Real Estate and Property Management AP Automation
Paymode-X can make managing payments and invoices simple with a solution built to make life easier for real estate AP departments overwhelmed with the volume of invoices, checks and vendors.
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.
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.
"Vendors frequently knock on my door to show me their products. It’s easy to not entertain them because Bottomline’s solutions and support have exceeded my and senior management’s expectations.”
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.
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:
"Working with Bottomline has been a truly valuable experience – from resources to helping us streamline our processes, to a smooth upgrade path. Bottomline has really been able to support us and our payments strategy as we grow." VP of Treasury Services | Global Real Estate Firm
This webinar is designed to help accounts payable, finance, and treasury leaders make smart decisions, by providing guidance through each step of the buyers' journey from scoping, to evaluating, to building a business case for AP transformation.
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