CUSTOMER STORIES
How Smile Partners Organizes its Rapidly Growing Portfolio
About Smile Partners
The Problem
As they expanded, they were struggling to organize their rapidly growing lease portfolio, and weren’t prepared for the ASC 842 accounting standards. Gabe Jackson, Senior Accountant at Smile Partners, was spending much of his time reviewing leases and other documentation for every acquisition, a job that was extra challenging with leases not written in clear, concise language.
The Lease Accounting Solution
“We looked at a few different options, including LeaseQuery,” Gabe said. “But we needed a platform to support ASC 842 compliance, and Leasecake was the winner.”
“Reporting and exporting is simple with Leasecake,” Gabe said. “No matter what reporting metrics I need, I know I can find the data and share it with my colleagues in a few minutes, rather than hours.”
Saving Time
Before Leasecake, Gabe spent much of his time reviewing leases and other documentation for every acquisition. That job is extra challenging with leases not written in clear, concise language.
With Leasecake, Gabe is saving countless hours on new leases. Rather than digging through all the documents, he merely forwards everything to the Leasecake Abstraction Team and then spot-checks the output a few days later. Leasecake also delivers as promised for Gabe’s lease accounting needs.
Quick Answers
When a Smile Partners location manager had to take care of an unusual maintenance issue, there was a question about whether the tenant or landlord was financially responsible. The manager contacted Gabe, who quickly found the appropriate clause in the lease and resolved the issue. With Leasecake, that research took minutes rather than hours.
Understanding Acquired Leases
“Before Leasecake, it took weeks or months to understand what was in the leases of our newly acquired properties. Leasecake gives us the visibility we need to understand all the critical information quickly and easily.”
