Which Workday feature allows companies to apply local accounting standards while maintaining a global chart of accounts?

Multibook Accounting is the feature that enables companies to apply local accounting standards while still maintaining a global chart of accounts. This functionality is essential for organizations operating in multiple jurisdictions, as it allows them to meet various regulatory and reporting requirements without compromising the integrity of their global financial data.

With Multibook Accounting, businesses can create separate sets of books for different regions or countries, allowing them to adhere to local GAAP or IFRS requirements, while the global chart of accounts remains consistent across the entire organization. This dual capability ensures that companies can effectively manage their financial reporting and compliance needs in a way that aligns with local regulations, providing greater flexibility and accuracy in financial management.

This feature is particularly valuable for multinational corporations that need to balance compliance with local laws and regulations against their internal financial reporting standards and processes. By harnessing Multibook Accounting, organizations can streamline their financial operations and reporting, ensuring that they can effectively consolidate data from different regions while respecting local accounting practices.