Case Study | Streamlining Record-to-Report Processes for a Large Commercial Real Estate Business: Driving Efficiency and Cost Savings

Client Background:

We partnered with a leading commercial real estate business that was seeking to improve the efficiency of their finance department and reduce associated costs. The client sought to streamline their Record-to-Report processes through automation and process transformation initiatives.

The Challenge:

The cost of finance as a percentage of revenue for the client was considerably high. Hudson&Hayes was tasked with identifying and delivering improvements that would release capacity and reduce finance costs for the company.

Our Approach:

Hudson&Hayes conducted an end-to-end diagnostic of the client's Record-to-Report processes. We identified 130 improvement opportunities across multiple improvement levers, such as standardisation, simplification, automation, and outsourcing. Based on our findings, we developed and implemented a 2-year transformation roadmap that included the following initiatives:

1. Account Reconciliation Automation: Streamlining the account reconciliation process, reducing manual efforts and improving accuracy.
2. Intercompany Automation: Enhancing the efficiency of intercompany transactions, minimizing errors and discrepancies.
3. Journal Entry Automation: Automating the journal entry process, increasing speed and reducing the risk of manual errors.
4. Establishing a Process Management Framework: Developing a comprehensive framework that provided structure and guidance for ongoing process improvements.
5. Updating Policies: Reviewing and revising existing finance policies to improve efficiency and ensure compliance.

The Outcome:

By implementing the transformation roadmap and addressing the identified improvement opportunities, we were able to deliver  cost savings for the client. The streamlined Record-to-Report processes led to increased efficiency and reduced costs for the finance department, positioning the company for continued growth and success.