REAL ESTATE DEVELOPMENT
FD Stonewater
Reducing operating costs on outsourcing while streamlining team collaboration between accounting and development teams with Rabbet
Challenge
FD Stonewater struggled with inefficient team collaboration and communication, disorganized documentation, and a lack of real-time visibility into project financials, which hindered collaboration and slowed project reporting.
Why Rabbet
FD Stonewater selected Rabbet to centralize documentation, enhance communication between teams, and provide real-time visibility into project financials, ensuring more efficient and streamlined project management.
Results
With Rabbet, FD Stonewater improved accounting and developer team communication, accelerated draw processing, and gained real-time financial insights, resulting in more efficient project management and collaboration.
“Partners can view project costs, as well as those of the total portfolio. Information is at your fingertips.”
Rita Pagnotto
VP, Finance & Controller
About FD Stonewater
Virginia-based FD Stonewater is a boutique development, investment, brokerage, and asset management firm with national capabilities with a focus on providing stellar outcomes to their clients and investors.
Business Challenges FD Stonewater Wanted To Solve
FD Stonewater was using operating funds to outsource a portion of the team’s accounting tasks. With too much on their plates, the internal team couldn’t handle it all, especially when it was time to close the books. However, delays in receiving reports from external resources further slowed the accounting team.
In addition, the team struggled with manual data entry and limited visibility due to reliance on Excel spreadsheets for tracking invoices and deposits, leading to inefficiencies and outdated budget information. To solve these issues, Rita Pagnotto, VP of Finance, sought a centralized platform for invoices, streamlining collaboration between accounting and development teams without disrupting existing workflows.
Why FD Stonewater Selected Rabbet
FD Stonewater's Goals
- Eliminate the cost of outsourced accounting resources
- Create a centralized source of information and documentation to improve alignment between finance and development teams
- Automate manual, duplicative data entry between disconnected systems to increase overall team efficiency
- Ensure the development team has real-time access to the financial status of their projects
FD Stonewater's Results With Rabbet
- Brought all accounting tasks in-house, eliminating the need for outsourcing
- Saved approximately 1 hour per project, per month and 10 hours during year-end closing, which freed up time for the finance team to focus on high-priority tasks and avoid year-end burnout
- Improved collaboration between finance and development teams with real-time access to budget and project data
- Reduced manual data entry and minimized transcription errors by automating reconciliations between systems
- Enhanced visibility for equity partners, allowing them to access up-to-date project and portfolio information
All departments benefit from full portfolio visibility, easy access to information, and a more efficient accounting process.
“Rabbet is very intuitive to use. And getting started is far simpler than I imagined. It was a short amount of time to onboard the software and get up and running.”
Rita Pagnotto
VP, Finance & Controller
