How to Make Workday's Finance Software Work for You

Published On: December 13th, 20234.7 min read

Workday's finance suite of software has the power to transform your business. Finance is at the foundation of every company. So, making better, data-driven decisions can make an organization more efficient and profitable.

Finance teams help inform strategy through rich insights from your Workday financial system. And those insights require customization post-go-live to mold to your unique business.

is a powerful technology for any business. Prioritizing optimization will bring its capabilities to new heights!

Through financial software, your company can:

  • Easily access rich financial data and insights;
  • Reduce errors and minimize risk;
  • Improve financial reporting accuracy;
  • And more.

Each of these leads to better-informed decisions and provides a complete and accurate visual of your business.

In this article, you'll learn exactly what Workday Financial Management is and the key advantages of using it to optimize your business.

Optimize Your Business With Workday Financial Management

Workday's financial system software is an adaptive, Cloud-based solution that goes beyond only managing financial processes.

is a finance management solution that brings all of your systems together. Often, traditional systems aren't working in tandem, so Workday financial software solves that.

Workday's latest Cloud-based technology captures rich business insights from every transaction. This empowers finance teams to plan, execute, and analyze business decisions from a single source of data.

Workday's Financial Software: Key Features and Benefits

To create alignment across an organization, you have to have access to the same information within each function.

A post-go-live partner like ERPA can help configure Workday to meet your business requirements.

Workday makes it easier for companies to handle their Human Resources (HR) and financial tasks. It does this by bringing together planning, reporting, and transactions. This makes the process more efficient and iterative.

Keep reading to learn about some of the key benefits of implementing Workday's finance software.

Intelligent Automation

With the recent launch of Workday AI, a lot of financial data can now be analyzed all at once, so it makes sense to hand over labor-intensive tasks to Machine Learning (ML).

This frees up valuable time for team members across every function to focus on driving business success.

Improved Data and Insights

Workday allows organizations to manage, automate, and control cash flow. Complete financial visibility means easier and more accurate forecasting.

Enhanced Auditing

Workday increases process visibility and creates audit trails and security models.

These are all natively built into Workday, so your company doesn't need an additional solution to reduce risk.

Integration and Customization Capabilities

Simplify the accounting process with Workday. The application ingests data and analyzes it to provide insights that help with decision-making.

5 Ways Workday Financial Management Will Optimize Your Business

1. Simplified Processes

All organizations need a finance system that does more than process transactions.

Workday's financial software provides true insights that make a real positive impact on your business.

2. Accelerated Close Times

Access your monthly, quarterly, and end-of-year view of the business anytime. A more agile process makes for a seamless consolidation and closing experience.

3. Increased Visibility

Workday financial systems are designed for multinational needs and are used in over 120 countries.

Workday captures everything you need to support your teams as they work to grow the company.

4. Increased Efficiency

Workday is easy to use, so your team members can navigate its many rich insights with minimal training. Day-to-day business decisions become much easier with accessible information in real time.

5. Improved Auditing

Workday helps organizations reduce risk and fraud by using an always-on audit trail to track changes.

Data is constantly flowing in and out of your organization. Workday's suite of financial software allows you to harness that data, analyze it, and turn it into actionable insights.

Workday's financial system can help your organization:

  • Achieve greater insights
  • Reduce time to close
  • Achieve consistency across global operations
  • Improve response times to changes as they happen
  • Navigate the application with little training

With Workday, your organization can save money and work more efficiently by using an intelligent system. Workday's financial system uses to find problems and give suggestions.

The top five ways that Workday's finance software will improve your business are:

Get the Most From Your Workday Finance Software with ERPA

Workday's finance software is about “innovations that keep finance one step ahead.” This is the mission of Workday Financial Management. We live in a rapidly evolving world that requires a more agile, smart, and faster way of doing business.

Finance is essential for every business. Organizations should invest in Workday to maximize their returns.

An intelligent finance system can lead to tremendous business growth. As both a Workday AMS services partner and a Workday Extend partner, ERPA can support your company as you maximize your ROI.

Workday's financial systems have many features, including:

  • Finance process management;
  • Accounting and finance;
  • Close and consolidate;
  • Revenue management;
  • Expenses;
  • Grants management;
  • Projects;
  • And more.

A financial management solution should give you real-time insights into your business health. You have to equip your leaders with actionable, accurate data so they can make better decisions.

Organizations are able to control the processes listed above while automating them intelligently.

Within these processes, you can:

  • Drive business growth;
  • Manage processes intelligently;
  • Manage risk globally;
  • And more.

Prepare your organization for now and the future with Workday finance products. ERPA can support your Workday deployment and post-go-live configurations. Going live is a huge accomplishment, and it's just the beginning.

If you want to see the full value of your Workday investment, ERPA can help you along the way. Contact us today to speak with a Workday expert.

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