Home > Accounting Software > Bill.com > Bill.com vs Workday Financial Management

Bill.com vs Workday Financial Management

Last Updated: November 25th, 2024

Our analysts compared Bill.com vs Workday Financial Management based on data from our 400+ point analysis of Accounting Software, user reviews and our own crowdsourced data from our free software selection platform.

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Product Basics

Bill.com is a cloud-based software solution provider that automates financial processes for small and medium-scale businesses. It streamlines accounts payable and receivable management and uses AI and machine learning to reduce tedious data entry and manual errors. As an end-to-end option, it connects businesses with suppliers and clients to assist them in managing cash inflows and outflows.

Workday Financial Management is a cloud-based accounting software designed for mid-sized and large enterprises. It automates core financial processes like record-to-report, procurement, and expense management, aiming to streamline operations and improve data visibility. Its strengths lie in its user-friendly interface, real-time reporting capabilities, and global compliance support. However, its subscription-based pricing model can be costlier than traditional on-premise solutions. Users praise its intuitive design and powerful analytics, but some note occasional integration issues and a steeper learning curve compared to simpler systems. Overall, Workday Financial Management is a robust option for companies seeking a modern, scalable accounting platform with a focus on automation and global reach, but its premium pricing might not suit smaller businesses or those with less complex financial needs.

Pros

User-friendly interface
Real-time reporting
Global compliance support
Scalable for growth
Integrates with other Workday apps

Cons

Higher subscription costs
Steeper learning curve
Occasional integration issues
Limited customization options
Reporting can be complex

$25/User, Monthly

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Small

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24/7 Live Support

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Product Insights

Gain Control: Set up approval workflows and custom roles to suit the department and team. Check pending approvals, sent invoices and other payment activity from the dashboard.
Everything is Synchronized: Connect with leading accounting and payment tools to speed up reconciliations and keep the books consistent.
Conduct International Business: Pay vendors in multiple countries and log in multiple currencies with ACH payments, international wires, virtual cards or checks.
Guaranteed Security: Ensure premium data integrity through Transport Layer Security for data encryption and transmission.
Boost Efficiency: Automate manual work, minimizing the possibility of error or duplicate entry, thereby saving time and boosting efficiency.
Quick Account Receivables: Pay clients two times faster with digital invoices, automatic reminders and electronic payments. Set alerts and speed up accounts receivable with electronic payments.
Simplify Accounts Payable: Save half the time otherwise spent on getting paid from national and international vendors. Gain more control, flexibility and visibility with the variety of payment options. Direct bills and review the notes through pre-determined approval workflows

Enhanced Efficiency and Streamlined Operations: Automates manual tasks, eliminates data silos, and provides real-time visibility across financial processes, leading to faster close cycles, reduced errors, and improved operational agility.
Data-Driven Decision Making: Offers robust analytics and reporting tools that deliver actionable insights into financial performance, enabling informed strategic planning, cost optimization, and resource allocation.
Global Compliance and Scalability: Supports complex global operations with built-in compliance features and multi-currency capabilities, ensuring seamless expansion into new markets and adherence to local regulations.
Improved User Experience and Productivity: Provides a modern, intuitive interface that empowers finance teams with self-service capabilities, reduces training requirements, and boosts overall user satisfaction.
Enhanced Collaboration and Visibility: Fosters collaboration between finance and other business departments through integrated workflows and shared data, promoting transparency and alignment across the organization.
Reduced Risk and Improved Controls: Strengthens internal controls with advanced security features, audit trails, and automated compliance checks, mitigating financial risks and safeguarding sensitive data.
Increased Agility and Adaptability: Enables rapid configuration changes and customizations to adapt to evolving business needs and industry regulations, ensuring continuous optimization and competitive advantage.
Talent Optimization and Retention: Supports talent management initiatives by streamlining payroll and expense processes, providing employee self-service capabilities, and enhancing financial transparency, leading to increased employee satisfaction and retention.
Sustainable Growth and ROI: Delivers tangible cost savings through automation, improved efficiency, and reduced compliance risks, contributing to significant long-term return on investment.
Future-Proofed Platform: Continuously updated with new features and functionality, ensuring your accounting system stays ahead of the curve and adapts to evolving industry trends and technologies.

Automated Cleaning House Network: Get paid and receive payments faster with ACH payment processing that’s safe, speedy and cost-effective. Minimize the possibility of paper check theft with digital payments.
International Payment: Send and receive payments from across the globe, and make workflows more efficient by processing domestic and international transactions for more than 130 countries.
Automatically Sync the Data: Sync USD and local currency bills with leading accounting software packages like QuickBooks, Sage Intacct, Xero and Microsoft Dynamics 365 Business Central.
Software Integration: Connect with the existing accounting software and allow data to flow between systems to keep everything up to date. Export information through templates, import bills and invoices to keep them up to date.
Accounts Payable: Import invoices without any manual intervention. Get control, flexibility and visibility by using multiple payment options and tracking facilities.
Accounts Receivable: Create and customize professional invoice templates for regular customers. Automate account receivables with automatic charges and payments. Get quick information on the receivables by tracking the status.

