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Workday Financial Management Logo

Workday Financial Management

4.4
(65)

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A fresh approach to financial management.

(8)

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Workday Financial Management Features

Features Summary

Functionality

4.4

/5

65

Total features

143

25 categories

Workday Financial Management features

"What If" Scenarios
ACH Payment Processing
API
Access Controls/Permissions
Accounting
Accounts Payable
Accounts Receivable
Activity Dashboard

Common features of Billing and Invoicing software

API
Accounting Integration
Activity Dashboard
Alerts/Notifications
Billing Portal
Contact Database
Contingency Billing
Credit Card Processing

Price starts from

1

Per year

Pricing options
Free plan
Subscription
Free trial

Screenshots

Contenders comparison

Functionality

4.4

/5

65

Price starts from

1

Per year

learn more

Total Features

143

Unique features

  • Planning Tools

  • Real Time Reporting

  • Grant Award Tracking

  • Financial Analysis

Functionality

4.4

/5

20.2K

Price starts from

199

Per month

learn more

Total Features

215

Features in Common

87

Unique features

  • Plumbing Estimating

  • Staff Management

  • Project Scheduling

  • Order Fulfillment

Functionality

4.7

/5

3K

Price starts from

50

/user

Per month

learn more

Total Features

65

Features in Common

32

Unique features

  • Search/Filter

  • For Tax Practices

  • Timesheet Management

  • Project Time Tracking

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Workday Financial ManagementvsOdoo
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Workday Financial ManagementvsXero
Workday Financial Management logo
QuickBooks Online logo
Workday Financial ManagementvsQuickBooks Online

Reviewers who mentioned features said:

AR
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Verified reviewer

Information Technology and Services, 501-1,000 employees

Used daily for 2+ years

Review source

Overall Rating
  • Value for money
  • Ease of use
  • Features
  • Customer support
  • Likelihood to recommend10/10

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Best cloud based financial management system

Reviewed 2 years ago
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.

AR
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Verified reviewer

Accounting, 5,001-10,000 employees

Used daily for 2+ years

Review source

Overall Rating
  • Value for money
  • Ease of use
  • Features
  • Customer support
  • Likelihood to recommend8/10

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Workday Financials Review

Reviewed 4 years ago

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

RS
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Rachel S.

Insurance, 5,001-10,000 employees

Used daily for 2+ years

Review source

Overall Rating
  • Value for money
  • Ease of use
  • Features
  • Customer support
  • Likelihood to recommend4/10

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Workday Review

Reviewed 5 years ago

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.

CE
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Christina E.

Education Management, 1,001-5,000 employees

Used daily for 2+ years

Review source

Overall Rating
  • Value for money
  • Ease of use
  • Features
  • Customer support
  • Likelihood to recommend8/10

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Workday

Reviewed 6 months ago
Pros

Easy to find transactions, sort, and filter

Cons

Lots of irrelevant data fields crowd the page. Difficulty knowing which do use.

AR
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Verified reviewer

Higher Education, 10,001+ employees

Used daily for 2+ years

Review source

Overall Rating
  • Value for money
  • Ease of use
  • Features
  • Customer support
  • Likelihood to recommend4/10

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Slow and Not User Friendly

Reviewed 2 years ago

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.

AR
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Verified reviewer

Sports, 11-50 employees

Used daily for 1-2 years

Review source

Overall Rating
  • Value for money
  • Ease of use
  • Features
  • Customer support
  • Likelihood to recommend9/10

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Workday for Office Life

Reviewed 4 years ago

We love workday. It is so simple and really streamlines the work process between employees and employers.

Pros

I enjoy that all of our employees use workday and it makes it very simple to approve their time, as opposed to having to check time cards or check into another account. You can do everything from Workday, enter your time, ask for time off, track employees time, send employee messages, check your pay stubs, see your benefits, and lots more.

Cons

I don' think there are really any cons! It is very simple to use, and is easy to access from a phone as well.

