Workday is enterprise software that provides financial management and human capital management functionality for companies across a variety of industries:
- Financial Services
- Healthcare and Life Sciences
- Higher Education
- Retail and Hospitality
- Service Businesses
- State and Local Government
- Technology Firms
Top features of Workday include:
Workday Financial Management offers global businesses a unified finance solution that brings new insights and capabilities to today’s organizations. Through a modern Software-as-a-Service (SaaS) model, your organization can achieve high levels of business performance and financial excellence with a solution that includes a full range of financial capabilities, real-time business insights, and fully auditable process management.
Human Capital Management
Workday Human Capital Management is the only application that unifies HR and Talent Management into a single system-of-record. And with embedded analytics, manager and employee self-service, and a user experience unlike any other enterprise application, Workday redefines what it means to manage a global, mobile, and diverse workforce.
Designed for the Way You Work
The most intuitive user experience for an enterprise application ever. Designed for everyone in your organization, Workday works the way people work–collaboratively, on the go, and in real-time.
One line of code and always up to date. A single version of Workday exists across all customers. That’s the real cloud. Anything else is an imposter.
Designed with three things in mind–speed, usability, and flexibility–innovative architecture is built for the modern business. Workday’s applications utilize an object-oriented structure. What’s this mean? Simply put, data is defined by objects that represent real-world entities–employees, benefits, budgets, organizations, etc.
Manage talent, revenue, cost, and growth around the globe. It’s a world view and single source of truth for your organization.
Get the data, analyze the information, and take action in real-time. From Day 1, you get a more complete picture of your organization.
Change is good. Configure Workday to meet the needs of your organization. When you evolve, the software evolves right along with you.
Connectivity to other applications and resources is critical. Workday makes it simple to build, deploy, manage, and evolve integrations over time. It’s never been easier to connect your world.
Workday is committed to the highest standards. Have confidence that your sensitive data is protected by rock-solid physical, network, application, and data-level security.
Workday Business Assets combines the traditionally separate domains of fixed assets and inventory with the ability to manage high-value, low-cost items such as mobile phones and security badges. Just because these items are small and inexpensive doesn’t mean they aren’t important to your business.
With Workday Business Assets, you can:
- Manage your asset roster, depreciation, and lifecycle accounting
- Define, track, and account for both tangible and intangible assets
- Track low- and zero-cost items that have high value or liability (e.g., mobile devices or security badges)
- Assign custody and responsibility of items to workers to prevent cost leakage and security risks due to worker turnover
The world of “assets” has changed significantly since traditional Fixed Asset systems were designed and deployed. Assets used to be large, expensive, and “fixed” to the floor. While traditional Fixed Asset systems managed the accounting of large, immobile assets, they were never designed to help companies manage the high-value, low-cost assets that so many businesses now rely on such as laptops, cell phones, web-conferencing accounts, and other “utility belt” items that are often provided to workers today. Just because these items are small and inexpensive doesn’t mean they aren’t important to your business.
The key to business asset management is the separation of business asset accounting from business asset tracking. By separating the accounting and tracking processes and decisions, it allows all business assets to be accounted for according to accounting rules and tracked according to business use.
Business Asset Accounting
- Multiple accounting treatments. Choose the appropriate accounting method: capitalize and depreciate/amortize, stock and issue, or one-time or recurring expense.
- Lifecycle accounting. Create appropriate accounting for all asset lifecycle events including acquisition, transfer, and disposal.
- Automated depreciation/amortization. Define depreciation parameters by asset type, such as useful life, depreciation method, or posting convention. Automatically set up depreciation schedules upon asset acquisition. Post depreciation expense and manage accumulated depreciation.
Business Asset Tracking
- Track and manage any business asset by how it’s used. Whether the business asset is a cell phone, cell phone plan, laptop, building, WebEx account, or product inventory, Workday allows you to invoke inventory management activities and controls such as stock, issue, and return for assets with the same level of physical tracking traditionally available only in Fixed Asset systems.
- Track zero cost items. Track items, such as security badges, that have no individually trackable cost but for which physical tracking is crucial.
- Assign custody and responsibility. Create a reportable link between issued business assets and the receiving worker. Make custody assignments a required step in the worker on-boarding process.
