Workday Financials vs. Workday HCM, including their focus, key features, and when to choose one over the other:

Workday Financials

• Focus: Comprehensive financial management for your business. It streamlines processes related to accounting, expenses, procurement, revenue management, and more.
• Key Features:
  • General ledger
  • Global accounting and consolidation
  • Accounts payable and receivable
  • Expense management
  • Project accounting
  • Procurement
  • Revenue management
  • Financial reporting and analytics

Workday HCM (Human Capital Management)

• Focus: Managing a company’s most important asset – its people. It encompasses all HR-related processes.
• Key Features:
  • Core HR and global compliance
  • Talent management
  • Recruiting
  • Payroll management
  • Time tracking and absence management
  • Benefits administration
  • Workforce planning and analytics

When to Choose Which

• Workday Financials: Choose this if you need a robust, cloud-based financial management solution to replace outdated spreadsheets and legacy systems. It’s ideal for companies wanting to improve efficiency, gain real-time financial insights, and ensure better financial control and compliance.
• Workday HCM: Opt for this if you’re looking for a comprehensive solution for core HR functions, talent development, and workforce optimization. It streamlines your HR operations end-to-end and helps you make data-driven decisions about your workforce.

The Power of Combining Both

Workday’s greatest strength is its unified system. While Workday Financials and Workday HCM can function independently, they are designed to integrate seamlessly. Having them together provides several advantages:

• Single Source of Truth: A combined system eliminates data silos, ensuring all your financial and workforce data is in one central location for better consistency and decision-making.
• Improved Analytics: With connected data, you can generate deeper insights into how workforce costs impact your financials, labor optimization strategies, budget vs. spend analysis, and more.
• Streamlined Processes: Automation and workflows that span both HCM and Financials reduce manual effort and administrative overheads for things like payroll processing, expense approvals, and more.