How DOKKA Redefined Weinprop’s Financial Operations
Company
Weinprop is a distinguished property investment, management, and development company based in South Africa. Over the years, the company has cultivated a substantial portfolio that includes retail, commercial, and residential properties.
With an adept and seasoned management team bolstered by robust financial support, Weinprop has solidified its status as a long-term property holder. Presently, Weinprop manages a collection of over 30 properties.
The company provides secure and high-quality housing solutions through a rental lease of 2,500 apartments nationwide. It also offers affordable student accommodation located near the University of Johannesburg Campus and the Central Johannesburg College Campus. Furthermore, the company manages a series of shopping malls across Johannesburg and showcases a range of exciting residential developments.
With a rich history spanning more than 70 years, Weinprop remains a steadfast pillar in the South African property industry, driven by an unwavering commitment to quality, innovation, and meeting the evolving needs of its clients and communities.
Quick facts:
- Founded in 1951 by Hymie Weinberg
- 85 company employees plus seasonal workers
- 6 people in the finance team
- Collaborating with more than 500 vendors
Challenge
As a holding company with multiple properties, Weinprop manages a portfolio of 23 different subsidiary firms, each with its own set of financial documents and transactions. They utilize MDA accounting software (also known as MRI) for their financial operations and process approximately 2,000 invoices each month.
The company deals with a diverse array of invoices, including those for maintenance, security and development. They collaborate with 500 vendors, with approximately 40 in active use at any given time. Many of these vendors still use paper-written invoices.
Before DOKKA, Weinprop employed outdated practices, including email for invoice collection and management, manual data entry into the ERP system, and manual payment processing. Supplier email addresses were assigned to specific Outlook folders created for each supplier, resulting in these folders being inundated with 200-400 invoices every week. The primary responsibility of an accounts payable clerk was to print out all invoices, manually input them into MDA, and then log into the banking system to make payments.
This manual process resulted in significant time wastage, excessive paper usage, and paper-related costs totaling $7,000 per year. Additionally, payment processing was done in bulk, with no visibility into cash availability. Financial reporting was solely based on cash transactions, with expenses recorded only when cash was paid out. As a result, operational efficiency, transparency, and the accuracy of financial data were sorely lacking.
When Weinprop’s new CFO, Jarred Abelson, assumed his role, he recognized the imperative need to overhaul the company’s financial operations.
“I was utterly baffled. You cannot even contemplate processing this volume of documents on a daily or weekly basis without a system; it’s simply impossible. There was no way of knowing whether vouchers or invoices were being duplicated, and there had been no reconciliation with statements. So, I sat down with our operations team and emphasized the urgent need to develop a system.”
- Jarred Abelson, CFO at Weinprop
Solution
Jarred was actively seeking an accounts payable (AP) automation solution that could seamlessly integrate with MDA accounting software. He first heard about DOKKA through a recommendation, and after engaging with DOKKA’s technical team, he was convinced that DOKKA ticked all the necessary boxes.
DOKKA has revolutionized the way Weinprop collects and processes invoices from vendors across their 23 companies. With DOKKA, each vendor is assigned a dedicated folder and email address for invoice delivery and document management. When an invoice is sent to the correct email address, the data is captured, entered to the MDA and subsequently processed for payment and approval.
DOKKA’s approval workflows play a crucial role in Weinprop’s daily financial operations. The sheer volume of invoices makes it challenging for the finance team to track whether the billed services have been delivered. To enhance the efficiency of the accounts payable process, various approval groups were established in DOKKA. Approval rights were then assigned to maintenance and utilities managers, who verify the accuracy of the invoices.
DOKKA has empowered Weinprop to transition to an accrual basis accounting system, resulting in more accurate financial reporting. Previously, their financial reporting was based on cash transactions, which meant that expenses were recorded only when cash was disbursed. Thanks to DOKKA, expenses are now recorded instantly as invoices flow through the system, irrespective of when the actual payment is made.
“We’ve been able to extract significant value from various aspects of the business because we saved a considerable amount of time on accounts payable. Historically, we wouldn’t have spent as much time on arrears management as we do now. Arrears aren’t handled by DOKKA, but because DOKKA has muscles to deal with accounts payable, we can focus on other areas of the business and address those.”
- Jarred Abelson, CFO at Weinprop
Biggest Wins
“DOKKA basically became another employee. But it’s a lot cheaper than a salary, that’s the benefit.”
- Jarred Abelson, CFO at Weinprop
“One of the significant benefits of using DOKKA is that once it’s implemented, there is not much that you have to worry about. It comes down to arriving at the office, checking your bank, reviewing DOKKA, and that’s the end of the story. It becomes such a powerful tool in your day-to-day financial management.”
- Jarred Abelson, CFO at Weinprop
Your Key to AP Efficiency
Join Weinprop and thousands of other companies that are streamlining their accounts payable with DOKKA.
