Automating ACH and Journal Entries with Our Exelona Banking Module
Real Estate | 22 December 2024
Client Profile
A leading U.S.-based multifamily real estate investment firm focused on acquisitions, development, and operational excellence. With a portfolio of residential properties across the country, the firm’s mission is to build thriving communities for residents while driving strong returns for investors.
Problem or Challenge
The client was operating on a legacy banking application hosted in a non-standard, outdated environment (referred to as a "dark net" system), which presented several challenges:
Manual Processes
: Automated clearing house (ACH) payments and journal entries were created manually, increasing the risk of errors and slowing down transaction processing.Inefficient Reconciliation
: Bank reconciliation was time-consuming and lacked visibility and automation.Lack of Usability
: The existing system was not user-friendly, lacked modern UI/UX standards, and failed to meet reporting and security needs.Scalability Issues
: The legacy platform was not responsive or scalable enough to support future growth or integrations.
Solutions
Rialtes modernized the client’s ACH and journal entry operations by implementing a custom Exelona Banking Module built on Salesforce Einstein 1 Platform. Key components of the solution included:
ACH Automation
: Developed ACH functionality to auto-generate pre-formatted ACH files compatible with Bank of America.Automated Journal Entries
: ACH transactions now automatically generate journal entries in Excel format for upload into the Yardi accounting system.Scheduled File Transfers
: Scheduled File Transfers: End-of-day ACH files are automatically uploaded to the bank, eliminating manual intervention.Unified Platform
: Consolidated all financial operations within Salesforce, leveraging Einstein 1 for intelligent reporting, automation, and a seamless user experience.Real-Time Accounting Integration
: Synchronized ACH processes with real-time accounting systems to ensure financial accuracy and visibility
Benefits
- Improved UI enabled faster, more accurate data entry and streamlined user workflows.
- Unified platform supports future integration of additional banking or financial tools.
- Automation of ACH file creation and journal entries eliminated over 80% of manual tasks previously handled by a full-time resource.
- Bank reconciliation time reduced from ~10 hours to under 1 hour per cycle, enabling quicker month-end closures.
- Automation eliminated the need for a full-time resource previously dedicated to this process.
- Finance and accounts payable teams can now process double the transaction volume in the same time.
- Real-time dashboards and analytics empower better, faster financial decisions.
