Leading property agent automates reconciliation across 5,000 properties.

As one of the world’s leading property agents, this company regularly collect rent from household names which line every high street. Having to collect, reconcile and report upon payments from a portfolio of over 5,000 properties means they require an automated solution to assist with their high-volume, high-value activities.

The Challenge

Success has driven the company to manage thousands of properties; however, this is challenging when it comes to reconciling accounts receivable. Such an extensive portfolio would be unmanageable when manually conducting bank reconciliation using an Excel spreadsheet. On top of this, property management software isn’t always conducive to financial operations.

They needed automated reconciliation software to handle their high volume of transactions. More specifically, they required one flexible enough to adapt to and accommodate their system’s requirements.

The Solution

Aurum was implemented to simplify bank reconciliation. To achieve this, Aurum approached the rollout of their software as they do for every new client – by taking the time to learn about the company's existing systems, processes and unique needs.

As a result, automation has spread beyond the core reconciliation process to other areas, impacting the day-to-day for multiple teams. For example, despite receiving bulk payments from banks consisting of transfers from various clients, Aurum automatically conducts one-to-many matches. Subsequently, it runs an “allocate and learn” feature so that Aurum discovers which retailers are making individual payments over time despite no explicit indication of this. Aurum therefore not only ensures that mass funds reconcile but also intelligently guarantees that individual payments are correctly allocated.

Another helpful automation of Aurum is detecting and accommodating duplicate records that are symptomatic of their property management software. Ultimately, these innovations deliver one significant benefit for the team – they spend less time doing manual work, such as investigating suspense items and filtering out duplicate records.

The Result

Along with positively impacting the Accounts Receivable department, Aurum has had a greatly beneficial impact on everyone involved in the reconciliation process, including those responsible for exception management.

“As someone who operates within Aurum every day, I’m often the person who introduces others to the software and the insights it provides,”

As a result, the team regularly gets to witness the “Aurum effect”:

“For our apprentices, it is something which they take to really easily and they quickly learn the value of Aurum’s functionality, whilst for those investigating unreconciled items, they benefit greatly from the fact that I can pull specific data sets based on certain parameters to provide them not only with items that haven’t been reconciled but also reasons as to why.”

Whilst Aurum might seem revolutionary for those who don’t regularly use it, the novelty still hasn’t worn off. The Finance Administrator and Bookkeeper puts this down to Aurum’s vast functionality. “I really enjoy the system; the more I use it, the more functionality I discover.” Along with his own exploration of Aurum, he also credits the Aurum Support Team:

Ultimately, Aurum proves to be more than a reconciliation tool for the team. It has the functionality to solve problems for them

automatically and to deliver crucial data for them to problem solve with. Being used by a team of analytical thinkers, Aurum is a perfect fit, so much so that they call it “fun to use”.

Continued success is founded upon Aurum’s partnership approach - taking the time to understand their unique needs and producing a tailored solution. Just like how every transaction we match is unique, our motto is “what makes you different, makes

you special”. That’s why we always work with rather than against your systems to place you in control of your data.