Grant Management: Meet grantor and business requirements for budgeting, billing, reporting and compliance. Minimize the possibility of reporting errors, any loss due to absent funds or risk associated with non-compliance. Make sure that all grantor’s requirements get met in terms of timeframe, balance, terms and conditions. Control unnecessary spending by keeping a tab on the monetary status in real-time. Ensure that workers are paid for individual projects.
Analytics and Reporting: Create internal reports and external regulatory statements ensuring no patchwork database. Use reconciliations and analytical tools. Ensure robust security while deriving insights for strategic decision-making. Let executives and leaders view monetary, operational and management visualizations. Gain a complete view of the business by combining transactional and operational parameters. Know and understand what is happening, where and why by analyzing details across dimensions.
Financial Planning: Make informed, faster decisions with flexible tools and data-driven insights. Respond quickly to change by creating strategic plans for budgeting expenses to forecasting revenue. Gain a complete picture by populating models with data. Connect to cloud, on-premise and data warehouse. Ensure reliable data access with an automated data flow. Involve everyone in the planning process with role-based access to models. Create reports by automatically connecting to Microsoft Excel, Word and PowerPoint. View numbers, charts and variance alongside each other, reflected instantly.
Audits and Internal Control: Keep the business secure, identify risk and document every translation with audit and internal controls. Adjust controls and processes, set thresholds, evaluate workflows and prevent unauthorized transactions with a flexible framework. Limit permissions to people with single access and authorization control.
Global Foundation: Operate and expand in different countries or around the world. Get built-in flexibility and support for global time zones, currencies and address formats. Leverage support for multiple charts of accounts, tax, banking and payment format. Deploy faster with built-in country-specific configurations.
Expenses: Minimize expense processing time and reimburse faster. Record the transaction by scanning the receipt. Get better travel rates and discounts by uncovering the latest trends in real-time with a delivered expense dashboard. Control cost and keep all the travel policies in one place. Prevent the possibility of fraud by tracking out of policy spends.
Accounting Centre: Gain detailed insights and reduce the time to close with comprehensive accounting information and data lineage back to source transactions. Minimize errors, boost efficiency and gain better control and visibility. Manage and modify rules with one accounting engine written in business language. Get detailed budgetary and operational reporting with a virtual subledger. Recognize revenue by modifying operational data.
Revenue Management: Gain complete visibility with flexible features and view and analyze all the system’s aspects. Minimize risk by establishing, approving and tracking customers at every step of the contract cycle. Reduce revenue leakage and gain rich insights into write-offs and billing rules. Boost accessibility, accuracy, profitability with intercompany invoices. Get end-to-end revenue management and comprehensive revenue recognition while staying compliant with GAAP and IFRS standards and protocols.
Budgetary Consolidation and Close: Keep track of the output by any factor such as spend by supplier, campaign, profitability and project activity. Reconcile accounts and embed them in the transaction system. Automate tasks, route approvals and reports with a close period checklist. Get real-time currency and earning calculations to analyze the financial results within a specific timeframe.
Accounting and Finance: Keep a tab on the monetary impact of transactions by identifying and addressing issues promptly without running a batch process. Close faster with real-time consolidation. Automate finance and accounting operations, make modifications or corrections any time and get recommendations on payment matching. Manage accounts payable, contracts, billings and payments from one place. Gain complete transparency into records from procurement to disposal. Control and optimize the cash flow.

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Analyst Rating Summary

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User Sentiment Summary

85%

of users recommend this product

Bill.com has a 'great' User Satisfaction Rating of 85% when considering 2020 user reviews from 5 recognized software review sites.

84%

of users recommend this product

Workday Financial Management has a 'great' User Satisfaction Rating of 84% when considering 324 user reviews from 4 recognized software review sites.

4.3 (14)

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4.4 (1165)

3.8 (77)

4.2 (523)

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4.4 (55)

4.4 (6)

4.4 (153)

3.9 (312)

4.0 (39)

Awards

Synopsis of User Ratings and Reviews

Automated Workflow: Streamlines invoice processing, approval, and payment, saving time and reducing errors.

Centralized Platform: Manages all accounts payable and accounts receivable functions in one place, providing a comprehensive view of cash flow.

Seamless Integrations: Connects with popular accounting software, banks, and payment gateways, eliminating manual data entry and reconciliation.

Robust Reporting: Provides detailed insights into spending, cash flow, and vendor performance, enabling informed decision-making.

