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 business intelligence.

Banking

Manage banking relationships and accounts, from contact information to settlement instructions and payment methods. Workday Cash Management also includes an automated bank reconciliation process from clearing open items to creating the appropriate accounting entries to account for first-notice items such as bank fees or interest paid.

Settlement

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 cash visibility and management that traditional approaches struggle to deliver from their unconnected silos.

Workday Cash Management provides:

• Streamlined bank statement reconciliation. 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 simplifies the entire reconciliation process.
• Single settlement engine. Workday provides a single settlement engine to cover all disbursements—including payroll, payables, direct debits, refunds, 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 automate routings and capture approvals 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.

Explore Workday Financial Management

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