How a global industrial REIT achieved continuous close with 85% of accounts cleared before day 1
This REIT stopped waiting for month-end. Arvexi scores accounts as transactions post. By day 1 of the close, 85% are already cleared. The close takes 3 days instead of 15.
5,500 property accounts across 19 countries. Zero reconciled until the close window opened. Then 15 days of frenzy. The director of corporate accounting had been asking for years: why wait for month-end when transactions post every day?
Continuous reconciliation
Arvexi's account reconciliation platform evaluates each account's status in real-time as transactions post to the GL throughout the month. Clean accounts are auto-confirmed. Accounts with variances go to Cortex for investigation immediately, not during the close window.
"Every time a transaction posts, the account's status updates," the director says. "By month-end, most of the work is already done. The team investigates exceptions throughout the month instead of processing everything in a compressed window."
When Cortex identifies a variance on day 12, the team investigates it on day 12, not on day 5 of the close when they finally get to that account.
Results
85 percent of accounts cleared before day 1 of the close. Close from 15 to 3 days. Team from 12 to 5. "A monthly close means you validate once a month. A continuous close means you know your position every day."
Explore how Arvexi's account reconciliation and Cortex AI enable continuous close for multi-entity organizations.
We don't wait for month-end anymore. Arvexi scores accounts as transactions post, so we know our reconciliation status in real-time. By day 1 of the close, 85% of accounts are already cleared.
Director of Corporate Accounting
Corporate Accounting at Global Industrial REIT