|Focus:||Multi-step Employee Expense Recs|
Workday, Inc. is a global, cloud-based, financial management and HR solution provider. In its own words, Workday was founded over a decade ago around the idea of putting “people at the center of enterprise software” and it continues to deliver on that idea today to an impressive customer list ranging from medium-sized businesses to Fortune 50 enterprises.
Being a global organization with over 10 thousand employees, one of Workday’s important internal processes is employee expenses reconciliation in the form of credit card transactions from its multiple corporate entities.
While the accounting team responsible for this process had a solid handle on it, they also appreciated that the growing transactional volume combined with the different external data sources involved meant that ReconArt could provide immediate benefits in efficiency, streamlining, and visibility. Having extensive experience with credit card reconciliation already, ReconArt was perfectly equipped to handle the data enrichment, multi-stepped matching, and flexible exception management that were required for the improved management of this particular but large reconciliation.
By leveraging ReconArt’s niche automated reconciliation strengths, the Workday team was able to minimize their own repetitive tasks around the employee expenses reconciliation process and invest more of their time in other meaningful tasks.
I really love how logical ReconArt is and everything you can do on your own with import expressions and match rules. It’s also great to have everything in one place and be able to check on it at any time.
Alicia Davis, Senior Accountant
Specific Benefits achieved with ReconArt
- Unification of all relevant transactions from multiple business entities
- Automatic currency conversion based on Foreign Exchange rates
- Perpetual storage and tracking of matched items enables easy research and visibility into historical data
- Automated matching for large transaction volumes significantly speeds up reconciliation time
- Previously unrecognized differences due to FX calculations are now clearly labeled and managed
- Ease of use and continued self-sufficiency: the business team completely owns ReconArt’s administration without IT involvement
- Enhanced on-demand visibility and control of the process using ReconArt’s flexible views, filters, exports, reports, and dashboards.
The Workday team’s in-depth understanding of their own data, process, and expected results, as well as strong organizational and spreadsheet-based skills, were essential to the success of this ReconArt implementation.
Kevin Shanahan, ReconArt Product Specialist
We hope to see an expansion of ReconArt’s use at Workday in the near future.
|Industry:||Finance, Financial Services, Lending|
|Focus:||Compliance for Custodians, Exceptions Control|
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Here are some of our customers who leverage ReconArt to support their reconciliation and close processes.
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