Best Financial Management Solution
Workday Accounting Center is the first accounting solution that puts finance in charge of data transformation, eliminating dependence on IT to manage different data systems that finance relies on to manage and report on the business. It does this by automatically enriching, reconciling, and creating accounting on mission-critical operational transactions processed in legacy or proprietary systems outside of finance. This data is processed through the Accounting Center rules engine and then feeds into Workday Financial Management. For the first time, finance has a single source of rich data for all detailed and summary reporting needs. Generating accounting from events that occur in operational industry systems (banking, policy, commissions, claims, etc.), home-grown data systems, or even multiple general ledgers is needed by most organizations. Historically, this has involved IT, creating delays in getting data into the accounting system. Accounting Center streamlines the complexity many finance teams face with data management by allowing finance users to bring this operational data in themselves and maintain and update accounting rules in a centralized location. Finance can easily load external business events into Workday and with user-defined business rules in Accounting Center to generate detailed accounting entries. It transforms these business events using financial or industry-specific calculations through the centralized rule definition, producing rich data for all detailed and summary reporting needs without cluttering the general ledger. These entries are summarized to generate debits and credits and journals are created in Workday Financial Management providing a single source for data. By providing access and visibility to all types of data, finance teams are able to unlock deeper insights. With access governed by a single security model, users have complete line of sight with drill down from summary balances to originating source transaction detail. Accounting Center supports internal and external reporting as well as audit requirements by easily tracking and controlling the “who, what, where, and when” for all changes to accounting rule configurations and data transformations. For example, with Accounting Center, an insurance company is able to load its operational transactions—such as claims or policy data—create accounting (journal) entries from those transactions, and then report and analyze on those transactions with full drill down and visibility into the source transactions, creating data lineage. Because Accounting Center eliminates back office architecture complexity, it lowers the cost of ownership by between 50-60 percent while speeding close cycles. It supports all internationally recognized currencies (ISO) and is available in English with reporting tools supporting 8 languages. Workday Accounting Center can be added to Workday Financial Management in weeks or months, based on complexity and reporting requirements.