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Workday Financial Management
What Is Workday Financial Management?
Workday Financial Management is a single cloud-based financial planning, accounting, and transactions solution. By combining transactions, accounting, analytics, and always-on audit in one system, Workday empowers decision-makers with in-the-moment and on-the-go financial and business insight they can act upon and plan for what's next.
Workday is the only cloud solution built on an adaptable architecture that empowers finance to address changing business needs quickly and securely with flexible finance and accounting processes. Thanks to this flexible framework, finance can incorporate M&A, pivot organizational structures, and add new requirements within minutes versus weeks or months. And Workday does this while providing pervasive internal control and auditability—documenting the who, what, and when as you go. And it is global at the core to ensure compliance with international and local market requirements as well as consistency across worldwide operations.
Who Uses Workday Financial Management?
Workday Financial Management is designed to help CFOs of companies of all sizes lead their finance practice with deeper insights, less manual work to drive efficiency, and greater agility.
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Reviews of Workday Financial Management
Your usual financial software
Comments: Okay overall, don’t really see anything outstanding compared to other financial softwares
Pros:
Allows user to save particular reports for easy access in the future, especially great if you need recurring reports.
Cons:
There should be some sort of a filter feature. I find it troublesome when looking up vendor in the search bar, but unable to refine by cost center or BU without going through pulling the ledger entries.
Great Central Tool for Financial Management
Comments: We use it for processing invoices from import vendors and other international partners, and detect the data and automated the accounts receivable/payable process while providing detailed reports and identified exceptions.
Pros:
It provides function that helps automate our accounts payable and account receivable flows for our international import shipments.
Cons:
It takes a lot of configuration and setup, and hard to onboard specific entities such as international customs and other logistics providers.
Great Financial Management support for P2P Capabilities
Comments: Overall experience with Workday Financial Management has been fantastic. Great capabilities that can integrate very well with other Workday modules.
Pros:
Workday Financial Management provides a great P2P capability to organization already working with Workday HCM. This tool provides best-in-class functionalities that support financial and procurement operations.
Cons:
The language, terms, jargon are very specific to Workday nomenclature rather than based on industry. Some concepts are quite unique and sometimes unnecessary when compared against a Coupa or other provider.
Would recommend
Comments: I would recommend to other people looking for a easy program.
Pros:
Very easy to maneuver. Set up was nice and organized.
Cons:
The options that they gave for different things.
Workday
Pros:
Easy to find transactions, sort, and filter
Cons:
Lots of irrelevant data fields crowd the page. Difficulty knowing which do use.