Improved Vendor Relationships: Automates vendor payments, reduces late fees, and strengthens supplier relationships.

Streamlined Processes and Efficiency: Automates manual tasks like journal entries, reconciliations, and financial reporting, saving time and reducing errors.

Real-Time Visibility and Insights: Provides instant access to financial data and customizable dashboards, enabling proactive decision-making and improved cash flow management.

Global Compliance and Scalability: Supports multi-GAAP compliance, multi-currency transactions, and international tax reporting, simplifying operations for global organizations.

User-Friendly Interface and Adoption: Offers an intuitive interface with guided workflows and role-based dashboards, making it easy to learn and use for finance professionals of varying skill levels.

Seamless Integration and Collaboration: Integrates smoothly with other Workday applications and external systems, fostering collaboration across departments and streamlining financial processes.

Lack of Customization: Limited flexibility in customizing reports, workflows, and user permissions, making it difficult to adapt to specific business needs.

Limited Integration Options: Fewer pre-built integrations with other business applications compared to competitors, leading to manual data entry and potential errors.

Inconsistent User Interface: The user interface can be inconsistent across different modules, resulting in a steep learning curve and reduced efficiency.

Slow Response Times: Users have reported experiencing slow loading times and delays when processing large volumes of transactions or generating reports.

Limited Functionality for Complex Accounting: May not offer advanced features required for complex accounting needs, such as multi-entity consolidation or specialized industry-specific functions.

Steep Learning Curve: Workday's interface and functionality can be complex for users unfamiliar with its specific terminology and workflows, requiring significant training and onboarding.

Limited Customization Options: While Workday offers some customization, it may not fully accommodate specific accounting needs or reporting requirements, potentially leading to workarounds or integration with additional tools.

High Implementation and Maintenance Costs: Workday's initial implementation and ongoing maintenance can be expensive, especially for smaller organizations, requiring careful budgeting and resource allocation.

Integration Challenges: Integrating Workday with existing legacy systems or third-party applications can be complex and time-consuming, potentially disrupting workflows and requiring specialized technical expertise.

Limited Offline Functionality: Workday's cloud-based nature can pose challenges in situations with limited internet connectivity, potentially impacting critical accounting tasks and data access.

Users highly rate Bill.com's user-friendly interface, time-saving automation features, and excellent customer support. They appreciate the ability to easily track invoices, automate payments, and reconcile bank statements. Compared to other accounting software, Bill.com stands out for its seamless integration with popular business applications and its robust reporting capabilities. These strengths make it a valuable tool for businesses looking to streamline their financial operations and improve efficiency. While Bill.com excels in many areas, users have also noted some limitations. Some users find the software's pricing structure to be higher than competitors, and the lack of advanced inventory management features may be a drawback for businesses with complex inventory needs. Additionally, the software's reliance on an internet connection can be a concern for businesses that require offline access. Overall, Bill.com is an excellent choice for businesses seeking a user-friendly and efficient accounting solution. Its strengths in automation, integration, and reporting make it a valuable tool for streamlining financial operations. However, businesses with advanced inventory management needs or those requiring offline access may need to consider alternative options.

Workday Financial Management (WFM) user reviews paint a mixed picture. While users praise its streamlining capabilities, real-time insights, and global compliance features, they also face challenges with its initial complexity, limited customization, and high costs. Compared to competitors like Oracle NetSuite and SAP Business One, WFM shines in automating manual tasks and offering intuitive dashboards for data-driven decision-making. However, its steeper learning curve and potential integration hurdles can be daunting for smaller firms or those accustomed to simpler systems. Users particularly appreciate WFM's ability to automate journal entries, reconciliations, and financial reporting, freeing up valuable time for analysis and strategic planning. The real-time visibility into financial data with customizable dashboards also empowers users to make proactive decisions and manage cash flow effectively. For global organizations, WFM's support for multi-GAAP compliance, multi-currency transactions, and international tax reporting simplifies operations and streamlines reporting across diverse regions. However, users also highlight WFM's learning curve as a major hurdle, especially for those unfamiliar with its unique interface and terminology. The limited customization options can also be frustrating when specific accounting needs or reporting requirements don't perfectly align with the system's functionalities. Additionally, the high implementation and maintenance costs can be a barrier for smaller organizations, making WFM a better fit for larger enterprises with the resources to invest. Compared to competitors, WFM's strengths lie in its automation capabilities and data-driven insights. Users often find Oracle NetSuite more user-friendly and customizable, while SAP Business One offers better integration with existing systems for some businesses. Ultimately, the choice between WFM and its competitors boils down to individual priorities and needs. If automation, real-time data, and global compliance are top concerns, WFM stands out. However, if ease of use, customization, and cost-effectiveness are paramount, other options might be more suitable.

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