Workday Finance: General

Last Updated: 09/26/2017

Who is impacted by Workday Finance?

  • Workday Finance impacts any faculty or staff member who purchases materials and receives expense reimbursements. It also impacts any non-employee or student who receives reimbursement from the University.

Why did the University of Miami decide to change our existing legacy systems?

  • The University of Miami is committed to ensuring that we have the latest technology and tools so we remain competitive in the higher education market. In 2011 University of Miami leadership performed a thorough analysis to determine the best administrative information system available to the higher education and healthcare markets. The ERP Selection Core Team recommended the acquisition of Workday’s Human Resources and Finance modules. The ERP Executive Steering Committee reviewed the recommendation of acquiring Workday’s Human Resources and Finance modules and the University’s Board of Trustees approved the funding and implementation. 

What are the roles in Workday Finance? How are they assigned?

  • A detailed listing of roles can be found here. Check back regularly as new roles are added when needed.

Are Cost Centers the same as what we currently call “accounts”?

  • Cost Centers are used to identify financial responsibility and oversight for a managed, budgeted entity at the most granular level. Cost Centers generally represent a team of people who are working towards a common purpose for the foreseeable future and use space, resources, and incur expenses.
  • Cost Centers translate loosely to your FRS Sub-Departments (not necessarily 1 to 1) and can generate a Profit & Loss (P&L) statement.