About Workday Accounting Software Solutions
A relatively new player in the business and financial management software application space, Workday is quickly establishing itself as a leader in on-demand enterprise solutions.
The company prides itself in being a culture passionate about people, integrity and innovation.
Started in 2005 by former PeopleSoft founder and CEO, Dave Duffield, Workday offers the market the next generation of business applications, and they do it by listening to its customers and providing them a better way to support their business.
Though ERP is more than 15 years old, the visionaries at Workday believe it is time to rethink not just the technology, but the models that are used to help organizations manage their business.
Workday Accounting Products
ERP was designed in the 1990’s to support manufacturing-focused corporations, using accounting methods developed 500 years ago. Workday solutions are built for today’s companies centered on global workforces, talent, and information to fuel their operations.
Workday’s unique financial management solution combines a comprehensive set of planning, accounting, and business intelligence capabilities to satisfy those external and internal requirements.
Workday Financials uniquely integrates the three priorities of today’s finance organizations: accounting, corporate governance, and business intelligence.
While traditional ERP focused on the data required for accounting and regulatory compliance; Workday captures all types of business events, not just the entries managed in traditional general ledger systems. The company makes it simple for accounting and all other groups and individuals to access and analyze information they need to help their organization grow and thrive.
Workday Financial Management
Today’s finance organization needs broader capabilities to address the new complexities of financial accounting; the increased responsibilities of business governance; and the accelerating demand for more and better management information by executives, managers, and knowledge workers. In addition, they need forward looking business planning and forecasting to establish goals and measure business performance.
Workday combines a comprehensive set of accounting, business intelligence, and governance capabilities to satisfy both external and internal information requirements into a new, unique solution.
Workday Resource Management
Companies rely on Workday Resource Management to easily manage the procurement, tracking, management, and accounting of all things, services, and rights the organization uses to support their workers and deliver value to customers. Capabilities include efficient management of supplier accounts, procurement of goods and services, comprehensive asset tracking, and complete accounting for assets, inventory and expenses.
Workday Revenue Management
With Workday Revenue Management, organizations have the solution they need to accurately manage comprehensive customer account information and administer the order-to-cash process. With Workday, you can manage accounts receivable and capture multi-dimensional revenue information for comprehensive customer analytics.
Workday Accounting Key Strengths
- The banking software in Workday delivers the first on-demand alternative to Enterprise Resource Planning (ERP); their product ushers in a new generation of solutions designed for today’s dynamic, global businesses.
- With Workday, there is no hardware, software, middleware, databases, or business intelligence tools to buy, install, maintain, and upgrade. And, Workday’s multi-tenancy model means that customers share one physical instance of the Workday solution without ever seeing each other’s data.
- Workday Financial Management provides planning, control, accounting, and reporting to support sound, fact-based economic decision making as well as required financial reporting across your business.
- With Workday, organizations are able to measure and communicate business performance externally to regulators and investors, and internally to executives, managers, and knowledge workers.
- Workday business planning supports the development and storage of actionable business plans and associated operational forecasts and budgets. With Workday, businesses can plan according to any business dimension and can record an unlimited number of forecasts and budgets for use with actual business results, for control and performance management purposes.