Workday Financial Management

Score7.9 out of 10

118 Reviews and Ratings

What is Workday Financial Management?

Workday Financial Management is a native cloud solution built on a global foundation designed to enable accounting teams to operate with greater productivity, superior insights, and adapt to changing business needs. Its AI embedded features improve financial business processes like record to report and opportunity to cash while strengthening internal controls, and enabling consistency across global operations.

Powered by an in-memory architecture and object data model, Workday provides a single system for transaction processing, multidimensional reporting, consolidation, planning, and compliance - all through a consistent user experience on both desktop and mobile devices.

Key feature areas: Accounting and Finance; Accounting Center; Audit and Internal Controls; Reporting and Analytics; Global Financial Reporting and Consolidation; Financial Planning; Projects; Expenses; Procurement; Inventory; Grants Management; and Project Billing.

Categories & Use Cases

Media

1 / 3

Screenshot of a discovery board

Credit card processing
The software facilitates credit card processing.
Category average: 7.3
Standardized Processes
Centralize financial management to facilitate standardized financial processes
Category average: 8.2
Single sign-on capability
The software system supports a centralized authentication mechanism allowing the user to access multiple systems with a single, centrally managed password.
Category average: 8.3

Plug-ins
A number of third-party plug-ins are available to expand the core functionality of the software.
Category average: 7.6
Global Financial Support
Account using multiple ledgers, multiple currencies, and multiple entities
Category average: 7.8
Configurable Accounting
Configure accounting rules and segments for each chart of accounts
Category average: 8

#1 most frequent

Professional, Scientific, and Technical Services

15.4%

792 installations of 5,148

#2 most frequent

Finance and Insurance

14.5%

748 installations of 5,148

#3 most frequent

Information

11.3%

581 installations of 5,148

Punnareddy Pallerla View profile

Sr Software Engineer in Information Technology at sabre (5001-10,000 employees employees)

Use Cases and Deployment Scope

We are using Workday for comprehensive time sheet tracking, Skill set management, compensation and rewards management, and leave balance tracking and submission. It is very helpful to track all employee day-to-day activity features on a single page with a single click. Managing and navigating is very easy with single-step movements and SSO enabled, making it easy to access without entering credentials multiple times, while also ensuring the best security.

Pros

Compensation Management, generating merit letters.
Timesheet submission by weekly or monthly.
Skill set updating and Required trainings completion.

Cons

Payslip generation.
Making more trainings available based on employee skill.
Time submission codes copying from previous weeks or months.

Return on Investment

For us it is good on overall business deliverables.
It could have been more robust user interface.
Recommended as per my experience.

Usability

Alternatives Considered

ADP Comprehensive Services

Other Software Used

Rally Software, Salesforce Service Cloud, Salesforce Sales Cloud

Wesley Gillean View profile

Regional Controller in Finance and Accounting at Acrisure (5001-10,000 employees employees)

Use Cases and Deployment Scope

Workday Financial Management is what we use as our primary ERP system. We currently use Workday for our consolidated financials as well as financial reporting platform.

Pros

Great Reporting
Easy Journal Entries
Great automated Bank Reconciliation functions

Cons

The intercompany functionality for Workday could be better.
Workday requires a lot of customization for us to get it setup to where we needed it.
Workday App could use some improvements.

Return on Investment

Initial startup costs were a bit high, but ongoing service agreement is very fair.
Ongoing support and implementation are good.
Worth the overall investment.

Usability

Alternatives Considered

Applied Epic

Other Software Used

Workday Payroll and Workforce Management, Workday Adaptive Planning, Applied Epic

Lauren Edwards

Property Manager in Corporate at Colliers International (10,001+ employees employees)

Use Cases and Deployment Scope

Our organization utilizes Workday Financial Management across multiple departments including accounting, reporting, data management & analytics. It allows us to seamlessly connect with colleagues for instant access to pertinent information. Once users are easily setup and offered basic training on the platform, it truly is a breeze to collaborate with each other. Having everything in one place is ideal.

Pros

Access to multiple processes
Easy collaboration across departments
intuitive platform

Cons

Overall cost is somewhat high
Support tickets can take a while for a response
Windows updates sometimes affect functionality

Return on Investment

Allows for collaboration across multiple departments
Instant access to reporting and analytics
Improved efficiency

Usability

Verified User

Director in Information Technology (1001-5000 employees employees)

Use Cases and Deployment Scope

The main problem with Workday is that it nickel-and-dimes an organization for valuable features. We're a non-profit and can only afford the basics, but the basics don't cut it. This is fine for admin finance users who want to set budgets and coordinate expenses. However, the basic Workday is very cumbersome for employees managing a budget throughout the year. It provides no visibility into current budget spending other than reports that need to be run and are a pain to understand. It's not easy. And employee on/offboarding is likely another feature we would need to pay extra for, and we limp along and deal with it manually with many mistakes.

Pros

Secure logins supported (MFA, etc.)
Messaging for supported aspects to employees.
Home page information.

Cons

Ability to better customize business processes for expense reporting.
No dashboard insights into current budget areas...only reports.
No employee on/off boarding capabilities for management.

Return on Investment

Cloud based.
Better management for expenses and financial information for the organization.

Usability

Alternatives Considered

Microsoft Dynamics 365 Finance and Salesforce CMS

Other Software Used

Microsoft 365, Adobe Acrobat Sign, Google Analytics

Jason Levy

Account Director in Corporate at Priority Private Care (51-200 employees employees)

Use Cases and Deployment Scope

We use Workday for numerous functions. We find it super helpful as an HRIS, as it helps us manage our people, culture, and talent attraction functions. The system helps address business problems, namely housing employee documentation, licensing, and other important data. We also use the enterprise resource planning function.

Pros

Talent Management.
Real Time Reporting.
Analytics

Cons

I love a workflow, so I always encourage the incorporation of as many workflows as possible!
The reporting function could be a bit more appealing (visually.)
The same goes for the analytics function.

Return on Investment

Workday has had a significant impact on our business's bottom line. Since instituting Workday, we have seen a 31% reduction in accounts payable outstanding year over year.
Thanks to Workdays' payroll reporting function, we have reduced the premium "combat" pay we offer our medical providers by 13%.

Alternatives Considered

UKG Ready

Other Software Used

UKG Ready, Sage Intacct

Usability

NetSuite ERP

Microsoft Dynamics 365

Oracle Fusion Cloud ERP

SAP S/4HANA Cloud

Workday Financial Management

What is Workday Financial Management?

Categories & Use Cases

Media