How GSSP automates accounting to ensure maximum compliance and efficiency

At a glance

• Automated financial consolidation across 280+ entities
• Managed 200+ transactions per month
• Handled 115+ leases with ASC 842 compliance
• Saved 60+ hours per month on financial processes
• Streamlined month-end close process
• Improved real-time visibility for executive decision-making

"Consolidating financials across our solar project entities used to be a spreadsheet nightmare. Nominal automated intercompany eliminations and consolidated everything with a click, saving us countless hours and keeping our books audit-ready."

Josh Ramos, Controller at GSPP

Excel limitations hindered growth and efficiency

In 2023, Green Street Power Partners (GSPP) found itself grappling with the limitations of Excel for managing its complex financial operations. As a national solar energy developer with multiple funds, holding companies, and project entities, GSPP's corporate structure demanded a more sophisticated solution for financial management and reporting.

The finance team faced significant challenges:

1. Time-consuming consolidations: Monthly financial consolidations across numerous entities involved manual data entry and sprawling spreadsheets, taking days to complete.
2. Complex entity structure: With over 280 entities, including LLCs, funds, and holding companies, managing intercompany eliminations was error-prone and inefficient.
3. Lease accounting compliance: Manually tracking leases and ensuring compliance with ASC 842 standards was becoming increasingly difficult.
4. Inefficient month-end close: The close process was stressful, time-consuming, and lacked visibility for stakeholders.

Controller Josh Ramos described the situation: "The complex entity structure meant consolidations took days of manual effort in spreadsheets. It was a constant struggle that cost us a significant amount of time and money. Efficiently consolidating reports and producing fund reports on a timely basis is a key factor for a company of our kind."

Nominal's AI-powered platform transforms financial operations

After evaluating various options, GSPP chose Nominal to revolutionize their critical finance workflows. Nominal's AI-powered automation and intuitive design stood out as the clear choice for addressing GSPP's complex needs.

Key features that solved GSPP's challenges:

1. Multi-entity consolidation: Nominal effortlessly handled GSPP's complex hierarchies, automating intercompany eliminations and consolidations.
2. ASC 842 compliance: Built-in lease management features streamlined compliance, automating lease tracking, bill creation, and reporting.
3. Collaborative close management: Centralized task lists, team communication, and reconciliations brought new levels of control and visibility to the close process.
4. Real-time financial visibility: Executives gained access to up-to-date, entity-level and consolidated financial data for improved decision-making.

60+ hours saved monthly with improved accuracy and insights

Implementing Nominal has transformed how GSPP's finance team operates:

1. Time savings: Over 60 hours per month previously lost to manual consolidations and lease tracking are now redirected to strategic analysis.
2. Faster, less stressful close: The monthly close process is significantly accelerated and more controlled.
3. Improved compliance: Automated lease management ensures ASC 842 compliance with minimal manual intervention.
4. Strategic partnership: Real-time financial visibility allows finance to provide executives with timely insights for better business decisions.
5. Scalability: Nominal's automation has set GSPP up for continued growth and success in the renewable energy sector.

CFO Amir Richulsky summarized the impact: "Nominal has been transformative for us. We're saving significantly, closing faster, and concentrating on analysis rather than leg work. It's elevated our whole team."

GSPP's success with Nominal demonstrates the power of intelligently automating complex accounting workflows, particularly for companies in the renewable energy sector dealing with multi-entity structures and evolving compliance requirements.