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.
Challenges
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. Rita Pagnotto, VP of Finance and Controller, realized that outsourcing their accounting made it harder to maintain quality control of their data. Meanwhile, the development team was experiencing challenges with limited visibility into the draw processes and budget information that quickly was outdated in Excel. The accounting and development teams needed a better system to stay aligned.
Goals
- Save business resources by bringing accounting in-house
- Create a centralized source of information to improve alignment between finance and development teams
- Give the development team real-time access to the status of their projects
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 of Finance, Controller
Results
Since implementing Rabbet, FD Stonewater no longer has to outsource their development accounting. Rita estimated that their new process with Rabbet saves about an hour or more per project every month, and approximately 10 additional hours when closing the books for the year. This time savings has allowed her to focus on other year-end tasks and meet more of the organization’s financial objectives without needing to hire additional staff.
Rabbet has become the repository of all project information, improving the visibility and accessibility of data.Team members save time when searching for supporting documents—rather than a frustrating and lengthy back-and-forth between development and finance—anyone can use the Rabbet platform to quickly find the documents and real-time project data they need.
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