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Financial Management

Your finance organisation. Transformed.

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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Meet the new standard for financial management

What if everyone in your finance team could focus more time on tackling your big challenges? You know, like markets that are increasingly global, highly competitive, and rapidly changing? Workday Financial Management helps you do that by delivering greater operational efficiency through shorter close cycles, fewer required resources, and reduced capital costs.  

Drive business growth while maintaining 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 with real-time business insights and fully auditable process management.

  • Process transactions quicker and more accurately without compromising control.
  • Transform financial and management reporting with composite reports that offer the power and flexibility of a spreadsheet but with enterprise-class control and performance.
  • Adapt business processes whenever changes are needed without having to reimplement your financial system.
  • Manage all your business controls centrally, while allowing for variations for local regions or specific countries.

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Revenue Management

Improve customer satisfaction. Accelerate cash flow. Reduce the risk of errors in financial results. With Workday Revenue Management, you can manage the entire contract-to-cash life cycle for more efficient, accurate processes and accounting results.

  • Reduce audit costs and comply with evolving standards and regulations for revenue recognition.
  • 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

Workday Management Reporting goes beyond the basics of financial reporting. It provides the information you need to more effectively support the business – without any additional investment in external systems.

  • Equip managers with the financial information in business terms to help them make better-informed decisions.
  • View management reports about current business operations in real time.
  • Report across any aspect of your business such as legal entity, cost centre, business site, team, or any other dimension.
  • Generate management reports from the same transactional data used for financial statements.

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Expenses 

Workday Expenses allows employees to easily enter their expenses. The results are lower costs, more accurate accounting, and more timely reimbursements. And your employees can capture, approve, and submit expense reports on any iOS, Android, or web-enabled device.

  • 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 employees, roles, organisations, and security policies already set up in Workday Human Capital Management.
  • 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 application that is truly user-friendly and modern. And with multidimensional reporting and analytics, you gain real-time visibility into spending trends across your organisation.

  • Manage the RFQ process for standardised goods and services entirely online, streamlining the award process to quickly realise cost savings.
  • Maintain key information such as address and settlement banking instructions through the enhanced supplier portal.
  • Configure requirements, approval workflows, spend authorisations, and spend freezes for better control over spend before it occurs.
  • Gain visibility into the workforce, spending trends, and economic impact to the organisation with Workday’s unified applications.

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Inventory

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

  • Automate replenishment with an auto-purchase requisition or stock transfer request.
  • Assign and manage different units of measure if necessary for ordering and stocking.
  • Create reorder points to replenish stock automatically, including auto-requisition generation.
  • 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 achieve 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 cost and impact to actual business results.
  • Enable on-the-go employees with always-current project data, expense reports, and time entry on their mobile device.

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