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CLIENT SUCCESS STORY
Paragon Real Estate Fund
We don’t have to worry about mistakes from manually entering data into spreadsheets or whether disparate systems can communicate with each other about the same information.
Matt Berlin
Chief Financial Officer, Paragon Real Estate Fund
Products featured
The company
La Jolla, Calif.-based Paragon Real Estate Investments is a privately held company that manages and invests funds on behalf of family offices, institutional investors and high-net-worth individuals. Its growing portfolio of stabilized assets is managed through its flagship open-ended fund, Paragon Real Estate Fund.
The challenge
Manual Accounting Proves Cumbersome
As Paragon’s investor base grew significantly, its accounting team found that performing property accounting manually on spreadsheets was cumbersome, time-consuming and mistake-prone. The company sought a new software solution capable of streamlining transpositions, general ledger updates, distributions and other investment operations.
The solution
Single Data Platform Means Better Visibility, Fewer Errors
By housing all investment data for Paragon’s equity accounts, from the investor to the asset levels, Yardi Investment Accounting made it much easier for company officials to see how different cascading rules translate to the general ledger.
“Investment Accounting’s seamless integration with Yardi Voyager means we don’t have to worry about mistakes from manually entering data into spreadsheets or whether disparate systems can communicate with each other and make the various general ledgers match,” said Matt Berlin, Paragon’s CFO. “Having investment accounting and general ledger operations under one roof and being able to reallocate an investment entity to new entities automatically, for example, is a huge element of our growth plans.”
Investment Accounting also streamlined Paragon’s annual net asset value calculations by automatically incorporating the current share price.
The story
Capital Call Efficiency
When Paragon opened a new series of shares to its investors within the fund, Berlin recalled, “We didn’t need to set up new spreadsheet formatting, just add new categories. There was one place to see the information needed to answer investors’ questions instead of opening up multiple files.”
The benefits
By automating all distribution transactions, statements and other operations, Investment Accounting enabled Paragon to grow its high-net-worth investment base by 50% without adding staff. Automated manual spreadsheet data transfers save multiple days monthly.