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Customer Testimonial on Why Workday Financial Management
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Report: The Future of the Finance Function
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6 Must-Haves for Modern Financial Management Systems
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Financial management made easy.

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 strategic planning and finding the best paths to profitability.

Drive growth while managing costs.

Quickly gain a more complete and accurate picture of your business.

Equip leaders with relevant, contextual financial insights on any device.

Embrace organisational, process, and reporting changes without business disruption.

Use one version of a single system across your entire organisation.

Accounting and finance.

Go beyond the basics of accounting. Financial management software from Workday gives you real-time business insights and fully auditable process management.

  • Process transactions faster and more accurately while maintaining control.
  • Transform financial and management reporting with composite reports that offer enterprise-class performance.
  • Adapt business processes as requirements change, with the controls finance needs.
  • Manage controls centrally while accommodating subsidiary-, country-, or region-specific variations.

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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.

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Revenue management.

Manage the entire contract-to-cash life cycle for greater processing efficiency and more-accurate accounting results with Workday Revenue Management.

  • Accelerate cash flow while reducing the risk of errors in financial results.
  • Simplify the transition to the new revenue recognition standards and reduce audit costs.
  • Automate complex billing processes for different types of products and services.
  • Improve business forecasting with real-time visibility into forecast and deferred revenue streams.
  • Integrate easily with third-party contract management systems.

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Management reporting.

Management reporting in Workday goes beyond the basics of financial reporting. It provides the information you need to more effectively support the business.

  • Equip managers with the financial information in business terms to help them make better-informed decisions.
  • Know the current state of your business at all times.
  • Report across any aspect of your business such as legal entity, cost centre, business site, team, and so on.
  • Generate management reports from the same transactional data used for financial statements.

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Financial planning.

Workday Planning allows organisations to create, collaborate, and take action on budgets, plans, and forecasts in one system that leverages 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, and link to Workday transaction data to create driver-based models.
  • Integrate your plan and forecast data into executive scorecards so decision-makers can quickly assess performance against actuals.

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Expenses. 

Workday Expenses allows workers to easily enter their expenses and streamline the expense reporting process, all at lower costs.

  • Ensure rapid adoption across your global workforce with a consumer-like experience for desktop, mobile, and tablet devices.
  • Use intuitive mobile capabilities to capture expense receipt images and submit expense reports on the go.
  • Reduce administrative burden by leveraging workers, roles, organisations, and security policies already set up in Workday Human Capital Management.
  • Automate expense management processes while ensuring proper spend controls.
  • Gain real-time visibility into employee spend with multidimensional reporting and analytics via your Workday Expenses dashboard.

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Procurement.

Workday Procurement isn’t just a goods and services acquisition tool. It is a comprehensive, indirect spend management solution that is user-friendly and modern.

  • Streamline the entire procure-to-pay process from requisitioning to payment.
  • Manage the RFQ process for standardised goods and services, and compare supplier bid responses to quickly identify cost savings.
  • Enable suppliers to maintain key information such as address and settlement banking instructions through the supplier portal.
  • Configure approval workflows, spend authorisations, and spend freezes for better control over spend before it occurs.
  • Gain visibility into workforce spending trends and economic impact to the organisation.

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Inventory.

Workday Inventory brings a fresh approach to traditional internal materials management, transforming a tactical discipline into a strategic business partnership.

  • Receive and track items under lot and/or serial control across all movements in inventory.
  • Define and place inventory in locations based on usage type such as stocking, damaged, and storage.
  • Perform physical inventory counts and record adjustments directly from your mobile device.
  • Create reorder points to replenish stock automatically, and issue comparable items when a requested item is out of stock.
  • View on-hand inventory cost by spend category to better understand what is being consumed for potential cost savings.

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Projects.

Workday Projects allows you to plan, staff, track, manage, and analyse projects and labour to successfully manage your organisation’s key initiatives.   

  • Plan and track progress of projects and work.
  • Easily view key project analytics, including resource demand, utilisation, project status, costs, budget, and revenues.
  • Tie human capital cost and impact to actual business results.
  • Enable on-the-go workers with always-current project data, expense reports, and time entry on their mobile device.

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