Case Study

From Chaos to Clarity: How AI Transformed Financial Close for a Leading REIT

AI-Driven Reconciliation Ensures a 50% Faster, 75% More Accurate Close Process

In a Nutshell

50%

reduction in reconciliation time

75%

decrease in errors

30%

scalability boost without additional resources

A global REIT’s manual reconciliation process for 95+ GL accounts was inefficient and error-prone, and their Finance team struggled to manage thousands of daily transactions with complex matching requirements. The lack of real-time insights further delayed financial close and decision-making.

By implementing JIFFY.ai’s AI-powered Financial Close Management system, they automated reconciliation and reporting, leveraging real-time dashboards, AI-driven matching, and automated validations to enhance accuracy and efficiency. The system ensured seamless handling of peak transaction volumes and freed up resources for strategic initiatives.

A Leading REIT Seeking Finance Transformation

A top Real Estate Investment Trust (REIT) managing a diverse portfolio of retail, industrial, and mixed-use residential properties faced significant challenges in financial reconciliation. Their Finance and Accounting (F&A) team struggled with high transaction volumes, manual transaction matching, and a lack of real-time insights.

To drive efficiency and accuracy in their periodic financial close process, they sought an AI-driven solution that could automate reconciliation, streamline workflows, and free up their team for more strategic initiatives.

The Bottlenecks in Financial Close

High Transaction Volumes: Thousands of transactions had to be reconciled daily, leading to delays.
Complex Data Formats: Data inputs varied across spreadsheets, PDFs, and proprietary systems, requiring intensive manual handling.
Error-Prone Manual Matching: One-to-one and one-to-many transaction matching resulted in frequent errors and discrepancies.

Limited Visibility: No real-time monitoring meant delays in identifying and resolving reconciliation issues.
Resource Constraints: Heavy reliance on manual efforts restricted scalability during peak periods.

AI-Driven Financial Close Management

The REIT partnered with JIFFY.ai to implement its AI-powered Financial Close Management solution, transforming the reconciliation and closing process. The solution streamlines reconciliation, close, and reporting processes end to end. It helps F&A organizations to reduce manual effort, ensure compliance, and gain real-time financial insights to drive smarter decisions—faster.

Key Capabilities Implemented:

Automated Data Integration: Seamless extraction from ERP systems, bank feeds, and financial platforms.
Dynamic Business Rules: Configurable rules to handle complex matching scenarios with precision.
Real-Time Dashboards: Visibility into reconciliation status, instant issue identification, and drill-down analytics.
AI-Driven Matching: Intelligent algorithms for invoice-to-payment, inventory-to-sales, and other transaction types.
Error Prevention Mechanisms: Automated validations flagged mismatches for quick resolution.

Scalability: The system handled peak transaction volumes without additional workforce.
Streamlined Workflows: Minimal manual intervention, routing flagged items for efficient escalation.
End-to-End Audit Trails: Transparent tracking of all reconciliations, discrepancies, and resolutions.
User Empowerment: Training enabled finance teams to operate independently, reducing IT dependency.

Transforming the Finance Function

With JIFFY.ai’s AI-powered automation, the REIT’s F&A team achieved unparalleled efficiency and control over their financial close processes. With fully integrated period close processes, the team enhanced standardization and minimized risk significantly.

Key Outcomes:

50% Faster Financial Close: Automated workflows cut reconciliation time in half.
75% Reduction in Errors: AI-driven matching and validations improved accuracy.
Real-Time Decision-Making: Dashboards provided instant insights, reducing bottlenecks.

30% Scalability Boost The system handled higher transaction volumes seamlessly.
Operational Cost Savings: Reduced manual effort led to lower processing costs.

A Future-Ready Financial Close Process

Through AI-powered automation, the REIT revolutionized its financial close process, ensuring faster, more accurate, and highly scalable reconciliation operations. The transformation allowed their Finance and Accounting team to shift focus from transactional tasks to strategic financial management, driving overall business growth and agility.

JIFFY.ai’s AI-driven Financial Close Management solution not only optimized their financial operations but also positioned them for long-term efficiency and success in an increasingly dynamic real estate market.

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