The Bottom Line on Agility: Bringing FP&A and Accounting Together to Drive True Business Partnership
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Today, FP&A needs to do more than just protect the bottom line—it needs to uncover and flawlessly execute opportunities for improvement. Traditionally, FP&A and Accounting work together once the books are closed to begin planning. But this takes time, which can result in stale data and make it hard to drive strategic changes, such as acquisitions or new product launches.
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The Bottom Line on Agility: Bringing FP&A and Accounting Together to Drive True Business Partnership
- 1. WEBINAR TITLEThe Bottom Line on Agility Bringing FP&A and Accounting Together to Drive True Business Partnership
- 2. Help Slides Media Player Resource ListQ&A Housekeeping Items Speakers
- 3. This presentation may contain forward-looking statements for which there are risks, uncertainties, and assumptions. If the risks materialize or assumptions prove incorrect, Workday’s business results and directions could differ materially from results implied by the forward-looking statements. Forward-looking statements include any statements regarding strategies or plans for future operations; any statements concerning new features, enhancements or upgrades to our existing applications or plans for future applications; and any statements of belief. Further information on risks that could affect Workday’s results is included in our filings with the Securities and Exchange Commission which are available on the Workday investor relations webpage: www.workday.com/company/investor_relations.php Workday assumes no obligation for and does not intend to update any forward-looking statements. Any unreleased services, features, functionality or enhancements referenced in any Workday document, roadmap, blog, our website, press release or public statement that are not currently available are subject to change at Workday’s discretion and may not be delivered as planned or at all. Customers who purchase Workday, Inc. services should make their purchase decisions upon services, features, and functions that are currently available. Safe Harbor Statement
- 4. Tom Peff Product Marketing Workday Stefan Ball Product Marketing Workday Samantha Buchner Finance Product Marketing Workday
- 5. Agenda Introductions Finance and Accounting Objectives The Power of Data Demo Q&A
- 8. Nothing Has Changed Batch processing strips rich transaction detail Separate systems for reporting, analysis, and planning Rigid data model limits flexibility
- 9. Change Is the New Normal The FutureToday
- 10. Finance Dual Mandate: Efficiency and Growth Look for opportunities to reduce costs Support enterprise growth by becoming a more strategic advisor *Source: The Hackett Group - 2020 FINANCE KEY ISSUES
- 11. 3 Ways Finance Will Address the Dual Mandate Invest in product and services innovation by contributing advice and formulating strategies with the business. 1 Orchestrate the annual plan to target pockets of waste, re-baseline and benchmark process costs, and apply proven and sustainable cost management methodologies. 2 Hasten finance digitization and adopt customer centric strategy in all parts of the business. 3 *Source: The Hackett Group - 2020 FINANCE KEY ISSUES
- 12. 3 Ways Finance Will Address the Dual Mandate 1 2 3 Get to the heart of the business with quality data Become the planning and analytics engine of the organization Adopt new technology to operate with more efficiency internally, and adapt a customer centric and growth strategy mindset *Source: The Hackett Group - 2020 FINANCE KEY ISSUES
- 13. Finance Maturity
- 14. Financial Management Spend Management Analytics & Benchmarking Planning Human Capital Management
- 16. Financial Data Model RegionProject Cost Center AccountCompany Other Vendors Account Customer Location Invoice Supplier Journal New Dimension New Dimension Worker Worker Customer Payment Journal Invoice Supplier Skills Contract Subledger Cloud AnalyticsGL Balance GL Journal Multiple Business Intelligence Tools
- 17. Financial Data Model Extended with Operational Data Account Customer Location Invoice Supplier Journal New Dimension New Dimension Worker Historical Customer Supplier Journals POS Parking Customer Experience Customer Satisfaction Quality of response Productivity Usage Propriety Shipping & Handling Data Productivity Sales Books F&B
