Workday Financial Management Pricing, Reviews and Features (September 2022)

Workday Financial Management Features Show All Features

Accounting Features

Tax ManagementThe aim of tax management is to ensure that the provisions of the Income Tax Act and related laws are followed. Through the tax management function of various tools, you can handle local and foreign tax rates.
Spend ManagementThe end-to-end management of an organization's spend is referred to as spend management. Spend analysis, spend categorization/classification, spend data management, and spend performance management are all covered. Spend management is a continuous and ongoing mechanism that aims to improve a company's bottom line by managing and maximizing its spending.
Revenue RecognitionRevenue recognition is a generally accepted accounting principle (GAAP) that identifies the specific conditions in which revenue is recognized and determines how to account for it. The revenue recognition principle, a feature of accrual accounting, requires that revenues are recognized on the income statement in the period when realized and earned—not necessarily when cash is received. Having a standard revenue recognition guideline helps to ensure that an apples-to-apples comparison can be made between companies when reviewing line items on the income statement. Revenue recognition principles within a company should remain constant over time as well, so historical financials can be analyzed and reviewed for seasonal trends or inconsistencies.
PurchasingProcurement or purchasing is the act of obtaining goods, supplies, and/or services. Therefore, project procurement is obtaining all of the materials and services required for the project.
Project AccountingProject accounting is a type of managerial accounting oriented toward the goals of project management and delivery. It involves tracking, reporting, and analyzing financial results and implications, and sometimes the creation of financial reports designed to track the financial progress of projects; the information generated by this analysis is used to aid project management. While project accounting was traditionally used for large construction, engineering, and government projects, it has now expanded into several other sectors. It is commonly used by government contractors, where the ability to account for costs by contract can be a requirement for interim payments. A specialized form of project accounting, production accounting, is used by production studios to track an individual movie or television episode's costs.
PayrollPayroll is defined as the process of paying salary to a company’s employees. It starts with preparing a list of employees to be paid and ends with recording those expenses. It’s a tangled process that needs different teams such as payroll, HR and finance to work together. But, businesses can manage all the complexities effortlessly by choosing modern technology. Simply put, the process involves arriving at what is due to the employees for a particular payroll cycle after adjusting the necessary deductions like TDS, employees’ PF contribution, meal coupons, etc. A payroll cycle is the time gap between two salary disbursements. Businesses can opt to pay salaries on a weekly, bi-weekly, or monthly basis. Generally, it is processed every month in India.
Multi-CurrencyMulti-currency means using more than one currency (such as Canadian currency and American currency) in a multi currency bank account.
General LedgerA general ledger represents the record-keeping system for a company's financial data with debit and credit account records validated by a trial balance. The general ledger provides a record of each financial transaction that takes place during the life of an operating company.
Fixed Asset ManagementFixed asset management is the process of tracking and maintaining an organization’s physical assets and equipment. Asset types include vehicles, computers, furniture and machinery. Fixed asset management enables organizations to monitor equipment and vehicles, assess their condition, and keep them in good working order. In this way, they minimize lost inventory, equipment failures and downtime — and improve an asset’s lifetime value. Fixed assets such as servers, transport trucks and elevators require a large capital investment. They may comprise a large portion of a company’s net worth. In some businesses, as much as 40 percent of investment goes to buying equipment and vehicles. The better and more effectively a company manages its assets, the greater the prospect of maximizing value from these investments.
Expense TrackingBeing able to manage and track expenses is what keeps the project within a budget. Expense tracking means to track the expense that each project has.
CPA FirmsA Certified Public Accountant Firm (CPA firm) is simply a firm that is licensed in the state in which they operate and owned, at least in part by a Certified Public Accountant. CPA firms are comprised of auditors who conduct both public and private audit engagements. Apart from the auditors CPA firm usually consists of people at various levels in their accounting career. Hence, CPA firm consist of staff accountants and seasoned accountants who are experienced in all aspects of accounting. Most CPA firms, are auditing firms and seldom provide tax and accounting for the general public. While remaining CPA firms provide only tax and accounting services.
CollectionsCollections is a term used by a business when referring to money owed to that business by a customer. When a customer does not pay the business within the terms specified, the amount of the bill becomes past due and is sometimes submitted to a collection agency. When a business sells a product or service to a customer, payment is expected either at the time of the transaction or within a defined period of time such as 30 days. Unfortunately, some customers do not pay the business within those set terms and, at this point, the account can be considered in collections.
Cash ManagementThe method of gathering and handling cash flows is known as cash management. Individuals and businesses alike benefit from good cash management. It is an important part of a company's financial stability in business.
Billing and InvoicingBilling and invoicing feature allows you to bill project services directly to customers, employees and external service providers. Invoices can be created based on milestones, partial payments and final payments as well as at cost (time and material). Timesheets required in many industry sectors are generated by the system.
Bank ReconciliationA bank reconciliation statement is a summary of banking and business activity that reconciles an entity’s bank account with its financial records. The statement outlines the deposits, withdrawals, and other activities affecting a bank account for a specific period. A bank reconciliation statement is a useful financial internal control tool used to thwart fraud.
Accounts ReceivableAccounts receivable refers to the outstanding invoices a company has or the money clients owe the company. The phrase refers to accounts a business has the right to receive because it has delivered a product or service. Accounts receivable, or receivables represent a line of credit extended by a company and normally have terms that require payments due within a relatively short time period. It typically ranges from a few days to a fiscal or calendar year. Companies record accounts receivable as assets on their balance sheets since there is a legal obligation for the customer to pay the debt. Furthermore, accounts receivable are current assets, meaning the account balance is due from the debtor in one year or less.
Accounts PayableAccounts payable include all of the company's short-term debts or obligations. For example, if a restaurant owes money to a food or beverage company, those items are part of the inventory, and thus part of its trade payables.

