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Financial Management

Your finance organization. Transformed.

Meet the new standard for financial management.

What if everyone on your accounting and finance teams could focus more time on tackling your big challenges? Like finding the best paths to profitability, driving strategic planning, and addressing regulatory compliance? Workday Financial Management provides a state-of-the-art foundation for transactional efficiency and control, and delivers unparalleled insight to both finance and business managers with one system for accounting, consolidation, planning, procurement, projects, reporting, and analytics.

Drive business 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 organizational, process, and reporting changes without business disruption.

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

Accounting and finance.

Go beyond the basics of accounting with real-time business insights and fully auditable process management.

  • Process transactions faster and more accurately without compromising control.
  • Transform financial and management reporting with composite reports that offer the power and flexibility of a spreadsheet with enterprise-class control and performance.
  • Adapt business processes as your requirements change, with the controls finance needs.
  • Manage all your business controls centrally while allowing variations that accommodate subsidiary-, country-, or region-specific requirements such as languages, taxes, and more.

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Revenue management.

Manage the entire contract-to-cash lifecycle 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 forecasted 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 center, business site, team, and so on.
  • Generate management reports from the same transactional data used for financial statements.

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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, organizations, 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 standardized 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 authorizations, and spend freezes for better control over spend before it occurs.
  • Gain visibility into workforce spending trends and economic impact to the organization.

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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 analyze projects and labor to successfully manage your organization’s key initiatives.   

  • Plan and track progress of projects and work.
  • Easily view key project analytics, including resource demand, utilization, 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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Grants management.

Workday Grants Management handles the most complex requirements—all while providing more visibility and control into grant activity.   

  • Gain strategic intelligence about grant activity through rich, multidimensional reporting.
  • Improve compliance with grantor reporting requirements by ensuring all transactions are accurately tracked.
  • Manage grant proposals and budgets centrally and report on awards against proposals.
  • Automate the full post-award process to improve accuracy, visibility, and compliance.

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