Business resources—the "stuff" that a modern business uses to support its workers and deliver value to its customers—have evolved significantly over the last quarter century. Twenty-five years ago, equipment and inventory were located and consumed on the shop floor; today equipment and services form a "utility belt" for the knowledge worker. Back then, assets were bolted to the floor; today, they move with people. Workday Business Resource Management combines the traditionally separate domains of fixed assets and inventory management with the emerging importance of managing high-value, low-cost items such as mobile phones and security passes.

The key to the Business Resource Management is the separation of resource accounting from resource tracking. By separating the accounting and tracking decisions, it allows all business resources to be accounted for according to accounting rules and tracked according to business use.

Business Resource Accounting

• Multiple accounting treatments. For each resource, accountants can choose the appropriate accounting method:
  • Capitalize and depreciate/amortize
  • Stock and issue
  • One-time or recurring expense
• End-to-end asset accounting. Create appropriate accounting for all asset life-cycle events including acquisition, transfer, and disposal
• Automated depreciation/amortization. Define depreciation parameters—useful life, depreciation method, posting convention—by asset type. The system will set up depreciation schedules upon asset acquisition and automatically post depreciation expense and manage accumulated depreciation.
• Fair-value. Keep track of changes in market value and keep current value available for each asset.

Business Resource Tracking

• Track and manage any business resource according to how it's used in the business— whether a cell phone, cell phone plan, laptop, building, WebEx account or product inventory. Workday allows you to invoke inventory management activities and controls such as stock, issue, and return for assets with the same level of physical tracking traditionally available only in Fixed Asset Systems.
• Track zero cost items. Track items, such as security badges, that have no individually trackable cost but for which physical tracking is crucial.
• Assign custody and responsibility. Create a reportable link between issued resources and the receiving worker. A custody assignment can also be made a required step in the worker on-boarding process.
• Reclaim business resources. Business Resources that "walk out the door" when an employee leaves the company are a significant cost leak for most companies. Workday Business Resource Management identifies exactly what resources have been assigned to each worker, making it easy to reclaim business property upon a worker's separation from the company.

Explore Workday Financial Management

Financial Accounting | Customer Accounts | Supplier Accounts | Cash Management | Resource Management | Expenses | Procurement