The Smart Money Award celebrates customers who leverage Workday to innovate and transform service delivery, finance operations, spend management, or financial planning. BDO Canada is a standout example, addressing a significant operational challenge through strategic use of Workday technology.
Like many accounting firms, BDO Canada encountered inefficiencies in managing partner contributions. The finance department manually handled contribution notifications, relying heavily on Microsoft Excel, Word, PDFs, and emails. This process was cumbersome, error-prone, and time-consuming, limiting productivity and creating risks for errors.
To resolve these challenges, BDO Canada developed a new application in Workday Extend called Partner Capital, which automates the entire contribution management process. Now, the finance team can upload contribution requirements directly into the application, and partners can log into Workday to review and complete necessary details. Workday then generates all required documents, such as subscription agreements or bank letters, and automatically emails them to the appropriate recipients.
The impact of the Partner Capital project has been transformative, enhancing the management of partner contributions across BDO Canada. Partners can now access and review their capital positions at any time, eliminating the need for manual templates and document generation. For the finance team, real-time reporting enables efficient tracking of capital details and payment statuses, while partners appreciate the transparency and ease of access to their information.
Feedback on this initiative has been overwhelmingly positive. Tasks that previously took weeks for the finance team to complete are now handled automatically, freeing up time for more strategic activities. Partners can manage their contributions effortlessly, with the ability to view their capital positions in real time, reducing the need for paperwork.
The Partner Capital application has streamlined operations by automating document generation and communication processes. Over 500 documents have been automatically generated and stored, without any manual intervention. Automated processes also ensure consistent compliance with regulatory requirements, significantly reducing compliance risks.
By leveraging Workday Extend, the solution integrates seamlessly with BDO Canada’s existing Workday ecosystem. Partners and finance teams can access the application through a familiar interface, promoting ease of use and ensuring data consistency across the platform.
BDO Canada's innovative use of Workday Extend has not only optimized internal processes but has also enhanced partner satisfaction, making it a deserving recipient of the Smart Money Award.
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