Another way to achieve the same business requirement is to use a combination of Visual Workflow and Process Builder. Here is the description of the next screenshot:

• Section highlighted as 1: In this, a sample Flow updates all the open Opportunity stages to Closed-Lost related to an account that is marked as out of business.
• Section highlighted as 2: This is the process on the Account object; it will always fire whenever an account record gets created or updated. 

The following screenshot represents solutions for a similar business scenario by using Visual Workflow and Process Builder:

Process Builder is one of the ways to automate complex business requirements using click not code, similar to the Workflow rule and Visual Workflow. The benefit of using this approach is that you can easily follow the Salesforce best practice to create one process per object and use Visual Workflow to manage logic for multiple business requirements. We will discuss this in Chapter 5, Developing Applications with Process Builder, and Chapter 7, Building Applications without Code.