More Than Just Payables

Workday Supplier Management supports the processes and information necessary to effectively manage your vendors while providing comprehensive supplier information to people across your organization. Supplier Management uses web-based business communication, transaction processing and settlement options to do the following: efficiently process supplier invoices, manage payables and settlement, provide cash optimization and maintain strong internal controls with insight into all aspects of enterprise spend.

Suppliers

Supplier Management allows you to setup and maintain your entire set of vendors. Many Accounts Payable systems are over burdened with independent contractors. Workday's unique approach to contingent worker management precludes the need to create a supplier record for each independent contractor. Purchase Orders, Invoices, and Payments can interact directly with Independent Contingent Workers. Supplier Requests streamline the Supplier creation process providing necessary segregation of duties.

Content

When you deploy procurement tools to self-service users as well as professional buyers, you must provide them with supplier content that allows them to make the best buying decisions. At the same time, you do not want to be burdened with managing your supplier's large complex catalogs. Workday solves this by providing support for industry standards such as UNSPSC Categorization and Punchout, which allows you to leverage your supplier's content on their site. Your smaller suppliers' catalogs may be maintained in Workday as well. Both types of content may be tied directly to contracts.

Supplier Contracts

Workday's Supplier Contracts allow you to model recurring payments for things like rental agreements and leases. Intervals are fully configurable and consumption amounts are tracked and reportable. Purchase Contracts (see Procurement) allow you to enforce spend policies that you agree upon with your suppliers.

Invoicing and Payables

Workday is optimized for paperless operation from receipt of supplier invoices through electronic payments to maximize processing efficiency.  With Workday you can easily set the system up to directly receive invoices from supplier systems over the web or leverage Workday's Supplier Collaboration portal—a supplier-self-service web site that allows suppliers to "flip" a Purchase Order to an Invoice.  Invoicing works seamlessly with procurement to support standard two and three way matching as well as with financial accounting for appropriate accruals and accounting.  Read more about Supplier Management's Accounts Payable features.

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.

Financial Mangement Demo

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