Workday Financial Management Reviews & Pricing

Key Features

• 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. 

Approach to Common Challenges

• Manual, Time-Consuming Tasks: Workday Financial Management automates many manual processes, including journal entries, reconciliations, and reporting, freeing up time for finance teams to focus on strategic analysis and decision-making.
• Data Silos and Lack of Visibility: The software integrates financial data across multiple systems, providing a single source of truth and real-time visibility into financial performance.
• Compliance Risks and Regulatory Changes: Built-in compliance features and automated controls help organizations meet global and industry-specific regulations, reducing the risk of errors and penalties.
• Slow Close Cycles and Inaccurate Reporting: Streamlined workflows and automated processes accelerate the financial close process, while real-time reporting ensures accurate and up-to-date financial information.
• Disconnected Systems and Limited Collaboration: Integrates with other Workday applications and third-party systems, fostering collaboration between finance and other departments for seamless data sharing and decision-making.
• Limited Visibility into Spend and Forecasting: Advanced analytics and forecasting tools provide insights into spending patterns, cash flow projections, and potential risks, enabling proactive financial planning and risk mitigation.
• Talent Shortages and Skills Gaps: Intuitive user interface and self-service capabilities reduce training requirements and empower employees to manage their own financial tasks, addressing talent shortages and enhancing productivity.

Cost Of Ownership

• Q: What is the base price of Workday Financial Management?
  A: Workday does not publicly disclose base prices, as their pricing is customized based on the specific needs and complexity of each organization. Factors influencing cost include the number of users, modules required, and company size. Expect a subscription model with per-user pricing, typically starting in the low four-figure range per month for larger organizations.
• Q: Are there additional costs beyond the subscription fee?
  A: Yes, additional costs may include implementation fees, training, data migration, customization, and ongoing support. Implementation can range from $50,000 to $250,000+ depending on the scope and complexity. Training and support are often offered in tiered packages, with higher tiers providing more features and dedicated support personnel.
• Q: Is Workday Financial Management more expensive than traditional accounting software?
  A: Upfront, Workday's cloud-based subscription model might seem more expensive than traditional on-premise software with perpetual licenses. However, consider long-term costs. Workday eliminates hardware and software maintenance expenses, offers automatic updates, and scales easily with growth, potentially leading to cost savings over time. Comparing total cost of ownership across several years is crucial for an accurate assessment.

Limitations

•  Lack of integration. 
•  Lack of support documentation. 
•  Display isn’t intuitive. 
•  Expenses are glitchy. 
•  Can be a challenge for beginners. 
•  No device for venture management. 

Suite Support

FAQ

• Q: How does Workday Financial Management handle complex accounting tasks like consolidations and revenue recognition?
  A: Workday offers pre-built templates and automation tools for common financial processes, including multi-entity consolidation with automated intercompany eliminations and flexible revenue recognition methods that adapt to diverse business models. This eliminates manual calculations and streamlines reporting accuracy.
• Q: Can Workday integrate with existing ERP and accounting systems?
  A: Workday Financial Management seamlessly integrates with major ERP systems, payroll software, and other financial applications through pre-built connectors and APIs. This facilitates data exchange and eliminates the need for manual data entry, saving time and reducing errors.
• Q: How does Workday ensure data security and compliance with financial regulations?
  A: Workday employs robust security measures like role-based access control, data encryption, and audit trails to safeguard financial data. Additionally, Workday adheres to strict compliance standards like Sarbanes-Oxley (SOX) and International Financial Reporting Standards (IFRS), giving organizations peace of mind.
• Q: How can Workday Financial Management improve financial reporting and analysis capabilities?
  A: Workday's real-time reporting and flexible dashboards offer actionable insights into financial performance. Users can drill down into granular details, analyze trends, and generate customized reports, enabling data-driven decision-making and improved financial forecasting.
• Q: Is Workday Financial Management user-friendly for finance professionals across different skill levels?
  A: Workday's intuitive interface and role-based dashboards cater to both experienced and novice finance users. The system offers contextual help, guided workflows, and training resources, ensuring smooth adoption and efficient task completion for all levels of financial expertise.