IMMO Capital is Europe’s first tech residential real estate platform that creates portfolios from existing single-family rental (SFR) assets. In other words, they help their customers invest in residential portfolios at scale, and they do it end-to-end.
Demet joined the company several months ago as a financial controller responsible for budgeting and forecasting, and that for sure includes software apps.
We dive into what it's like to manage budgeting, forecasting and other challenges software applications bring with a tool like Cledara.
“We’ve been able to cancel 10% of our software applications just thanks to Cledara flagging for duplicates.”
If you’re in finance, you’re probably thinking about how to automate as many manual non-value added tasks as possible. Good news: Demet is no different from you.
“We were using a lot of apps within the company and we had a process, but it involved a ton of manual work. Everyone who bought an app would have to go to a Google sheet, find it, edit it, update, and so on.”
And as you can imagine, the process didn’t really work - let alone scale.
“Not everyone was doing it properly, and in finance, we had to chase people, ask them about the payments and ask for the invoices.”
How Cledara helped
Today, manual updates and chasing are a thing of the past.
With Cledara, Demet has set up a simple process that not only works, but is far less manual. Employees can easily request software and get a card with an approved budget for it.
Oh, and invoices for all apps are captured automatically and matched to their respective transactions in Cledara.
Before Cledara, Demet was keen on getting more accurate information on what was going on. “The thing is, you can’t really assign accurate budgets to what you can’t see,” she states.
Not to speak about forecasting. “Before Cledara, it was not easy to see the big picture,” Demet says.
How Cledara helped
“We now have all our active apps in Cledara. And it’s great. We have budgets for every one of them, and we know what the upcoming costs for the next month are, we know how much budget we need. It’s fantastic.”
Demet loves the Dashboard view as well.
“When I go to Cledara, I see the dashboard and I see all of the active apps, which app was approved from whom, who requested the app, what budget the app has or a monthly basis, on a yearly basis. It’s so easy now to see the big picture.”
“Before Cledara, we needed to find all the bank statements, transactions, and invoices - which usually involved a lot of chasing - for every single app. And once we found them, we had to then reconcile them in our accounting software,” Demet recalls.
“It was a very tedious process that just went on every month.”
How Cledara helped
Cledara is natively integrated to Xero, so everything is generated automatically. “It makes our work so much easier,” Demet says
“We can push the bank statements and transactions to Xero automatically. We don't need to do anything. And same with invoices.”
And she continues: “It's really time-saving because now the apps are in Cledara and coming through to Xero. It makes it very simple.”
“When implementing Cledara, we could see all the apps in one place, including those not being used. So we canceled them in a click. Thanks to Cledara, we’ve canceled around 10% of all our apps.”
