5 Facts Every CFO Should Know About Workday Financial ManagementCategory: Workday Financials Posted:Sep 24, 2020 By: Ashley Morrison
You know Workday as a one-stop-shop for your employees’ human resource data. But beyond benefits, payroll, and various other HR functions, Workday also provides a simple way to handle your company’s finances. Here are 5 vital things you should find out about Workday Financial Management, and how it’s transforming traditional financial features.
1.Access all your financials with a single app
In the past, every component of financial management– from payroll to profits– has been saved independently. This not only wastes resources however can also cause inconsistencies. And not to mention, getting quick, reliable information can be tough for senior management, specifically if that means needing to go through your employees.
Workday integrates every element of your revenue in a seamless, singular dashboard. It’s simple to keep track of your reports and interpret trends at a glimpse, and all without needing to ask a 3rd party for access.
2. Up-to-the-moment financial analysis and results
Speaking about interpreting trends … One of the greatest benefits of Workday Financial Management is that you can make changes the minute you need to. You can also obtain real-time consolidation results across different currencies without time-consuming batch processes.
With instant access to data comes a better understanding of the existing state of your organization. You’ll have a thorough analysis, the most precise estimations, and have the ability to better predict future cash inflow and outflow— all at a moment’s notice.
3. Increased precision with composite reporting
Traditional accounting frequently evokes countless spreadsheets in a rigid code-block layout. But it doesn’t need to. Workday Financial Management includes composite reporting, which provides the simplicity of a general ledger without the restraints.
Most notably, you can have multiple data resources in the same record. So if you wish to integrate, claim, budgets and revenue in one go, you can. You’ll have more exact reports in less time.
4. A reduced total expense of ownership(TCO).
It’s clear that you might be able to conserve by selecting a cloud application rather than paying to host your own. With Workday’s suite of enterprise cloud applications, you just spend for the solutions your company needs. By going with cloud software solutions, you can possibly relocate your IT headcount to even more strategic roles and enjoy a minimized TCO.
Instead of spending quality time and money on upgrades, Workday pushes system updates with very little disturbance. Due to the fact that you pay a set subscription fee and obtain cutting-edge technology with every new release, you’ll have a self-sustaining system and spend much less money in the process.
5. More space for employee growth
You and your employees could benefit from a reduction in people power spent on the manual and clerical transactions and a rise 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, saving necessary information and even obtaining approval without help. In both the long and short run, you’ll have the ability to spend less time on individual transactions and focus more on your people.
To learn more on how to obtain greater value from your Workday Financial management investment, visit our website.
At ZaranTech, we also offer a wide range of self-paced, online Workday Financials certification programs. Browse through our course pages for further information.