What REIT Finance Teams Manage During Close:
- Hundreds of manual journal entries across properties, Journal Vouchers (JV), and entities
- Reconciliation chaos: Rent, CAM, bank, tenant-level, intercompany
- Complicated approvals and compliance tracking
- Scattered audit documentation
- Reporting demands from JV partners, boards, auditors, and investors
Top 3 Priorities for Improving the REIT Close Process
1. Reducing Manual Journal Entry Effort
Why it matters: REITs typically manage thousands of recurring and ad-hoc JVs every month. Manual data entry + email approvals = bottlenecks and risk
✅ Look for automation solutions that include:
- Smart templates and pre-filled recurring entries
- Integrated approval workflows
- Direct posting to ERP with audit trails
2. Automating Reconciliation & Exception Handling
Why it matters: Reconciliation eats up to 40% of the close cycle. High-volume rent and CAM data are painful to match manually.
✅ Look for AI tools that:
- Auto-match transactions across systems (ERP, lease, bank)
- Flag anomalies and unmatched items in real time
- Track aging and allow commentary or notes for auditors
3. Real-Time Visibility into Close Status
Why it matters: Without a centralized dashboard, close progress is hard to track and manage—especially in multi-entity REIT structures.
✅ The right solution should offer:
- Close calendars and task trackers
- Visual dashboards for task status (by property, entity, region)
- Alerts for delays, exceptions, or missing approvals
Other Close Priorities to Consider:
- Streamlining Approvals & Compliance Checks
- Centralizing Documentation for Audit
- Faster, More Accurate Reporting
Pro Tip: Adopt a REIT-Ready Close Automation Platform Powered by AI
No-code tools are great—but AI-driven automation tools purpose-built for REITs, like cfo.jiffy.ai/, reduce time-to-value by offering:
- Pre-configured journal templates
- Built-in reconciliation logic
- Approval thresholds by entity
- Audit-ready data backups
- Reporting accelerators tailored for REIT metrics