Workday Finance FAQs

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Objective or Task:

Understand key Workday Finance concepts, system changes, and expectations.

Instructions:

  1. Recognize that Workday Finance is part of an Enterprise Resource Planning system used to improve financial management and budgeting processes.

  2. Understand that Workday Finance works with Adaptive Planning to streamline budgeting and financial operations.

  3. Learn that Workday automates processes and reduces manual work and duplication.

  4. Expect business processes to be redesigned based on Workday functionality and best practices.

  5. Understand that project teams collaborate with stakeholders to evaluate and adjust process changes.

  6. Know that historical financial data will remain accessible after Workday Finance goes live.

  7. Recognize that speedtypes are replaced by worktags for entering and classifying transactions.

  8. Understand that a driving worktag automatically populates related values such as cost center and fund.

  9. Learn that Workday introduces new naming conventions for most financial elements.

  10. Understand that system access is based on security roles aligned to job responsibilities.

  11. Recognize that access is limited to only what is needed for your role.

  12. Understand that reporting capabilities are being redesigned to match or improve current reports.

  13. Expect collaboration with stakeholders to define reporting needs and improvements.

  14. Confirm that FY2025 work remains in the current system and FY2026 transitions to Workday.

  15. Understand that Workday HCM and Payroll integrate with Workday Finance.

  16. Learn that fund codes are standardized across companies and company selection occurs separately.

  17. Recognize that open purchase orders transfer into Workday, including intercompany transactions when applicable.

  18. Understand that Workday introduces a multi-company structure that changes how financial data is viewed.

  19. Recognize that cash consolidation processes continue with similar functionality in Workday.

  20. Participate in training sessions, communications, and updates to stay informed.

Outcome:

You understand key Workday Finance concepts, system changes, and expectations. You are prepared to adapt to new processes, terminology, and reporting capabilities within Workday Finance.

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