Workday Financial Management (FINS)

What do you like best about the product?

What I like best about Workday Financial Management is that it brings finance, operations, and analytics together on a single platform, allowing organizations to see the financial impact of business activities in real time instead of waiting for nightly batch processes or data warehouse updates.

Key features I like are:

Built-in Analytics and Reporting
Flexible Dimensional Accounting
Strong Business Process Framework
Unified Finance and HCM

What do you dislike about the product?

If I had to pick one limitation, it would be that Workday Financial Management sometimes requires organizations to rethink established processes rather than customizing the system extensively

What problems is the product solving and how is that benefiting you?

Workday Financial Management addresses the challenge of disconnected financial processes, delayed reporting, and limited visibility into overall business performance. By offering a unified platform that brings together finance, workforce, and operational data, it supports real-time decision-making while reducing manual effort.

In my experience, the biggest benefits have been real-time financial visibility, streamlined business processes, improved reporting and analytics, better collaboration between Finance and HR, and reduced operational overhead. Finance leaders can access current financial data without waiting for batch jobs or data warehouse refreshes. Automated workflows across procure-to-pay, expenses, supplier invoices, approvals, and the financial close reduce manual intervention and help improve compliance. Embedded reporting also makes it easier to analyze transactions directly within Workday, which reduces the need to reconcile data across multiple systems.

Because Workday combines Financials and HCM on a single platform, labor costs, headcount, and financial performance can be viewed together, enabling more informed planning. Finally, cloud-based updates and configurable business processes help minimize the need for heavy customizations and ongoing maintenance.

What do you like best about the product?

There are stronger internal controls within Workday than our prior system. We were able to build an approval step for payments over a threshold which was previously done via email in our old system.

What do you dislike about the product?

Some core configuration decisions/details do not make sense and make processing more difficult. For example, limitations on transaction processing based on PO type.

What problems is the product solving and how is that benefiting you?

Ability to require approvals on various transactions based on thresholds (journal entries, payments) is a big enhancement from our prior system. Tracking a transaction from start to finish in one system is also more efficient.

What do you like best about the product?

The system saves me valuable time and allows me to complete tasks efficiently with minimal effort, particularly when processing weekly payroll and generating the reports needed for payroll processing. It provides convenient access to the necessary information and resources I need to effectively perform my daily duties and responsibilities.

What do you dislike about the product?

Honestly, I haven’t encountered anything that I dislike about the system. Overall, it has been user-friendly and provides the functionality I need to complete my daily tasks efficiently.

What problems is the product solving and how is that benefiting you?

The system makes it easy for me to manage daily timekeeping and expense records and quickly locate records for different contractors. The correction features are especially helpful because they allow me to easily address errors or missing information before processing payroll reports. Having accurate and accessible timekeeping information is one of the most important aspects of my role, and the system provides the tools I need to ensure payroll reports are processed accurately and efficiently.

What do you like best about the product?

Best thing about Workday FIN is having financial information centralized at one place with real time visibility into transactions and also reporting. The Integrations between accounting, reporting and Business processes helps streamline day to day work reducing manual efforts and improve data accuracy. I really love the ability to drill into details directly from reports,

What do you dislike about the product?

A few things I dislike about the Financial Management are that some processes feel complex and require multiple steps to complete. Navigation can also be challenging for new users, especially when trying to locate specific transactions or reports. I also feel there is room for improvement in Awards. Simplifying and improving reporting will make the system more user friendly.

What problems is the product solving and how is that benefiting you?

Workday FIN solves the challenges with Managing financial data across different processes by providing one centralized system. More visibility into transactions, reduced manual work and make reporting more efficient thus saving time and improving accuracy.

What do you like best about the product?

I like that the information is quite centralized and easy to consult when I need to review some data or incident. I also appreciate that it integrates well with other tools and provides a fairly complete view.

What do you dislike about the product?

What I don't like a bit is that some options can be a little unintuitive at first, and certain configurations require quite a bit of time to be adjusted to what is needed.

What problems is the product solving and how is that benefiting you?

It significantly reduces manual work and prevents information from being spread across different systems or files. For me, the most practical thing is to be able to consult the necessary data from the same environment and to follow up without so many repetitive tasks.