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CASH MANAGEMENT

Home : Solutions : Financial Management : Cash Management

Automate and Control Your Cash-Flow

The ultimate measure of a business is cash. Using Workday Cash Management, companies can automate the coordination and control of cash-flow activity. Workday also automates administrative and control activities, such as bank statement reconciliation, while providing embedded actionable analytics.

Banking

With Workday's banking tools you create financial institutions, branches for those institutions, and the bank accounts that your company uses. You can create both depository and source bank accounts. Account transfers, voided check recordings, and reporting give you further control of your cash.

Bank Account Reconciliation

Use Workday's bank reconciliation processing to reconcile bank statements against your cash transactions. Automated loading of bank statements using BAI2, generating a worksheet to support reconciliation, suggestion of likely matches to unreconciled items, and creation of the resulting accounting reconciliation entries simplify the entire reconciliation process.

Settlement

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Payments by Category

Workday delivers a single settlement engine to manage all payments generated across the entire business for any purpose—such as payroll, supplier payments, employee reimbursements and customer refunds. The result is a rationalized approach to cash visibility and management that improves upon traditional approaches which are isolated in unconnected silos.

• Single settlement engine. Workday provides a single settlement engine to cover all disbursements-including payroll, payables, direct debits, refunds, customer credit card and expense reimbursement—making the settlement process more efficient with increased control.
• Settlement analytics. Workday settlement processing provides a view across all of your outstanding in-flows and out-flows, providing the tools necessary to make accurate decisions about funding, paying, and collecting money. Real-time drill-downs provide dimensional analysis of the outstanding settlements which provide hard-to-get details in a few clicks.
• Multiple payment methods. Workday Cash Management supports electronic payment processing (ACH, EDI, ISO20022), including payment returns, as well as paper checks and positive pay.
• Support for ad-hoc cash transactions. Workday Cash Management provides facilities to capture and manage "non-bank" cash including petty cash, in-person customer payments, one-time payments, payments from employees, and acceptance of hard currency payments.
• Business process. Workday Cash Management processes utilize Workday's unique business process framework to capture approvals and automate routings, integrations, and reports from bank statement reconciliation through settlement and payment release.
• Reporting. Workday provides detailed reporting, including the ability to drill down across and thru the operational transactions—the "raw materials" of cash information.