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Introduction & Background:

PKF O'Connor Davies, a premier accounting, tax, and advisory firm with a rich history dating back to 1891, serves both domestic and international clients across its expansive network. With over 1,500 employees, the firm is committed to delivering top-tier services and ensuring compliance with evolving accounting standards.

Recognizing the complexities of the new lease accounting standard (ASC 842), Donny Butler, a 12.5-year veteran at PKF O'Connor Davies, knew from the beginning that manual processes wouldn't suffice. "We anticipated that handling lease accounting in Excel would be inefficient and error-prone," says Butler. This proactive approach led them to seek a robust and user-friendly solution: LeaseCrunch.

Decision to Choose LeaseCrunch

PKF O'Connor Davies' decision to adopt LeaseCrunch was driven by several key factors:

  • User-Centric Design: "User experience and ease of use were paramount for us," says Butler. Navigating LeaseCrunch's intuitive interface was a breeze for employees at all levels.
  • Empowering Knowledge Base: The embedded wizards and comprehensive guidance within LeaseCrunch proved invaluable. "These features were game-changers for educating our team and clients about the intricacies of ASC 842," explains Butler.
  • Cost-Effective Solution: LeaseCrunch offered a competitive price point, allowing PKF O'Connor Davies to pass on savings to their clients.
BlockQoute Icon LeaseCrunch's ability to handle the complexities of ASC 842, along with its SOC reports validating the platform's security, solidified our decision. Other alternatives either lacked these essential features or came at a higher cost. With LeaseCrunch we receive the functionality and compliance that we need while still remaining the most cost-effective solution."

PKF O'Connor Davies aimed to achieve three key outcomes with LeaseCrunch:

  • Ensure complete compliance with ASC 842.
  • Achieve consistency in lease accounting practices across all offices.
  • Maintain comprehensive and accurate lease disclosures.

Impact and Benefits

BlockQoute Icon Clients have generally found LeaseCrunch user-friendly," says Donny Butler, a 12.5-year veteran at PKF O'Connor Davies. "What's particularly impressive is LeaseCrunch's continued commitment to product improvement based on customer feedback. It reflects directly on their commitment to supporting clients."

PKF O'Connor Davies saw a dramatic improvement in the quality of their lease accounting processes thanks to LeaseCrunch. Standardized workpapers ensured consistency across all offices, leading to more efficient and accurate audits. This directly translates to increased confidence in their financial disclosures, a critical factor for any accounting firm. Employees across the board expressed their appreciation for LeaseCrunch, praising its ability to simplify the complexities of the new lease standard.

BlockQoute Icon LeaseCrunch's responsive customer support has been invaluable in minimizing disruptions and keeping our operations running smoothly."

Donny Butler

Return on Investment (ROI)

While the newness of the standard makes quantifying exact cost savings difficult, the qualitative benefits of LeaseCrunch are undeniable. "It has been a critical factor in ensuring quality and consistency," says Butler. "Without this solution, the adoption process would have likely been chaotic and error-prone."

Future Outlook

PKF O'Connor Davies plans to continue using LeaseCrunch for their lease accounting needs. Donny Butler wholeheartedly recommends LeaseCrunch over Excel and other platforms. He highlights its ease of use, cost efficiency, and the helpful wizards that have been instrumental in educating both team members and clients about the complexities of the ASC 842 standard.

“This standard is probably never going away so I expect to utilize LeaseCrunch into the future to continue to help complying with the standard.” 

Conclusion

PKF O'Connor Davies' experience with LeaseCrunch highlights the platform's effectiveness in simplifying complex lease accounting processes. The firm's commitment to quality and compliance has been bolstered by the intuitive and cost-effective solution provided by LeaseCrunch, ensuring they remain a trusted advisor to their clients in an ever-evolving regulatory landscape.

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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