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Workday Financial Management

Score7.9 out of 10

118 Reviews and Ratings

What is Workday Financial Management?

Workday Financial Management is a native cloud solution built on a global foundation designed to enable accounting teams to operate with greater productivity, superior insights, and adapt to changing business needs. Its AI embedded features improve financial business processes like record to report and opportunity to cash while strengthening internal controls, and enabling consistency across global operations.

Powered by an in-memory architecture and object data model, Workday provides a single system for transaction processing, multidimensional reporting, consolidation, planning, and compliance - all through a consistent user experience on both desktop and mobile devices.

Key feature areas: Accounting and Finance; Accounting Center; Audit and Internal Controls; Reporting and Analytics; Global Financial Reporting and Consolidation; Financial Planning; Projects; Expenses; Procurement; Inventory; Grants Management; and Project Billing.

Media

a discovery board
financial results
operational analysis

1 / 3

Top Performing Features

  • Credit card processing

    The software facilitates credit card processing.

    Category average: 7.4

  • Standardized Processes

    Centralize financial management to facilitate standardized financial processes

    Category average: 8.2

  • Single sign-on capability

    The software system supports a centralized authentication mechanism allowing the user to access multiple systems with a single, centrally managed password.

    Category average: 8.3

Areas for Improvement

  • Plug-ins

    A number of third-party plug-ins are available to expand the core functionality of the software.

    Category average: 7.6

  • Global Financial Support

    Account using multiple ledgers, multiple currencies, and multiple entities

    Category average: 7.8

  • Configurable Accounting

    Configure accounting rules and segments for each chart of accounts

    Category average: 8

Single page Navigation with best features and user friendly.

Use Cases and Deployment Scope

We are using Workday for comprehensive time sheet tracking, Skill set management, compensation and rewards management, and leave balance tracking and submission. It is very helpful to track all employee day-to-day activity features on a single page with a single click. Managing and navigating is very easy with single-step movements and SSO enabled, making it easy to access without entering credentials multiple times, while also ensuring the best security.

Pros

  • Compensation Management, generating merit letters.
  • Timesheet submission by weekly or monthly.
  • Skill set updating and Required trainings completion.

Cons

  • Payslip generation.
  • Making more trainings available based on employee skill.
  • Time submission codes copying from previous weeks or months.

Return on Investment

  • For us it is good on overall business deliverables.
  • It could have been more robust user interface.
  • Recommended as per my experience.

Usability

Alternatives Considered

ADP Comprehensive Services

Other Software Used

Rally Software, Salesforce Service Cloud, Salesforce Sales Cloud

Great overall product

Use Cases and Deployment Scope

Workday Financial Management is what we use as our primary ERP system. We currently use Workday for our consolidated financials as well as financial reporting platform.

Pros

  • Great Reporting
  • Easy Journal Entries
  • Great automated Bank Reconciliation functions

Cons

  • The intercompany functionality for Workday could be better.
  • Workday requires a lot of customization for us to get it setup to where we needed it.
  • Workday App could use some improvements.

Return on Investment

  • Initial startup costs were a bit high, but ongoing service agreement is very fair.
  • Ongoing support and implementation are good.
  • Worth the overall investment.

Usability

Alternatives Considered

Applied Epic

Other Software Used

Workday Payroll and Workforce Management, Workday Adaptive Planning, Applied Epic

Great Software Solutions to Meet Many of Your Business Needs

Use Cases and Deployment Scope

Our organization utilizes Workday Financial Management across multiple departments including accounting, reporting, data management & analytics. It allows us to seamlessly connect with colleagues for instant access to pertinent information. Once users are easily setup and offered basic training on the platform, it truly is a breeze to collaborate with each other. Having everything in one place is ideal.

Pros

  • Access to multiple processes
  • Easy collaboration across departments
  • intuitive platform

Cons

  • Overall cost is somewhat high
  • Support tickets can take a while for a response
  • Windows updates sometimes affect functionality

Return on Investment

  • Allows for collaboration across multiple departments
  • Instant access to reporting and analytics
  • Improved efficiency

Usability

Good for basics but you'll need add-ons to be effective.

Use Cases and Deployment Scope

The main problem with Workday is that it nickel-and-dimes an organization for valuable features. We're a non-profit and can only afford the basics, but the basics don't cut it. This is fine for admin finance users who want to set budgets and coordinate expenses. However, the basic Workday is very cumbersome for employees managing a budget throughout the year. It provides no visibility into current budget spending other than reports that need to be run and are a pain to understand. It's not easy. And employee on/offboarding is likely another feature we would need to pay extra for, and we limp along and deal with it manually with many mistakes.

Pros

  • Secure logins supported (MFA, etc.)
  • Messaging for supported aspects to employees.
  • Home page information.

Cons

  • Ability to better customize business processes for expense reporting.
  • No dashboard insights into current budget areas...only reports.
  • No employee on/off boarding capabilities for management.

Return on Investment

  • Cloud based.
  • Better management for expenses and financial information for the organization.

Usability

Alternatives Considered

Microsoft Dynamics 365 Finance and Salesforce CMS

Other Software Used

Microsoft 365, Adobe Acrobat Sign, Google Analytics

Workday Financial Management has proven time and again to be a winner!

Use Cases and Deployment Scope

We utilized Workday Financial Management for HR needs from PTO tracking to Payroll to employee training. It has been an essential piece of software that we implemented and our organization benefits daily from its functionality and features. Support is great as well. When needed, we receive timely responses and the successful resolutions.

Pros

  • HR Management
  • PTO Tracking
  • Employee Training

Return on Investment

  • Taken the burden off of HR and management for HR related items
  • Increased overall morale among employees
  • Allowed managers to focus on sales-driving initiatives