Home > Accounting Software > Concur > Concur vs Workday Financial Management

Concur vs Workday Financial Management

Last Updated: November 18th, 2024

Our analysts compared Concur vs Workday Financial Management based on data from our 400+ point analysis of Accounting Software, user reviews and our own crowdsourced data from our free software selection platform.

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Product Basics

SAP Concur is a Software-as-a-Service company that provides travel and expense management solutions. Created by a merger of the two companies in 2014, it effortlessly guides employees through every trip by populating charges into expense reports and automating invoice reports.

It automates data capture and accounts payable, uses real-time data and AI to audit transactions. It helps businesses keep an eye on what they are spending and there are no blind spots in the budget.

Workday Financial Management is a cloud-based accounting software designed for mid-sized and large enterprises. It automates core financial processes like record-to-report, procurement, and expense management, aiming to streamline operations and improve data visibility. Its strengths lie in its user-friendly interface, real-time reporting capabilities, and global compliance support. However, its subscription-based pricing model can be costlier than traditional on-premise solutions. Users praise its intuitive design and powerful analytics, but some note occasional integration issues and a steeper learning curve compared to simpler systems. Overall, Workday Financial Management is a robust option for companies seeking a modern, scalable accounting platform with a focus on automation and global reach, but its premium pricing might not suit smaller businesses or those with less complex financial needs.

Pros

User-friendly interface
Real-time reporting
Global compliance support
Scalable for growth
Integrates with other Workday apps

Cons

Higher subscription costs
Steeper learning curve
Occasional integration issues
Limited customization options
Reporting can be complex

$8/User, Monthly

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Product Insights

Reduce Cost: Connect various sources of expense data and reduce the need for manual information entry. Make more intelligent business decisions with accurate and consolidated data.
More Centralized Data: Connect with over 150 apps and spend data giving employees the freedom to work without hunting down information.
Ensure Compliance: Automate policy upgrades to ensure compliance. Leave no room for non-compliance by flagging exceeded spending thresholds for the employees.
Accessibility: Access the system by web or mobile app. Record expenses through the journey in the app while on the go. Manage travel and costs quickly and easily – including photographing receipts and attaching them to the expense claim.
Go Paperless: Eliminate the need for paper receipts by storing all receipts in the receipt store.
Easy Approval: Approve expenses across the different departments with real-time notifications.
More Straightforward Invoice Management: Review the invoice and submit it without any manual intervention.
Minimize Risk: Mitigate risk by importing feeds from travel suppliers and corporate credit card providers. Protect the business in tax season by creating an accurate audit trail.
Transparency: Check for new ways to save money by gaining complete control over the organization’s funds. Keep a tab of open but unapproved expenses in the system. Report spending across each department to identify areas of excess.

Enhanced Efficiency and Streamlined Operations: Automates manual tasks, eliminates data silos, and provides real-time visibility across financial processes, leading to faster close cycles, reduced errors, and improved operational agility.
Data-Driven Decision Making: Offers robust analytics and reporting tools that deliver actionable insights into financial performance, enabling informed strategic planning, cost optimization, and resource allocation.
Global Compliance and Scalability: Supports complex global operations with built-in compliance features and multi-currency capabilities, ensuring seamless expansion into new markets and adherence to local regulations.
Improved User Experience and Productivity: Provides a modern, intuitive interface that empowers finance teams with self-service capabilities, reduces training requirements, and boosts overall user satisfaction.
Enhanced Collaboration and Visibility: Fosters collaboration between finance and other business departments through integrated workflows and shared data, promoting transparency and alignment across the organization.
Reduced Risk and Improved Controls: Strengthens internal controls with advanced security features, audit trails, and automated compliance checks, mitigating financial risks and safeguarding sensitive data.
Increased Agility and Adaptability: Enables rapid configuration changes and customizations to adapt to evolving business needs and industry regulations, ensuring continuous optimization and competitive advantage.
Talent Optimization and Retention: Supports talent management initiatives by streamlining payroll and expense processes, providing employee self-service capabilities, and enhancing financial transparency, leading to increased employee satisfaction and retention.
Sustainable Growth and ROI: Delivers tangible cost savings through automation, improved efficiency, and reduced compliance risks, contributing to significant long-term return on investment.
Future-Proofed Platform: Continuously updated with new features and functionality, ensuring your accounting system stays ahead of the curve and adapts to evolving industry trends and technologies.

