Datasheet
Workday Financial Management Key Benefits
• Quickly gain a more complete and
Today’s businesses compete in markets that are increasingly
accurate picture of your business
global and rapidly changing. Accounting teams face mounting • Equip executives and business
pressure to deliver more value to their organizations, which managers with relevant, contextual
financial insights—available on the
requires shifting the balance of where they’re spending their
device of their choice
time today. In order to go beyond simply managing core • Provide best-in-class and pervasive
accounting processes and producing financial statements, always-on audit capabilities
a new way of thinking and working is required. • Embrace organizational, process,
and reporting changes without
Time spent manually entering transactions, reconciling accounts, and business disruption
searching for exceptions needs to be replaced with strategic activities that • Provide a consistent and easy-to-use
drive profitability, support global growth goals, and meet the changing needs interface for all users—employees,
of the complex business environment organizations now find themselves in. managers, executives, and auditors
The challenge is, however, that traditional solutions are rigid, require batch
Key Features and Applications
processes, and weren’t designed for change, limiting the amount of time you
• Accounts Receivable and Collections
can save and reallocate from your core processes. On top of this, these systems
• Accounts Payable and Payments
make it challenging to deliver insight to all corners of your business and
impossible to assess real-time performance insight and quickly course correct. • Asset Management
• Audit and Controls
Fortunately, there is a solution. By making technology work for the user with
• Billing and Invoicing
an in-memory object architecture, Workday delivers a single system to support
• Cash Management
transaction processing, multidimensional reporting, consolidation, and
• Contracts
compliance—all with a consistent user experience accessible from desktop
or mobile devices. • Financial Reporting and Analysis
• [Global] Close and Consolidation
Flexibility at the Core • Multi-GAAP/Multi-book/Multi-chart
of Accounts
Workday Financial Management is built on an adaptive, global foundation
that provides organizations with the core financial management capabilities • Revenue Management
expected from an agile cloud solution. It goes well beyond just managing
Results
financial processes to achieve greater insight, improve financial consolidation
• 70% reduction in time to close
and reduce time to close, instill internal control and auditability, and achieve
• 50% reduction in external
consistency across global operations.
audit requests
Innovative technology gives more power to the business to respond to • 59% reduction in ledger accounts
organizational, business process, and reporting changes as they occur, even
after deployment, without additional cost. Workday captures details from every
financial transaction—including the who, what, where, and why—to better
serve and inform all teams, not just finance.
Workday provides an intuitive user interface that enables business users
and finance professionals to navigate the application with minimal training.
Executives and line management also benefit from the Workday experience,
with easy access to information that impacts day-to-day business decisions.
Managing Globally, Executing Locally Related Workday Applications
Workday’s financial frameworks allow customers to meet multinational • Workday Adaptive Planning
requirements without hard-coded customizations. In addition, a common • Workday Projects
workflow framework called the business process framework (BPF) and a standard • Workday Expenses
reporting framework help organizations standardize around the globe, which
• Workday Procurement
makes addressing new requirements less labor-intensive. Multi-book functionality
• Workday Strategic Sourcing
enables reporting of financial results based on multiple accounting principles.
• Workday Inventory
Workday supports organizations with operations in over 120+ countries, with
standard out-of-the-box configurations available for 50+ countries. • Workday Grants Management
• Workday Project Billing
Meeting New Accounting Standards • Workday Prism Analytics
When new accounting standards are required, Workday assesses their impact, • Workday Accounting Center
provides the capabilities required to support them, and supplies the tools to
assist with adoption. This eliminates some of the work traditionally required
to maintain adherence to changing GAAP and IFRS standards.
Standardizing Global Processes
By standardizing global business processes using Workday’s BPF, organizations
can accommodate multiple and complex business tasks within a single
workflow. When creating a new process for a unique business need,
organizations have the discretion and flexibility to set up unlimited, unique
business process steps keyed to the needs of specific locations, organizations,
or groups at the same time, within that workflow. Because business processes
are defined and tied directly to organizational structures and role-based security,
they can be controlled centrally while allowing in-region flexibility as needed.