- Reclaim business assets. Business assets that “walk out the door” when an employee leaves the company are a significant cost leak and security risk for most companies. Business Asset Tracking makes it easy to reclaim business property from a worker upon their separation from the company.
Workday Core Finance can help you manage your global financial processes easily and efficiently from a single, unified solution.
Accounting and Finance
- GL, AP, AR, and Financial Statements
- Accruals and Allocations
- Consolidation and Reconciliation
- Workpaper Reports
- Budgets and Plans
Management Reporting and Analysis
- Business-Event Driven Data Capture
- Embedded Analytics
- Financial and Operational Reporting
- Multi-Dimensional Reporting
- Role-Based Dashboards
- Secured Data Access
Governance and Compliance
- Embedded Process Management
- Configurable Security Roles
- Separation of Duties
- Full Auditability
- Banking and Reconciliation
- Cash Accounts and Transactions
- Transfers and Settlements
- Real-Time Forecasting
Workday Expenses is unified with Workday’s market-leading HR and Financial Management solutions, creating the optimal expense solution for today’s people-driven enterprise.
With Workday Expenses, you can:
- Automate your unique expense management business processes while ensuring proper spend controls
- Reduce administrative burden by leveraging workers, roles, organizations, and security policies already setup in Workday HCM
- Ensure rapid adoption across your global workforce with a consumer-like user experience and comprehensive support for global requirements
- Gain real time visibility into employee spend with multi-dimensional reporting and analytics
Employee expense processes are people processes. Ultimately, your people plan, spend, record, and approve all employee expenses. As a result, stand-alone expense systems that were built independently from HR or procurement-based systems often fail to achieve your objectives of controlling organizational spend. Workday Expenses is different at the core because it is unified with Workday’s market-leading HR solutions, creating the optimal expense solution for your people-driven enterprise.
Streamlined Business Processes
- Configure expense management processes and controls to meet your specific needs, eliminating manually intensive and costly paper-based processes.
- Easily attach scanned or photographed receipts to expense reports that are then available for review during and after approvals and payments.
- Build dynamic workflow approvals and notifications leveraging worker and transactional information such as location, organization, the work people are doing, and transactional details such as total expense amount or expense item types.
- Take advantage of the strong worker foundation of Workday Human Capital Management as well as unification with Workday Payroll and Financial Management for reimbursement and accounting of employee expenses.
- Instantaneously leverage changes to worker data that happen in the HR system–such as a worker’s role, position, organizational assignment, or management chain–without having to synchronize data between two disparate systems.
Consumer-Like User Experience
- Improve adoption of the system by your global workforce and reduce the number of systems required by leveraging the same easy-to-use, consumer-style user experience delivered throughout Workday.
- Minimize data entry resulting in more complete and timely data in the system and more accurate financial records.
- Submit expense receipts or review and approve transactions directly from any mobile device.
Full Audit and Control
- Configure proactive controls, such as spend authorizations and spend freezes, to help plan for, control, or halt spending.
- Ensure proper audit trails as every system change is stored, tracked, and time-stamped. Business processes configurations and security settings are self-documenting and can be rendered to PDF on demand.
- Gain unprecedented visibility into processes and transaction history for Finance and auditors ensuring compliance with corporate and regulatory requirements such as Sarbanes-Oxley (SOX).
Real Time Reporting and Analysis
- Gain real time consolidated insight into spend for Finance, Executives, and line managers to help with managing actual spend to budgeted spend as well as negotiating corporate travel rates or discounts.
- Leverage a suite of pre-built reports as well as a robust report writer for building custom reports.
- Take full advantage of Workday’s multi-dimensional business data to analyze spend not only by spend category and worker but by any relevant business dimension such as customer, project, or region.
- Empower your global workforce to use Workday in their preferred language
- Enable different regions and locales to configure their own rules through the Business Process Framework with no impact to other geographies while still maintaining global visibility throughout the organization
- Configure local travel and expense customs and rules–such as local allowances and per diems, vehicle mileage reimbursement schemes, and many global credit card formats
- Leverage full multi-currency support for expense report transactions, reimbursements and accounting
- Leverage support for recording and reporting Value Added Tax (VAT), enabling both reimbursable and non-reimbursable treatments.
