July 20, 2020

Automated reporting brings Silverfin efficiencies

Automated reporting brings Silverfin efficient, customer-centric results, saving time and errors.



Background:

Silverfin specialise in property syndication and management. Its schemes are structured to provide investors with a cash return from commercial and industrial real estate, without the burdens of private property ownership. Silverfin pride themselves on an 'investor first' culture and have set a new standard in the property investment industry by enhancing solid investment strategy with a truly personable approach.

Silverfin has seen great success since its beginning in 2016 taking on an increasing number of property schemes. This growth has forced Silverfin to think smart about how to keep control of the escalating admin. Using the Syndex platform has offered numerous administrative efficiencies that have reduced labour intensive tasks.

Reports, summaries and certificates made easy


Silverfin has adopted a number of the Syndex platforms functionality:

End of year reporting can put an administrative strain on many organisations. The increased workload under time pressure for manual systems can be unpleasant to endure and the results are subject to human error.

Committing to their ‘investor first’ ethos Silverfin insisted on individualised tax summary for their investors. In a manual ‘document-merging’ system this could mean half a day per scheme, which in the early Silverfin days was achievable. As Silverfin grew they needed a system that would allow them to scale up without added admin. Silverfin has now completed two EOY reporting cycles using a custom-built function. Using data already in the system, the Silverfin team enter minimal additional data, then the personalised tax summaries are ready to be previewed and sent to investors. 

‘The time saving is significant,’ says Julian Koppens, CFO. ‘We can now access a lot of the information direct from Syndex, add some additional fields relating to the financial statements and then load it back in. The platform eliminates the double-handling of data.’

Income records for PIE schemes are sent to Silverfin investors on a monthly basis. This automated function takes the distributions data and allocates the relevant amounts to investors. In customised income records these investors are notified of the due payment.

‘Sending quality, meaningful communications to our investors is important to us. The Syndex tools have enabled us to do this easily.'


Bank file distributions have made paying out distributions easier. Building on the functions above, the distribution calculations are converted into a ‘bank file’, or a code, that is then uploaded into the respective banks online portal.  This code instructs payments, saving individual data entry that takes time and prevents errors.

‘Distribution reports have been one of the more significant updates from the finance team perspective. Streamlining and automating the process has saved time and significantly reduced the risk of error. With income records now in the system, the end of year investor reporting process is a lot easier and more accurate.'


Silverfin use the Investment Management module and Investor Portal for back-office support, and the marketplace for on/off secondary market transactions.

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