Focus on analysis and actions with Workday Finance

The challenges we experience today

Multiple tools in the company’s internal system can create difficulties in monitoring and consolidation of the data and create extra issues in the decision-making process. Additionally, complicated, fast-paced and demanding modern work environment often requires a new mindset and working style. To be successful today one must search for smarter work solutions and more advanced ways of working. It sounds vital and even inevitable for the organization to reduce the time that their employees spend on manual activities and devote their time instead to more valuable input in the company’s growth and effectiveness. Organizations should be flexible and open to change for their own benefit.

Nowadays business change is happening faster than it has ever before and it is much easier to adapt to these changes when you have the support of the system which gives possibilities to swiftly switch between multiple planned options and scenarios. By adopting a business system that delivers continuous innovation you can always stay one step ahead regardless of the present circumstances. With the Workday Financial Management platform, you can bring financial management features and functionality to life and help your organization to manage risks and reach their financial and business goals.

Why Workday Finance?

To bring down the rigid and complex network of legacy finance systems that require significant customisation Workday Finance eliminates the need for customisation and gives the ability to be more agile, gain access to real-time data, and accelerate the period closing tasks.

Workday offers one platform to manage your financial processes in the following areas: Financial Accounting, Banking & Settlement, Planning, Business Assets, Customer Accounts, Customer Contract, Projects Billing & Projects, Expenses, Inventory, Procurement, Supplier Accounts and Supplier Contracts. It is a platform that accommodates all your financial needs at once and provides you with a robust structure that standardises and automates financial business processes.

However, Workday Finance is not just an accounting management system - it comes up with effective reporting and embedded analytics that helps in making prompt business decisions. Your organization can take a proactive approach with real-time analytics and focus more on analysis and action. Moreover, we genuinely believe that the use of the Workday Finance system gives benefits to all organization’s teams, not only finance.

Are you able to drill data into detail in your current finance system?

Workday Finance includes a robust reporting and analytics module that can be used to track financial performance and trends and can drill the data into detail by transaction or specific dimension.

A value that Workday Financials brings to customers:

• The central system which connects workforce and financial data to help simplify tasks and make informed decisions
• Process automatization in record to report, procure to pay and contract to cash areas
• Reduction in Ledger Accounts by redesigning Chart of Accounts
• Saving time and effort to create regulatory and management reporting
• Easy and quick self-service for entering, viewing and modifying transactions which allows focusing more on data analysis and further actions
• Improved data integrity by reducing manual entry and business process framework
• Consolidation of different legacy systems into one cloud-native system and delivery of a gateway to real-time financial insight (planning, accounting, and reporting) that ensures the most accurate financial status for quick decision-making
• Always-on auditing approach with the possibility to easily track changes and proactively take actions
• Applying the newest technologies and constant improvement of the system with new enhancements and feature releases twice a year which is that is a part of the commitment to the customer

Thousands of companies all around the world have already experienced how using the agile accounting framework of Workday Finance proves to be beneficial in practice. These professionals increased their work’s efficiency, engaged their talent and maximized value – and in this way helped their organizations take a stable place among the most innovative and successful enterprises.

How can we help with your Workday Finance journey?

Would like to be among 9500 organizations that chose Workday as their trusted partner or are you interested to learn more about Tietoevry´s Workday Services? We welcome you to contact us or visit our Workday page for more information.

Tietoevry offers services of Workday Finance experts certified in Procure to Pay, Record to Report and Contract to Cash areas. They will help you to handle your finances and meet your organization’s short-term and long-term financial goals, as well as fulfil your organization’s current and future requirements.