Fast and Efficient Settlement
- Leverage the efficiencies of a single settlement engine to manage all payments generated across the entire organization for any purpose–such as payroll, supplier payments, employee reimbursements, and customer refunds.
- Easily integrate to an external Payroll or Accounts Payable system leveraging the Workday Integration Cloud.
Grants have become an important funding source for many organizations. Meanwhile, the providers of grants are placing more scrutiny on how these funds are used. In this environment, fully featured grants management applications are vital to an organization’s fiscal well-being.
- Improve efficiency with a unified solution purpose-built for grants administration
- Gain greater visibility into grant activity through rich, multi-dimensional reporting
- Improve compliance with grantor reporting requirements
Purpose-built with strategic design partners in education and government, Workday Grants Management can handle even the most complex requirements while giving more granular visibility and control into grant activity.
Efficiency With a Unified, Fully-Automated Solution
- Reduce the number of manual hand-offs and integration points with an application that is unified with HCM, Payroll, and Financials.
- Improve efficiency and compliance with online Effort Reporting, which allows researchers to digitally certify their time that is allocated to a particular grant.
Visibility Into Grant Activity
- Gain strategic intelligence about grant activity through rich, multi-dimensional reporting capabilities–without needing a separate data warehouse.
- Access detailed information about grant activity–such as grant budget vs. actual expenses and grant activity by sponsor.
Improved Compliance and Control
- Reduce manual errors by automating the post-award process with a unified solution.
- Fulfill grantors’ reporting requirements with Workday’s flexible reporting capabilities.
- Improve compliance with Workday’s audit capabilities, which ensure that any transactions or changes to a business process are accurately tracked.
Human Resource Management
Workday Human Resource Management is designed to help you organize, staff, and pay your global workforce. With modern, intuitive self-service capabilities, users and administrators can both get the information they need about their jobs and organizations.
Workforce Lifecycle Management
Workday handles the entire worker lifecycle, providing a centralized and cohesive solution to staffing and managing your global workforce.
Accurately model your organizational structures as well as provide analytics based on organizational dimensions.
Workday Compensation allows you to pay for performance and create, manage, and adjust the compensation programs needed to meet your complex business requirements.
With Workday Absence Management, employees can more easily see their leave details, current and future accruals, and balances to better inform their time off requests.
Workday Benefits Administration gives you the tools to define, manage, and adjust benefits plans to meet your unique requirements.
Cloud Connect for Benefits
Cloud Connect for Benefits provides you with a catalog of packaged integrations that connect to benefits providers, giving Human Resource organizations the ability to evaluate, select, and offer the most appropriate plans for their workforce.
Delivered in the cloud, Workday Payroll offers your organization choice, flexibility, and control to efficiently and accurately pay your entire workforce, no matter where they may be located.
Workday Payroll leverages the benefits of Workday Human Capital Management and addresses the full spectrum of your payroll needs in the United States and Canada by providing calculation tools, automatic tax updates, audit and reporting, and adaptable pay groups and organizations, all through a configurable cloud delivery model.
Cloud Connect for Third-Party Payroll
Built on the robust foundation of the Workday Integration Cloud, Cloud Connect for Third-Party Payroll allows you to leverage Payroll Connector to integrate to third-party payroll partners, as well as more easily create and maintain your own integrations with external (non-Workday) payroll solutions.
Payroll Co-Sourcing Services
Payroll Co-Sourcing Services through OneSource VHR can give your organization the control of an in-house payroll solution with the convenience of outsourced payroll services.
Workday Procurement is designed to support the unique requirements for the acquisition of goods, services, and contingent labor for your organization–from the requisition process all the way through to payment.
With Workday Procurement, you can:
- Configure procurement business processes to meet your specific requirements, including requisitioning and ordering, receiving, invoicing, and payment
- More effectively collaborate with suppliers and manage supplier content
- Ensure adoption across your global workforce with a consumer-like user experience to support the creation, submission, and approval of purchase requisitions
- Gain real time visibility into spend with multi-dimensional reporting and analytics
Designed to address the unique requirements of both goods and services procurement, Workday Procurement does not require you to deploy a multitude of disparate systems to bring your spend under management. From the requisition process all the way through to payment, Workday supports and manages the information, policies, and processes relating to the acquisition of goods, services, and contingent labor for your organization.
