Case Study
Transformation of Lease Accounting Processes and Reporting Automation
A leading provider of fresh meal solutions, specializing in logistics and distribution of meal kits across the United States.
The business situation
- Our client faced significant challenges in managing lease accounting due to reliance on fragmented, manual Excel-based processes. These inefficiencies resulted in inaccuracies, inconsistencies in accounting policies, and a lack of standardized reporting. Key issues included:
- Lack of Uniformity: No unified accounting policies for lease management.
- Reporting Challenges: Absence of extensive reporting capabilities to support decision-making, limited visibility into leases, and highly manual approach for generating reports and entries for a growing lease population.
Our team’s role
Lease Assessment
Conducting a comprehensive assessment of the client’s lease population and creating a centralized repository for lease data
FinQuery Implementation
Implementing FinQuery (A robust lease accounting tool) by automating the extraction and validation of lease data, mapping it to FinQuery’s templates, and addressing variances through analysis
Reporting and Automation
Designing reproducible reports, automating journal entry generation, and setting up alerts for expiring or renewing leases
The value our team added
- Centralizing lease management with unique identification codes and improving transparency.
- Automating reporting processes, reducing manual intervention, and ensuring compliance with ASC 842 standards.
- Providing a dashboard for easy visualization of leases and actionable insights for better decision-making.
Streamline Lease Accounting
From Data Centralization to Full-Scale FinQuery Implementation and Automation
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