Creating a Home for Data at Crescent Communities
Key results snapshot
Automated & streamlined processes, generating cash flow reports in minutes
Access to cost data on demand and streamlined reporting for any level/project, without sacrificing consistency
Greater capacity for in-depth cost/projection and trend analysis
Enhanced decision-making from deeper insights into cost/budget variances
Who is Crescent Communities?
Crescent Communities is a nationally recognized, market leading real estate investor, developer and operator of mixed-use communities. They create high-quality, differentiated multi-family and commercial communities in many of the fastest growing markets in the United States. Since 1963, their development portfolio has included more than 77 multi-family communities, 24 million square feet of commercial space and 60 single family master planned communities. Crescent Communities has offices in Charlotte, DC, Atlanta, Orlando, Nashville, Dallas, Denver, Phoenix and Salt Lake City.
Business challenges
Crescent Communities struggled with preparing cash flow reports, which often included formula errors that required re-keying entries, their various cash flows also limited their ability to automate classification. With over 100 active legal entities and four distinct business units, it was difficult for Crescent Communities to compare actual results against the budget on a project-by-project basis. Focusing on near-term results and plans also meant they risked project cost overruns and late-term course corrections.
Applications deployed
Prophix One Financial Planning & Analysis
System integrations
Why Prophix®
Crescent Communities needed a platform to automate their cash flow reporting processes, produce reports, consolidate information from multiple sources, and integrate data with complex project development models.
To find the best solution, Crescent Communities outlined their needs and developed a business case. Their Finance team submitted a budget request to their management board, established a project team, and refined requirements before issuing an RFP. After evaluating vendor demos, conducting reference calls, and completing assessments, Crescent Communities chose Prophix’s financial performance platform.
Prophix stood out for its configurability, full range of reporting capabilities, cost-effectiveness, and cultural fit—key reasons why Crescent Communities chose Prophix
Key results
Since implementing Prophix, Crescent Communities has effectively automated and streamlined their processes. Instead of spending days gathering and categorizing files, the Finance team can generate cash flow reports in minutes.
The Finance team can also access timely, accurate cost data on demand. With this data, they can create reports for any level of the organization and for any project, including historical results, without choosing between consistent evaluations and accurate insights. Improved analysis is another positive outcome of choosing Prophix. Now, the Finance team has more time for cash flow analysis and investigations.
The team can now compare:
- Actual costs + projections vs. board-approved plan
- Annual project plans
- Historical trends combining report line items with investment team models
By comparing current results against the budget, the Finance team can focus on significant variances and pre-emptively challenge project managers to make decisions.
Overall, Crescent Communities has streamlined and automated processes, improved analysis, and augmented data-driven decision-making with Prophix.
in action
