Workday Review: How This SaaS Financial Management Software Can Help Your Business

Workday is a relatively new player in the world of accounting software, and its creators, former PeopleSoft executives, believe that ERP solutions, while good for their time, have outlived their usefulness. Their main charge, ERP only looks at the business from the accountants view. While accounting is important, it’s not what drives the business. Commerce, buying and selling, that’s what drives the engine of the business. Our Workday review takes an in-depth review on just that.

Workday Review: What Do They Do Differently?

With Workday, people within companies can better focus on what actually pays the bills. It claims to see the entire business view, not just the narrower focus of its predecessors. This target change is designed to help customers work smarter, faster, and safer, and helps grow the bottom line. With an on-demand delivery and current pricing that is significantly less than major competitors, Workday is making people pay attention.

Highlights from a Workday Review

The obvious benefits of accounting software with Workday are similar across cloud computing platforms, most notably: ease of accessibility, speed of implementation, and reduced upfront cost. When doing a Workday review, other features stand out. First, the search and filter functions are very strong. From the contextual search function to starting a search from scratch, it is easy, quick, and powerful.

Also, our Workday review shows that the reports have built in filtering and sorting functions. The Worktags function is also very easy, but greatly frees up users to get more in-depth reports and analysis. They have both the Human Capital Management (HCM) and Financials modules, and are working with Salesforce.com to add in social tools to improve its visibility and usefulness. Finally, the business lifecycle focused initiatives system is built to interact seamlessly with the HCM and Financials functions, giving you a true full look at what makes your business strong.

Challenges Noted During a Workday Review

Despite all the benefits cloud financial software services can provide, there are still challenges, as you will see in a Workday review. Though they are making great progress, the system isn’t as robust as older systems. This means that Workday has to integrate with other programs to get everything you need done. The integration is possible, but it would be easier to have everything in one place.

Another challenge  our Workday review found was that sometimes too much flexibility can be dangerous. The necessary reports are there, but there are no safeguards against having the wrong information on a report. Usually, larger companies have the personnel to make sure this isn’t a major issue over the long term, but it is an issue that can arise. Finally, another noted drawback is the lack of internal training options with the HCM software. Many competitors in the same market space have either a pre-installed training module, or links to third party training, whereas Workday doesn’t.

Workday Review Conclusion

In the final analysis, our Workday review shows it has a lot going for it, but it needs to continue moving forward to really meet the needs of all its customers. It’s making some smart moves to add functionality (i.e. Salesforce collaboration) without spending extra time and resources to get there. However, it needs to take some time to add in some necessary functions and get more customers online, to better work on continuous improvement in order, to become a dominant force in the industry.