- 18. Comprehensive Data Fuels Analytics and Planning Engine Account Customer Location Invoice Supplier Journal New Dimension New Dimension Worker Historical Customer Supplier Journals POS Parking Customer Experience Customer Satisfaction Quality of response Productivity Usage Propriety Shipping & Handling Data Books F&B Discovery Board Universal Analytic Canvas Worksheets & Livepages OfficeConnect Financial Reporting Ad-Hoc Reporting Operational Reporting Management Reporting Plan vs. Actuals Analytic Applications
- 19. Comprehensive Data Fuels Analytics and Planning Engine Discovery Board Universal Analytic Canvas Worksheets & Livepages OfficeConnect Financial Reporting Ad-Hoc Reporting Operational Reporting Management Reporting Plan vs. Actuals Analytic Applications
- 20. Business Process Framework Process Definitions Initiate Invoice Supplier Capture Accounts Payable Approval Accounts Payable Follow-Up Accounts Payable Route Accounts Payable Entry Accounts Payable Organization Relationships Payment CFO Controller Accounts Payable Manager Accounts Receivable Manager Accounting Manager FA Manager Supplier Accounts Payable Clerk Accounts Payable Clerk
- 21. Once Separate Departments Accounting Continuous Transacting Receivables / Payables Publish and Share Results GL Close Journal Entry Consolidation FP&A Business Insight Pre-close Flash Stakeholder Forecast Board Management Packs Budget versus Actual Analysis
- 22. Work from One Source for Truth Accounting Continuous Transacting Receivables / Payables Publish and Share Results GL Close Journal Entry Consolidation FP&A Continuous Business Insight Pre-close Flash Stakeholder Forecast Board Management Packs Budget versus Actual Analysis
- 23. Workday Confidential Jake Lee Regional Store Manager DEMO HIGHLIGHTS 1 Budget vs Actual for Line of Business & FP&A with drill down to transaction Full data lineage from GL to high-volume external data with Prism Analytics Self-service data discovery and visual exploration 2 3
- 24. DEMO Line of Business Workday Confidential
- 25. Jake reviews Regional Store Manager Dashboard • Store actual vs budget, headcount & sales • Drills down gross profit variance by product to underlying point of sale data • Analyzes SKU-level profitability, sales volume and discounting metrics • SSO into Adaptive Insights and updates FP&A group based on what he learned Workday Financial Management • Report Writer • Dashboard Workday Prism Analytics • Discovery Boards Workday Financial Management • Real-time GL data Adaptive Insights • Budget snapshot Workday Prism Analytics • External operational detail What You Saw Reporting & Analysis Data Sources Jake Lee Regional Store Manager DEMO RECAP
- 26. Workday Confidential Patrick O’Brien Head of FP&A 1 2 3 Unmatched data fidelity between Workday & Adaptive Insights Ability to plan at very granular levels of detail with high performance Closed-loop planning-to-execution DEMO HIGHLIGHTS
- 28. Patrick O’Brien is reforecasting for 2020 • Reviews consolidated store forecast • Drills directly to Workday actuals from Adaptive Insights to investigate • Changes SKU-level model assumptions and immediately calculates impact to bottom line • Publishes the forecast directly to Workday • Jake sees impact in his actual vs budget in Workday. He’s back on track. Adaptive Insights • Web Reporting • Active Dashboards • Drill back to Workday Financial Management Workday Financial Management • Real-time GL data Adaptive Insights • Real-time Plan data Workday Prism Analytics • External Operational Detail What You Saw Reporting & Analysis Data Sources Patrick O’Brien Head of FP&A DEMO RECAP
- 29. Teresa Serrano Corporate Controller 1 2 3 Real-time GL, financial consolidation and close in one system BI/Analytics in a single system with GL, consolidation, & close ML-powered anomaly detection on real-time single source for data DEMO HIGHLIGHTS Zero Day Close
- 31. Workday Confidential Teresa is getting a head start on closing the books • Runs Journal Insights and is notified of potential anomaly • Uses Journal Insights to correct the defective journal • Preview of future of Journal Insights & Recommendations Workday Financial Management • Journal Insights Workday Financial Management • Real-time GL data What You Saw ML in Finance Data Sources Teresa Serrano Corporate Controller DEMO RECAP
- 32. Key Takeaways Increase Frequency of Decision Cycles Deeper Insights for Improved Strategic Plans Improve Collaboration and Business Ownership Eliminate Manual Planning Processes Accounting FP&A Close Faster, Report Earlier More Security & Controls, Less Error Finance Team Efficiencies Improved Value of Financial Insights
- 33. Questions Questions and Answers Workday Confidential
- 34. Thank you!