OSF HealthCare began looking for a lease management solution when they realized their manual approach wouldn’t be sustainable for meeting the requirements of ASC 842. The company also needed to adjust their accounting process to handle straight-line leases and deferred rent.
With LeaseAccelerator, they now have visibility and control over their entire lease portfolio, saving weeks of audit preparation time and hundreds of thousands of dollars in evergreen fees.
With all of the company’s leasing data centralized in a single repository, OSF HealthCare’s leasing program is now quantifiable, reportable, and manageable.
The accounting team can now produce audit reports and disclosures with ease and create SOC 1 and 2 reports on demand, saving what used to require 80 hours of staff time.
As OSF HealthCare prepares for ASC 842 compliance, automated lease accounting gives them the tools for an easy transition.