The Challenge

As a listed company, Mayne Pharma transitioned to the new lease accounting standard on July 1, 2019, and subsequently went through its first reporting period, complying with the standard manually using Microsoft Excel.

With a lease portfolio of more than a hundred leases and finance teams located in Australia and the US, manual compliance to the new lease accounting standard in Excel became cumbersome and time-consuming.

The Solution

After a demo of Cradle’s lease accounting software, Mayne Pharma utilized Cradle’s free trial to ensure the software would be an appropriate fit.

During the trial, it became apparent Cradle had all the features needed to comply with the new rigors of the lease accounting standard and manage its lease portfolio.

Why Cradle?

Cradle hit the mark with the required functionality needed for compliance at an affordable price. Not to mention their support teams, situated in North America and Australia, ensured Mayne Pharma’s queries were promptly dealt with.

Lease reporting is a breeze, thanks to Cradle!

- Ashlie Holt Manager Corporate Accounting

The Experience

By using Cradle, Mayne Pharma has implemented significant financial reporting efficiencies with its lease accounting. With all calculations and financial reports automated, it removes a considerable burden for the finance team.

Not only that, it makes the audit of their lease accounting balances straightforward, with their auditors being able to access all their required information by simply logging into Cradle.