Financial Management
Transform your finance organization.
A brand-new day for finance.
Bring your accounting, consolidation, planning, procurement, projects, reporting, and analytics into one financial management system. Financial management software from Workday gives you unparalleled insight and a state-of-the-art foundation for transactional efficiency and control.
The result? More time to tackle your biggest challenges, like driving strategy and finding the best paths to profitability.
Count on growth, not costs.
Accounting and finance.
Go beyond the basics of accounting. Workday gives you real-time business insight and complete internal control.
- Gain a deeper understanding of the numbers with actionable, dimensional reports.
- Make the right decisions at the right time with in-memory accounting and analytics.
- Manage all activity with embedded, flexible business processes.
- Respond to change quickly with configurations immediately reflected across Workday.
- Support global operations centrally with multientity, multibook, and multicurrency capabilities.
Audit and internal controls.
Increase efficiency and reduce the cost of internal and external audits. Workday was created post-Sarbanes-Oxley, so audit and internal controls are built into the system.
- Leverage a comprehensive and undefeatable record of transactions with complete audit trails.
- Easily aggregate financial and operational records for audits.
- Reduce cost and maintenance complexity with built-in security controls.
- Use live data to make better business decisions.
Global foundation.
Seamlessly run your global business with a single accounting and finance system.
- Use one system for finance, HCM, planning, and analytics across geographies.
- Make confident decisions with a single view of consolidated financial results.
- Leverage prebuilt content and configurable frameworks to meet local requirements.
- Maintain compliance with statutory reports, certifications, and updates for new accounting standards.
Reporting and analytics.
Effectively support the business with contextual, actionable financial reporting.
- Equip managers with financial information to help them make more informed decisions.
- Know the current state of your business at all times.
- Report across any and all aspects of your business.
- Create management reports using the same transactional data as financial statements.
Revenue management.
Manage the entire contract-to-cash lifecycle with a single finance system and easily adapt to evolving regulations.
- Speed up cash flow while minimizing errors in financial reporting.
- Easily shift to new revenue recognition standards and reduce audit costs.
- Automate billing processes for different types of products and services.
- Improve forecasting with real-time visibility into revenue streams.
- Integrate easily with third-party contract management systems.
Financial planning.
Create, collaborate, and take action on plans, budgets, and forecasts in one system that provides real-time transaction data.
- Generate baseline plans using native Workday data with the option to refresh in real time.
- Import existing Microsoft Excel workbooks to preserve data, formats, and formulas.
- Use Workday transaction data to create driver-based models.
- Quickly assess performance against plans and forecasts in executive scorecards.
Expenses.
Easily manage travel and entertainment expenses and simplify expense reports to increase accuracy and reduce costs.
- Capture receipts and submit expense reports on any device.
- Ensure rapid adoption with a consumer-like experience on desktop and mobile.
- Reduce administrative work by leveraging employee data in Workday Human Capital Management.
- Automate expense management processes while ensuring control.
- Gain real-time visibility into employee spend with multidimensional analytics.
Procurement.
Streamline all aspects of indirect procurement in one system to improve operational efficiency and control.
- Create and submit requisitions for goods and services with a consumer-like experience.
- Manage the RFQ process for goods and services, and compare supplier bids to identify cost savings.
- Enable suppliers to self-register and maintain their own data, like address and banking instructions.
- Configure approval workflows and spend authorizations for better control.
- Understand spending trends and economic impact to the organization.
Inventory.
Get a fresh approach to traditional materials management with complete visibility across your internal supply chain.
- Receive and track items under lot and/or serial control.
- Define and place inventory in locations based on usage type.
- Physically count inventory and record adjustments from your mobile device.
- Replenish stock automatically and track the delivery of goods to fulfillment.
- View inventory cost by spend category to understand what’s being consumed.
Projects.
Manage your projects and your talent in a single system, resulting in empowered teams, satisfied clients, and increased profitability.
- Easily view key project details, including project budget, forecast and plan, resource demand, utilization, project status, and more.
- Automate billing and revenue recognition to streamline the contract-to-cash cycle.
- Access current project data, expense reports, and time entry on any device.
- Support the complete project lifecycle from resource assignment to billing.