You know Workday as a one-stop shop for your employees’ human resource data. But beyond benefits, payroll, and other HR functions, Workday also offers a simpler way to manage your company’s finances. Here are 5 key things you should know about Workday Financial Management, and how it’s transforming traditional Finance functions.
- Access all your financials with a single app
In the past, every component of financial management — from payroll to revenue — has been stored separately. This not only wastes resources but can even lead to discrepancies. Not to mention that getting fast, efficient information can be hard for senior management, especially if it means having to go through your employees.
Workday combines every aspect of your finances in a seamless, singular dashboard. It’s easy to keep track of your records and interpret trends at a glance, and all without having to ask a third party for access.
- Up-to-the-moment financial analysis and results
Speaking of interpreting trends… One of the greatest benefits of Workday Financial Management is that you can make adjustments the moment you need to. You can even get real-time consolidation results across different currencies without time-consuming batch processes.
With instant access to data comes a better understanding of the current state of your business. You’ll have a thorough analysis, the most accurate calculations, and be able to better predict future cash inflow and outflow — all at a moment’s notice.
- Increased accuracy with composite reporting
Traditional accounting often brings to mind countless spreadsheets in a rigid code-block format. But it doesn’t have to. Workday Financial Management features composite reporting, which provides the simplicity of a general ledger without the constraints.
Most notably, you can have multiple data sources in the same report. So if you want to combine, say, budgets and revenue in one go, you can. You’ll have more precise reports in less time.
- A lower total cost of ownership (TCO)
It’s no secret that you might be able to save by choosing a cloud application rather than paying to host your own. With Workday’s suite of enterprise cloud apps, you only pay for the services your organization requires. By opting for cloud software solutions, you could potentially move your IT headcount to more strategic roles and enjoy a reduced TCO.
Rather than spending time and money on upgrades, Workday pushes system updates with minimal interruption. Because you pay a set subscription price and receive innovative technology with every new release, you’ll have a self-sustaining system and spend less money in the process.
- More room for employee development
You and your employees could benefit from a reduction in the people power spent on manual and clerical transactions and an increase in employee engagement and growth. With Workday’s technology-enabled automation, both outcomes are possible.
The embedded Business Process Framework manages transactions from start to finish, storing necessary information and even acquiring approval without help. In both the long and short run, you’ll be able to spend less time on individual transactions and focus more on your people.