Real-Time Integration: See precisely what is being spent with real-time data and AI audits to help the businesses. Eliminate blind spots.
Automate Rules: Automate and apply rules fairly and consistently so that everyone’s expectations are met and fraud is easily caught.
Accounts Payable Automation: Automate the invoice process to catch duplicate entries. Save significant time with invoice tracking and quicker payments.
Travel Integration: Record expenses incurred on work-related trips automatically. Prepopulate business travel information so it’s easy for employees to submit accurate claims for reimbursement.
Analytics: Improve control over funds, examine productivity and increase compliance with automated, fast and accurate reporting.
Budget: Get a consolidated view of revenue and expenses in real time on an easy-to-use dashboard to identify gaps and make well-informed decisions.
Drive: Capture mileage to ensure compliance, reduce fraud, cut costs and reimburse employees adequately.
Audit: Ensure all employees are compliant and each dollar spent is certified against the company’s policy with a receipt audit service.
Payment Solution: Automate and simplify vendor payment and reimbursement.
Company Bill Statements: Centralize company cards and financial statements that capture total spend and maintain policy control.
Travel: Ensure every employee is supported with travel insights, regardless of where the trip is booked.
TripLink: Connect travelers and itineraries across multiple channels. Apply policies to direct booking to boost compliance and locate and support travelers.
TripLink Connected Suppliers: Set up direct connections with suppliers. Integrate with Locale to ensure proper communication with the travelers.
Invoice: Get real-time visibility into financial components, boost cash flow, ensure compliance and minimize security risks.
Other Products: Provide end-to-end, automated data synchronization with the vendor’s suite of products granting visibility into the employee spend and ensuring effortless and accurate management of expenses.
Free Trial: Get the free trial for a demonstration of spend management solutions, travel management. Use the sample information provided or snap a receipt from a phone or computer to see the program in action.
Multiple Scanning Options: Upload receipts to the expense report through using various methods. Scan it in the app, uploading a picture via the web or the receipt through email.

