Workday Revenue Management
combines an intuitive user experience with enterprise-level functionality to
help your organization manage the entire contract-to-cash lifecycle. It enables
efficient, accurate processing and the simplest path for transitioning to the
new revenue recognition standards.
Ease
and efficiency with customer contracts, invoicing and billing
Easily create, approve, and track
your customers and their contracts to maximize visibility and minimize risk to
your organization. Workday Revenue Management supports various contract types,
and provides integration with salesforce.com and other CRM systems to give you
visibility into the full contract lifecycle from initial quote to payment.
Automate invoice creation based
on your customer contract billing terms and schedules. Billing schedule
flexibility allows you to automate complex billing processes for different
types of products and services. Billing is independent from revenue recognition
to ensure appropriate adherence to both billing and revenue guidelines. In
addition, you can accelerate invoice and billing processing time with automated
dunning letter creation and reporting and alerts that notify your shared
services reps to stay ahead of customers at risk.
Visibility
into customer base, Analytics to optimize cash flow
As one application for contract
to cash, Workday Revenue Management helps you aggregate all contract data in
one central system. With the appropriate approvals, access, and controls in
place, your team that’s managing revenue and customer collections is empowered
with full access to the contract and customer data necessary to take action.
Insight analytics and third-party account credit data determine customer invoice
risk that is based on the customer’s likelihood of making payment, and through
the analysis of customer credit scores, customer aging, and DSO trends. Workday
also alerts collectors and automates dunning letter creation for those
customers who are overdue in making payment.
In addition, sophisticated
analytics such as deferred revenue and forecast reporting allow you to
anticipate behavior and influence activities. Your management team also gains
the intelligence needed to organize your business based on customer behaviors,
needs, and contribution size so that you can optimize operations that deliver
superior service, with an eye toward profitability.
Revenue
recognition: Meet current and transition to the new GAAP standards
Workday supports complex revenue
arrangements while complying with current and new GAAP and
IFRS guidelines (ASC 606/IFRS
15). More than that, Workday provides the capabilities you need to make a
smooth transition to the new standards. Included are comprehensive revenue recognition
capabilities that enable customers to record revenue events, complete
fair-value analysis, link contracts, and allocate and recognize revenue for
simple and multi element arrangements.
Over the course of the transition
period and beyond, Workday allows you to view and report on all contract data,
and create alternate contracts to model out multiple revenue recognition
scenarios that help you assess the impact that changes will have on your
business, with the support you need to meet deadlines. The alternate contract
capability in Workday helps you meet dual reporting and disclosure
requirements, retroactively as needed. Data migration capabilities will also
help you convert data when you’re ready to model out to meet the new
requirements.
Proactive
audit and compliance
The business process framework in
Workday ensures that appropriate personnel are involved in managing contract
lifecycle events with all changes captured through strong amendment controls.
This “always on” audit trail documents all changes and adjustments throughout
the contract lifecycle as they happen—related to contract events and
amendments, changes to revenue recognition, and more. Auditor dashboards and
reporting make it easy to monitor your business and aggregate audit information
for both internal and external auditors, saving you time and resources needed
to pull this information together.
Learn IT Training is a trusted and preferred
online training partner for
corporate and professionals, a premium Workday online classes provider which
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Visit: www.learnittraining.com
Email: contact@learnittraining.com
Phone: India +91 9912989639, USA +12108585008
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