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Introduction & Background:

Rea & Associates, Inc. is a top 100 CPA and business advisory firm as well as an independent member firm of the BDO Alliance USA. Rea & Associates services companies of all sizes with a niche focus on manufacturing and distribution, construction, professional services and state and local government entities. Beyond audit, accounting and tax services, the firm also offers a range of business advisory services including cybersecurity and data protection, fraud consulting, HR consulting, retirement planning, valuation and transaction advisory services and more. 

The Goal: Help Clients Implement New Lease Standard Simply & Effectively

Rea & Associates has many clients with limited financial reporting resources. They knew these clients would need assistance implementing the new lease standard. The firm recognized that if their clients used spreadsheets, it would create a significant amount of work and the possibility of errors for staff.

The Challenge & Search for a Solution

The team at Rea & Associates started exploring software options for lease accounting after seeing the demand from their clients. When Jim Suttie joined their team, he had already communicated with LeaseCrunch while at two of his previous companies and knew the solution would benefit his new firm. 

BlockQoute Icon ...if a client were to use spreadsheets for lease accounting calculations it increases our work load and testing as spreadsheets are more susceptible to human error."

Jim Suttie, Principal at Rea & Associates, Inc.

Rea & Associates Chooses LeaseCrunch

“The user-friendly aspect of the product attracted us immediately,” Jim said. “The cloud-based solution and the accessibility of the LeaseCrunch team makes them extremely easy to work with.”

Key factors in their decision included:

  • Ease of Use: The software is easy to log into and to navigate.
  • Tooltips and Wizards: The in-app tool tips and guidance helps users answer questions about nuances within the standard, making it easy to use even for non-lease accounting experts.
  • Collaboration: Purpose-built for CPA firms, the ability to manage all clients in one place makes it allows the firm to serve clients better, faster and easier.
  • Unrivaled Support: The software paired with the educational content, trainings and support help make implementation successful.

BlockQoute Icon Given the complexity involved in capturing and controlling accurate data, calculating monthly journal entries, and creating the required footnote disclosure for financial statements, we strongly recommend seeking a software solution to track your lease portfolio."

The Impact

As Rea & Associate clients are starting to implement the new lease accounting standard, they have been pleased with the LeaseCrunch solution the firm is offering. In addition, they are happy to be compliant with the new standard for their calendar year-ends.

The CPA firm also recognizes the value LeaseCrunch has brought to its overall business offerings.

Lease Accounting, Simplified

LeaseCrunch is a simple, scalable, cloud-based solution that allows CPA firms and companies to automate the new lease reporting requirements with ease.

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Lease Accounting Resources

Everything you need to know about the lease accounting standards.

View All Resources
Unlocking the Future of Accounting: Key Insights from BDO Alliance Evolve Conference
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From Spreadsheets to Lease Accounting Software: Leave it in the Past
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FASB Amends the New Lease Standard: ASU 2018-11
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Help Clients With Policy Decisions in the New Lease Standard
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The Hidden Costs of Clients Using Spreadsheets to Implement ASC 842
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6 Reasons to Implement the New Lease Standard ASAP
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Lease Accounting Software: What to Look For
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Checklist: How to Identify Embedded Leases
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LeaseCrunch Announces New Agreed-Upon Procedure Report
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How Much Time Will You Save with Lease Accounting Software?
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