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Large healthcare organization streamlines lease accounting and implements real estate lease administration

LeaseAccelerator
0
Leases
$ 0 M
Portfolio value
Real estate, equipment

Portfolio

Healthcare

Industry

Situation

The Company needed a solution that would achieve these outcomes:

The Company, a large healthcare organization with 75,000+ employees and over 2,000 locations globally, was struggling with several control issues resulting from their decentralized and fragmented lease accounting process. The Company also sought to replace their current lease accounting and real estate lease administration system, IBM Tririga, to avoid a software upgrade that would cost millions.

The Company’s management team decided to engage a Big Four accounting firm’s Lease Managed Service offering instead of restructuring their current processes, relying on the Firm’s expertise and resources to organize a centralized Center of Excellence for leasing and resolve their lease accounting and real estate lease administration issues.

“No other competitor was able to provide even a fraction of the options available through LeaseAccelerator.”

Blake Wolffis

Lease Accounting Manager at Salesforce

Solution

The Company chose the Firm’s Managed Services offering to implement and operate LeaseAccelerator Lease Accounting Manager. The Company also purchased and implemented LeaseAccelerator Real Estate Manager as part of this initiative. The Company now has an automated end-to-end lease lifecycle process that empowers their in-house team to perform real estate lease administration while collaborating with a Firm which manages the accounting for both equipment and real estate leases. This combined Managed Services and software solution includes monthly, quarterly, and annual reporting, journal entries, payment processing, lease asset tracking and renewals management, and real estate lease administration.

Impact

By using the Firm’s Managed Services, which are designed to leverage the capabilities of LeaseAccelerator’s cloud-based software platform, the Company now has well-controlled data and accounting, and reliable reporting delivered on time. The Company’s accounting team no longer has to manage their lease accounting or learn new technology. For example, the Firm’s lease accounting subject matter representatives (SMRs) provide local, on-demand expert help to address the Company’s lease accounting needs as the company transacts new leases and new scenarios emerge.

The Company now has standardized processes and access to enhanced information that they didn’t have before, yielding cost- saving insights. The Company has also been able to shift key people out of lease accounting and administration to perform other important work in the business, improving productivity and ROI. Finally, this combined solution has strengthened the Company’s internal controls, resulting in less financial risk.

“We save thousands of hours per year having LeaseAccelerator manage our monthly accounting activity across our large and extremely complex lease portfolio.”

Blake Wolffis

Lease Accounting Manager at Salesforce