SOLON, Ohio, Nov. 9, 2021 /PRNewswire/ -- ECHO Realty is a full-service, privately held developer, owner, and operator of grocery-anchored retail real estate. Headquartered in Pittsburgh, the ECHO team is fluent in all aspects of retail real estate, including acquisitions, development, leasing, and property management, and brings a long-term dedication and focused work ethic that has fueled its impressive growth to date.
Prior to the implementation of MRI Fixed Assets, the finance team at ECHO Realty were managing its 6,000+ assets across more than 150 different databases, a process which proved hugely resource-intensive and time consuming. The lack of one, centralized register across the organization not only provided limitations in terms of visibility and reporting, but also in ensuring compliance with regulatory and tax requirements.
With MRI's suite of Financial Solutions already proven and successfully in use across the business, it was a simple and obvious choice for ECHO Realty to select the MRI fixed asset software solution. The decision to implement the software was made easy due to the full integration capability with its existing financial system and the automation of depreciation journal entries from MRI Fixed Assets into the general ledger. However, it was the consolidation of reporting across its multiple partnerships and the flexibility to create customized reports to meet audit requirements which sealed the deal.
"MRI Fixed Assets has completely transformed our fixed asset accounting function, freeing up valuable resource to work on other business critical projects."
Dineen Carben, Director of Reporting, ECHO Realty
With MRI Fixed Assets, ECHO Realty is able to achieve accurate, detailed, and automated financial control and reporting which is resulting in an increase in overall efficiencies and time savings.
The centralized asset register provides the organization with a complete and accurate picture of all assets across its 150 partnerships. Such assets include land, buildings, tenant allowance, equipment, signage, and deferred lease, all of which are fully recorded with detailed information including category, purchase cost and date, department, depreciation rule and residual value, enabling a high level of analysis.
Streamlined Fixed Asset Transactions
One of the key benefits realized so far is the time saved from the automated process of adding depreciation journal entries directly into the MRI general ledger. What was previously a labor-intensive task of manually posting depreciation from several disparate databases has now become a sleek operation and one which has decreased the overall time taken to manage this activity by 75%.
Improved Reporting and Compliance
Using the system's sophisticated reporting capabilities, ECHO Realty can now produce and print any type of business-wide fixed asset report quickly and easily. Of particular value is the ability to create custom reports within the parameters specified by its tax auditors, which has proved instrumental in meeting the necessary regulatory and financial reporting requirements.
MRI Fixed Assets is delivering a much broader range of features and functionality in comparison to the previous system and has simplified numerous tasks. For example, being able to record and report on in-financial year movement regarding assets such as full and partial disposals, additions, transfers, enhancements, and revaluations at the click of a button has not only saved time and reduced the potential of input error but has provided ECHO Realty with the confidence of supplying highly accurate and reliable financial calculations at year-end.
About MRI Software
MRI Software is a leading provider of real estate software solutions that transform the way communities live, work and play. MRI's comprehensive, flexible, open and connected platform empowers owners, operators and occupiers in commercial and residential property organisations to innovate in rapidly changing markets. MRI has been a trailblazer in the PropTech industry for over five decades, serving more than two million users worldwide. Through leading solutions and a rich partner ecosystem, MRI gives real estate companies the freedom to elevate their business and gain a competitive edge. For more information, please visit mrisoftware.com.