Workday Finance: General

What is Workday Finance?

  • Workday Finance is the third phase of the Enterprise Resource Planning (ERP) initiative. This project will provide a flexible and transparent technology platform for the efficient delivery of Finance services across the University. This includes the replacement of the Financial Records System (FRS)/ Departmental Management Accounting System (DMAS), how you purchase items, how you are reimbursed for items, and how grants are managed.

What is included in the scope of the Workday Finance implementation?

  • The Workday Finance project will include procurement, accounts payable, endowments, grants administration, general ledger/financial reporting, banking, and asset tracking (including capital projects).

Who will be impacted by Workday Finance?

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

What is the project timeline?

  • Workday Finance will go live on September 1, 2017.

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.