Traditional financial management systems add a lot of time, cost, and complexity to market expansions. Preparing a new set of books with full operational capabilities often requires a full software implementation, and with that comes project scoping, planning, and IT resources. It’s a big effort that can span six months or more.
While that project is ongoing, finance teams are often forced to work in spreadsheets and other separate applications to keep the required accounting and process work for the expansion moving forward. Even when any needed software rollouts are complete, critical information related to financials and talent still lives in many disparate systems.
The experience with Workday is completely different. Workday is in the cloud, so an onsite software implementation isn’t required to set up a new entity with a full set of books. In fact, I can configure full procure-to-pay and order-to-cash functionality for a new operating entity in about 30 minutes, eliminating the need for offline accounting and processes.
Another big advantage is that all data related to financials and talent is unified in one cloud-based system, which makes it simple to run reports and gain the insights we need to support our decisions related to growth plans.