RE/MAX Achieves Greater Standardizationand Visibility Across Its Financial CloseProcess with Adra® by Trintech
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About RE/MAX
RE/MAX, short for Real Estate Maximums, is an American international real estate company that operates through a franchise system. As of 2015, RE/MAX had more than 100,000 agents in 6,800 offices. RE/MAX operates in about 100 countries. As a publicly traded company, RE/MAX was struggling with a highly manual financial close process that was potentially exposing them to significant risk as they disclosed their numbers each month. Looking for a more standardized and automated way to conduct the close, RE/MAX started looking for a financial close solution.
Prior to Adra, the team was using disparate Excel spreadsheets, so the overall process was being performed very differently across the team. Now, with Adra, everyone is forced to a standardized process and management has full access and insight into everything that is happening.”
Why Adra® by Trintech?
In May 2020, RE/MAX implemented both Adra Balancer and Task Manager to standardize and automate their financial close process and currently have their full accounting department (Payroll, AR, AP, GL accounting, etc.) and SEC Reporting team on the Adra solution. Since the implementation, Adra has been instrumental in helping RE/MAX gain real-time insight and ensure standardization and consistency across their reconciliation and close processes.
“The true benefit we have seen since implementing Adra is really around consistency in how everyone is reconciling accounts and gaining that real-time visibility into the status of those accounts,” said Leandra Koester, Accounting Manager at RE/MAX.
On the accounting side, we use Adra Task Manager to create monthly task lists that typically consist of journal entries our team needs to complete, or reports that need to be generated or approved.”
RE/MAX Streamlines Processes, Reduces Risk and Saves Time with Adra
RE/MAX currently uses Oracle Fusion as their ERP and that data is pushed into Adra Balancer each month. “We load around 700 accounts into Adra monthly, and about 450 of those accounts are only reconciled quarterly,” continued Koester. “It is much easier to auto-reconcile our low-value accounts with Adra Balancer because we have the ability to set up rules so we are not having to make decisions every time there’s a new account added (i.e. auto-reconcile any accounts less than $1,000).” Adra Balancer has been critical in RE/MAX gaining transparency into their accounts.
“With Adra Balancer, we now have a dashboard that gives an overview of the status of all our accounts and we can address any issues in real time.” In addition, RE/MAX uses Adra’s “Cross Legal Entity Group” functionality which allows them to group accounts across legal entities and reconcile the group account in one exercise, saving them a significant amount of time each month.
In addition, we use Adra Task Manager to track our internal controls which gives us full visibility into when a control was completed and approved with a documented audit trail.”
Both the RE/MAX accounting and SEC Reporting teams leverage Adra Task Manager to manage and track their monthly close tasks. Because RE/MAX’s SEC Reporting team is responsible for gathering information from other groups across the organization, Adra Task Manager has saved them a significant amount of time each month by allowing them to assign a task to someone in the organization and receive an instant notification when that task has been completed so they can move on with the rest of the financial statement process.
“Due to our previously inconsistent and manual processes, there was always fear around the overall integrity of the numbers we were externally reporting,” continued Koester. “Now with Adra, we have full transparency and control over our processes and confidence in the integrity of the numbers we are disclosing each month.”
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