3 ways Workday® Finance helps reduce compliance risks
CFOs and Finance leaders face increasing pressure to stay compliant while driving efficiency. Tax regulations are growing in complexity, reporting demands are intensifying, and compliance requirements are becoming more rigorous across industries. Traditional systems often struggle to keep pace—leaving organisations exposed to unnecessary risk.
Workday® Finance offers a modern, cloud-native platform designed to simplify complexity and reduce compliance headaches. Here are three powerful ways it helps organisations stay ahead when it comes to tax, reporting, and compliance.
1. Streamlined Tax Management and Accuracy
Tax errors can be costly, both financially and reputationally. Workday® Finance integrates tax determination and calculation directly within financial workflows. Whether it’s VAT, sales tax, or cross-border obligations, rules can be embedded into the system to ensure every transaction is compliant from the outset.
By automating tax handling and linking it to real-time financial data, organisations reduce the need for manual reconciliation and lower the risk of misreporting. Built-in audit trails also ensure tax submissions are accurate and defensible.
Impact: Greater accuracy in tax calculations, reduced risk of penalties, and confidence in meeting local and global obligations.
2. Real-Time Reporting and Regulatory Readiness
Meeting reporting deadlines can be one of the biggest challenges for finance teams, especially when data is scattered across multiple systems. Workday® Finance consolidates all financial and operational data in a single source, enabling real-time reporting and instant access to the metrics regulators demand.
Customisable dashboards allow CFOs and finance teams to generate reports aligned with GAAP, IFRS, or local statutory requirements—without waiting weeks for data consolidation. This ensures organisations are always prepared for audits and regulatory submissions.
Impact: Faster, more accurate reporting with less manual effort, and a stronger position for demonstrating compliance.
3. Built-In Controls and Compliance Confidence
Compliance is not just about reacting to audits—it’s about preventing issues before they arise. Workday® Finance enables organisations to embed controls directly into financial processes, such as segregation of duties, approval workflows, and spend management policies.
By automating compliance rules within everyday workflows, organisations reduce the reliance on manual checks and ensure that every financial activity adheres to prescribed policies. Real-time monitoring also provides alerts for anomalies, making it easier to address potential issues proactively.
Impact: Reduced compliance risk, consistent enforcement of policies, and improved governance across the organisation.
Final Thoughts
Tax, reporting, and compliance will always be high-pressure areas for finance teams—but with Workday® Finance, organisations gain a platform designed to simplify complexity and reduce risk. By streamlining tax management, enabling real-time reporting, and embedding compliance into every process, Workday® Finance empowers finance leaders to stay compliant while focusing on strategic growth.
