Implementing a more productive work environment that minimizes costs and maximizes efficiencies.
1. Business Challenges
A leading commercial real estate broker and property owner serving multinational corporations, major space users, developers, owners, institutions, lenders and investors throughout the Tri-State area was hampered by out-of-date technology architecture and manual accounting procedures. They were in need of a real-time online operational and financial accounting system that could be integrated with a broker performance system in an effort to create more efficient business processes and workflow.
Business Challenges Overview:
• Unable to find an off-the-shelf software product that could account for the sophisticated and complex revenue process associated with highly customized commercial real estate transactions
• Legacy accounting processes were outdated and inefficient
• Financial reporting and commission calculations were delayed due to manual processes
2. Axispoint Solution
Axispoint business analysts consulted to fully understand the complex nature of commercial
real estate transactions, and the challenges associated with properly accounting for them efficiently. While there are several vendors that offer general accounting software, none offer a product designed specifically for accounting for complex real estate transactions from both an operational and financial point of view. Armed with both industry knowledge and technical
expertise, Axispoint architected and designed a complete system comprised of custom written and off the shelf software.
Axispoint customized the Microsoft Dynamics platform and developed an integrated custom .NET application to handle the complex broker commission rules. The application automates the entire real estate accounting process, calculates complex broker commissions, and generates the corresponding accounting entries that accompany each transaction. The system serves as a comprehensive and dynamic database that maintains the brokers, clients, deals, and properties that comprise the portfolio.
Axispoint Solution Overview:
• Architected an enterprise broker performance and financial accounting system comprised of both proprietary and off the shelf software
• Delivered a highly organized application that lists all brokers and properties, calculates appropriate broker commissions, and generates the corresponding accounting entries
associated with each real estate transaction
3. Business Value
Axispoint helped identify, map, and redesign critical finance processes, which brought a new level of sophistication to the entire organization. With the implementation of the system, the company can process accounting transactions and calculate commissions faster. Brokers can execute more business and serve their clients more effectively, and efficiently. The technology substantially reduces the effort and time required to properly account for deals and to collect receivables than the manual entry accounting system previously in place. The updated technology platform serves as a powerful recruiting tool for the company, illustrating the commitment to IT to both clients and prospective employees.
In addition to providing a more productive work environment, the system minimizes costs, since personnel increases are only associated with the demands of higher deal volume.
Business Value Overview:
• Business process redesign brings a new level of sophistication and efficiency to the organization
• Improves processing and calculating of commissions while reporting operational and financial information in a timely manner
• Provides brokers and the finance department a clearer vision of outstanding client invoices
• Allows the company to serve clients quicker, offering better quality of service and enhanced communication
• Improves the firm’s cash flow collections process
• State of the art system is a boon to recruiting brokers and clients