Kairoi Residential’s 75% Faster Draw Process with Rabbet

Prior to Rabbet, Kairoi’s accounting team managed project finances via manual spreadsheets and paper processes. Jennifer Davila, Kairoi’s Senior Director of Development and Investment Accounting, wanted to automate the draw process.
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Kairoi Residential is a multifamily investment, development, and property management company. With more than $9.7 billion transacted since 2003, the organization needed a solution that could keep up with their rapid growth. Kairoi’s goals were to improve efficiency, visibility, and collaboration across the company.

Challenges

Prior to Rabbet, Kairoi’s accounting team managed project finances via manual spreadsheets and paper processes. Jennifer Davila, Kairoi’s Senior Director of Development and Investment Accounting, wanted to automate the draw process. Documentation was getting lost or forgotten about, and she needed to reduce the time the accounting team spent tracking down information.

Goals

  • Centralize project finances for easier tracking across projects
  • Digitize information and automate paper processes to improve accuracy
  • Reduce the time spent managing project finances and draws
We put Rabbet through the wringer and we’re very happy with it. We can log in from anywhere, see all projects at a high level, then drill down to see contingency and how much we have left in the budget.

~ Daniel Zunker, President of Development

Results

With Rabbet, Kairoi’s team tracks approvals, budget adjustments, and contingency funds directly in the platform. When development managers upload their financial documents to Rabbet, the data is digitized and automatically connected to each project’s budget. The development and accounting teams are instantly alerted to issues, discrepancies, or missing documents.

Jennifer reported that her team spends 50% less time on manual data entry since implementing a new digital workflow. Packing a draw in Rabbet only takes 25% of the time that it previously took manually. With improved tracking and an automated draw process, the Kairoi team regained control of their time and improved efficiency throughout the organization.

Rabbet is tremendous for our accounting and development teams. With project information at our fingertips, we can forecast budget issues before they become problems, enable senior partners to approve on the go, and ensure draws are funded timely to pay contractors on schedule.

~ Jim Bruner, Executive VP of Development

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