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Workday Financial Management - top optional features in WD2021R2


WD2021R2 included 762 setup required, or optional features for your organization to consider. Clearly there is a lot in this release for HRIS and financial management teams to review, regression test and decide to deploy or not, (if optional), which is why our experts are giving you their recommendations below on their top 10 optional features in Workday Financial Management they feel Workday customers should consider.

Please note that you will only have access to the Workday Community links if you are a Workday customer.

  1. Multilevel Project Plans: New in Project Management, Workday updates project plans to include up to 9 child project plan phases as well as add project plan tasks at each phase level. You can now create structured project plans that include all of the details of your project work, improving the organization of your plans and increasing the granularity of your custom reports.
  2. Custom validations on Supplier Portal: With WD2021R2, Workday now enables customers to create custom validations for supplier invoices submitted on the Supplier Portal. This provides better control over the information you receive from your suppliers while improving the efficiency of supplier transactions and the quality of supplier information.
  3. Run Noncontrolling Interest: With this feature, Workday enhances consolidations by enabling you to create journals that record the noncontrolling interest (NCI) for subsidiaries. You can now drill down into persisted elimination journals, providing enhanced auditability and faster consolidation run times.
  4. Book-to-Bank Summary Reports: Workday delivers new, simplified book-to-bank summary reports in WD2021R2 that help streamline the book-to-bank reconciliation process. You can use the reports to easily identify discrepancies between bank balances and ledger balances as well as strategize how to best account for and reconcile any differences.
  5. Intelligent Customer Payment Matching: Workday delivers an Intelligent Customer Payment Matching innovation service that leverages machine learning to provide greater insight into your customer payment transactions. The new service provides recommendations for matching customer payments to invoices and adjustments, making it easier to research on-account payments or payments that aren't fully applied. It also provides recommendations on how to apply payments that don't have a remittance advice, reducing time and manual effort.
  6. Customer Invoice Proposals: Workday now enables you to create customer invoice proposals to preview, adjust, and review information before you generate invoices. This eliminates the need to cancel and recreate invoices when you want to adjust figures or correct errors.
  7. Buyer Manager Insights with Discovery Boards: In WD2021R2, Workday introduces Buyer Manager Insights, enabling buyer managers to use curated Workday-delivered content to help them make informed decisions on short- and long-term operations. Workday also enables customers to customize the discovery board visualizations to provide more refined views into organizational spend.
  8. Strategic Sourcing Savings in Discovery Boards: With WD2021R2, Workday now enables customers to build discovery board visualizations and create custom reports on realized and projected savings information derived from Workday Strategic Sourcing projects. This eliminates the need to report on savings outside Workday, saving customers time and effort while enhancing spend oversight and control.
  9. Workday Assistant for Projects: Workday now enables requesters to use Workday Assistant functionality to easily retrieve project information, such as project status. This provides quick, self-service access, saving time and effort. To learn how to enable Workday Assistant, use the link.
  10. Supplier Invoice Automation for Worktag Recommendations: Workday 2021R2 makes it easier to select spend category worktags on supplier invoice lines by providing better machine learning predictions. This increases the efficiency of the supplier invoice process and reduces the volume of miscategorized invoices and associated manual work.

Stay prepared for the next Workday release. Find out more about Alight’s Release Updater solution by downloading our product sheet below.

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