Operational Excellence - two words that summarize Workday's® focus in 2020R1 for Workday® Financial Enhancements. Workday® has automated a lot of manual work as well as delivered a more efficient way to do certain tasks. We chose to highlight a few of them here, and go into detail on this first one:
1) Title – Credit Card Payments in Customer Portal
Short Description – This update provides enhancements to customer portal by enabling your customers to pay their invoices directly using credit card, providing convenience and saving time
Long Description – In 2020R1 Workday® customers will be able make customer invoice payments with credit cards through customer portal. This enhancement will automate the payment process for customer invoices for credit card payment type. Current functionality allows customers to view/download invoices, check status, and view payment information. Accounts receivable department can reduce collection calls and customer inquiries regarding open invoices utilizing this functionality. Customer portal requires initial setup which is already included in the financial accounting SKU. Once customer portal is setup, customer contact can login to Workday® tenant to view open invoices and payments.
Initial configuration is required to setup credit card payments through the customer portal. This requires customers to create and host a web application to enable 3rd party payment providers to process Workday® customer payments. Workday® will store remittance advice, payment reference and memo field for invoices selected by the customer contact after credit card payment is successful. Customer portal is a great way to automate communication with Workday® customers allowing them to cut manual processes in account receivable functions.
Community Link - https://community.workday.com/node/610720
Video – 04:21
2) Title – Account Reconciliation Using Worksheets
Description – This update delivers reconciliation templates in Worksheets, enabling customers to reconcile ledger accounts within Workday® before certifying them for period end close.
Community Link - https://community.workday.com/node/610400
Video Length – 5:00
3) Title – Tax Support on Procurement Card Verification
Description – Customers can self-assess tax liability when you verify procurement from suppliers that don’t have tax calculated. This helps ensure greater accuracy in your tax reporting and makes it easier to self-assess tax liability
Community Link - https://community.workday.com/node/610828
Video Length – No video
Overall, Workday® has made great strides in Workday® Financials. We cannot wait to see what lies ahead.
If you team is interested in up taking new functionality, but does not have the time and/or expertise to implement new features, drop us a line. We would be happy to work with you. You can reach us at Info@teamUpHR.com.