Workday Grants Management Review

Built Exclusively For Grant Management

Workday Grants Management is built in such a way that it gives government agencies and nonprofit institutions a high level of accuracy and precision which they can’t get from other applications which primary purpose is project management. The application is different from other applications available in the SaaS market today because it is exclusively designed to capture all the subtleties associated with grants. Workday Grants Management permits users to access and comprehensively track all information related to a grant and conduct rich and multidimesional reporting. The information that they can track using the application includes award, award type, sponsor type, tasks, details on facilities and administration rate agreement.

A Fully Automated Application

The grant management solution is a fully automated application. In fact, the application is a component of a unified suite of applications which means accurate information can be automatically shared between multiple systems, reducing manual handoffs and eliminating integration complexities and issues. Workday Grants Management effectively interoperates with other Workday applications like Workday Financial Management, and this can be observed in its revenue recognition feature.

Revenue Recognition Feature

The application has a robust and configurable calculation engine that allows the automatic calculation of facility and administration costs billable to sponsors. Since the calculation engine is configurable, rules that affect how such costs are calculated can be set and modified when needed. After the costs are calculated, the financial data can be transmitted to Workday Financial Management so that the organization can recognize the amount of revenue that a particular grant can generate.

Grant Activity Intelligence And Analytics

Organizations that are managing and implementing programs, projects, or research rely heavily on grant funds as a large source of funding for their operations. Thus,  users should be able to track how grant funds are being utilized across their organization and gain insights into all grant-related activities. Workday Grants Management provides them with the ability to access grant activity intelligence and analytics through the aid of its reporting and dashboard capabilities.

The grant management application allows them to check whether actual grant expenditures are in line with the allocated grant budget. If they want to track and compare their grant expenditures across multiple grants, that is made possible. Moreover, the application lets them compare grant activities per sponsor. What’s great about this is that they will be able to access grant activity intelligence and analytics right straight from Workday without the need to use any third-party data warehouse.

Error-Free Digital Effort Reporting

Effort reporting is also incorporated into Workday Grants Management as it interoperates with Workday Payroll and Workday Time Tracking which are also components of the Workday application suite. This enables researchers and other personnel to record and track the time they spent for working on a grant or activity, and at the same time, ensure that their efforts are reflecting on the payroll costs. Usually, effort reporting is a process which is done manually so it is prone to errors. However, with Workday Grants Management, this process is digitally executed, thereby eliminating data entry errors.

Improve Compliance With Reporting Regulations

Summing it up, Workday Grants Management automates the post-award process. A very important aspect of this process is reporting. Here, organizations need to prove their compliance with the terms and conditions specified in the grants and meet the reporting requirements of grantmaking agencies and sponsors. By taking advantage of the application’s reporting capabilities, organizations can generate accurate reports, allowing them to easily certify their compliance.