Workday is working with clients to support and reimagine how grant money is administered in light of the rapid change in the public sector, higher education, nonprofit, and healthcare industries. Workday allows businesses to use their resources more effectively, respond to change more rapidly, and operate legally and ethically.
Workday Grants Management is a purpose-built, end-to-end solution that uses a unified platform to offer a complete perspective on managing grant compliance without administrative work. It is intuitive, flexible, and accurate to ensure your grants management and compliance needs are met, no matter what.
Read on to learn more about Workday Grants Management and how our senior-level Workday consultants can help your organization.
What is Workday Grants Management?
In Grants Management, central offices define and configure awards and relevant details like budgets, indirect cost rates, cost share, and sub-awards. Each department records grant expenses and requests administrative updates for new award line and grant information, changes to grant attributes, and budget amendments.
Each grant has its own related grant ID, making it easier for users to identify and define grant information across the entire organization. And central offices supervise financial reports, sponsored billing, and award modifications while capturing costs in a grant worktag – all in Workday.
As part of Workday Human Capital Management (HCM), Workday Financial Management, and Workday Payroll, Workday Grants Management minimizes the number of manual handoffs and integration points to improve visibility, compliance, and accuracy across the board.
Workday delivers a centralized location for submitting award budgets and contracts, proposals, automated post-award processing documents, and effort certifications.
- Managing and recording grant-related expenses
- Validating the work of principal investigators and other key stakeholders
- Calculating facilities and administrative costs through a powerful, customizable calculation engine
- Maintaining balanced accounting for awards and key business divisions across an organization
- Reporting to sponsors with the required grant information
- Performing accounting connected to grant activity, including revenue recognition and associated journal entries
- Billing sponsors by the specific specifications of a given award
- Automatically applying the salary restrictions necessary for National Institutes of Health awards
- Managing to-do lists for awards and closeout information.
- Verifying award expenditures against the categories of expenditure that sponsors permit or forbid
Key Features of Workday Grants Management
Workday Grants Management is different from many other grants management applications on the market today. It was created from the ground up to manage individual grants rather than projects. As a result, it captures the details associated with grants, such as various sponsor types and grant hierarchies, that many other applications do not.
Grants are handled separately by Workday, allowing for comprehensive, multidimensional reporting. Workday allows the details of each assignment, including the award, award type, sponsor, sponsor type, related responsibilities, and information on facilities and administrative rate agreements, to be recorded and stored in a centralized location.
Workday Grants Management may also track and administer various award types, such as cost-reimbursable and fixed-price awards, with certain revenue recognition and invoicing requirements. It also supports prepaid rewards, ensuring customer needs are met across the board.
Single, Fully Automated Application for Improved Efficiency
Integrations between Workday Grants Management, Financial Management, Payroll, Student, and HCM applications allow companies to reduce the number of manual handoffs and specific integration points required to improve data integrity and efficiency.
Additionally, Workday Grants Management offers a robust engine to determine facility and administrative costs that must be acknowledged and charged to the sponsor.
Customers can create rules to regulate how costs are calculated and update each rule as needed through Workday’s facility and administration engine. As soon as these expenses are determined, data is instantly exchanged with Workday Financial Management, so the grant’s overall revenue may be recognized.
Integrated Effort Reporting
Tracking and verifying the time spent working on a specific grant is often labor-intensive and prone to mistakes.
The effort reporting method in Workday Grants Management allows researchers to digitally certify the percentage of time dedicated to a specific grant or activity as part of Workday Payroll and Workday Time Tracking.
Adjustments to effort immediately flow into payroll to maintain consistency between effort and payroll costs and improve compliance across the entire organization.
Increased Visibility into Grant Activity
Grants are a significant source of funding for many organizations, so increasing awareness of sources of income is essential. Workday Grants Management provides enterprises with strategic intelligence about their grant activities through an intuitive dashboard and comprehensive, multidimensional reporting features.
With Workday, customers gain access to specific information regarding grant activity, including comparing grant activity by sponsor and spending levels across many grantees and analyzing the grant budget versus actual expenses. This way, companies don’t have to access multiple data warehouses to find data, as the data and analytics are readily available directly in Workday.
Better Compliance and Control
Adhering to reporting requirements for grants plays a crucial role in helping teams succeed in accepting and managing funding across the entire organization. Workday Grants Management automates the post-award procedure, unifying all application operations and reducing errors associated with manual data entry.
Customers can also report facilities and administrative charges using features in the Workday Reporting module. Audit features in Workday Grants Management ensure all transactions and modifications to business processes are recorded in the program, further enhancing compliance across the board.
Here are the main benefits of the Workday Grants Management solution:
- Handle the post-award process with a single application designed to satisfy the requirements of educational, governmental, nonprofit, and healthcare organizations.
- Leverage dynamic features to adhere to sponsor requirements for budget restrictions, committed effort, and expenditure constraints by dates and categories (including payroll and salary over the cap).
- Improve data accuracy and efficiency by integrating Workday Financial Management, Workday HCM, Workday Payroll, and Workday Student into one system.
- Utilize comprehensive reporting functions to enhance visibility into grant activity without the need for a separate data warehouse.
How We Can Help
Whether you need an efficient system to help manage grants and awards or just an extra hand setting up your Workday system, Surety Systems has you covered!
Our senior-level Workday consultants have the functional skills and experience you need to successfully implement your Workday application and make the most of it in the long run
Ready to learn more about Workday and our skilled, senior-level Workday consultants?
Contact us today!