Written by Beth Brainerd

How to Optimize your Workday Financial Management Platform for Increased Business Value

The Workday platform is all about adding value to and creating efficiency for your business. While well known for its HR management tools, Workday has developed an exceptional platform for finance departments. The cloud-based finance operation allows you to manage and enrich critical data and access insights in real time, empowering your team to focus more on strategic decision-making rather than tedious transactional activities. 

Here are some of the top ways you can optimize your finance department through Workday.

Protect Data with Audit Trails

Long gone are the days of chasing down a paper trail of financial data to comply with an audit. Through “always on” auditing, Workday documents every transaction to consistently keep your data up-to-date and proactively manage risk. 

You can also assign which users have access to various aspects of the audit trail to protect your data. Unlike most financial management platforms, Workday enables you to get audit trails from the system that can not be manipulated by users. This means higher security, increased efficiency and easier reporting capabilities during your audit. 

Increase Efficiency with Streamlined Workflows

Automated workflows are one of the key tools to increase efficiency in your finance organization. You can set up a workflow for nearly every conceivable process – paying suppliers, managing customer contracts, managing acquisition assets, etc. – and use machine learning to automate these processes.

Your team can increase efficiency even further by setting up approvals within the system for most workflows. Managing everything directly within the Workday platform is more efficient and secure, decreasing the need for hard copy approvals and out-of-system document storage.

Reduce Tool Management with Embedded Supplier Capabilities

Tracking data in multiple systems and moving data between systems increases the risk of some sort of miscalculation or inaccurate numbers. It can also just be a pain to juggle multiple supplier contracts and tools. Workday’s financial management platform serves as an all-in-one resource for operational data, allowing you to integrate OCR systems and other third-party tools into one place. 

Workday also makes managing supplier contracts and making supplier requests within the system easier. These integrations reduce the risk of inaccuracies and can add tremendous value to the business through various reporting features. 

Improve Customer Interactions with Revenue Management

Workday offers end-to-end revenue management for the entire customer lifecycle, flexing and scaling as your business needs change. The tool provides a more flexible approach to billing so you can create custom schedules and rates for different customers, products and services as well as automate the invoice process. 

One of the unique features is the ability to set parameters for automated dunning letter creation and alerts, reducing bad debt and protecting customer relationships. 

Find More Value with a Syssero Consultant 

Workday’s financial management platform is full of incredible features and tools that make it easier for your finance department to function and thrive. Syssero can help you uncover and take advantage of all that Workday has to offer. Our consultants have an average 7+ years of experience as Workday users and can support your team with best practice discussions for Workday use. We partner with you every step of the way, from helping you implement new functionality and providing how-to documentation for your records, to developing custom report building and configuring business processes. 

Make the most of your Workday financial management platform by partnering with an expert at Syssero.