What is Workday Financials?
Workday Financials, the next phase of the Workday project, is Brown’s new financial system. It provides Brown with an opportunity to change how we view, record and manage information, and it will be integrated with Workday HCM into one unified system for human resources, payroll, and financial information. With Workday Financials we will automate and streamline business processes, provide greater transparency, and have better and easier access to data for planning, reporting and analysis.
When will Workday Financials go live?
We expect Brown’s use of Workday Financials to begin in July 2013 for all financial transactions for FY14. We will close out FY13 using FRS during the summer of 2013.
How will Workday Financials be delivered?
Workday is continually adding functionality and features to both HCM and Financials. In July 2013, we expect to go-live with financial accounting and reporting, procurement and supplier accounts, employee expense reimbursement (travel, business meals, etc.), and post award grants management (see other side for details). Brown will be the first university to deploy this system, and we will roll out new functionality as it is added to Workday.
How is Workday Financials related to the HR/Payroll implementation?
The financial business processes will have a similar look and feel to the HR/payroll business processes currently in Workday. In addition, because it is a unified system, we can provide more functionality. For example, employees will be able to elect direct deposit for their expense reimbursements, and managers will have access to financial reporting, dashboards, and analytics that combine HR, payroll, and financial information.
How will this project change Brown’s core financial information – its Chart of Accounts?
The Chart of Accounts (COA) is how Brown defines its financial operations, including expenses, revenues, assets, and liabilities. Our current account structure is essentially a 6-digit account number, plus a 4-digit sub code (the category of revenue or expense). In the new Workday COA structure, those 10 digits will be replaced by a combination of “worktags.”
What is a worktag?
Worktags are the building blocks of the new Chart of Accounts and are used to organize data according to common characteristics. For example, different worktags will identify the responsible entities (the department and/or person), the funding source, the category of expense, the type of item being purchased and the expense purpose. The more than 30,000 unique FRS account numbers will be replaced by a combination of worktags, such as Fund, Business Unit, Cost Center, Grant, Program, and Expense Purpose. The combination of worktag values will provide greater transparency, standard coding of financial transactions, and flexibility for management reporting.
Where can I go for additional information?
Visit the Workday website to find the latest information about the project: brown.edu/go/workday