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8.8

Spot Score

Workday Financial Management

Workday Financial Management

Streamline and optimize your financial management.

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Workday Financial Management offers custom pricing plan

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What is Workday Financial Management?

Workday Financial Management is a powerful business management software product that helps you manage financial activities, such as budgeting, reporting, and forecasting. It includes the following modules: Payroll Management, Accounting, Budgeting & Forecasting, Time & Billing, Fixed Assets & Purchasing, Reporting.

Pricing

  • Workday Financial Management offers custom pricing plan

Customer Type

  • Large Enterprises

  • Medium Business

  • Small Business

Platform Type

  • SaaS/Web/Cloud

Workday Financial Management software demo

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Workday Financial Management was reviewed internally using user feedback, in-house testing, and market research to assess its performance, reliability, and user experience. Learn how we review products and our evaluation process.

Workday Financial Management is best suited for

  • employee count

    Employee count: 1,000 to 25,000 employees

  • industries

    Industries: Fintech, Consulting, SaaS, and various segments within the broader technology market

  • Job titles

    Job Titles: Finance Managers, CFOs, Financial Analysts, Accounting Managers who require robust financial planning, analysis, and reporting capabilities

Benefits of using Workday Financial Management

  • Seamless Integration: Workday Financial Management effortlessly integrates with other Workday applications, allowing you to streamline your operations and enhance collaboration across departments. You’ll find that accessing real-time data becomes second nature, empowering your team to make informed decisions.

  • Real-time Insights: With powerful analytics and reporting capabilities, you’ll gain immediate visibility into financial performance. This means you can quickly identify trends, manage risks, and seize opportunities, all while keeping your stakeholders in the loop.

  • Scalability and Flexibility: As your organization grows, Workday adapts to your evolving needs. Whether you're expanding into new markets or adjusting your business model, its cloud-based architecture ensures you stay agile without the headache of complex upgrades.

Explanation of Workday Financial Management Key Features

  • Accounts Payable

    The Accounts Payable feature streamlines the management of outgoing payments, allowing organizations to efficiently track and process invoices from vendors. By automating workflows, it reduces manual entry errors and ensures timely payments, which helps maintain positive vendor relationships. This feature addresses the challenge of managing cash flow by providing real-time visibility into outstanding obligations and payment schedules.

  • Accounts Receivable

    With the Accounts Receivable feature, businesses can effectively manage incoming payments from customers. It automates invoice generation and follow-up reminders, facilitating quicker payment cycles. By improving cash flow management and reducing days sales outstanding (DSO), this feature helps organizations address the common challenge of delayed revenue recognition and enhances overall financial health.

  • Bank Reconciliation

    The Bank Reconciliation feature simplifies the process of reconciling bank statements with internal financial records. By automatically matching transactions, it identifies discrepancies and ensures that accounts are accurate. This capability addresses the issue of financial discrepancies, providing organizations with confidence in their financial reporting and helping to prevent potential fraud.

  • Billing and Invoicing

    This feature enables businesses to create and send professional invoices quickly and accurately. With customizable templates and automated billing schedules, organizations can reduce administrative burdens while improving customer satisfaction through timely billing. It effectively addresses the challenge of invoicing errors that can lead to cash flow issues.

  • Cash Management

    Cash Management provides organizations with tools to monitor cash flow in real-time, enabling proactive decision-making regarding liquidity and investments. By forecasting cash needs and optimizing working capital, this feature helps solve the problem of cash shortages or excesses, ensuring that funds are available when needed for operational activities.

  • Collections

    The Collections feature enhances the management of overdue accounts by automating follow-up communications and tracking customer interactions. This systematic approach allows businesses to recover outstanding debts more efficiently, addressing the challenge of slow collection cycles that can hinder cash flow.

  • CPA Firms

    This functionality is tailored for CPA firms, offering tools for client management, compliance tracking, and financial reporting. By centralizing client data and streamlining communication between firms and clients, this feature addresses the challenge of managing multiple clients efficiently while ensuring compliance with regulatory requirements.

  • Expense Tracking

    Expense Tracking allows employees to easily record and categorize expenses in real-time using mobile devices or desktops. Automated approval workflows help streamline reimbursement processes while providing managers with visibility into spending patterns. This feature addresses the challenge of managing employee expenses effectively and ensuring compliance with budgetary constraints.

  • Fixed Asset Management

    The Fixed Asset Management feature provides tools for tracking an organization’s physical assets throughout their lifecycle—from acquisition to disposal. By automating depreciation calculations and ensuring compliance with accounting standards, this feature helps address challenges related to asset mismanagement and financial reporting accuracy.

  • General Ledger

    The General Ledger serves as the foundation for all financial reporting within Workday Financial Management. It integrates data from various modules to provide a comprehensive view of an organization’s financial status. This feature addresses the challenge of maintaining accurate financial records by ensuring all transactions are recorded systematically.

  • Multi-Currency

    The Multi-Currency feature allows businesses operating in global markets to manage transactions in multiple currencies seamlessly. It provides real-time exchange rates and automates currency conversions, helping organizations tackle challenges related to foreign exchange fluctuations while simplifying international operations.

