Case study · Finance
Riverside: real-time financial visibility across 56,000+ properties
A rationalised chart of accounts, automated rent billing and three-way invoice matching gave the finance team one view of cash, receivables and payables.
UK housing associations
Finance and procure-to-pay for UK housing associations
One platform for the ledger and for purchasing, with schemes, properties and service charges designed in from the start.
Many housing associations run their ledger in one system and their purchasing in another. Invoices pass between the two, and so do the questions: has this been receipted, which scheme does it belong to, who approved it? Bringing both onto one platform removes the gap between them.
Built on Oracle Fusion Cloud ERP and Procurement.
What is included
Five areas, delivered together.
Record to report
- Chart of accounts
- Multi-entity and intercompany
- Budgetary control
- Month-end close
Procure to pay
- Requisitions and catalogues
- Approval limits
- Three-way match
- CIS
- Payment runs
Housing tax
- VAT with partial exemption (PESM)
- Domestic reverse charge
- Making Tax Digital
Assets and development
- Property components
- Capitalisation from schemes
- Grants
Integration
- Housing management
- Banking
- Payroll
- Through the Finance One accelerator
Procure to pay, designed for the occasional user
The finance team is small. The people who raise requisitions, approve spend and receipt goods are many, and most use the system for a few minutes a week. The design starts with them.
Steps, in order:
- Requisition: From catalogues and approved suppliers; scheme, block or property picked once
- Approval: Routes follow value, entity, cost centre and category
- Receipt: Quick enough to happen on the day
- Invoice: Matched against the order and the receipt
- Payment run: CIS deducted by supplier status
The design decisions that matter most
Group structure
Each company in the group keeps its own legal entity, accounts and VAT position inside one shared ledger structure. Intercompany charges balance automatically and group reporting comes from the same data the companies report from.
Housing dimensions
The chart of accounts carries the dimensions housing finance teams report on: fund and cost centre, scheme, block and property, with components and grants linked to the property they belong to.
Controls and evidence
Housing finance answers to auditors, funders, the Board and the Regulator of Social Housing. Segregation of duties is enforced by role, and every approval and transaction keeps a full audit history.
Housing tax is set where the purchase starts: VAT with partial exemption, the Construction Industry Scheme and the domestic reverse charge. See getting housing tax right at the point of purchase. For the full approach, read bringing housing finance and purchase-to-pay onto one platform.
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Getting Housing Tax Right at the Point of Purchase
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