Grant Management: Meet grantor and business requirements for budgeting, billing, reporting and compliance. Minimize the possibility of reporting errors, any loss due to absent funds or risk associated with non-compliance. Make sure that all grantor’s requirements get met in terms of timeframe, balance, terms and conditions. Control unnecessary spending by keeping a tab on the monetary status in real-time. Ensure that workers are paid for individual projects.
Analytics and Reporting: Create internal reports and external regulatory statements ensuring no patchwork database. Use reconciliations and analytical tools. Ensure robust security while deriving insights for strategic decision-making. Let executives and leaders view monetary, operational and management visualizations. Gain a complete view of the business by combining transactional and operational parameters. Know and understand what is happening, where and why by analyzing details across dimensions.
Financial Planning: Make informed, faster decisions with flexible tools and data-driven insights. Respond quickly to change by creating strategic plans for budgeting expenses to forecasting revenue. Gain a complete picture by populating models with data. Connect to cloud, on-premise and data warehouse. Ensure reliable data access with an automated data flow. Involve everyone in the planning process with role-based access to models. Create reports by automatically connecting to Microsoft Excel, Word and PowerPoint. View numbers, charts and variance alongside each other, reflected instantly.
Audits and Internal Control: Keep the business secure, identify risk and document every translation with audit and internal controls. Adjust controls and processes, set thresholds, evaluate workflows and prevent unauthorized transactions with a flexible framework. Limit permissions to people with single access and authorization control.
Global Foundation: Operate and expand in different countries or around the world. Get built-in flexibility and support for global time zones, currencies and address formats. Leverage support for multiple charts of accounts, tax, banking and payment format. Deploy faster with built-in country-specific configurations.
Expenses: Minimize expense processing time and reimburse faster. Record the transaction by scanning the receipt. Get better travel rates and discounts by uncovering the latest trends in real-time with a delivered expense dashboard. Control cost and keep all the travel policies in one place. Prevent the possibility of fraud by tracking out of policy spends.
Accounting Centre: Gain detailed insights and reduce the time to close with comprehensive accounting information and data lineage back to source transactions. Minimize errors, boost efficiency and gain better control and visibility. Manage and modify rules with one accounting engine written in business language. Get detailed budgetary and operational reporting with a virtual subledger. Recognize revenue by modifying operational data.
Revenue Management: Gain complete visibility with flexible features and view and analyze all the system’s aspects. Minimize risk by establishing, approving and tracking customers at every step of the contract cycle. Reduce revenue leakage and gain rich insights into write-offs and billing rules. Boost accessibility, accuracy, profitability with intercompany invoices. Get end-to-end revenue management and comprehensive revenue recognition while staying compliant with GAAP and IFRS standards and protocols.
Budgetary Consolidation and Close: Keep track of the output by any factor such as spend by supplier, campaign, profitability and project activity. Reconcile accounts and embed them in the transaction system. Automate tasks, route approvals and reports with a close period checklist. Get real-time currency and earning calculations to analyze the financial results within a specific timeframe.
Accounting and Finance: Keep a tab on the monetary impact of transactions by identifying and addressing issues promptly without running a batch process. Close faster with real-time consolidation. Automate finance and accounting operations, make modifications or corrections any time and get recommendations on payment matching. Manage accounts payable, contracts, billings and payments from one place. Gain complete transparency into records from procurement to disposal. Control and optimize the cash flow.

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Analyst Rating Summary

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User Sentiment Summary

81%

of users recommend this product

Concur has a 'great' User Satisfaction Rating of 81% when considering 10098 user reviews from 5 recognized software review sites.

84%

of users recommend this product

Workday Financial Management has a 'great' User Satisfaction Rating of 84% when considering 324 user reviews from 4 recognized software review sites.

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Awards

Synopsis of User Ratings and Reviews

Streamlined Expense Reporting: Concur simplifies the often tedious process of creating expense reports, allowing users to easily track and submit expenses, which can then be quickly approved and reimbursed. This can save both employees and the accounting department significant time and effort.

Mobile Accessibility: The Concur mobile app enables users to manage expenses on-the-go, offering convenience and flexibility for business travelers. Users can capture receipts, track mileage, and submit reports directly from their mobile devices.

Integration with Accounting Systems: Concur integrates seamlessly with popular accounting software, such as QuickBooks and Xero. This integration streamlines the financial workflow by automatically syncing expense data with the accounting system, reducing manual data entry and the risk of errors.

Policy Compliance: Concur helps organizations enforce travel and expense policies by automatically flagging any out-of-policy expenses during the submission process. This feature promotes compliance and reduces the risk of unauthorized spending.

Streamlined Processes and Efficiency: Automates manual tasks like journal entries, reconciliations, and financial reporting, saving time and reducing errors.

Real-Time Visibility and Insights: Provides instant access to financial data and customizable dashboards, enabling proactive decision-making and improved cash flow management.

Global Compliance and Scalability: Supports multi-GAAP compliance, multi-currency transactions, and international tax reporting, simplifying operations for global organizations.

User-Friendly Interface and Adoption: Offers an intuitive interface with guided workflows and role-based dashboards, making it easy to learn and use for finance professionals of varying skill levels.

Seamless Integration and Collaboration: Integrates smoothly with other Workday applications and external systems, fostering collaboration across departments and streamlining financial processes.

