How does Workday handle multi-entity financial reporting?

Workday handles multi-entity financial reporting effectively by utilizing hierarchical organizational structures and worktags. This approach enables organizations to maintain a clear and organized view of their financial data across multiple entities. The hierarchical organizational structure allows for the grouping of entities, which simplifies reporting and analysis at both the entity and consolidated levels.

Worktags further enhance this capability by allowing users to tag transactions with specific identifiers related to various dimensions, such as departments, projects, or locations. This tagging system provides flexibility in reporting, enabling users to pull comprehensive reports based on different criteria without altering the underlying data structure.

The focus on hierarchical organization and worktags ensures that users can achieve accurate reporting across multiple entities, facilitating better visibility and decision-making in financial management.