About the company
MichaelSilver is a full-service CPA firm specializing in audits, reviews, comps, tax returns, and valuations. Ryan Lubinski, a seasoned professional with nearly 13 years at the firm, serves as a Partner in the accounting and assurance department.The Goal: Improved Efficiency in Lease Accounting
CPA firm MichaelSilver was looking for a solution to improve their staff’s audit experience and help their clients navigate the complexities of ASC 842. Learn how LeaseCrunch's features streamlined the lease accounting process and saved the firm valuable time.
The Challenge and the Search for a Solution
The recent adoption of ASC 842, the new lease accounting standard, presented a challenge for MichaelSilver's clients. Many lacked the internal expertise to handle the complexities of the standard on their own. To ensure a smooth transition for their clients, MichaelSilver sought a comprehensive lease accounting solution.
Our clients needed support, and they weren't all equipped to navigate the complexities on their own. We formed a committee of four audit professionals to pinpoint the ideal software. After rigorous demos, LeaseCrunch was a clear standout." Ryan Lubinski
MichaelSilver Chooses LeaseCrunch
After evaluating various software options, MichaelSilver selected LeaseCrunch. Key factors in their decision included:
- User-friendly interface: Easy to learn and navigate for users of all experience levels.
- In-app guidance: Tooltips, decision trees, and a knowledge base provided valuable assistance throughout the lease accounting process.
- Streamlined lease entry: Saved time and ensured data accuracy.
- Embedded treasury rate data: Simplified discount rate calculations.
- Competitive pricing: Offered a cost-effective solution.
The lease standard info built into LeaseCrunch was a game-changer. Questions like discount rates were a breeze, with treasury rates available at a click. It's user-friendly and cost-effective. LeaseCrunch was a no-brainer."
The Impact:
Since implementing LeaseCrunch, MichaelSilver has experienced significant improvements in their lease accounting practices. LeaseCrunch helped them:
- Streamline lease entry and data collection
- Generate accurate and timely client reports
- Ensure a seamless transition to ASC 842
- Improve communication and transparency with clients
Our realization rates definitely improved,” Ryan stated. “LeaseCrunch's efficiency positively impacted our billing practices. One of our partners commented that had we not utilized LeaseCrunch, adopting the standards would have cost us an infinite amount of billable time.”
Benefits Beyond Efficiency
The benefits of LeaseCrunch extended beyond just improved efficiency. MichaelSilver's clients appreciated the clear and concise reports generated by the software, which helped simplify the complexities of ASC 842.
Future Outlook
MichaelSilver sees LeaseCrunch as a vital tool for their ongoing lease accounting needs. The software will help them manage existing leases, stay updated on any future standard changes, and onboard new clients requiring lease accounting solutions.
The most important part when thinking how MS will utilize LeaseCrunch in the future is that no matter what changes in standards come our way, or no matter what clients we gain that require this solution, I have complete confidence that the LeaseCrunch software and team will be able to assist us. That peace of mind in a software solution is priceless. Ryan Lubinski
