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Automating Lease Completeness to Strengthening Financial Controls​

Automating Lease Completeness to Strengthening Financial Controls​

A corporate controllership team engaged SolomonEdwards to streamline its quarterly lease completeness review, improving visibility into lease-related transactions and strengthen the control environment through data-driven automation.​

Challenge

The client’s controllership team relied on a largely manual process to perform its quarterly lease completeness review. Each quarter, the team spent one to three days reviewing procurement and invoice activity across more than 250 purchase orders to identify transactions that could potentially contain unrecorded lease obligations.​

The process relied heavily on manually maintained tracking files and reconciliation across multiple data sources. This created additional effort during already compressed close timelines and increased the risk that lease-related activity could be missed or require additional follow-up.​

Solution

SolomonEdwards worked with the client to develop an automated data and analytics solution that brought together purchase order, work order, General Ledger and invoice data into a more efficient process review. ​

  • Integrated data from multiple source systems to provide a consolidated view of lease-related activity.​
  • Reduced the time required to access and evaluate transaction-level information from days to minutes.​
  • Established a detective control to identify potentially lease-related transactions not captured within existing tracking records.​
  • Applied materiality thresholds to focus the team’s attention on transactions requiring additional review.​
  • Reduced reliance on manually maintained files and repetitive reconciliation activities.​
  • Created a repeatable process that could be used during future quarterly reviews.​

Outcome

The automated solution shifted the lease completeness review from a time-intensive data collection exercise to a more targeted, exception-based process. The controllership team gained faster access to transaction-level information, allowing resources to focus on evaluating potential exceptions rather than gathering and reconciling data. ​

By leveraging system-of-record data and introducing a repeatable detective control, the client strengthened its lease completeness process and improved visibility into potentially untracked obligations. The solution also reduced manual effort during the quarterly close process and established a more scalable approach to support future transaction volume and compliance requirements.​

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