FINANCIAL MANAGEMENT

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Workday Financial Management is a comprehensive, unified accounting and finance solution, built on a global core to help you manage your financial processes around the world easily and efficiently. With unique features including robust security, a fully auditable business process framework, and multi-dimensional reporting, Workday can provide your organization with unprecedented controls and insight into the performance of your business.

Workday Core Finance

Workday Core Finance can help you manage your global financial processes easily and efficiently from a single, unified solution.

Accounting and Finance

Workday Accounting and Financial Reporting provides the core accounting functions of General Ledger, Accounts Payable, and Accounts Receivable, along with a state-of-the-art approach to help organizations address all of their global accounting and reporting needs for now and in the future.

• Get visibility into how your organization is performing with real-time, comprehensive, consolidated financial reports
• Optimize your financial processes and simplify your chart of accounts
• Accommodate multi-entity, multi-book, and multi-currency requirements for global organizations
• Get full insight into transaction history through fully transparent business processes and a comprehensive audit trail
• Easily adapt and accommodate new business and regulatory requirements as they arise without additional customizations or technology investment

Management Reporting and Analysis

Workday provides real-time management reporting and analysis without the use of bolt-on data warehouses and business intelligence systems.

• Equip managers with the financial information they need to make better decisions for their teams and projects
• Generate management reports from the same transactional data used for financial statements to get the most accurate and up-to-date analysis
• Analyze data across multiple dimensions or add new dimensions at any time
• Ensure data is fully secured so managers and employees only access the information they are allowed to see

Governance and Compliance

Workday shatters the traditional model of bolt-on Governance, Risk, and Compliance (GRC) systems by providing built-in controls throughout the system.

• Configure business processes and approval workflows to establish and enforce proper internal controls
• Configure security access policies and ensure separation of duties
• Get full audit reports on any and every transaction processed through the system
• Respond more quickly to evolving regulations

Cash Management

Workday Cash Management can help streamline your inbound and outbound payment and receipt processes while giving you greater control, visibility, and forecasting into the lifeblood of your business.

• Track and manage your business's bank accounts
• Import and automatically reconcile bank statements
• Settle all transactions across Spend, Finance, Revenue, and Payroll from a single settlement engine
• Process all types of electronic transactions easily
• Gain real-time visibility into cash balances
• More accurately forecast cash flow into the future

Workday Revenue Management

Workday Revenue Management helps organizations manage the entire contract-to-cash process for more efficient, accurate processes and accounting results.

Contracts

Workday Contracts enables your organization to effectively create, approve, and track customers and customer contracts to help maximize visibility and minimize risk to your organization.

• Support various types of renewable and nonrenewable contracts
• Ensure appropriate personnel are involved in managing contract lifecycle events
• Use strong amendment controls to capture all contract changes and additions
• Decouple revenue recognition from billing and eliminate the need for spreadsheets and error-prone manual processes
• Integrate easily with third-party contract management systems

Billing

Workday Billing automates billing and collection cycles and provides support for complex invoicing and payment terms to help your organization increase the accuracy of customer invoices, accelerate cash flow, and shorten day sales outstanding (DSO).

• Streamline and automate the creation of invoices based on customer contract billing terms and schedules
• Accelerate cash collection cycles and reduce errors caused by manual processes
• Automate complex billing processes for different types of products or services, such as Project Time and Expense, Fixed Fee Projects, and Subscriptions
• Configure billing schedules and tie milestones to schedule and/or individual billing installments

Revenue Recognition

Workday Revenue Recognition helps your organization manage, account for, forecast, and recognize revenue according to today's guidelines and adapt to and comply with evolving rules and guidelines.

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• Automate the recognition of deferred revenue and better forecast your business's real-time visibility into future deferred revenue, revenue forecasts, and deferred revenue waterfall reports
• Ensure correct personnel are involved in the review and approval process
• Allocate different revenue and billing amounts by contract element and manage them separately
• Reduce audit costs by complying more easily with standards issued by the SEC, FASB, Sarbanes-Oxley, etc.
• Automate revenue recognition accounting to reflect VSOE, TPE, and ESP and comply with SOP 97-2, 98-9, 81-1; EITF 08-01, 09-03; and SAB 101,104

CRM Integration

Workday provides the ability to integrate with any external CRM system and leverage configurable, automated processes for contract management, billing schedules, and revenue recognition. A packaged integration with salesforce.com CRM provides visibility, automation, and accuracy across the quote-to-cash process through a bi-directional interface.

