The Challenge
Ameriprise Financial faced significant gaps in its Workday Allocations system that slowed operations and increased audit risk. They needed a more flexible and dynamic system to handle complex financial processes.
The Solution
Ameriprise engineered a powerful allocations subsystem using Workday Prism and Workday Extend to handle complex back-end logic and calculations. This eliminated over 800 allocation rules and 21,000 manual journal entries each year, saving countless hours and accelerating month-end close.
Embedding transfer pricing logic aligned with both OECD and local tax standards helped Ameriprise manage compliance more effectively. Also, it can automatically generate invoice documentation required for VAT/GST reporting and supports SOX requirements, reducing risk and audit complexity.
Workday Extend provided a user-friendly configuration interface for business teams. This entire solution is designed to be scalable for global environments, supporting diverse tax, currency, and entity structures while empowering leadership with timely data for pricing decisions.
Key Innovation
Instead of rigid or disconnected financial processes, the company now has a framework that is flexible, governed, and scalable.
Extend helps manage configurations, while Prism powers heavy-duty logic, data manipulation, and advanced allocation rules. Workday Financial and Direct Intercompany functionality continue to handle accounting and intercompany processing and authors digital invoices. Together, these elements function as one seamless solution for finance, yet remain modular and synchronized behind the scenes.
The impact has been profound: Ameriprise can now manage accurate, compliant intercompany activity across currencies and jurisdictions while reducing manual touchpoints. Leaders describe it as a “step‑change,” transforming allocations and intercompany processes into a dynamic platform where finance leads innovation and growth.
Future‑Ready: Dow