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Revelop's property development soars with MYOB Advanced

17 May 2024

Revelop Building and Development is now five times the size it was when it implemented MYOB Advanced Business and MYOB Advanced Payroll, with the platform providing the foundations for growth and seamlessly scaling to meet the company’s additional needs.

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  • ERP, payroll and third-party apps seamlessly integrated on one cloud-based platform

  • Ability to increase transaction volumes, users, modules, features and more as the company grows

  • Enhanced visibility and control with comprehensive financial reporting from real-time data

  • Working with Kilimanjaro Consulting, Revelop has the partner it needs to underpin its phenomenal growth

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Fifteen years ago, Charbel Hazzouri and Anthony El-Hazouri started Revelop, an independent, privately-owned property building and development company specialising in commercial real estate. What they’ve achieved since is nothing short of remarkable.

Today, Revelop owns and manages over 80 properties across Australia, with more than 1,800 tenants — all supported by a team of 30 employees (and growing). Its portfolio is made up of residential, commercial and retail assets — and includes 26 shopping centres.

A complex web of transactions — all processed manually

When Paul Shrestha, Head of Finance, joined Revelop in early 2017, the company was outsourcing most of its accounting and bookkeeping functions to a tax agent. While this arrangement had worked well during the company’s start-up phase, it wasn’t sustainable — the tax agent was now managing over 100 entities manually, which was extremely inefficient and error-prone.

Without their own software, Revelop also had limited access to financial reporting. Countless hours were wasted going back and forth with the tax agent to double-check numbers, making it hard to have confidence that the reports were accurate.

With Paul on board, the company decided to bring all its accounting tasks in-house. To do that, it needed a powerful and scalable system.

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MYOB Advanced Business “ticked all the boxes from the beginning”

Throughout his career, Paul has worked with several accounting and enterprise systems. So, when he went looking for the best software for Revelop, MYOB immediately came to mind.

Paul engaged MYOB Diamond Partner Kilimanjaro Consulting to demo MYOB Advanced Business.

“The demo is where it all started – and we haven’t looked back,” Paul says.

“What really stood out about MYOB Advanced Business was its simplicity – and how it can scale with your business as you grow.”

- Paul Shrestha, Head of Finance, Revelop

With MYOB Advanced Business, customers can increase their transaction volumes, users, modules, and features as their companies grow, and their needs continue to evolve.

“We’ve been working with Kilimanjaro for over six years now and we couldn’t be happier with their services,” explains Paul.

“We had very few hiccups during implementation and the issues we did have were resolved quickly. They regularly provide us with software updates and are continuing to support us to identify ways we can make MYOB work even better for us.”

“MYOB Advanced Business is the perfect fit for any customer with GL-centric, multi-entity requirements like Revelop,”

- Michael Dracopoulos, ANZ Manager at Kilimanjaro Consulting

“The interbranch mapping functionality simplifies their complex intercompany requirements. It ensures loan accounts are always in balance and saves time on data entry throughout the month and reconciliation time at month end,” he says.

“Being a SaaS product means that companies like Revelop benefit from regular software updates. In addition, the Kilimanjaro team is able to advise Revelop on new features as they become available, thus enhancing the cycle of continuous improvement,” Michael adds.

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Processing high volumes of invoices in minutes

With MYOB Advanced Business, Revelop has streamlined the way it processes transactions for all its entities – significantly reducing the manual workload for the finance team. For example, it’s integrated TRAILD, which is accounts payable automation software that processes invoices and manages approvals.

“When we first implemented MYOB Advanced Business, it was just me and I didn’t have a lot of extra time to process hundreds of invoices every month,” Paul explains.

It’s also integrated the ERP system with its property management software. This allows MYOB Advanced Business to pull in financial data for Revelop’s established properties, providing a single source of truth. Paul says the system has been a big part of the company’s growth since implementation.

“MYOB Advanced Business has saved us weeks of work, and with all our financial data in one centralised system, we have confidence in our numbers”

- Paul Shrestha, Head of Finance, Revelop

“If anything ever looks wrong, it doesn’t take long for us to find and fix the issue. That gives me confidence that I can come back after a week of working on other projects, and the system will have done its job.”

Meeting payroll and tax obligations

The Revelop team has incrementally grown over the years. So, after implementing MYOB Advanced Business in 2018, the company added MYOB Advanced Payroll to bring this function in-house and all the firm’s financial information together in one place.

With MYOB Advanced Payroll, automated workflows ensure accuracy and payroll compliance while saving weeks of work for Paul and his team. This integration lets Paul easily track and manage staff information and stay on top of tax obligations – without imposing on the team’s time and resources.

“We have staff right across Australia, so MYOB Advanced Payroll helps make sure we’re calculating tax rates for our employees correctly,” says Paul.

Comprehensive, real-time reporting – with the click of a button

With MYOB Advanced Business, Paul and his team can drill down into the details of a development project or leased property and provide high-level, consolidated financial reporting – on groups of entities or the whole business.

Revelop has also integrated Velixo, an automated reporting tool available to all MYOB Advanced customers that easily creates custom monthly reports and dashboards that can be refreshed in real-time.

“Revelop has used Velixo to build a suite of financial reports, which are easily extended as the company adds on new entities,” says Michael.

“Using MYOB Advanced Business with Velixo enables the team to be more efficient, saving on labour costs and spending less time on admin”

- Michael Dracopoulos, ANZ Manager at Kilimanjaro Consulting

“This allows the team to focus on property management and development,” Michael says.

Beyond regular management reporting, Revelop must also provide all its major funders with specific financial reports. Previously, this type of reporting took weeks to compile, but now “we can do it with the click of a button,” says Paul.

“With MYOB Advanced Business, we can see our holding costs for our new development projects, which we can compare and check for variances on the previous year. That’s been a huge benefit,” he explains.

“Overall, we’re really pleased with how MYOB Advanced Business generates our reports, which gives us confidence that what we’re presenting to internal and external stakeholders is accurate.”

- Paul Shrestha, Head of Finance, Revelop

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More growth and acquisitions in the pipeline

With a development pipeline worth $1 billion, Revelop is full steam ahead. The company has recently acquired multiple million-dollar shopping centres and is building another two from the ground up.

On the other side of the development coin, Revelop works with current tenants to provide even better shopping experiences and find ways to increase its property valuations.

With MYOB Advanced Business and MYOB Advanced Payroll, Paul and the finance team can focus on strategic tasks and add value to other parts of the business, like leasing, property and facilities – without worrying about time-consuming administrative tasks.

“Revelop has expanded five times over since we implemented the MYOB Advanced platform – and it’s easily scaled with us”

- Paul Shrestha, Head of Finance, Revelop

“We’re confident that as we grow and add more features with the ongoing support of Kilimanjaro, MYOB Advanced Business will continue to help us achieve our business goals.”

Revelop’s solid foundations with MYOB Advanced Business and MYOB Advanced Payroll:

  • Cloud-based ERP system — with payroll, Velixo reporting and other software integrations

  • Set up to scale — easily processes a high and increasing volume of inter-company transactions

  • Compliant payroll — automation saves time and reduces the risk of pay run errors

  • Comprehensive financial reporting - consolidated financial reporting and reporting by entity

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