AR
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Verified reviewer

Used weekly for 6-12 months

Review source

Overall Rating
  • Value for money
  • Ease of use
  • Features
  • Customer support
  • Likelihood to recommend10/10

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Excellent, I can have all the analysis of my management in a single financial management system.

Reviewed 6 years ago

Allows me to register new levels of financial efficiency and business performance with Workday accounting software, I could quickly respond to anomalies as they happen with reports and in-memory accounting, I could manage all activity with configurable business processes. A great benefit is that I have accomplished to change proactively to internal and external changes without IT resources or costly customizations.

Pros

I like most is that it gives me the possibility of having all the analysis of my management in a single financial management system. I find it interesting that it helps me to lead strategic planning and find the best ways for the profitability of my new business.

Cons

I'm practically new using the tool, but I think it would be useful to include the possibility of including the initial data of the company and predict its productivity in the short term.

AR
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Verified reviewer

Information Technology and Services, 1,001-5,000 employees

Used daily for 6-12 months

Review source

Overall Rating
  • Value for money
  • Ease of use
  • Features
  • Customer support
  • Likelihood to recommend10/10

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Workday is designed to help you on a daily basis!

Reviewed 3 years ago
Pros

Workday user interface design is super friendly. As the user with the rights for approving expenses to my cost center, I have no complaints. The process is straight forward, smooth, and the software feels robust and without any flaws.

Cons

The 'inbox' or 'archive' section can be confusing, but aside from that, Workday is top-notch regarding software for Financial Management and much more!

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Tiffany Y.

Accounting, 5,001-10,000 employees

Used daily for 6-12 months

Review source

Overall Rating
  • Value for money
  • Ease of use
  • Features
  • Customer support
  • Likelihood to recommend7/10

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Your usual financial software

Reviewed 4 years ago

Okay overall, don’t really see anything outstanding compared to other financial softwares

Pros

Allows user to save particular reports for easy access in the future, especially great if you need recurring reports.

Cons

There should be some sort of a filter feature. I find it troublesome when looking up vendor in the search bar, but unable to refine by cost center or BU without going through pulling the ledger entries.

AR
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Verified reviewer

Automotive, 10,001+ employees

Used daily for 1-2 years

Review source

Overall Rating
  • Value for money
  • Ease of use
  • Features
  • Customer support
  • Likelihood to recommend7/10

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User friendly interface

Reviewed 6 years ago

Workday Financials gave us much needed reporting capabilities that we weren't getting from other software. The fact that it integrates with our HRM system makes it easier to drill into certain data sets. Adding attachments to invoices and journal entries has essentially turned us into a paperless office.

Pros

Workday Financials is user friendly and has some great reporting capabilities. The interface looks fresh and it's easy to navigate. Each new release adds additional utility. The Workday Community is a great tool to post ideas and get real world advice from other companies experiencing the same issues.

Cons

Workday runs slow sometimes, especially on days when we're loading payroll and there's a lot of data going through the system. Sometimes Workday gives cryptic and seemingly random error messages.

AP
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Alfonso P.

Financial Services, 1,001-5,000 employees

Used daily for 2+ years

Review source

Overall Rating
  • Value for money
  • Ease of use
  • Features
  • Customer support
  • Likelihood to recommend6/10

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Great Financial Management support for P2P Capabilities

Reviewed 3 years ago

Overall experience with Workday Financial Management has been fantastic. Great capabilities that can integrate very well with other Workday modules.

Pros

Workday Financial Management provides a great P2P capability to organization already working with Workday HCM. This tool provides best-in-class functionalities that support financial and procurement operations.

Cons

The language, terms, jargon are very specific to Workday nomenclature rather than based on industry. Some concepts are quite unique and sometimes unnecessary when compared against a Coupa or other provider.

KT
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Kelli T.

