Workday Financial Accounting & Reporting provides the capabilities necessary to satisfy the information requirements of investors, creditors and regulatory authorities in the post-Sarbanes-Oxley business environment. By combining a unique, event-driven accounting approach with a built-in, internal control framework and a robust multi-company, multi-currency model, Workday delivers financial records and reports with speed, accuracy, and complete auditability. The architecture also means the Accounting & Reporting system can adapt to changes in your business, as well as new rules and regulations, as needed.

Streamlined for better control

All financial accounting systems take care of the generally accepted accounting practices involved with capturing and reporting on business transactions. But the requirements of today's accounting environment demand more. Governance and compliance, multiple sets of accounting rules and a constantly changing business environment require a system that can change on the fly but still is grounded in accepted financial accounting principles and practices.

Workday Financial Accounting & Reporting provides:

• Support for multiple sets of accounting rules. GAAP is no longer the only set of accounting rules. Get support for the relevant accounting rules for your business—e.g., GAAP and IFRS—so your accounting data can be reported from a single place.
• Built-in compliance. Accounting policy is automatically applied to newly entered transactions, ensuring all users comply with the policies created by accounting.
• Reduced reconciliation burden. The data in Workday's financial accounting system is generated directly from the business events that are recorded by end users. As a result, the data is always up-to-date; it is not composed of a multitude of sub-ledgers that need to be reconciled with the general ledger.

Accountants do the accounting

Accounting faces many challenges, including managing accounting records while providing relevant management information to business users. But traditional financial accounting applications require knowledge of the accounting infrastructure, which makes accounting difficult for business users. In addition, traditional applications have a rigid data structure based on financial compliance and GAAP reporting requirements. Doing this in a post-Sarbanes Oxley world only makes the responsibility heavier and the effort more complex.

The result is that business people are required to understand the accounting to create transactions and accounting needs to have the flexibility to provide both GAAP reporting and business reporting. Neither of these are achieved easily, or at all, with today's applications. Workday Financial Accounting & Reporting offers a solution to these problems:

• Segregate financial accounting from management information. Workday provides business users the ability to tie business objects - like customers, suppliers, marketing campaigns, and workers - to financial transactions via "Worktags". Reports can then be generated based on the Worktags, without interfering with the creation of the relevant accounting data these transactions generate.
• Increased reliability and control. Business users don't have to enter accounting information when recording transactions. Instead, they simply enter the operational information about a transaction and Workday Financial Accounting automatically determines the accounting policies relevant to the operational data and records the indicated accounting entries.

Explore Workday Financial Management

Financial Accounting | Customer Accounts | Supplier Accounts | Cash Management