Accounting Is Just the Start Operate with greater efficiency
Workday Financial Management supports all the accounting and finance and at a lower cost by having
functionality that global businesses require. Accounting is the mainstay of an intelligent system that
financial systems but is often beset with inadequate and inefficient processes. uses machine learning to
Today’s rapid pace of business demands that finance functions move beyond continuously detect anomalies
a transaction focus in favor of new ways of working. With new technologies and make recommendations
such as machine learning, finance has the opportunity to usher in a new era
of efficiency, where finance gains time back by focusing only on exceptions
and areas of the business that need attention. Machine learning continuously
detects anomalies and makes recommendations, making finance business
processes frictionless and intelligent. So you can operate with greater efficiency,
more accurately, and at a lower cost.
Not Only a General Ledger
Workday keeps all the operational information surrounding transactions while
maintaining the accounting information expected of a global general ledger. Get
insight beyond traditional accounting key segments, and meet global regulatory
and financial reporting requirements with global capabilities, including
multicurrency, multi-language, multi-book, and more—all built into the core
system to support multinational requirements today and into the future.
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With Workday, you can significantly streamline your chart of accounts for a faster,
more accurate financial close. And, you can control multiple operating entities,
companies, or business units to easily complete intercompany transactions,
eliminations, allocations, adjustments, and consolidated reporting.
Automate and Control Your Cash Flow
A system that shows you real-time cash balances helps you manage resources
effectively and make better decisions about funding, paying, and collecting
money. The single settlement engine in Workday processes payments across all
transactions, including supplier payments, employee expense reimbursements,
customer payments, and payroll. By having complete visibility into all inflows and
outflows, you can forecast future cash flow requirements more accurately.
Fixed Assets—Big and Small
Assets used to be large, expensive, and fixed. While traditional fixed-asset
systems handled the accounting of large, immobile assets, they were never
designed to help companies manage the high-value, low-cost resources
that so many businesses now rely on, such as laptops, mobile devices, web-
conferencing accounts, security badges, and other “utility-belt” items for today’s
workforce. Workday combines the traditionally separate domains of fixed assets
and inventory with the ability to manage the small and inexpensive items that
are still important to your business.
Proactive Audit and Compliance Every transaction is documented,
Workday reimagines the traditional model of bolt-on governance, risk, creating undefeatable electronic
and compliance (GRC) systems that only marginally fulfill various global evidence and enabling you to
requirements. Since the BPF is built into the fabric of Workday, it’s a cornerstone proactively manage risk and
for internal control and governance. With the BPF, companies can easily monitor compliance
configure and visualize internal business processes. Also, our always-on audit
approach continuously captures approvals and changes in the system to provide
visibility into who took what action and when—all for no additional cost.
The embedded BPF manages every transaction, captures all required
information, follows the configured approvals, and ensures that the accounting
impact of every transaction is immediately auditable upon approval. Audit
reports and dashboards are preconfigured to monitor activities and compliance
and make it easy to view trends in real time, such as an increasing number of
expenses without receipts. From these dashboards you can drill down to take
further action to rectify any areas of concern.
Organizations can accommodate local regulations around the world, increase
process visibility, and reduce overall risk. Your business processes, audit trails,
and security models are all natively built into Workday, eliminating the need for
a separate bolt-on solution.
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Revenue Management
With Workday, you can gain a 360-degree, cross-functional view of your
customers, enabling you to take care of the entire revenue lifecycle. You can
integrate with any CRM system and configure contract management, billing
schedules, and revenue recognition to help you manage your business in the
most profitable way while maintaining customer satisfaction.
Customer and Contract Management
Create, approve, and track your customers and customer contracts to maximize
visibility and minimize risk to your organization. You can capture all contract
changes throughout the life of the contract, and even decouple billing and
revenue-recognition schedules.
CRM Integration
Workday Financial Management Connector for Salesforce provides complete
visibility and accuracy across the quote-to-cash process. Easily integrate
opportunity management data from salesforce.com to Workday for streamlined,
configurable quote-to-cash process automation.
