A $4B industrial products manufacturer with 140 worldwide locations, 80 currencies and 2,000 complex real estate, equipment and vehicle leases engaged us to assist with a 21-month implementation of ASC 842, along with a fast-track implementation of LeaseAccelerator, a leading lease accounting system. Besides the company’s sprawl, another challenge to implementing the new standard and software was navigating its decentralized accounting operations with 60 unique ERPs.
Because the company suddenly lost support for its previous software, it needed to make a quick transition to LeaseAccelerator—compressing a 16-week process into six weeks. We provided an experienced project manager to lead the implementation and conversion of lease accounting processes, policies, controls and reporting functions to ASC 842 to achieve compliance and prepare for the new software.
We provided specialized support throughout the engagement—meeting with auditors to address accounting issues under the new standard, designing and testing system controls, preparing financial reports and training the internal team. Additionally, we helped the company transition lease functions to a central lease function (CLF) in its shared services processing center, which included assisting with hiring and training new staff and transitioning activities to the new center.