- More effectively collaborate with and manage the suppliers you buy from.
- Easily set up and maintain your entire set of suppliers. Transact directly with independent contractors, precluding the need to setup redundant suppliers.
- Load supplier catalogs using common classification schemes.
- Transact with suppliers leveraging industry standards such as Punchout.
- Establish spend policies including thresholds, item pricing, expiration dates and contract documentation for both goods and services spend.
- Configure Procurement business processes to validate against item thresholds, protecting buying organizations from price increases that are not agreed upon.
- Configure recurring payments to model scenarios such as rental agreements and leases.
- Put purchase requests in the hands of your global workforce while still maintaining proper spend controls.
- Enable employees and managers to create, submit, and approve requisitions automating existing manual and paper intensive processes.
- Support purchase orders for goods, contingent workers and delivered services.
- Collaborate with suppliers through a portal as well as through XML/EDI.
- Configure business processes based on the context of each supplier and/or order.
- Track receipt activity against your Purchase Orders.
- Receipts encompass standard goods receiving (which can flow to business asset tracking), contingent worker timesheets and deliverables activity logs.
- Leverage a common business process that provides configurable receiving steps as well as support for Evaluated Receipt Settlements (ERS).
- Take advantage of paperless receipt of supplier invoices and electronic payments to maximize processing efficiency.
- Enable the system to receive invoices over the web directly from supplier systems or leverage Workday’s Supplier Collaboration portal that allows suppliers to “flip” a Purchase Order into an Invoice.
- Invoicing works seamlessly with procurement to support standard two and three way matching.
- Leverage a single settlement engine to manage all payments generated across the entire business for any purpose–such as payroll, supplier payments, employee expense reimbursements and customer refunds.
- Manage your regulatory filing of 1099 Misc for Independent Contingent Workers
Real Time Spend Analytics
- Leverage built-in spend analytics that allow full visibility into your organization’s spend drillable by valuable business dimensions such as supplier, spend type, and more.
- Deploy analytics to all levels of business leaders leveraging the power of Workday’s organizational security model.
Workday Project Accounting expands the capabilities of Workday Project and Work Management to manage billing and profitability of project and non-project work.
- Multiple Billing Rates
- Project Costing
- Milestone Billing
- Project Time and Expense Billing
- WIP Reports
Project and Work Management
Workday Project and Work Management allows companies to focus on all of the critical components that make a company successful: people, business resources, and work.
With Workday Project and Work Management, you can:
- Plan for and track progress of projects and work.
- Ensure alignment to strategic goals.
- Track actual costs against budget over time.
- Give executives insight into alignment, achievement, and potential.
- Tie human cost and impact to actual business results.
By bringing together all of these elements into a single unified system, management can gain insight into the elements that make a team or project successful, the areas of the company that are weak or struggling, and ways to improve overall effectiveness throughout the entire organization.
Unlike traditional bolt-on project or work management systems, Workday Project and Work Management is seamlessly unified with Workday Human Capital Management, Spend Management and Financial Management. As a result, companies can efficiently plan, staff, track, manage and analyze what is really needed to accomplish its key initiatives:
- Capture ideas from workers to inform and influence future work strategies
- Model all types of work areas, including product development, projects, campaigns, client service delivery, grants, and more
- Establish budgets and estimates
- Establish a project of work plan with phases, tasks, and milestones to track progress over time
- Roll up multiple work areas under larger initiatives or work hierarchies
- Integrate to Microsoft Projects, as well as other external Project Management and Project Lifecycle Management (PLM) tools
- Seamlessly leverage worker profile data from Workday Human Capital Management
- Search for talent based on specific criteria such as job profiles, skills and competencies
- View and compare worker profile information including experience and qualifications
- Utilize talent pools for sourcing workers
- Staff project and work teams with available and qualified employees and independent contractors
- Review vacation and work schedules to ensure appropriate staff coverage
Monitor Costs and Progress
- Provide anytime, anywhere access to timesheets for all workers
- Track time put in by workers on a project
- Record labor rates for billable and non-billable time
- Cost work using a fully burdened costing rate
- Capture expenses and purchase orders related to a project or work area
- View total current spend against planned budget as projects and work progress
- Proactively modify project and work plans, budgets and worker assignments as needed
Analyze Work Results
- View current status of key initiatives, projects and work areas at a glance with dashboard worklets
- Set a notification trigger if a specific condition or threshold is met
- Base worker pay-for-performance compensation and development plans on objective results of work performed
- Leverage outcomes to gain insight into ways to improve processes in the future
By utilizing Workday as your central system-of-record for the work being done in your company, you can increase visibility, improve efficiency and draw real connections between goals, initiatives, results, performance, and rewards.
