50% decrease in month close time using automated, data-backed solutions to automate property accounting management
A fast-growing global REIT that owns, operates, and invests across the full spectrum of digital infrastructure and real estate had to streamline several property accounting processes to decrease the number of days for month close. The delays in receipt of response and clarification, generation of bank statements, and posting all the accruals and entries as well as reporting resulted in a lag of 6 days for month close.
The GO Creative™ Solution
The RRD Expert-in-the-Loop model combined human resources with intelligent automation solutions to ensure rapid and accurate property accounting processing. The REIT Accounting Services team started the month close process mid-month with a review of journal re-classes and followed it up with e-mails to property managers for additional information. Once it obtained all the required data, it performed reconciliation of the month-end work papers for rental, expense scrub, statutory liquidity ratio, and profit & loss. The team then leveraged custom smart work solutions to automate the formatting of monthly work papers and standardize the flux variance comments.
After solution set-up, the client’s ecosystem could:
- Decrease the time for month close from 6 days to 3 days
- Achieve 34 hours of time savings through the automation of manual tasks
- Gain flexibility, efficiency, and business continuity without compromising quality
- Perform weekly reconciliation of bank accounts
- Deliver financials to stakeholders and investors on time