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NetSuite Accounting vs Workday Financial Management

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Our analysts compared NetSuite Accounting 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.

Overview Pricing Benefits & Features Analyst Ratings Comparison Charts User Ratings Analyst Summary Screenshots
NetSuite Accounting Software Tool
Workday Financial Management Software Tool
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Product Basics

Analyst Rating

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Detailed Analysis

User Sentiment

Good User Sentiment (2235 Reviews)

Analyst Rating

80 Detailed Analysis

User Sentiment

Great User Sentiment (324 Reviews)
Netsuite Accounting assists financial leaders in designing and modifying operations by pairing bookkeeping with robust compliance management to increase business performance and close proficiency. Immediate access to information offers users full visibility to study all the nooks and crannies and expeditiously fix issues. This visibility enables users to draft thorough statements and disclosures that conform to ASC 606, GAAP, SOX and other compliance requirements.

Its key accessories include tax management, general ledger, accounts receivable and payable and cash management.
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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
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Product Assistance

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Product Insights

  • Find and Finish Products: Check recent activity to find the latest tasks users were working on. 
  • Log Important Information: Log and store crucial information from calls, emails, sales quotes and other forms of communication. 
  • Execute Financial Consolidations: Consolidate financials from numerous geographical regions and execute account roll-ups in real time. 
  • Smooth Integration with Inventory: Integrate Netsuite Accounting with Netsuite's Inventory management solution to receive real-time tracking information on incoming and outgoing products as well as update balance books and other financial reports. This integration will enable users to monitor and stay in the loop of their supplies. 
  • One-Click Approvals: Approve large quantities of sales orders in one click without approving them individually. 
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  • 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.
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  • Manageable Ledger: Add custom impact lines to transactions like invoices and vendor bills throughout single or numerous bookkeeping journals, reducing time in bank reconciliation, period closes and audit processes. 
  • Arrange Accounts Receivable: Perform accurate tax calculations on invoices and promptly post order transactions to general and accounts receivable ledgers for immediate tax processing and billing. 
  • Spot Account Peculiarities: Adjust dashboards, reports and KPIs for current views on customer aging, invoice analyses, repeatable invoices, deferred revenues and exception reports that catch account anomalies. 
  • Supervise Taxes: Work with the exact tax rate every time with the tax management accessory. It automatically applies the correct tax rate to purchases and is equipped with tax calculations for more than 50 countries and currencies. 
  • Insightful Cash Management: Receive immediate understandings of global transactions throughout numerous bank accounts and credit cards. Users may also review and predict cash requirements, conduct automatic bank reconciliations, swiftly deposit payments and safely develop accounting entries. 
  • Control Payments: Review and manage payment types to boost payment control with the payment management module. This module accepts several credit and debit card types and other forms of electronic payment. 
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  • 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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Product Ranking

#5

among all
Accounting Software

#357

among all
Accounting Software

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Analyst Rating Summary

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Analyst Ratings for Functional Requirements Customize This Data Customize This Data

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Accounts Payable Accounts Receivable Banking And Cash Management Budget And Expense Management Financial Statements And Revenue Management General Ledger And Chart Of Accounts Integration And Extensibility Inventory Management Journal Entries Mobile Support Multi-company Accounting And Asset Management Platform Capabilities Project Accounting Reporting And Analytics Tax Management 0 70 100 100 66 63 0 57 81 0 87 0 80 0 100 0 25 50 75 100
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User Sentiment Summary

Good User Sentiment 2235 reviews
Great User Sentiment 324 reviews
78%
of users recommend this product

NetSuite Accounting has a 'good' User Satisfaction Rating of 78% when considering 2235 user reviews from 4 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.

4.9 (19)
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3.9 (1127)
3.8 (77)
4.1 (715)
4.4 (55)
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3.5 (374)
4.0 (39)

Awards

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SelectHub research analysts have evaluated Workday Financial Management and concluded it earns best-in-class honors for Budget and Expense Management.

Budget and Expense Management Award

Synopsis of User Ratings and Reviews

Overall Performance: Of the users who discussed the performance of this solution, 58% said it was outstanding because it has automatic updates, simplifies accounting tasks and provides accurate data.
Customizable: Precisely 68% of users who addressed this program's customization said it is easy to configure to their business needs.
Accessories: Of the users who mentioned this application's accessories, 52% said they are effective, praising specifically the customizable dashboard, search engine that saves searches and customizable accounting reports.
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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.
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System Performance: Approximately 41% of the users who mentioned this program's overall performance said it was slow and experienced crashes.
Functionality: Of the users who discussed this solution's functionality, roughly 47% said it was lacking features including budget forecasting, fixed assets and support for .xlsx and .xls files.
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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.
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Netsuite Accounting is a thorough accounting ERP that superintends all bookkeeping tasks. Users are most fond of its performance with automatic updates, potent workflows and precise data collection as well as its string of features-including, tax management, general ledger, accounts payable and receivable, CRM, multicurrency and more-to boost productivity. It's also adjustable, so users may tailor it to meet their company needs. Although some users were disappointed with the system's sluggishness, occasional crashes and lack of budget estimating, fixed assets and support for .xlsx and .xls files, the majority find it an adequate bookkeeping software.

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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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Screenshots

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