The Company
Wesgroup is proudly one of Canada’s largest private real estate organizations with the humble roots of a family run company. With over 50 years of commercial and residential development, we have extensive experience in the rehabilitation of brownfield sites and long-standing relationships with tenants and brokers alike. Today, holding over 8 million in buildable square feet and 200 acres in land bank, Wesgroup has key commercial properties in some of Vancouver’s most desirable areas.
The Challenge
Seeking New Collaboration
By 2016, Wesgroup required more sophistication around budgeting, forecasting, asset tracking and invoice processing. “We wanted innovation and efficiency that would keep us competitive in the marketplace. We concluded that upgrading the platform that integrated various departments would help our team work more collaboratively,” said Sandeep Manak, chief financial officer for Wesgroup.
The Solution
Yardi Commercial Suite
Throughout 2016, Wesgroup conducted a thorough evaluation of software options capable of enhancing its business performance. “We wanted to centralize all lease records in one holistic repository of information. We sought the ability to drill down to lease clauses and very quickly understand an asset’s performance. Paperless invoice processing, automated asset tracking and reality-based budgeting were other priorities,” said Manak. In November of that year, Wesgroup announced that it would upgrade to Yardi Voyager and incorporate products from the Yardi Commercial Suite.
The Story
Cutting Costs and Approval Times
Wesgroup achieved its objectives after implementing the Yardi Commercial Suite. “The Yardi Commercial Suite includes reporting that provides better insight into performance and risks and helps us make better business decisions more quickly. As a cloud-based platform, it also reduces our IT infrastructure costs,” said Manak.
Wesgroup further reduced costs by simplifying invoice processing with Yardi Procure to Pay, which automates the accounts payable process all the way to vendor payment. “We used to pay several thousand dollars every month for document storage. Storing invoices in Voyager significantly reduced those expenses,” said Manak. “Approvers no longer have to sign a big stack of invoices, and having the option to do the approvals from their mobile devices is another asset for our staff, who are always out and about the properties.”
Yardi Fixed Assets helps Wesgroup track assets with varying amortization schedules. “Previously each property had its own schedule. Yardi Fixed Assets automates this complex process. Our staff no longer has to calculate the amortizations and type them in, which has resulted in more accurate management of our assets,” said Manak.
Wesgroup gained new discipline and long-term forecasting in its budgeting with Yardi Advanced Budgeting & Forecasting. “Previously we just added 2% for the next year’s budget, an unrealistic approach. Now we have visibility and budgets based on actual lease information,” said Manak.
He added, “We want our team dealing with residents and tenants, and not typing numbers on a spreadsheet. The Yardi Commercial Suite’s automation of business processes helps our team work more effectively.”