Workday Revenue Management helps organizations manage the entire contract-to-cash process for more efficient, accurate processes and accounting results. With automated and configurable processes for contract management, billing schedules, revenue recognition and the ability to integrate with any external CRM system, Workday enables a 360 cross-functional view of customers, improves customer satisfaction, accelerates cash flow and empowers your organization to be more productive while reducing the risk of errors in financial results.
Workday Contracts enables your organization to effectively create, approve, and track customers and customer contracts to help maximize visibility and minimize risk to your organization.
Workday Billing automates billing and collection cycles and provides support for complex invoicing and payment terms to help your organization increase the accuracy of customer invoices, accelerate cash flow, and shorten day sales outstanding (DSO).
Workday Revenue Recognition helps your organization manage, account for, forecast, and recognize revenue according to today’s guidelines and to adapt and comply with evolving rules and guidelines.
A packaged integration with Salesforce CRM provides visibility, automation, and accuracy across the quote to cash process through a bi-directional, cloud-to-cloud interface.
- Automatically correspond opportunities and sales created in Salesforce to new opportunities and customers in Workday
- Send spend information captured in Workday back to Salesforce to track spend by opportunity
- Improve interdepartmental communication and productivity thanks to transparency between systems
- Reduce the administrative workload by eliminating duplicate or manual processes for order, billing, or renewals
Workday also supports the ability to integrate to other third-party CRM solutions through the Workday Integration Cloud.
- Contract and Customer Management
- Amendment Control and Audit
- Contract Renewal
- Salesforce.com Integration
- Automated Invoices
- Consolidated Invoices
- Billing Approvals
- Credit Card and Debit Payments
- Customer Management
Revenue Recognition Features
- Revenue Schedules and Accounting
- Recognition by Milestones, Schedule, or
- Recognition Approvals
- Revenue Reporting and Forecasting
- Deferred Revenue Forecasting
Workday Talent Management works seamlessly with Workday Human Resource Management to let you align, assess, pay for performance, and plan your leadership succession–all from a single, unified solution.
Workday Onboarding helps organizations extend a warm welcome to new and pre-hires, increase first day productivity, and streamline administration.
Workday Goal Management helps organizations establish, cascade, and assess goals for maximum alignment, improved visibility, and increased engagement throughout the organization.
Workday Performance Management allows organizations to align and manage global talent from a singular system without the added burden and cost of a separate talent system.
Workday Succession Planning provides simple and visual tools to help succession managers build, manage, and evaluate succession plans for any important position in their organization.
Career and Development Planning
Workday Career and Development Planning gives managers and workers the ability to create their own development plans and grow into their careers.
With Workday Time Tracking, organizations are now able to reduce labor costs, minimize compliance risks, and increase worker productivity.
- Drive instant engagement and adoption with a consumer-driven, enterprise-grade application.
- Simplify global workforce management by configuring workflows, processes, and work rules.
- Control labor costs and compliance risks through seamless automation with core processes.
Watch the Time Tracking Product Preview
Workday leads enterprise application innovation with its new, consumer-driven time and attendance application, Workday Time Tracking.
- Consumer-Driven User Experience: Workday Time Tracking offers a modern, consumer-friendly user interface that is instantly engaging and unmatched in the workforce management market.
- Complete Automation: Automate your organization’s workforce management processes by giving managers the ability to quickly view and approve time entry requests as well as identify and resolve issues with minimal efforts.
- Simply Unified: Unified with Workday HCM, Payroll, and Project and Work Management, Workday Time Tracking offers a single user experience, a single global platform, and a single “source of truth” for global workforce intelligence.
- Cloud Delivery Model: The cloud model provides Workday Time Tracking customers with lower IT cost of ownership, quicker and easier deployment, and reduced complexity.