Insurance, 1,001-5,000 employees

Used daily for 1-2 years

Review source

Overall Rating
  • Value for money
  • Ease of use
  • Features
  • Customer support
  • Likelihood to recommend7/10

Share this review:

Workaround

Reviewed 7 years ago

When we initially started using this product it was very cumbersome. It improved some of our old processes but then seemed to make other worse. It has either gotten better or we have just gotten use to it. We have also had some issues with invoices getting lost in the system and had to recreate them in order to get them to process. They recently changed the requisition creation and it is not clear what the end user needs to do once they enter a line item. Overall I like the product but I feel it could still be improved. We just started using the HR function this week and so far I like what I see.

Pros

The reporting capabilities and the ability to drill down in functions to get to the info you need.

Cons

Not always user friendly. The error notes are not very helpful in pointing you to the specific line that has an issue.

AB
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Aurea B.

Hospital & Health Care, 10,001+ employees

Used daily for 1-2 years

Review source

Overall Rating
  • Value for money
  • Ease of use
  • Features
  • Customer support
  • Likelihood to recommend10/10

Share this review:

WD User

Reviewed 2 years ago

Best AP system for the amount of invoices ever...we process thousands of invoices and adjustments every day and has never disappointed me.

Pros

Processing my invoices is easy and finding old files is a breeze. I process invoices, adjustments (credits and debits), and there is no issues. Its easy to process those as it kept all the information from the supplier to easy the processing. The reporting and research its very easy with an array of ways to find what I'm looking for.

Cons

Nothing at all. Very user friendly, easy to learn and so "jointed" with all aspects of the AP. Very happy my employer has this program.

CL
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Claudia L.

Computer Software, self-employed

Used daily for 1-2 years

Review source

Overall Rating
  • Value for money
  • Ease of use
  • Features
  • Customer support
  • Likelihood to recommend8/10

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Workday Financial Management Review

Reviewed a year ago

Workday Financial Management integrates seamlessly with other Workday products, such as HCM and PPM. The software has great reporting capabilities. In addition, the software offers a range of security and compliance features in terms of data encryption and two-factor authentication, which help to provide greater security for sensitive information about your business operations.

Pros

The software is intuitive to use and I was able to create reports easily once I understand how the system works.

Cons

There is a learning curve to using the software when creating hierarchies for your chart of accounts before you can effectively create useful reports.

MK
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Minela K.

Insurance, 10,001+ employees

Used daily for 2+ years

Review source

Overall Rating
  • Value for money
  • Ease of use
  • Features
  • Customer support
  • Likelihood to recommend10/10

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Best system for the workplace

Reviewed 5 years ago

I keep a track of everything work related on workday. It is my starting and end point

Pros

Workday is all encompassing. From accessing my pay slips to tracking my career and goal development to managing my time, it takes care of everything in one Swift go. Incredibly user friendly

Cons

There are no cons that I have encountered

AR
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Verified reviewer

Higher Education, 10,001+ employees

Used daily for 1-2 years

Review source

Overall Rating
  • Value for money
  • Ease of use
  • Features
  • Customer support
  • Likelihood to recommend7/10

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Workday is not for every business

Reviewed 6 years ago

My overall experience with Workday is sometimes frustrating since I cannot get the reports I need to do my job. I work with the filing of 1099s for all the vendors and it's impossible to run reports with the information I need in order to report accurately to the IRS.

Pros

Workday enables businesses to view all their financials in just a few clicks.

Cons

Usually when a report is exported to excel, it's hard to view since the columns contain information that are irrelevant and need to be hidden.

GP
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Gaurav Paras S.

Used daily for 2+ years

Review source

Overall Rating
  • Value for money
  • Ease of use
  • Features
  • Customer support

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Awesome tool to manage finance in-house

Reviewed 7 years ago
Pros

User-friendly, easy access, secure to end user It's easy to provide weekly, monthly and yearly view for Planning

Cons

Sometimes slow to access Customize reports needs to enhance. Projection reports needs to add for analyzing future trend

VM
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Vanessa M.

Used daily for 1-2 years

Review source

Overall Rating
  • Value for money
  • Ease of use
  • Features
  • Customer support

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It is a little bit difficult to use at the beginning.

