Accounting and Finance

A fresh approach to financial management.

Workday Financial Management includes a full range of finance and accounting capabilities, real-time business insights, and an "always-on” audit process management.

Attach comments to provide supporting context for decision-makers.

Set key metrics with helpful status indicators to maximise efficiency.

Launch related financial reports to drill into underlying transaction details.

Accounting: GL, AP, AR, and beyond.

Workday Financial Management helps you achieve the highest levels of business performance and financial excellence.

  • Get immediate visibility into financial performance with real-time, comprehensive financial and operational reports.
  • Accommodate multientity, multibook, and multicurrency requirements for global organisations and support alternate chart of accounts, global tax, and withholding framework.
  • Manage your global business with country-specific configurations, language translations, and enhanced document sequencing. 
  • Adapt to and accommodate new business and regulatory requirements as they arise without additional customisations or technology investments.
  • Ensure proper security and support compliance efforts with embedded controls and an always-on audit trail.

Automate and control your cash flow.

Streamline payment processes and gain greater control and visibility over the lifeblood of your business: Your cash flow.

  • Track and manage your business bank accounts.
  • Automatically reconcile bank statements.
  • Use a single settlement engine to manage all payments generated across your entire business, including payroll, supplier payments, employee expense reimbursements, and customer refunds.
  • Gain real-time visibility into cash balances and more accurately forecast cash flow with embedded analytics.

Manage your business assets.

Workday combines the functions of fixed assets and asset tracking with the ability to manage and account for all your business assets – from high-value, low-cost assets such as laptops and mobile phones, to intangible, high-value assets such as rights and licences.

  • Manage the complete asset life cycle including acquisition, registration, depreciation, adjustment, impairment, and disposal.  
  • Create multiple asset books to report and account for an asset according to different accounting rules, such as GAAP, IFRS, and GASB.
  • Define, track, and account for tangible, intangible, and composite assets. 
  • Track low-cost and zero-cost items that have high value or liability (such as mobile devices or security badges).
  • Assign custody and responsibility of items to workers to prevent cost leakage and security risks due to worker turnover.

Real-time financial reporting.

By combining a unique, event-driven accounting approach with built-in controls and a robust multicompany, multicurrency model, Workday securely delivers financial records with speed, accuracy, and complete auditability.

  • Get immediate visibility into financial performance with real-time, consolidated reports.
  • Reduce the time spent compiling, reconciling, and consolidating data from fragmented systems.
  • Transform financial and management reporting with composite reports that offer the power and flexibility of a spreadsheet but with enterprise-class control and performance.
  • Enable finance to provide improved decision support with flexible, ad hoc reporting.
  • Securely access financial reports from anywhere using a web browser or mobile device.

Controls: Adhere, audit, adapt.

Workday eliminates the need for bolt-on governance, risk, and compliance (GRC) systems with built-in controls at the transaction level that ensure proper security, separation of duties, transparent business processes, and comprehensive auditing.

  • Configure and monitor business processes and workflows.
  • Adapt business processes whenever changes are needed without having to reimplement your financial system.
  • Report on transactions and get full audit reports on any and every transaction processed in the system.
  • Configure security access policies and ensure separation of duties.
  • Manage all your business controls centrally, while allowing for variations for local regions or specific countries.

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