May 2022
Solution Spotlight: Workday Financial Management
ERP Tip of the Month: How to Save Money with Built-in ERP Reporting
Meet the Team: Frank Genevieve
Workday Financial Management
The operating landscape for most organizations is rapidly changing. Accounting teams face mounting pressure to deliver more value to their organizations, which requires shifting the balance of where they’re spending their time each day.
To go beyond simply managing core accounting processes and producing financial statements, a new way of thinking and working is required. One that demands accuracy, security, performance, and the ability to quickly react to changes in regulations, business and market conditions, new innovations, and technological advances.
Time spent manually entering transactions, reconciling accounts, and searching for exceptions needs to be replaced with strategic activities that drive efficiency, support global growth goals, and meet the changing needs of the complex business environment that organizations now find themselves in.
However, the challenge is that traditional solutions are often rigid, require lots of hardware investment, technical staff, batch processes, custom code, work around interfaces, and aren’t designed for change, which limits the amount of time you can save and reallocate from your core processes. On top of this, outdated systems from a different time period make it challenging to deliver insight to all corners of your organization and impossible to assess real-time performance and quickly course correct.
Fortunately, there is a solution!
By making technology work for the user with an in-memory object architecture, Workday delivers a single system to support transaction processing, multidimensional reporting, consolidation, and compliance — all with a consistent user experience accessible from desktop or mobile devices.
Workday Financial Management is built on an adaptive foundation that provides organizations with the core financial management capabilities expected from an agile cloud solution. It goes well beyond just managing financial processes to achieve greater insight, improve financial consolidation and reduce time to close, instill internal control and auditability, and achieve consistency across global operations.
Five Key Benefits of Workday Financial Management
You can quickly gain a complete and more accurate picture of your business.
You can equip executives and business managers with relevant, contextual financial insights — available on the device of their choice.
You can provide best-in-class and pervasive always-on audit capabilities.
You can embrace organizational, process, and reporting changes without business disruption.
You can provide a consistent and easy-to-use interface for all users—employees, managers, executives, and auditors .
Highlighted Features & Applications:
Accounts Receivable and Collections
Accounts Payable and Payments Asset Management
Audit and Controls
Billing and Invoicing Cash Management
Contracts Financial Reporting and Analysis
Close and Consolidation
Multi-GAAP/Multi-book/Multi-chart of Accounts
Revenue Management
That’s just a quick overview of what Workday Financial Management can do! To learn more, contact Meridian Partners and receive expert guidance to help you move to Workday Financial Management!
How to Save Money with Built-in ERP Reporting
Today’s top-shelf Enterprise Resource Planning (ERP) solutions store and process an incredible amount of data and information. Most of these solutions include an impressive amount of standard reports.
These reports can be an invaluable tool for your organization by providing timely and actionable insight into business operations and supporting day-to-day functions and decision-making.
While looking for an edge, many organizations invest a significant amount of extra time, energy, and money developing new reports. These are often created with third-party solutions which require licensing and technical staff to develop, maintain, support and run. Unfortunately, many of these well-intentioned reporting solutions don't actually need to be created. Instead, you can harness the full power of the reports already built into your ERP software.
To save money and get the most from your ERP reports, follow these simple steps:
Learn, share and educate staff on what reports your ERP natively provides.
Stay on top of any new reports, distribution tools and vehicles your ERP releases.
Train your users to run and create their own reports.
Before creating a third-party reporting solution, see what your ERP software provider may offer.
Communicate any needs with your ERP software provider; if it’s a common industry or regulatory need, it may be included in an upcoming release.
Next time you’re considering writing a custom report with a third-party solution, try following the simple steps mentioned in this article first. You might just get the report and information you need faster, free or at a low cost, and without building a new vehicle you have to support and maintain.
Meridian Partners is a top-tier solution provider certified by SAP, Workday-Adaptive and many other leading industry solutions. Contact us today to learn how to get the most from your ERP software.
Each month, we highlight a key team member making a difference for our customers. This month, we would like to recognize Frank Genevieve, Client Partner and Director.
Frank is an ERP Client Partner with 20+ years customer collaboration and global ERP technology project support. Frank has experience working with customers across major industries including Public Sector/FED-SLED, Manufacturing, Consumer Goods/CPG, Retail, Finance/Insurance, Life Sciences, Media/Entertainment, High Tech, Oil and Gas and Utilities and their specific industry solutions. He graduated from the State University at New York in Albany with a BA.
Frank has proven success with scoping, providing solution options and delivery of multiple full life-cycle engagements around digitization, transformation and Cloud solutions, leveraging his comprehensive understanding of customer issues in multiple disciplines and environments.
Working closely with both customers and key partners including SAP and Workday, Frank brings a blend of consultative sales, service delivery and project management experience, combined with business process knowledge and organizational change management skills. He works hard to become a trusted advisor ready to assist organizations in maximizing their current investment in technology and planning for the future.
Frank is a busy single dad living in Southern California with his three children and two Springer Spaniels, and an ever-growing number of guppies. In his spare time enjoys family activities, going to the beach, hiking, and cycling and never forgets the sunscreen.
Meridian Partners is a minority owned company and SBA-certified 8(a) leader in providing Enterprise Resource Planning (ERP), Business Intelligence, and Budgeting solutions. Meridian helps organizations maximize business processes to be more agile, efficient, and transparent through the optimization of their enterprise systems.