Clunky User Interface: Users frequently report that Concur's interface feels outdated and cumbersome, making simple tasks like submitting expense reports or booking travel more time-consuming than necessary.

Mobile App Issues: The mobile app is often criticized for being buggy and unreliable, with features that are limited compared to the desktop version. This can be frustrating for users who rely on their mobile devices for managing expenses on the go.

Integration Challenges: Integrating Concur with other business systems, such as accounting software or HR platforms, can be a complex and technically challenging process, requiring significant IT resources and expertise.

Customer Support Concerns: Some users have expressed dissatisfaction with the quality and responsiveness of Concur's customer support, citing long wait times and difficulty resolving issues effectively.

Steep Learning Curve: Workday's interface and functionality can be complex for users unfamiliar with its specific terminology and workflows, requiring significant training and onboarding.

Limited Customization Options: While Workday offers some customization, it may not fully accommodate specific accounting needs or reporting requirements, potentially leading to workarounds or integration with additional tools.

High Implementation and Maintenance Costs: Workday's initial implementation and ongoing maintenance can be expensive, especially for smaller organizations, requiring careful budgeting and resource allocation.

Integration Challenges: Integrating Workday with existing legacy systems or third-party applications can be complex and time-consuming, potentially disrupting workflows and requiring specialized technical expertise.

Limited Offline Functionality: Workday's cloud-based nature can pose challenges in situations with limited internet connectivity, potentially impacting critical accounting tasks and data access.

Overall, Concur has garnered a reputation as a comprehensive and reliable solution for managing expenses, travel, and invoices. Users frequently praise its ability to streamline expense reporting, automate tasks, and provide real-time visibility into spending. The mobile app receives kudos for its user-friendly interface and offline functionality, making it easy for employees to capture receipts and submit expenses on the go. Concur's integration with travel booking platforms and credit cards is a major plus, simplifying the process of reconciling expenses and ensuring accuracy. However, some users find the initial setup and configuration to be complex, requiring significant time and effort. Additionally, the system's flexibility can be a double-edged sword, as extensive customization options may overwhelm some users. Concur's pricing structure, often based on the number of users and transactions, can be a concern for smaller businesses. Despite these drawbacks, Concur's strengths in automation, integration, and mobile accessibility make it a top choice for mid-sized to large organizations with complex expense management needs and a desire to enhance efficiency and control over spending.

Workday Financial Management (WFM) user reviews paint a mixed picture. While users praise its streamlining capabilities, real-time insights, and global compliance features, they also face challenges with its initial complexity, limited customization, and high costs. Compared to competitors like Oracle NetSuite and SAP Business One, WFM shines in automating manual tasks and offering intuitive dashboards for data-driven decision-making. However, its steeper learning curve and potential integration hurdles can be daunting for smaller firms or those accustomed to simpler systems. Users particularly appreciate WFM's ability to automate journal entries, reconciliations, and financial reporting, freeing up valuable time for analysis and strategic planning. The real-time visibility into financial data with customizable dashboards also empowers users to make proactive decisions and manage cash flow effectively. For global organizations, WFM's support for multi-GAAP compliance, multi-currency transactions, and international tax reporting simplifies operations and streamlines reporting across diverse regions. However, users also highlight WFM's learning curve as a major hurdle, especially for those unfamiliar with its unique interface and terminology. The limited customization options can also be frustrating when specific accounting needs or reporting requirements don't perfectly align with the system's functionalities. Additionally, the high implementation and maintenance costs can be a barrier for smaller organizations, making WFM a better fit for larger enterprises with the resources to invest. Compared to competitors, WFM's strengths lie in its automation capabilities and data-driven insights. Users often find Oracle NetSuite more user-friendly and customizable, while SAP Business One offers better integration with existing systems for some businesses. Ultimately, the choice between WFM and its competitors boils down to individual priorities and needs. If automation, real-time data, and global compliance are top concerns, WFM stands out. However, if ease of use, customization, and cost-effectiveness are paramount, other options might be more suitable.

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FAQ

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