stakeholders across the business when it comes to making better decisions that inform strategy and impact the bottom line. Adding to the inherent challenges of delivering these insights is the fact that financial management solutions tend to consist of disparate systems that don’t talk to each other well, limiting an executive team’s ability to plan for the future.
The solution is an effective financial system that takes advantage of the latest technology that gathers transactions, reporting, and analytics in one place so that your finance team can plan, transact, and analyze data without leaving the system. Workday Financial Management is such a solution.
This article contains everything you need to know about Workday Financial Management, from features to benefits. Let’s get started.
Overview of Workday Financial Management
Workday Financial Management provides organizations with modern financial management capabilities in an adaptive cloud solution. The system supports transaction processing, multidimensional reporting, consolidation, planning, and compliance, and even better, it can be used from your desktop or mobile device.
Of course, the solution does more than manage financial processes — it improves financial consolidation, reduces time to close, and gives consistency across global operations.
Workday Financial Management Features
Here’s a breakdown of some key features and applications:
- Accounting and Finance: Workday’s comprehensive solution supports all your organization’s accounting and finance functions. You’ll have the ability to access the financial impact of business events, analyze data across the enterprise, and share results securely.
- Revenue Management: From contract to cash, the system manages the entire revenue lifecycle. It also supports complex revenue arrangements while complying with generally accepted accounting principles (GAAP) and international financial reporting standards (IFRS) guidelines.
- Financial Reporting and Consolidation: Workday captures business data at the point of transaction and maintains them through management and financial reporting—with results in real-time. It also simplifies consolidation and makes the close process easy to manage with better transparency.
- Financial Planning: Flexible tools give you financial and operational modeling (without the need for old-school spreadsheets). Instead, you’ll have tailored reports and dashboards, interactive visualizations, and reliable data.
- Projects: Project management software connects financials, human capital management (HCM), expenses, and time tracking, making it easier to staff, plan, track and manage internal and billable projects.
- Expenses: Workday Financial Management gives staff the flexibility to submit and approve expenses easily while you set controls and analyze spending.
- Grants Management: Workday takes some of the complexity out of grants by helping you meet grantor and organizational requirements for budgeting, accounting, billing, reporting, and compliance.
- Audit and Internal Controls: Something unique about Workday is its “always-on” audit and internal controls. This helps you identify risks and keep your organization secure 24/7.
Key Differentiators of Workday Financial Management
Workday’s solution provides organizations many benefits when it comes to financial management. Here are some of the aspects that we think set it apart from the rest:
Adapts to your organization’s needs
A flexible foundation allows you to adapt processes and quickly change as you need. Now your company can act faster as things change, helping you stay ahead of the curve.
With machine learning continuously detecting inconsistencies and making recommendations, your finance operations become intelligent. Operate more efficiently and cost-effectively.
Workday documents every transaction and financial change to make it easier for your organization to manage risk and compliance.
Data and accounting together
Simplify accounting by automatically ingesting business event data into accounting.
Insights to drive the business
Workday surfaces data and insights when you need it, so leadership teams can see what’s impacting the business and make better decisions.
Getting Started with Workday Financial Management
If you’re ready to get a more accurate picture of your business and equip your staff with data and insights to move forward, Workday Financial Management is the right solution for you. And when it comes time to implement or optimize Workday Financial Management (or any other Workday solution), our senior-level Workday consulting team is here to help.
In addition to their considerable knowledge of the software, they also bring years of hands-on experience from other implementations, providing you with out-of-the-box solutions and an expert outside perspective. So if you’re in need of someone to help you configure Workday and advise you on best practices and guidelines, look no further.
Contact us today to get started.