Workday Financials Overview#
Workday Financial Management provides a modern, unified financial platform designed to work seamlessly with Workday HCM. This guide covers capabilities relevant to NZ/AU organisations.
---
Core Financial Capabilities#
General Ledger#
Multi-Book Accounting: Maintain multiple accounting books for different reporting requirements.
Key Features: - Flexible chart of accounts - Multi-currency support - Intercompany accounting - Consolidations
Procurement#
Source-to-Pay: Complete procurement lifecycle management.
Features: - Requisitioning - Purchase orders - Supplier management - Contract management - Invoice processing
Expenses#
Expense Management: Streamlined employee expense processing.
Features: - Mobile expense capture - Policy enforcement - Approval workflows - Corporate card integration
Projects#
Project Management: Track costs and revenue by project.
Features: - Project budgeting - Time and expense tracking - Revenue recognition - Project billing
---
NZ/AU Compliance#
GST Management#
New Zealand GST: 15% GST configuration with appropriate reporting.
Australian GST: Support for GST-free and input-taxed supplies.
Tax Reporting#
NZ IRD Reporting: Integration capabilities with Inland Revenue.
AU ATO Reporting: Support for Business Activity Statements.
Accounting Standards#
NZ IFRS: Full support for New Zealand equivalents to IFRS.
AASB: Australian Accounting Standards Board requirements supported.
---
Integration with HCM#
The primary advantage of Workday Financials is seamless integration with HCM:
Workforce Costs: Automatic posting of payroll costs to projects and cost centres.
Vendor Payments: Unified supplier and worker payment processing.
Expense Management: Employee expenses linked to HR records.
Project Resourcing: View employee availability for project staffing.
---
Implementation Considerations#
Timeline#
Financials-only: 6-9 months
HCM + Financials: 12-18 months (integrated implementation)
Key Decisions#
- Chart of Accounts: Design for reporting flexibility.
- Multi-Company Structure: Define legal entity structure early.
- Integration Strategy: Identify all financial integrations.
- Reporting Requirements: Define critical financial reports.
---
When to Choose Workday Financials#
Strong Fit#
- Already using or implementing Workday HCM
- Services organisations with project accounting needs
- Companies wanting unified HCM and financials
- Organisations prioritising user experience
Consider Alternatives#
- Manufacturing with complex cost accounting
- Distribution with advanced inventory needs
- Retail with POS integration requirements
- Organisations with extensive customisation needs
---
Monday Morning Action Plan#
- Document Financial Requirements: List all critical financial processes.
- Map Integrations: Identify all systems that connect to financials.
- Review Chart of Accounts: Assess current structure for migration.
- Define Reporting Needs: List essential financial reports.
- Assess HCM Integration: If using Workday HCM, plan for unified implementation.