Workday Expenses Overview
Workday Expenses is a comprehensive and intuitive expense management solution designed to streamline and optimize the process of capturing, monitoring, and controlling employee expenses. This platform is integrated into the broader Workday ecosystem, which includes Workday Financial Management and Workday Human Capital Management (HCM), to provide a unified and efficient experience for both employees and administrative teams.
Key Functionality
- User-Friendly Interface and Mobile Accessibility: Workday Expenses offers a consumer web-like application and an intuitive mobile experience, allowing employees to submit and approve expenses on the go from any iOS, Android, or web-enabled device. This mobility ensures timely and accurate expense reporting, reducing the need for manual paper processes.
Core Features
- Automated Expense Reporting: Employees can email receipts directly from their inbox or scan receipts using their mobile devices. Workday AI automates the process by accurately reading and interpreting receipt data to create quick expenses that can be easily added to reports.
- Global Support: The platform supports multi-language and multi-currency transactions, making it ideal for global organizations. It handles international tax rules, regional reimbursement requirements, and local customs such as allowances, per diems, and vehicle mileage rates.
- Configurable Workflows and Approvals: Workday Expenses allows for the easy configuration of expense workflows and approvals. Administrators can implement spend authorizations and spend freezes to control or halt spending as needed. Every transaction is recorded for audit transparency, and embedded analytics inform manager approvals and administrative decisions.
- Real-Time Visibility and Analytics: The platform provides real-time visibility into actual versus budgeted spend, allowing for detailed reporting and the ability to drill down by relevant business dimensions such as spend category, worker, customer, vendor, and region. This enables actionable insights for optimizing spend policies and negotiating with vendors.
- Integrated with Workday Ecosystem: Workday Expenses is unified with Workday Financial Management and Workday HCM, offering a single system that provides a clear view into total spend and deeper financial insights. This integration also leverages worker profiles, organization structures, business processes, and embedded management reporting.
Additional Capabilities
- Risk Detection and Compliance: Workday AI analyzes submitted expense reports to detect potential risks and calculates risk scores, enabling managers to prioritize reviews and set controls to prevent fraud and ensure policy compliance.
- Timely Reimbursement: The platform streamlines the reimbursement process, reducing expense processing time by up to 75%. It also supports direct deposit reimbursement and reimbursement accounts, ensuring that employees are reimbursed quickly and efficiently.
- Collaboration Tools Integration: Employees can submit expenses directly from collaboration tools like Slack or Microsoft Teams, further enhancing the ease of use and integration within their daily workflows.
Benefits
- Streamlined Expense Processing: Simplifies the expense reporting process, reducing costs and improving accuracy and timeliness of accounting and reimbursements.
- Stronger Controls: Implements spend authorizations and freezes, ensuring better adherence to global requirements and policy compliance.
- Enhanced Visibility: Provides detailed reporting, real-time consolidated spend insights, and drill-down analysis by business dimensions.
- Global Consistency: Supports local travel and reimbursement rates, complex per diems, and global credit card formats, ensuring global consistency and auditability.
In summary, Workday Expenses is a robust and user-friendly solution that automates and streamlines expense management, offering real-time visibility, enhanced controls, and seamless integration with other Workday modules. This makes it an ideal choice for organizations seeking to optimize their expense reporting and management processes.