A top-performing retail REIT focused on operating and developing shopping centers through the United States and Canada, Tanger Outlets' financial close, fixed asset roll-forward and SEC reporting processes were slow and outdated.
"There are so many things we can do now with Vena that we couldn't do before."
Michelle Canada, Director of Financial Reporting, was frustrated with the team's reliance on exporting to PDF and manually entering notes - and when Tanger implemented Vena, she was amazed at how much more her team could handle. The financial close process dropped form 10 days to just 5 days, and fixed asset roll-forwards now take a fraction of the time.
Discover why more teams at Tanger are starting to adopt Vena throughout their own functional areas by watching the video above, or check out the transcript below.
My name is Michelle Canada and I'm the Director of Financial Reporting at Tanger Outlets. I am responsible for all the SEC reporting, any internal schedules we give to the CFO, and some analysis that he uses for his calls that he does with the investors.
Before Vena was very manual. It was a lot of keying in data from our general ledger system. The review process was horrible, because Internal Audit wanted to know that that was the final version – and the only way to know it's a final version was to PDF it and put all your review notes manually into Adobe.
There are so many things we can do now with Vena that we couldn’t do before. All our work papers are pulling in the general ledger data that stops people from having to key it in. One of the reports our CFO really loves: he's always telling me “I love this report” and it helps him on all of his investor calls because they can identify key variances right away.
Before Vena, our closing process was, like, 10 days and now it's cut to 5 days, and it's less manual-intensive. We have a fixed asset roll-forward that took 2 days to manually key in a bunch of data; now it only takes a couple hours because you open up the schedule and most of the information is already there. So you're spending more time reviewing it, making sure the information is accurate, than actually keying in data.
Our accounting department was using it and then our FP&A decided that they would start using it too. So they're now realizing the power that Vena has, of being able to be in a familiar tool, that they can use Excel, and it's just another section that's benefiting from Vena now.
The best thing I do when I go to work is getting to work in Vena, creating new reports, creating new hierarchies – I’d rather do that than my regular day-to-day boring stuff. I like process improvement and Vena gives me all the tools I need to do that.