Workday Financial Management-Pros and Cons

General Information

Workday Financial Management provides multiple different core financial management capabilities, as well as achieving consistency across global operations. The software is capable of achieving overall consistency across global operations. Financial Management offers support transaction processing, as well as high-quality multidimensional reporting.

It comes with insight into finance and accounting capabilities, as well as gaining better knowledge regarding revenue managements. Financial Management allows employees to be able to see for example performance reviews, to see how well they’ve done. The software allows you to upload invoices of expenditures, as well as reconcile any transactions.

Newer Innovations in Workday Financial Management

Financial Management comes with the feature of speeding up cash flow in financial reporting while minimizing overall errors, as well as gaining deeper, more dimensional insight of data. The software uses workday accounting software, which allows new levels of financial efficiency in multiple areas. Financial Management also uses one version of a single cloud ERP system across an entire organization

The software brings in data from external accounting systems, as well as distributing operational insights to key stakeholders

Financial Management provides users to gain real-time visibility into employee spend. It has a unique integration of using automate billing and revenue recognition.

Why we use Financial Management?

Financial Management helps employees see performance reviews themselves, which can give insight on the quality of the work they’re producing, as well as coming with great organization of businesses’ priorities, keeping everything in one easy place.

The software allows everyone to have access to details that makes many processes a lot smoother, and also having a clean way of rescheduling reports to managers.

Industry Positive Comments

Financial Management, according to customers, is user friendly, and that it is easy to login and manage benefits. Furthermore, users are able to quickly access payroll and tax documents with its good-quality in-depth tools. Financial Management also keeps all important features in one location.

Needs Improvement

Some of the customers dislike clicking through multiple tabs to finally find what you need, which might cause immense frustration. Financial Management doesn’t come with too much customization either, and it occasionally goes to a halt and stops working completely. Furthermore, some features require different permits for them to function properly, and it is very difficult to find some essential options in the software.

Similar Products in the Industry

Financial Management also has similar competitors in the market, few of which include Concur Travel and Expense, Workday HCM, SAP Ariba Procurement, Tableau Desktop, Oracle Financials, Xero, Financial Edge NXT, FreshBooks, Sage Intacct, MIP Fund Accounting.