Key Benefits, Features and Applications of Workday Financial Management
Last updated on Wed 18 Mar 2020
Workday Financials has many great features. In this workday financial tutorial, you can find various important features and applications of workday financial management.
In Today’s market businesses are increasing globally and changing rapidly. A lot of Finance organizations are facing a lot of pressure to go beyond managing the account. They have to manage accounting, cash, assets, and projects, and complete processes such as consolidate to close, contract to cash, procure to pay, projects, and planning. This is to support global growth, achieve profitability, and provide strategic direction, as well as meet the complex and stiff demands for compliance and regulatory oversight. These core functions across multiple and disparate systems are addressed by the traditional solutions which are making challenges to deliver insights to frontline managers and impossible to assess performance in real-time and also to plan for the future.
By using in-memory and an object data model, Workday has delivered a single system that supports transaction processing, multidimensional reporting, consolidation, planning, and compliance—all using a consistent user experience accessible from a desktop or mobile device.
All the financial management capabilities which are expected from a cloud solution are provided by the
Workday Financial Management as it is built on an adaptive, global foundation. It goes well beyond just managing financial processes to achieve greater insight, to improve financial consolidation, instill internal control, to achieve consistency across global operations, and also to reduce time to close.
Features and Applications of Workday Financial Management:
- Accounting and Finance
- Revenue Management
- Financial Reporting and Consolidation
- Financial Planning
- Grants Management
- Project Billing
- Audit and Internal Controls
- Provide executives and business managers with relevant, contextual financial insights that are available on the device of their choice
- Provide best-in-class and pervasive “always-on” audit capabilities
- Without business disruption, Embrace the organizational, process, and reporting changes.
- Provide a consistent and easy-to-use interface for all users like employees, managers, executives, and auditors
Access a New Level of Insight:
Provide your managers and executives with the information they need to make the best business decisions. Workday allows capturing the details of every financial transaction which includes the who, what, where, and why— to better serve and inform all teams—not just finance.
Designed for Change:
Without additional cost even after deployment, The innovative Workday technology enables you to respond to organizational, business process, and reporting changes as they occur.
Created for Finance and Business Users:
The instinctive user interface in Workday enables business customers 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 their day-to-day business decisions.
To streamline the planning process and accelerate time to action, Financial planning in Workday takes advantage of real-time financial data. It enables organizations to execute and create enterprise financial plans. Cross-functional teams can create, collaborate, and take action on budgets and forecasts all within Workday. As business objectives and market dynamics change, budgets and forecasts can be adjusted easily and shared with key stakeholders across an organization.
Automate and Control Your Cash Flow:
A system that shows you real-time cash balances and transactions help you manage resources effectively and make good decisions about funding, paying, and collecting money. The Workday settlement engine gives you oversight into all transactions like spending, revenue, finance, and payroll. By understanding inflow and outflow, you can also forecast cash flow into the future more accurately.
Workday records all the rich operational information surrounding transactions while maintaining the accounting information expected of a global general ledger. Provides insights beyond traditional accounting dimensions, and meet global regulatory and financial reporting requirements.
Global capabilities, including multi-currency, multi-language, multibook, and more, are built into the core system to support multinational requirements today and into the future.
Significantly streamline your chart of accounts for a faster, more accurate financial close. The workday can model multiple operating entities, companies, or business units to easily complete intercompany transactions, eliminations, allocations, adjustments, and consolidated reporting.
The Workday Financial Management Certification Training Program in IQ online will provide you with in-depth knowledge of Accounting and Finance, Revenue Management, Financial Reporting, and Consolidation, Financial Planning, Project Billing and many more. Training at IQ Online will help you to become a certified Workday Financial Management professional with Real-time projects and use cases. You will get the best support and guidance from our team of experts.