WORKDAY ERP FINANCE & ACCOUNTING MODULE OVERVIEW
General Ledger Accounting
The General Ledger Accounting feature in the Workday Accounting Module is the central repository for all financial information, including accounts, journals, and transactions. It allows organizations to manage their financial records accurately and in real-time, and provides a comprehensive view of financial data to support decision-making. The feature also supports multiple chart of accounts and multi-currency accounting, enabling organizations to manage their finances globally.
Accounts Payable
The Accounts Payable feature in Workday financial module automates the invoice processing and payment cycle, saving time and reducing manual errors. The feature allows organizations to receive and approve invoices electronically, and automates the payment process through integration with bank systems. It also provides real-time visibility into payment status, helping organizations manage cash flow effectively.
Accounts Receivable
The Accounts Receivable feature in Workday accounting streamlines the invoicing, collections, and cash application process. The feature enables organizations to create and send invoices electronically, and automate the collections and cash application process through integration with bank systems. It also provides real-time visibility into customer payment status, helping organizations manage cash flow effectively.
Project Accounting
The Project Accounting feature in the Workday Accounting Module helps organizations manage project finances and resources effectively. The feature enables organizations to track project costs, including labor, materials, and expenses, and manage project billing and revenue recognition. It also provides real-time visibility into project finances, helping organizations make informed decisions and allocate resources effectively.
Procurement
The Procurement feature in Workday finance automates the procurement process, including purchasing, requisition, and vendor management. The feature allows organizations to manage purchase orders, receive goods and services, and manage vendor contracts electronically. It also provides real-time visibility into procurement status, helping organizations manage procurement effectively and reduce manual errors.
Expense Management
The Expense Management feature in Workday financial management automates the expense reporting and reimbursement process, reducing manual errors and improving the accuracy of expense reports. The feature allows employees to submit expenses electronically, and automates the approval and reimbursement process. It also provides real-time visibility into expense status, helping organizations manage expenses effectively.
Fixed Assets Management
The Fixed Assets Management feature in the Workday Accounting Module helps organizations track and manage fixed assets, including depreciation calculations and asset disposals. The feature enables organizations to track the acquisition, maintenance, and disposal of fixed assets, and calculate depreciation accurately. It also provides real-time visibility into the financial impact of fixed assets, helping organizations make informed decisions.
Cash Management
The Cash Management feature in Workday provides real-time visibility into cash balances and bank account information. The feature integrates with bank systems to provide up-to-date information on cash balances and transactions, helping organizations manage cash flow effectively. It also allows organizations to manage bank accounts, including opening, closing, and reconciling bank accounts, and manage cash transfers and investments.
Tax Management
The Tax Management feature in the Workday Accounting Module supports tax compliance and calculation of tax liabilities. The feature integrates with tax systems to provide up-to-date information on tax rates and obligations, and calculates tax liabilities accurately. It also provides real-time visibility into tax status, helping organizations meet tax obligations and reduce manual errors in tax calculation.
Financial Reporting
The Financial Reporting feature in Workday generates a wide range of financial statements and reports, including balance sheets, income statements, cash flow statements, and more. The feature provides real-time financial data and provides customization options to meet the unique reporting requirements of each organization. The reporting feature in Workday also integrates with other modules, such as Accounts Payable, Accounts Receivable, and Project Accounting, to provide a comprehensive view of financial data. The feature supports both standard and custom reporting, and allows organizations to create, view, and export reports in various formats, including PDF, Excel, and HTML.
Budgeting and Forecasting
The Budgeting and Forecasting feature in the Workday Accounting Module helps organizations plan and manage their financial resources effectively. The feature allows organizations to create and manage budgets and forecasts, and provides real-time visibility into budget status and variances. The budgeting and forecasting feature in Workday integrates with other modules, such as Accounts Payable, Accounts Receivable, and Project Accounting, to provide a comprehensive view of financial data.
Auditing and Compliance in Workday
The Auditing and Compliance feature in Workday provides organizations with the tools and information necessary to meet regulatory and compliance requirements. The feature supports financial and operational audits, and provides real-time visibility into audit and compliance status. The auditing and compliance feature in Workday integrates with other modules, such as Accounts Payable, Accounts Receivable, and Project Accounting, to provide a comprehensive view of financial data.
Integration with External Systems in Workday
The Workday Accounting Module supports integration with a variety of external systems, including banks, tax systems, and enterprise resource planning (ERP) systems. The integration feature allows organizations to exchange data and information between Workday and external systems, and automate various financial processes. This feature helps organizations to reduce manual errors and improve the accuracy of financial data.
