What is Workday for Finance?

Workday Finance is an innovative cloud-based financial and management solution developed to aid companies in streamlining accounting and finance procedures. It simplifies budgeting, forecasting, accounts payable/receivable, and cash management operations while being adaptable, secure, and user-friendly.

It can also be integrated with systems for payroll and human resources. This streamlines procedures and lowers the likelihood of errors in data entry.

Procurement

The Procurement feature in Workday gives you a centralized view of your procure-to-pay processes. It also provides tools to improve your supply chain management and purchasing procedures.

Revenue Management enables you to closely oversee revenue streams, related contact information, customer relationships, and billing histories. Workday paints a clearer financial picture for your organization by putting more timely and actionable data in your hands.

Reduce manual labor through increased automation and streamlined processes for more accurate and efficient data entry. The system offers advanced auditing and always-on compliance for a more robust, practical finance function. Workday also enables faster close times by decreasing the time needed to complete critical business processes, such as planning and forecasting and accounts payable/receivable. Workday is a cloud-based solution that integrates transactions, accounting, and analytics in one system. Its features include accelerated reporting close times and a flexible foundation that can adapt to future needs.

Expense Management

Workday’s expense management services help streamline the accounting and cost management process. The solution helps to improve financial visibility, reduce costs and errors and strengthen internal controls. It also helps to accelerate the speed of delivering financial reports.

This system allows for tracking all kinds of expenses within an organization and assessing performance metrics. It provides a cloud-based platform that automates a firm’s finance and accounting processes. It also supports using various charts of accounts and currencies, making it easy to manage finances globally.

The financial management systems offered by Workday are designed with finance professionals in mind. The system can be linked to other systems, including those used for payroll and human resources. This enables businesses to streamline procedures and lower the risk of mistakes. The solution is also mobile-optimized and allows users to create custom reports. Workday also offers a robust business asset management feature that tracks high-value assets like mobile phones and security badges.

Accounts Receivable

Streamline the invoicing, collections, and cash application processes. This includes importing invoice data, automating coding, and integrating with bank systems for real-time visibility into accounts receivable.

Workday offers a full suite of accounting, finance, and business management functions to support your company’s financial operations. It also provides flexible tools that allow staff to manage expenses more closely. Its financial planning tools help you paint the whole picture for your company, and its “always on” audit and internal controls keep you safe 24/7.

In addition to unified invoicing, recurring invoicing, and customer contract management, this application offers a variety of other features, including accounting journals, organizations, work tags, fixed assets, banking, customers, and financial reporting. All these services help you optimize operational efficiency and gain insights to drive strategic growth. Interested in learning more? Contact Stampli to request a demo.

Project Accounting

Whether you need professional services to manage time and expenses for billing your customers or capital projects that track costs associated with equipment purchases, building improvements, software implementations, and more, Workday’s project accounting service delivers on your business needs. It helps you to automate project expense reporting and reimbursement while providing real-time visibility and reducing manual errors.

The cloud FP&A market includes financial planning and analysis (FP&A) solutions delivered on a single, composable vendor platform that supports the end-to-end finance record-to-report process. This is different from traditional FP&A solutions focused on finance processes alone.

Simplify your capital project spending accounting by moving WIP costs to your spend account based on spend categories in your accounting model. The system initiates the Verify Project Expense business process for transaction lines marked as expenses during the review. It moves them from WIP to a cost center once they’re approved. These costs can then be capitalized into a project asset.