Workday ERP

Modules & Features List

Financial Management & Accounting

Workday offers financial management and accounting capabilities which include:

• Accounts receivable
• Accounts payable
• General ledger
• Fixed assets
• Financial consolidation 
• Revenue management
• Intercompany financials
• Budgeting
• Multichart of accounts
• Multi-GAAP
• Global Tax Engine
• Fixed Assets

Financial management within Workday offers an intuitive experience for managing disparate organizations. Workday allows for multi-entity, multilanguage and multibook operations providing analytics and transactional drill down for accounting analysis. The solution allows global organizations to meet reporting and regulatory compliance plus offers many opportunities for automation.

Workday leverages machine learning across the platform, but particularly in finance to enable your organization to automate financial management processes. For example, financial closing can be accelerated with anomaly detection.

Workday finance also provides easy to use tools for audit, allowing you to track and log changes within the system by user. These tools are natively built into the application. 

Finance users can also easily integrate with several bank accounts and perform simple accounts reconcilliations processes. 

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Spend Management

Workday Spend Management comprises of four key areas:

• Strategic sourcing
• Procure to pay
• Inventory
• Expenses Management

Workday strategic sourcing allows you to launch sourcing events across your business easily using forms capabilities and allows for you to quickly launch RFI, RFP and RFQ processes. These includes sourcing questionnaires and pricing sheets, enabling you to easily collaborate with suppliers.

You can also use reverse auctions and the ability to manage your contracts in one single location. This allows you to automate purchase order creation and more.

Workday procure to pay allows for easy management of your organizations indirect spend.  This gives your suppliers their own portal into your system, allowing them to see their open and closed purchase orders plus open RFI, RFP & RFQs. Your suppliers can also settle their own paperwork, automating your invoicing processes.

Purchasing

The Purchasing module manages the whole purchasing process, from requisition to receipt regardless of purchase type, whether this is for materials, services or capital items.

Requisition quotes can be generated through the browser by employees across the whole of the organization, or limited based on approvals, and similar rules can be generated to ensure purchase approvals are based on a pre-defined hierarchy. Once a quote has been received, approvals can given to authorize and create a purchase order online. The entirety of the purchasing process is moved online, automated and maintained through a number of system-generated notifications and alerts through the workflow.

As Purchasing is integrated with the other modules, expenses that are project related can quickly be coded, ensuring that the entirety of projects costs are understood and applied and can be compared against the budgeted costs at all times. The module automatically creates accounts payable transactions, updating the general ledger.