This global real estate firm, with a portfolio of high-quality assets valued at more than $15 billion, manages properties that include luxury residential, affordable and workforce apartments as well as commercial, retail and mixed-use developments.

Their senior management team averages more than 20 years of industry experience and 14 years with the real estate firm. This expertise, coupled with the company’s vast capital resources, enables the firm to quickly and expertly execute on the most challenging and complex development and financing opportunities around the world.

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video time: 00:59 video title: Customer Success - Global Real Estate

Customer Challenges

To better serve their markets, it was critical that the organization support local operations. However, this created a natural by-product of decentralized Accounts Payable and Treasury functions with each location using disparate systems to process and manage invoices and payments. Processing was done manually which became unmanageable as the company grew, and centralized visibility into their obligations was difficult and time-consuming.

An attempt to eliminate paper checks revealed that in order to support ACH payments, the organization’s ERP system would require costly customizations that would place a heavy burden on already strained IT, treasury and finance resources.

The real estate firm knew that achieving more streamlined, cost-effective processes and accurate visibility to payment obligations, cash positions and exposure would require a new solution. This solution would need to integrate with its ERP system, automate invoice and payments processing, provide centralized visibility, and reduce the manual burden on its staff.

BT documentation & messaging 40

Lack of visibility into payments and bank account information

BT currency & payments 100

High volume of check and wire payments

BT legal 104

Manual invoice capture and workflow

BT data representation 19

Limited and manual reporting capabilities

BT process & representation 131

Over-customized applications

Solution

The firm initially partnered with Bottomline to improve its invoice processing with Transform AP. This solution allowed them to capture invoices centrally and review and approve them from remote locations. Following that program’s success, it engaged Bottomline to deploy an end-to-end AP automation software for real estate.

Adding Bottomline’s WebSeries application allowed it to integrate with their ERP system to centralize the management, review, approval, execution of, and reporting on all payments throughout the organization. Off-cycle checks and check printing at remote locations—wherever and whenever necessary—were other key capabilities WebSeries provided. Finally, to achieve goals around converting costly paper checks to more efficient ACH payments, the real estate firm joined Bottomline’s Paymode-X network. Paymode-X could take payment data directly from WebSeries and deliver ACH payments and detailed electronic remittance information directly to the organization’s Vendors. Leveraging the Paymode-X network and its included services also meant that the real estate firm would not have the burden of gathering and maintaining Vendor bank account information, as this would be handled by Paymode-X staff.

BT action 88

Real-time visibility of payments

BT transaction 66

Historical audit trail and tracking of invoices

BT transaction 64

ACH, check, and wire processing via a single solution

BT process & representation 118

Integration with existing ERP software

BT currency & payments 98

Lower processing costs and earned rebates

Consolidated Cash Positioning

Profit Center

The firm’s AP and Treasury departments have been able to streamline their front and back-end payments processes by implementing Bottomline’s Transform AP, WebSeries and Paymode-X AP Automation solutions. In doing so, they’ve achieved:

  • Decreased AP operational costs by $500K annually. With the addition of Transform AP, the firm centralized their invoice processing and outsourced scanning and processing to a third party. This has allowed them to improve efficiencies and scale for growth while keeping staffing flat.
  • Leveraged ACH to save over $100K annually, earn rebates on AP spend and decrease banking fees. By implementing WebSeries and Paymode-X AP Automation the real estate firm was able to convert their many checks and approximately 1,000 monthly inter-company wire transactions to ACH payments. In doing so, the company realized a savings of approximately $9.00 per transaction, or $100,000 a year. They were also able to earn rebates and significantly reduce their banking fees.
  • Increased visibility across numerous accounts and data sources. By centralizing invoices in Transform AP, all payments and bank accounts in WebSeries and Paymode-X, and integrating all three systems with their ERP system, there is now one view into all invoices, payments and cash positions.

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