Workday Update 33 – What’s New in Financials?
Overall Themes of Update 33
There are a lot of awesome upgrades and improvements to the Workday Financials suite in this latest update (far too many to go through them all here), but on the whole, Workday focused on a few key areas. First, as compliance standards are always changing all over the world, and the consequences of not keeping up with them can be pricey, the Workday Financials suite now has better automated global compliance. Speaking of automation, the new update also takes advantage of automation’s time-saving effects to increase process efficiency and reporting accuracy. Thirdly, Workday Update 33 sees improvements to a wide variety of tools and features, reducing pain points and making them easier to use. Finally, the new update has its eye on the future. The software is agile, which allows businesses to more easily adapt to interior changes (like new leadership) as well as external changes (like market behavior).
Workday has enhanced a number of features and tools in its Financials suite, making them more powerful (and making you more efficient) than ever before. Even better, the update covers everything from cash forecasting to intercompany expense reports to supplier invoices and tax integration. Here are a few we think you’re going to enjoy:
Greater Conversion Rate Precision
Currency conversion rates have been increased from 6 decimal places to 12, helping to reduce the need for manual corrections (and improving the accuracy of your GL overall). This feature should prove especially helpful to financial institutions, as well as orgs that deal with conversion between very high- and low-value currencies.
Expanded Payment Formats
Who doesn’t love making it easier for clients to pay you? Workday Update 33 now allows for a wider variety of travel card functionality, including Visa, Mastercard, and American Express, as well as more accurate reporting. The new update also better supports ISO20022 payment integrations, as well as Japanese payment integrations (thanks to Zengin).
Period Close Improvements
Properly closing your company’s fiscal periods is vital for maintaining an accurate picture of your organization’s money situation, and this update makes the process smoother than ever. Compliance and reporting have been improved; account reconciliation templates save you time when completing tasks; standard reports help to reduce errors during account certification; and “amount” is now available to use as an identifying dimension in transaction matching.
Enhanced Tax Reporting
Worktags are a great way to make sure you’re capturing the information you’re going to need later in the financial management process, such as preparing for tax time. Workday Update 33 boosts the software’s transaction tax defaulting capabilities by taking into account worktags like Location, Region, and Organization, not to mention Custom Worktags. We’re especially excited about this change because it will not only help users save time (as fewer manual corrections will need to be made) but also improve statutory reporting compliance and make companies better able to respond to future tax changes.
We don’t have the space to go over every single new feature of Workday Update 33 with you, but we’re confident that they can do wonders for your org’s productivity and effectiveness (both Financials and HCM). If you’d like some expert help ensuring your organization is making the most of these improvements, we’re here for you. Our senior-level Workday consultants can help with everything from optimizing your security setup to your entire Workday organization. Contact us today to get started.