The Challenge

The Wagners finance team uses several tools to help automate their financial reporting processes. However, one area that had still to be addressed was compliance with the new lease accounting standard. With a lease portfolio of 16 leases, and other software solutions unable to cater to a smaller lease portfolio, manual compliance seemed doable.

Fast forward to the first reporting period under the new lease accounting standard, and even with a portfolio of fewer than twenty leases, manual compliance was a time-consuming task.

The Solution

Wagners was looking for a straightforward and affordable way to automate the manual aspects of the lease standard. More importantly, the software had to be robust enough to handle all the new lease accounting standard requirements.

Cradle’s cloud-based software did this and more.

The Experience

Cradle’s software was affordable, specifically engineered to the lease accounting requirements, included lease management features, and easy to use. After one training session, the finance team could comfortably onboard leases and run all their required reports.

In addition, since signing up, Cradle has implemented several software updates to ensure the software has all the required functionality for Wagners to perform their lease accounting in the most efficient way possible.