Workday Financial Management Technical details

Support

24/7 (Live rep) Online

Customer Type

Large Enterprises Medium Business Small Business

API

Location / Phone Number

Pleasanton, California / +1 866-951-9002

Deployment

SaaS/Web/Cloud

Official Website

https://www.workday.com/en-us/applications/financial-management.html

Sponsored

Patriot Accounting Patriot Accounting software is a platform used manage business workflows. The software offers... read more Visit Website

(4756 RATINGS)

Xero Xero is an award-winning online accounting software for small scale businesses. Xero offers a... read more Start Free Trial
Workday Financial Management vs Xero

(2461 RATINGS)

Quickbooks An accounting software package developed to offer on-premises accounting applications as well as... read more Start Free Trial
Workday Financial Management vs Quickbooks

(5144 RATINGS)

Freshbooks An accounting software focused on providing expert accounting services to small scale businesses.... read more Start Free Trial
Workday Financial Management vs Freshbooks

(483 RATINGS)

Wave An accounting software meant to provide various accounting services to small scale businesses with... read more Start Free Trial
Workday Financial Management vs Wave

(259 RATINGS)

MYOB MYOB is designed locally, for local businesses, working with the ATO so you’re always up-to-date.... read more Start Free Trial
Workday Financial Management vs MYOB

(218 RATINGS)

FreeAgent FreeAgent is a powerful accounting software; moreover, it is the in-demand package for all small... read more Start Free Trial
Workday Financial Management vs FreeAgent

(207 RATINGS)

Zoho Books Zoho Books is a simple and affordable accounting software that specializes in keeping a detailed... read more Start Free Trial
Workday Financial Management vs Zoho Books

(5505 RATINGS)

Qonto Qonto is an easy business banking solution for entrepreneurs and startups. This all-in-one online... read more Start Free Trial
Workday Financial Management vs Qonto

(172 RATINGS)

Accounting Seed Accounting Seed, a native accounting and ERP solution on Salesforce with inventory management,... read more Start Free Trial
Workday Financial Management vs Accounting Seed

(202 RATINGS)

Kashflow Kashflow is a web-based UK business accounting platform that can handle VAT and is Making Tax... read more Start Free Trial
Workday Financial Management vs Kashflow

Workday Financial Management Reviews

OVERALL RATING

Based on 173 Rating(s)

Rating Distribution

Excellent

26.5 %
Very Good

29.1 %
Average

7.7 %
Poor

5.1 %
Terrible

31.6 %

SHARE YOUR EXPERIENCE Write a Review

Videos on Workday Financial Management

Workday Financial Management for Global Businesses

Workday Financial Management FAQs

Q. What is Workday Financial Management used for?

Workday Financial Management is Accounting Software. Workday Financial Management offers the following functionalities:

Tax Management
Spend Management
Revenue Recognition
Purchasing
Project Accounting
Payroll
Multi-Currency
General Ledger
Fixed Asset Management
Expense Tracking
CPA Firms
Collections
Cash Management
Billing and Invoicing
Bank Reconciliation
Accounts Receivable
Accounts Payable

Learn more about Workday Financial Management features.

Q. What are the top alternatives for Workday Financial Management?

Here`s a list of the best alternatives for Workday Financial Management:

Q. Does Workday Financial Management provide API?

No, Workday Financial Management does not provide API.

Articles on Workday Financial Management

Workday Financial Management

Workday Financial Management Awards

Workday Financial Management Features Show All Features

Accounting Features

Workday Financial Management Technical details