Workday Financial Management Key Features and Benefits

Workday Financial management delivers its services from the cloud and offers a bundle of features to fulfil the modern financial management requirements of organizations. This modern solution goes beyond financial management and helps organizations achieve improved financial consolidation, greater visibility into insights, achieve internal control, and bringing consistency across global operations.

Workday Financial Management works as a centralized system to support transaction processing, consolidation, multidimensional reporting, meeting global finance requirements from desktop or user-friendly mobile devices.

Let’s discuss all the key product areas of Workday Finance:

1. Workday Accounting and Finance:

The Workday Accounting & Finance solution lets you eliminate the work associated with traditional ways of bookkeeping and presents you with advanced automatic solutions to manage the financial transactions of your organizations. It offers multi-element, multi-currency, and multibook capabilities to help effectively managing global finance transactions

2. Workday Revenue Management:

Workday Revenue Management offers complete visibility of your customers and allows you to manage the entire revenue lifecycle. It allows the business to easily integrate with any CRM systems and configure billing schedules, contract management, revenue recognition and much more to drive business in a profitable way by meeting customer standards.

3. Management Reporting:

Workday Finance Reporting brings all your financial data into a single secured place. It presents businesses with accurate reports on everything from internal reports to external regulatory statements using this centralized solution. Workday management reporting lets you analyze and bring out financial insights in minutes.

4. Procurement:

Workday Procurement acts as a one-stop solution to manage spendings on goods and services. It provides a centralized system using which organizations can easily manage all the tasks ranging from sourcing goods to process payment.

5. Inventory:

Workday Inventory management streamlines the process to manage the end to the end life cycle of inventory management of organizations. This solution makes it easier to stock, track and maintain required goods. It gives complete visibility of the supply chain.

6. Projects Management:

The Workday Project Management solution seamlessly integrates HCM, Financials, time tracking and many other solutions into a unified system. It allows the teams to quickly have access to areas like essential project details, budgeting, stock in demand, utilization, cost reports, etc. It also streamlines and automates the process of the contract-to-cash cycle.

7. Grant Management:

Managing grants of an organization are one of the complex tasks. But the Workday Grant tracking solution makes it far simpler for organizations. It helps organizations to meet organizational and grantor requirements for accounting, budgeting, restoring, billing and compliance.

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Akula Sarika is a content writer at CourseDrill. Her passion lies in writing articles on the IT platforms including Workday, Data Science, Network Security Tools, Cyber Security Skills, and so on.