Invoice, Collect, Audit
Workday supports various types of billing and payment terms. It helps your
organization automate customer invoices and ensure their accuracy. Reduce
the need for manual intervention and minimize revenue leakage thanks to
automated, configurable billing processes.
Customer Collections
A single source of intelligence allows you to organize shared services centers
based on customer behaviors, needs, and contribution size. Workday enables
your collections team to prioritize customers and invoices based on risk scores.
A customer collections dashboard highlights this risk, so you can convert
accounts receivables to cash as quickly as possible and prioritize which
accounts require a collector to intervene.
Easily Meet the Latest Accounting Standards
Greater scrutiny over when and how much revenue can be recognized has
increased. Workday allows you to easily record revenue events, complete fair-
value analysis, link contracts, and allocate and recognize revenue for simple and
multielement arrangements. You can manage billing and revenue recognition
independently in order to identify the correct amount of revenue at the right
time. With Workday, you can create alternate contracts and build what-if
scenarios to model out and assess the impact of different revenue recognition
strategies. Workday significantly simplifies your ability to meet dual reporting
and disclosure requirements with the ability to leverage the alternate contract
and reporting capabilities.
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A New Level of Insight for Finance With automated financial
Workday takes a different approach than traditional ERP and BI vendors, management processes and
creating reports more efficiently and delivering deeper analysis by using deeper insights, you focus less
a multidimensional model and real-time accounting and reporting that can be on transaction processing and
enriched with operational data. Workday captures business dimensions at the more on analysis and action
point of transaction and maintains them through transactional, management, and
financial reporting. In addition, the in-memory architecture in Workday creates
and updates accounting and financial reports in real time. This eliminates the
need for batch processing and drastically reduces time spent on reconciliation.
Business Users in Control
As businesses adapt to a continuously changing business landscape, it has
never been more important for finance to make decisions based on the most
current and accurate dataset. In the face of market volatility, remaining resilient
requires immediate insight into where and how to course correct.
The object data model in Workday maintains all the rich details around business
events from transactions through financial statements and management
reports. This enables analysis by configurable dimensions with strategic
significance to the business beyond the accounting key. In other words, you can
analyze the business across virtually every dimension: legal entity, cost center,
account, campaign, location, team, supplier, customer, and more. This data
model is extended with the ability to ingest high-volume operational data that
is blended together with financial information, giving finance and the business
an even richer and more comprehensive dataset to drive better decision-making.
Workday allows you to perform drag-and-drop ad hoc analysis and uncover new
insights from blended analysis. All data is protected through the same security model
as native Workday data and can be presented to users on the dashboards where
they already work—providing a single source for data across the entire business.
Real-Time Financial Consolidation
Workday simplifies financial consolidation and financial statements can be run
whenever accounting needs to see the latest and most accurate picture of the
business. Workday also makes the close process easy to manage and monitor,
with checklists and dashboards that provide transparency into information as
it is gathered, translated, and closed to ensure your team is confident in the
numbers, process, and reporting.
Once the data is consolidated and available via operational and statutory reporting,
then you can interact with it. Simply drill from reports instantaneously into detailed
transactions for further analysis, or slice the data by another dimension. Financial
scorecards are configured to reflect the most accurate financial picture, with
metrics to provide comprehensive insights into the business. As a result, finance
can respond quickly and effectively while empowering the rest of the business
with a single source of truth.
To explore how Workday Financial Management can help your organization,
please visit workday.com/cfo.
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Deploy Workday and Get Significant Value Fast
Workday offers deployment services, training, support, and continuous innovations to help you use Workday
with confidence as your organization evolves. Because each customer has different requirements, resources,
and goals, we’ve designed our services to meet a variety of needs and learning styles.
To help you reach your goals faster and empower your teams, subscription-based Workday Success Plans
offer exclusive access to resources, tools, and expertise for an even deeper understanding of Workday.
For more information, visit workday.com/cx.
+1-925-951-9000 +1-877-WORKDAY (+1-877-967-5329) Fax: +1-925-951-9001 workday.com
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