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

ExpenseWire vs Workday Financial Management

Last Updated: November 18th, 2024

Our analysts compared ExpenseWire 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

Expensewire is a SaaS expense management software that helps businesses of any scale and size. It manages, simplifies and organizes expenses while ensuring compliance and expediting reimbursements. The module eliminates excessive spending and helps users take control of the organization’s reporting submissions, approvals, and more. Take advantage of on-the-go access to submit, review and manage expenses with its mobile capabilities.

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

Undisclosed

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Small

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24/7 Live Support

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Product Insights

Mobile: Access data, capture and upload receipts, review and approve the expense anytime and anywhere with a stable internet connection.
Flexible: Work with any credit card and seamlessly integrate with the existing payroll, accounting system or CRM. Automate approval workflows and approve reports quickly and easily.
Relaible: Get the business up and running in no time with its uptime of 99.9%. Save time with its automatic data tracking, editing and submissions. Boost productivity with intuitive SaaS solutions.
Accurate: Get rid of manual expense reporting and OCR systems that are prone to errors. Provide rich insights into the business for better control and improved decision making.

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.

Expense Submission: Pull data such as travel and expense forms, hotel itineraries, personal and credit card transactions, receipts and create expense reports. Save time by keeping common transactions in the database. Converts transactions into appropriate currencies for international travelers.
Expense Approval: Give managers the freedom to review and approve expense reports without involving any paperwork. Set policy rules in the system, so expenses are pre-approved, making reviews and approvals easier and faster.
Expense Report Automation: Automate and streamline back office tasks to minimize the possibility of errors and make the process more efficient. Free up workers so that they can focus on more important business objectives.
Quick Reimbursement: Pay accounting professionals faster with an accelerated reimbursement process with batch payment processing. Furthermore, save staff hours of data entry work and simplify expense reimbursement processing with automation.
Compliance Management: Set standards and protocols to ensure compliance. Establish a spending limit and expense policies to help staff know when a certain payment is against company policy. Reduce excessive spending.
Smart Categorization: Categorize transactions based on predefined rules for the transaction category. Eliminate the need to manually enter data.
Digital Receipt Management: Provide an electronic copy of the receipt which can be later retrieved by the clients in case of chargebacks or reconciliation issues.
Mileage Tracking: Track, manage and control mileage expenses in a simple, accurate and reliable way.
Mobile Expense Management: Take a receipt of the picture and upload it to attach it to the expense report. Easily access expense report. Review, approve and deny submitted expenses on your schedule.

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

66%

of users recommend this product

ExpenseWire has a 'fair' User Satisfaction Rating of 66% when considering 29 user reviews from 2 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

Automated Expense Reports: Users praise ExpenseWire for automating the process of creating expense reports, eliminating the need for manual data entry and reducing errors.

Mobile Accessibility: The mobile app allows users to snap pictures of receipts and upload them directly to the platform, making expense tracking convenient and efficient.

Real-time Expense Tracking: Users appreciate the ability to track expenses in real-time, providing a clear view of spending patterns and budget adherence.

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.

Limited Integrations: Users express frustration over ExpenseWire's limited third-party integrations, particularly its lack of seamless integration with popular accounting software like QuickBooks Online or Xero. This forces businesses to manually export and import data, leading to increased workload and potential errors.

Clunky Mobile App: The mobile app's user interface is frequently criticized for being unintuitive and difficult to navigate. Users report experiencing glitches and slow loading times, making it cumbersome to track expenses on the go.

Reporting Limitations: ExpenseWire's reporting features are considered basic and lack the flexibility and customization options needed by many businesses. Users desire more comprehensive reporting capabilities to gain deeper insights into spending patterns and identify areas for cost optimization.

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.

ExpenseWire users are buzzing about its seamless integration with Paychex payroll, making it a breeze to reimburse employees. The software's intuitive interface and mobile app receive high praise, allowing users to snap pics of receipts and submit expense reports on the go. ExpenseWire's robust reporting tools provide valuable insights into spending patterns, empowering businesses to make data-driven decisions. However, some users find the customization options limiting, particularly for complex approval workflows or unique expense categories. ExpenseWire shines for small to medium-sized businesses already using Paychex payroll, offering a streamlined expense management solution that plays well with their existing systems.

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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