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CLIENT SUCCESS STORY
EastGroup Properties
Forecast Manager has fundamentally shifted our entire budgeting process. We have spread the load of creating budgets across multiple departments, providing a scalable and streamlined approach to this important area of our business.
Brian Laird
Chief Information Officer, EastGroup Properties
Products featured
The company
EastGroup Properties, Inc. (NYSE: EGP), a member of the S&P Mid-Cap 400 and Russell 2000 Indexes, is a self-administered equity real estate investment trust focused on the development, acquisition and operation of industrial properties in major Sunbelt markets throughout the United States with an emphasis in the states of Florida, Texas, Arizona, California and North Carolina. The company’s goal is to maximize shareholder value by being a leading provider in its markets of functional, flexible and quality business distribution space for location-sensitive customers (primarily in the 20,000 to 100,000 square foot range).
The challenge
Before Forecast Manager, EastGroup’s budgeting process was a 100% accounting function. Asset managers would print rent rolls, mark them up and scan them to accounting for entry into the system. This process was very tedious, manual and time-consuming for both asset and accounting teams
The solution
Forecast Manager optimizes budgeting and forecasting for EastGroup by connecting asset management, finance and leasing teams on a single platform with centralized data and automated workflows. The solution eliminates manual processes and redundancy, improves accuracy with real-time leasing and expense information and increases visibility for impactful insights on portfolio health.
The story
Without software that provided centralized access to financial information and budgeting tools, EastGroup’s accounting team completely owned the budgeting process. As a result, the company experienced numerous challenges and inefficiencies across teams, such as manually submitting budget information to accounting. With Forecast Manager, EastGroup has expanded the budget process to include not only asset management entering leasing assumptions, but also property management teams entering expense items. Accounting then consolidates this information and reviews the individual budgets for accuracy and soundness. According to EastGroup’s CIO, Brian Laird, “The Forecast Manager implementation was a tremendous win for us by eliminating mundane processes previously undertaken for timely budget completion.” Forecast Manager ensures that only accurate current data is used for budgeting and forecasting and provides a single source of truth for the entire company.
The benefits
EastGroup Properties connects asset, leasing and finance teams on a single platform with real-time data and optimizes budgeting with Forecast Manager.