• Automatically correspond opportunities and sales created in Salesforce.com to new opportunities and customers in Workday
• Send spend information captured in Workday back to Salesforce.com to track spend by opportunity
• Improve interdepartmental communication and productivity thanks to transparency between systems
• Reduce the administrative workload by eliminating duplicate or manual processes for order, billing, or renewals

Workday also supports the ability to integrate with other third-party CRM solutions through the Workday Integration Cloud.

Business Assets

Workday Business Assets combines the traditionally separate domains of fixed assets and inventory with the ability to manage high-value, low-cost items By separating the accounting and tracking processes and decisions, it allows all business assets to be accounted for according to accounting rules and tracked according to business use.

Business Asset Accounting

• Create appropriate accounting for all asset lifecycle events including acquisition, transfer, and disposal
• Automatically set up depreciation schedules upon asset acquisition; post depreciation expense and manage accumulated depreciation

Business Asset Tracking

• Track and manage any business asset by how it is used; invoke inventory management activities and controls with the same level of physical tracking traditionally available only in Fixed Asset systems
• Track zero-cost items that have no individually trackable cost but which require physical tracking
• Assign custody and responsibility by creating a reportable link between issued business assets and the receiving worker
• Reclaim business assets when an employee leaves the company

About Workday Financial Management

Real SaaS Delivery Model

Workday provides organizations with enterprise-ready applications through a real, multi-tenant Software-as-a-Service (SaaS) delivery model, eliminating the need to buy, install, and maintain databases, middleware, and more. IT departments can then shift their focus to more strategic IT initiatives, rather than spending the majority of their time "keeping the lights on" supporting core systems.

From a cost perspective, the real SaaS delivery model allows you to leverage the best technology infrastructure for less than what it would cost to purchase it entirely on your own. Faster implementations, included functional updates, and predictable cost structures also contribute to the financial advantages offered by real SaaS solutions.

Global at the Core

Unlike many of the legacy systems, Workday is built with the expectation that your organization functions globally. There is no need for multiple data centers or localized implementations with Workday. Workday inherently supports multi-entity, multi-currency, multi-language, and multi-book requirements. An adaptable global core supports everything your business needs to manage your company efficiently as a whole, while still adhering to local requirements.

Unified Platform with Built-In Security, Controls, and Reporting

Workday is built entirely on a unified, adaptive foundation that includes the capabilities traditionally provided by bolt-on Workflow, Governance Risk and Compliance (GRC), and Business Intelligence systems. Put simply, this means you won't have to buy them individually, implement them separately, or integrate them to work together. With Workday, they are already embedded and work seamlessly within the system.

Business Process Framework

Workday's Business Process Framework manages every transaction that occurs through the system. All transactions are recorded, so there is a complete audit history of what, who, when, and why that event occurred. You can establish rules for specific tasks or organizations to ensure that proper controls, approvals, and requirements are satisfied before an event is approved and completed.

Business Processes can also be specialized for specific regions, teams, or companies and conditional steps can be added to handle approvals for special cases. Change can easily be applied without coding to ensure that your organization is complying with regulations including new ones that may arise in the future.

Multi-Dimensional Reporting with Worktags

Worktags are an innovative way to establish relationships between certain events or records to facilitate deep reporting and analytics relevant to your business. In other words, thanks to Worktags, you will never be restricted by the limitations of a rigid code block again. Worktags can be applied to any transaction, and then used to analyze results or reports into more detail. New Worktags can be added to the system when new requirements arise.

Built-in Actionable Analytics

Provide immediate insight through embedded analytics and reports right from users' homepages. Reports can be created and distributed without the need for an additional bolt-on data warehouse or BI system. All reports are actionable, meaning that an activity or transaction can be initiated immediately from within a report. And thanks to the SaaS delivery model, information is accessible 24×7 and in real-time, meaning you can always keep pace with the dynamics of your business.

Intuitive User Experience and Mobile Accessibility

Using common constructs like buttons, icons, and links, even the most novice user can get around with minimal training. Workday is accessible on any device that has a browser and an Internet connection. Workday also provides native iPhone® and iPad® apps that take advantage of the features provided by the Apple platform.

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