Workday Sets New Standard in Enterprise Reporting for Financial Management

PLEASANTON, CA--(Marketwired - Sep 4, 2014) - Workday, Inc. (NYSE: WDAY), a leader in enterprise cloud applications for human resources and finance, today unveiled Composite Reporting, a new tool that advances the breadth and depth of functionality in Workday Financial Management for large organizations. Designed in partnership with customers, including CEC Entertainment, Life Time Fitness, and Netflix, Composite Reporting transforms the way finance teams build, interact with, and deploy multi-dimensional financial and operational reports directly in Workday by merging the familiarity and flexibility of a spreadsheet with enterprise-grade performance and security.

In addition to Composite Reporting, Workday also announced the availability of new features that deepen the value of Workday Financial Management for industry verticals, including financial services; software and internet services; and education, government, and non-profit.

Composite Reporting and industry-specific capabilities for finance are available as part of the company's latest release, Workday 23, which also includes new features for Workday Human Capital Management (HCM) and Workday Student. The new features are all delivered to customers via continuous development on a single code line.

The New Standard for Financial Reporting
Spreadsheets are among the most ubiquitous tools in corporate finance but require considerable time to create, manage, reconcile, and control. To develop board-ready reports, finance teams have traditionally had to extract data from multiple systems, and then consolidate and format a series of spreadsheets into one static and stand-alone report. This manual process is tedious, inefficient, and creates risks in organizations already facing increased scrutiny in a highly regulated environment.

With this in mind, Workday developed Composite Reporting, which enables customers to combine various data sources such as actuals, budgets, statistics, and headcount, into live multi-dimensional reports that users can format, drill down into, and act on all within Workday. As a result, corporate finance teams are able to build reports such as a balance sheet, income statement, or cash flow statement in a fraction of the time and effort required with traditional, legacy systems. Furthermore, because Workday is a unified system, Composite Reporting scales across the enterprise so organizational leaders outside of the finance team can build unique reports for their part of the business, such as a division manager running a profit and loss (P&L) statement for his or her business review.