Ronmor Holdings, Inc. is a third-generation private real estate company with a portfolio that includes retail centres, office buildings, industrial properties and one of the largest private land holdings in Alberta. Focusing on retail and shopping centres, Ronmor aims at developing and retaining ownership of its innovative and sustainable projects.
The company has planned expansion into the U.S., specifically California and Arizona to continue with development and management.
Exiting Excel and Paper
Ronmor found that staff was heavily relying on Excel to help run their day-to-day operations and needed an integrated solution to minimize their use of disparate systems and manual calculations. This challenge cascaded into difficulties with running invoices and required extensive approval cycles. Consequently, Ronmor felt the need to eliminate paper and move towards electronic solutions, a change that would prime them for remote working conditions.
Yardi Procure to Pay Suite
Yardi Procure to Pay helps organizations like Ronmor go paperless, eliminates spreadsheets and reduces the usage of disparate systems. Processing payments electronically, streamlining vendor transactions and centralizing procurement information in a single system of record, are key components of long-term success. For Ronmor, the electronic processing and approvals led to higher levels of productivity and efficiency, increased accountability and more transparency into invoice status.
Reducing touchpoints to increase productivity
Ronmor Holdings is a successful, growing organization in Alberta, focusing on the management of retail and shopping centres. In 2017, they realized that they were spending a considerable amount of time and effort working on multiple Excel spreadsheets with their previous property management software. This discovery led them to start using Yardi Procure to Pay in 2018. During the implementation, they immediately noticed the impact of a dedicated support team. “The major thing with Procure to Pay is the incredible integration,” said Ravi Pandarinath, controller. They benefit from the increased software accessibility created by the seamless communication with other Yardi products.
Before implementing Procure to Pay, Ronmor was having difficulties with approval workflows. As Pandarinath said, several people in each department would individually review each step and the invoice causing redundancies in the review process. Now, with electronic sign off, limit and timestamped approvals, it provides a level of accountability they didn’t have before. In addition, the departments prefer searching the GL with a click of their mouse, over digging through filing cabinets or hunting for cheque numbers. The time savings are also noticeable when it comes to retrieving invoices from multiple suppliers, which could otherwise take hours in their previous software. With a click, they now have descriptions, details and supporting documents right at their fingertips.
Most of their payables are now processed in under 5 days, a significant improvement from where they stood before the Yardi implementation. Their team relies on a “strong and stable [platform], we don’t get crashes and we don’t worry about data integrity or data loss with Yardi,” Pandarinath said. The boost in software confidence combined with remote authorizing capabilities are key elements to their tech adoption success.