  • Payroll

    Workday Financial Management includes a robust Payroll feature that automates payroll processing, tax calculations, and compliance reporting. By reducing manual errors and ensuring timely payments to employees, this functionality addresses the challenge of managing payroll efficiently while adhering to regulatory requirements.

  • Project Accounting

    This feature enables organizations to track project costs, revenues, and profitability in real-time. With detailed reporting capabilities, Project Accounting provides insights into project performance, helping managers make informed decisions about resource allocation and project viability—addressing challenges related to project financial oversight.

  • Purchasing

    The Purchasing feature streamlines procurement processes by automating purchase orders and vendor management. It integrates with inventory management systems to ensure optimal stock levels while providing analytics on spending patterns. This capability addresses challenges associated with inefficient purchasing processes that can lead to overspending or stockouts.

  • Revenue Recognition

    Revenue Recognition automates the process of recognizing revenue in accordance with accounting standards (

Workday Financial Management Pricing

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Free Trial

  • Not available

Workday Financial Management Pricing

  • Workday Financial Management offers custom pricing plan

Pricing Model

  • Paid Plans (Quotation Based )

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Why users might consider alternative to Workday Financial Management?

  • Some organizations may find Workday Financial Management's pricing structure to be prohibitive, leading them to explore more budget-friendly alternatives that offer similar functionalities without the high cost.

  • Users might seek alternatives due to specific industry needs or unique compliance requirements that Workday Financial Management does not fully address, prompting the search for tailored solutions.

  • Companies experiencing rapid growth may require more scalable options that can adapt quickly to changing business environments, making other financial management systems more appealing.

  • Organizations with existing software ecosystems may look for alternatives that offer better integration capabilities with their current tools, ensuring a seamless flow of data and processes across platforms.

  • Teams looking for user-friendly interfaces and simplified workflows may prefer alternatives that prioritize ease of use, enhancing employee adoption and overall productivity in financial management tasks.

Workday Financial Management Reviews & Ratings

3.6

Very Good

Based on 148 ratings & 87 reviews

Rating Distribution

Excellent

(40)

Very Good

(27)

Good

(7)

Poor

(4)

Terible

(9)

Expert's Review

Workday Financial Management stands out as a comprehensive solution for organizations looking to integrate financial operations, HR activities, and real-time data reporting into one streamlined platform. Users repeatedly praise its user-friendly interface, customizable workflows, and robust reporting tools, making it a reliable choice for improving efficiency and ...Read more

Workday Financial Management pros and cons

  • Provides a user-friendly and intuitive interface, making navigation and tasks straightforward for end users.

  • Centralizes all HR and financial information, offering a "one-stop shop" for accessing data such as pay stubs, time management, and performance reviews.

  • Real-time reporting and automation streamline workflows, improve efficiency, and support decision-making.

  • Highly customizable platform with robust security features to meet diverse organizational needs.

  • Interface for certain processes (e.g., absence requests, expense reports) can be counterintuitive or overly complicated.

  • Some features, such as search functionality and design, are glitchy or require multiple steps, leading to inefficiency.

User Review

SL

Salinda L

11/09/23

5 out of 5

"My workday experience"

What do you like best about Workday Financial Management? It's like your own little workstation that holds all your information from work all your ...

Read more

JA

Joy Ann J

11/09/23

5 out of 5

"Great experience with Workday!"

What do you like best about Workday? I like Workday! What I like the most about Workday is it is an easy to navigate software and has a friendly user ...

Read more

AU

Anonymous User

09/04/23

5 out of 5

"It was amazing"

What do you like best about Workday Financial Management? orkday Financial Management for its user-friendly interface, real-time reporting, and ...

Read more

AU

Anonymous User

06/07/23

5 out of 5

"One stop shop!"

What do you like best about Workday? I love Workday because it holds everything in one place and is fairly easy to use. I love that you can utilize it ...

Read more

Workday Financial Management Support

Contact

+1 866-951-9002

Customer Service

24/7 (Live rep)

Online

Location

Pleasanton, California

Frequently Asked Questions (FAQs)

Stuck on something? We're here to help with all the questions and answers in one place.

Workday Financial Management is a Accounting Software. Workday Financial Management offers Accounts Payable, Accounts Receivable, Bank Reconciliation, Billing and Invoicing, Cash Management and many more functionalities.

Some top alternatives to Workday Financial Management includes Quickbooks, Freshbooks, Sage Accounting (Sage One), ActivityHD and Denario.

No, Workday Financial Management doesn't provide API.

No, Workday Financial Management doesn't provide mobile app.

Workday Financial Management is located in Pleasanton, California

Workday Financial Management offers Quotation Based pricing model

We don't have information regarding integrations of the Workday Financial Management as of now.

The starting price is not disclosed by Workday Financial Management. You can visit Workday Financial Management pricing page to get the latest pricing.

This software is researched and edited by

Rajat Gupta is the founder of Spotsaas, where he reviews and compares software tools that help businesses work smarter. Over the past two years, he has analyzed thousands of products across CRM, HR, AI, and finance — combining real-world research with a strong foundation in commerce and the CFA program. He's especially curious about AI, automation, and the future of work tech. Outside of SpotSaaS, you'll find him on a badminton court or tracking the stock market.