The Efficiency Impact SaaS Has Provided Workday Accountants
According to chief accounting officer Robin Sisco of Workday Inc. located in Pleasanton California, SaaS (software-as-a-service) is a champion among rivals relative to its in-house legacy system counterparts. Sisco has experience with both on-premise legacy and cloud-based SaaS systems. She recollects the struggle of accessing legacy system information in a significant way.
Workday produces potent software for finance and human resources. The software’s workflow efficiency has led many enterprises to turn to Workday’s SaaS systems, such as Workday Financial Management. Workday users can engage with their data in a more natural and efficient manner.
The accounting executive maintains that they are their own best client. Sisco uses Workday’s proprietary system to manage the data of the company’s 2,600 person workforce. She argues that Workday’s many flexible features are the reasons for its superiority over traditional legacy systems.
Customization Tasks Are Fast and Simple
Workday’s platform cuts tasks, such as adding a new set of books which may take from 3 months to a year, down to a thirty minute job. Rather than merging data from various legacy sources, users can create needed reports by using pre-defined interfaces. If a company uses middle-ware to communicate with different databases, Workday integrates the data from multiple data sources into one central repository.
Compared to either of these methods, Workday’s platform eliminates the need to import detached data, allowing query completion in a fraction of the time. Workday users can also add labels and validations that match their brand or corporate culture, making main categories easier to recognize.
Workday’s SaaS Platform Increases Organizational Productivity
The system stores data in one location, eliminating the inefficiency of duplicate databases. The platform’s penchant for accessibility allows reporting from individual business units, reducing the amount of labor expended inputting figures. Data events update in real-time, significantly increasing the relevance of available information. The company’s software framework drastically reduces the time spent on accounting tasks, freeing financial personnel to work with forward-facing organizational issues.
The Worktags Feature Enables Complex Queries
Workday users can assign a keyword to specific data events to aid in analysis. The tags allow users to drill down to the transaction level to gain a clear understanding of their business processes. Future data events that meet the criteria of created tags are automatically categorized. These events are then available for future reporting cycles.
Users Benefit from Advanced Security Functionality
Administrators can grant security access to the platform as needed. The simplicity of the SaaS’s interface allows administrators to delegate fiscal reporting and management to less technically inclined users. A built-in audit trail tracks modifications system-wide, maintaining data accountability. As a measure of added protection, Workday encrypts all of its data. If an intruder were to gain access to a sensitive file, they could not make use of the data.
Workday Provides Innovation Through Consistent Updates
The company releases new features with its bi-annual updates. Composite Reporting is the latest feature released with Workday 23. The resource allows clients to combine data sources and build financial reports in a fraction of the time it takes to perform the same tasks on legacy systems. Users of the Composite Reporting tool can analyze data by clicking through the values of their interest. This ability eliminates the need to ask for custom generated reports from the accounting department.
Workday Inc.’s powerful software has allowed them to become strategic business partners with many large brands. Industry giants such as Flextronics, Rentokil Initial, Fairchild Semiconductor, Thompson Reuters and Time Warner are now utilizing Workday. The software has a proven track record of success at these major brands. Workday’s cloud-based initiatives cut the cost of ownership for these firms by lowering the labor required to manage internal records.
Sisco cites their platform’s flexibility as the reason why so many companies have turned to Workday for enterprise resource planning (ERP) solutions. The SaaS program takes traditional general ledger accounting to a new level. Workday takes pride in their simple, intuitive user interface that serves as a gateway to the software’s functionality.
The company continues to increase its value by regularly introducing innovative features and providing unparalleled migration assistance. These innovations, along with the platform’s already robust functionality, allow firms to focus on profit generating tasks.
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