Hines is one of the largest privately held real estate investors and managers in the world, with a presence in 240 cities in 27 countries and $160.9 billion of assets under management.
The group has been in Italy since 1999. Hines Italy has implemented an important investment program, mainly in Milan and Florence, with over 3 billion euros invested in 5 years (2015 – 2020). For the two-year period 2020-21, Hines Italy’s objective is to extend the geographical target to Rome and to invest a further 2 billion euros.
The Oracle JDE implementation project in Hines’ European subsidiaries started in 2014. Sinfo One supported Hines in the implementation of the corporate accounting system in Italy, which started in February 2018 with go live in January 2019.
- manage the project respecting the corporate model and, at the same time, ensuring compliance with Italian legislation
- intragroup reporting with creation of the chart of accounts and the various cost centers used in analytical accounting
- guaranteeing technological quality and safety standards
The project involved the Sinfo One team, the IT team of the Group’s headquarters (Houston – USA) and the Finance team of Hines Italy. The collaboration ensured the success of the project by facilitating its processes.
The experience of the Sinfo One team has made it possible to manage specific regulatory obligations within a software of foreign origin, creating complex ad hoc solutions to ensure compliance with Italian taxation in compliance with group policies.
The Sinfo One team supported the Houston team throughout the training period and especially during the post go live, so that users could become familiar with the system.
A test environment was used to simulate a large number of specific cases of Hines Italy, in order to ensure correct functionality in the final work environment.
Hines Italy’s management system is consistent with the corporate model and enriched to ensure compliance with Italian legislation: VAT registers and settlement; journal; bills and withholding taxes; SEPA automatic payments; electronic invoicing; esterometer; customs bills; reclassified financial statements 4th directive, etc.
The transition to JDE represented for Hines Italy a growth in the quality, security, conservation and consultation of data, as well as consistency and uniformity of management at an international group level.
The innovative technologies used by the system allow for simplified and intuitive accounting procedures. Multiple automations have been added to speed up processes, for example cash balance sheet, supplier payments and directive IV balance sheet.
Finally, the information available has multiplied, ensuring more efficient checks and analyzes.
We have worked synergistically from the beginning
Monica Cerrato - Senior Accountant Dipartimento Finance