Workday Financials Update: Important Policy Changes
In advance of the Workday Financials deployment, the University has the opportunity to reexamine some existing policies. Click here to download the changes to Purchasing and Accounts Payable Policies, which take effect April 1.
Brown's Workday Financial Project began in 2012 and will deploy in phases beginning July 1, 2013. Projects in Phase 1 include: financial reporting, procurement, supplier account requests, financial accounting, expense reimbursement, as well as effort certification and grants management.
Analyzing current business practices along with evaluating Workday's available functionality will allow Brown to configure processes similar to those deployed in the implementation of HR/Payroll - a specific initiator will begin a business process and approvers will be based on the cost centers, organizations, or worktags identified of the specific charges. In using a unified administrative system, business processes will build on information already established in Workday for HR/Payroll. For example, when completing a travel expense report in Workday, there is an option for a direct deposit reimbursement of funds based on payment elections.
Additionally, Workday provides financial reporting, dashboards, and analytics for single source reporting, versus using a variety of reporting tools and environments to review HR, payroll and financial information. This combination of HR, payroll and financials in Workday will give end users the benefit of using an integrated administrative system where processes can be initiated and approved while simultaneously storing information to be reported. The long anticipated efficiencies and evolving demands of the Brown community will be met for years to come.
Similar to HCM’s implementation, Workday Financials will be completed over several phases. Click here to download an illustration of the broad timeline of the Workday project. Click here to download a Workday Financials fact sheet, including a more detailed breakdown of Phase I.