Reviewed 6 years ago
Pros

It has a very simple interface. Reports and features can get customized by ITS on demand. There is an app you can use on your phone with all the working features.

Cons

It contains no tools for project management other than the accounting of available budget, obligations and actuals. Some terms do not reflect the correct accounting, finance, and projext management industries.

DM
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Donny M.

Construction, 5,001-10,000 employees

Used daily for 2+ years

Review source

Overall Rating
  • Value for money
  • Ease of use
  • Features
  • Customer support
  • Likelihood to recommend10/10

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Workday is very easy to use

Reviewed 2 years ago
Pros

Workday makes accounting for you time easy, along with all the other features.

Cons

I just wish we would have used workday sooner.

RS
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Rajesh S.

Used daily for 2+ years

Review source

Overall Rating
  • Value for money
  • Ease of use
  • Features
  • Customer support

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All details at one place and easy to handle

Reviewed 7 years ago
Pros

GUI interface.Easy to use...and user friendly. I am using this from past 2 years and its awsome tool.

Cons

The charts can be improved , taking out the reports is not not so easy and can be improved further.

TL
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Tiffany L.

Hospital & Health Care, 5,001-10,000 employees

Used daily for 6-12 months

Review source

Overall Rating
  • Value for money
  • Ease of use
  • Features
  • Customer support
  • Likelihood to recommend10/10

Share this review:

AP Specialist

Reviewed 2 years ago

It is a good program suitable for high volume invoice processing.

Pros

I enjoy the responsiveness of the program, when changes are made to invoices, it is instantaneous.

Cons

Occasionally it can be hard to search for reports/tasks by name.

AR
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Verified reviewer

Insurance, 10,001+ employees

Used weekly for 1-2 years

Review source

Overall Rating
  • Value for money
  • Ease of use
  • Features
  • Customer support
  • Likelihood to recommend9/10

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Excellent Product

Reviewed 3 years ago

An excellent solution to make all of those once tedious tasks much easier.

Pros

This product has made work in our HR space so much more streamlined. From talent management, to recruiting, to benefits and obviously, financial reporting internally. Budget keeping is no longer the massive chore it used to be.

Cons

Because Workday is a holistic solution for HR, there are minor limitations, but those hardly impact it's greater value.

aW
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anne W.

Insurance, 1,001-5,000 employees

Used weekly for 2+ years

Review source

Overall Rating
  • Value for money
  • Ease of use
  • Features
  • Customer support
  • Likelihood to recommend9/10

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Workday _ lots of options

Reviewed 5 years ago
Pros

everything is in one place - time off; evaluations; goals; job openings. I love one-stop shops

Cons

Never had figured out how to get rid of certain items or delete them specifically in the job interest. I have them lingering on the side but would like to delete. Can't figure it out :-)

DK
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Devender Kumar S.

Used weekly for 2+ years

Review source

Overall Rating
  • Value for money
  • Ease of use
  • Features
  • Customer support

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It is good experience of working with this tool.

Reviewed 7 years ago
Pros

Very user friendly interface. easy to operate and reports can be taken out very easily. Used to of this tool is about 3 years.

Cons

It is good tool however recovery of reports by this tools sometime seems difficult and need to improve its efficacy and speedy data and report production.

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Shiawtian C.

Used daily for less than 6 months

Review source

Overall Rating
  • Value for money
  • Ease of use
  • Features
  • Customer support
  • Likelihood to recommend10/10

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Friendly and easy to use interface. Very powerful report and data sorting tool

Reviewed 6 years ago
Pros

I like the easy access to different reports. I can put down information the way I want it and dive deeper into the data if I need to. Everything is linked and stored in an easy to navigate format so you will have an easy time looking for what you need.

Cons

I don't like that reports can take a while if the data size is fairly large. Also if you attempt to click around too much before Workday process what you want it to do, you will get an error message. It is very easy to create this error message if you click around too much without giving it some time.