About Workday Financial Management

Workday Financial Management is a single cloud-based solution that assists global businesses of all sizes in a variety of industry verticals with financial planning, accounting, and transactions. Workday delivers user and administrative tools across financials, HR, planning, talent, payroll, analytics, student, and more from a single system. Workday’s Financial Management solutions include accounting and finance, revenue management, reporting and analytics, consolidating and closing, revenue management, accounting center, financial planning, expenses, procurement, and project accounting. Audit tools, inventory management, and grants management are also included. The Prism Analytics module allows users to upload data from other software solutions to create consolidated reports. Pricing is based on monthly subscriptions and support is offered via email and through an online help desk.
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Workday Financial Management video
Workday Financial Management Software - Workday Financial Management financial executive scorecard - thumbnail
Workday Financial Management Software - Workday Financial Management consolidated income statement - thumbnail
Workday Financial Management Software - Workday Financial Management accounting source snapshot - thumbnail
Workday Financial Management Software - Workday Financial Management accounting center claims analysis - thumbnail
Workday Financial Management Software - Workday Financial Management period close metrics - thumbnail

Workday Financial Management pricing

Workday Financial Management does not have a free version and does not offer a free trial.

Starting Price:
Not provided by vendor
Free Version:
No
Free trial:
No

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Workday Financial Management Reviews

Feature rating

Value for Money
4.2
Functionality
4.4
Ease of Use
4.1
Customer Support
4.3
5 reviews of 63 View all reviews
Verified Reviewer
  • Industry: Information Technology & Services
  • Company size: 501-1,000 Employees
  • Used Daily for 2+ years
  • Review Source
Value for Money
5
Features
5
Ease of Use
5
Customer Support
5

5
Reviewed on 13/3/2022

Best cloud based financial management system

Pros

Easy to develop reports and less coding for developing integrations. User Interface is very good and dashboards are easy to develop and deploy

Cons

It won't allow much customization on the existing pages.

Verified Reviewer
  • Industry: Accounting
  • Company size: 5,001-10,000 Employees
  • Used Daily for 2+ years
  • Review Source
Value for Money
5
Features
5
Ease of Use
3
Customer Support
5

4
Reviewed on 6/12/2019

Workday Financials Review

Pretty good, however the points addressed as dislikes should be addressed as it would make workday more robust

Pros

What I like is the reporting options available in the financials model. It allows us to reconcile grant spending within the award management team along with the depts as all data points are in Workday. Users with the report Writer role are able to construct their own reports and schedule output for specific users as needed. Everything from award creation to sponsor billing can be done from one system.

Cons

There are constraints regarding billing for sponsors on grants for expenses posting outside of award line dates if the company is using a different system for timekeeping. There are also no award or grant compliance checks in workday leaving compliance auditing at risk

Rachel
  • Industry: Insurance
  • Company size: 5,001-10,000 Employees
  • Used Daily for 2+ years
  • Review Source
Value for Money
3
Features
3
Ease of Use
2
Customer Support
3

3
Reviewed on 29/10/2018

Workday Review

I use workday to keep track of all my important company information. Overall I would say it's a good platform, but it needs some updating to make it more user friendly. Epically the time and absence widgets. I'm not a huge fan of how this program functions.

Pros

I like being able to access my personal information, my performance, my time, my benefits, etc. all in one location.

Cons

I don't like how difficult it is to track my time. We have a lock out every week and it is difficult to keep track of the hours I work. I usually have to write them down on a sticky note and transfer them back in once the lock out is over. Very inconvenient. I also don't like how I have to go to a different screen to include my absences like PTO or Maternity leave. It's been somewhat of a mess trying to keep track of al my hours and benefits.

Verified Reviewer
  • Industry: Higher Education
  • Company size: 10,000+ Employees
  • Used Daily for 2+ years
  • Review Source
Value for Money
0
Features
2
Ease of Use
3
Customer Support
2

4
Reviewed on 5/4/2022

Slow and Not User Friendly

Accessing the specific reports is difficult as the user is required to remember several abbreviated name strings (fin acc manage...). When finally accessing the correct report, Workday is slow to load the report and a pop-up typically appears asking if the user would like to be notified when the report is available.

Pros

Some of the budget management reports allow users to drill down into specific line items/ spend categories. This feature is great for a quick refresher of recent expenses.

Cons

There are too many separate reports acting as silos. This often makes it difficult to see the full financial picture without multiple tabs or Excel downloads.

Verified Reviewer
  • Industry: Internet
  • Company size: 5,001-10,000 Employees
  • Used Daily for 2+ years
  • Review Source
Value for Money
0
Features
4
Ease of Use
4
Customer Support
0

4
Reviewed on 1/5/2022

Great functionality for better price

Pros

WFM is definitely more affordable than any of the competitors, especially Hyperion who has astronomical prices for similar functionality. We use WFM primarily for accounting and payroll. It has a user friendly interface, set up was somewhat of a breeze. I like the fact that it's a cloud system, makes everything easier.

Cons

Their help center is lacking. Also for people who are not as tech savvy, it's was surprisingly challenging to find user guides and we had to contact WFM support for that, when they should have been accessible in the first place.

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