This post continues our series on how we use Workday Adaptive Planning to solve problems. Each blog post focuses on a real-world client experience where Revelwood was presented with a unique or thorny problem. We’ll explain our approach to how we solved it.
Revelwood Client: A privately held biotech company striving to accelerate the leap to a more nature-positive era for agriculture by solving performance and delivery challenges of traditional chemical and biological crop protection.
Problem: Inaccurate and Cumbersome Foreign Transactions
Scenario: The company is headquartered in Massachusetts, with offices and operations in North Carolina, Florida, Brazil, Italy and Switzerland. Their Workday Adaptive Planning system needed to incorporate different statutory requirements on a state and country basis in a detailed manner. With its previous Excel-based system, the company was able to factor in payroll taxes, Social Security and other details for the United States, but they had to use an assumed percentage for other countries.
How We Helped: Revelwood created a purpose-built model for payroll that incorporates a wide range of scenarios and details. For example, employees in Brazil get a lunch stipend and other payments. Italy has 14 pay periods instead of 12 pay periods. The new model in Workday Adaptive Planning models payroll differences by state, region and country. By incorporating country-level details, this biotech company gets a much more detailed – and accurate – view of payroll, and ultimately, current cash flow.
Do you have a challenge you’d like to leverage Workday Adaptive Planning for? Reach out to us – we can help!
Read the posts in our series, How We Solve Problems Using Workday Adaptive Planning
Using Workday Adaptive Planning to Model Revenue and Expenses
Workday Adaptive Planning for Budgeting and Forecasting for a SaaS Business Model