CUSTOMER STORIES
Making Lease Accounting a Breeze for GOLFTEC’s 250+ Locations
Background
GOLFTEC, a global leader in technology-based golf instruction and club fitting, operates across 250 locations, with a significant footprint in the U.S. With 170 corporate-owned locations and an expanding franchise network internationally, they needed a scalable, efficient solution to centralize lease data and manage the complexities of ASC 842 lease accounting standards. The team wanted a tool that could streamline day-to-day operations and support strategic growth, so they turned to Leasecake.
Before adopting Leasecake, GOLFTEC’s lease management process was spreadsheet-driven, which presented serious limitations:
- Fragmented Information: Lease details were scattered across spreadsheets, requiring significant manual effort to keep records accurate and updated.
- Resource-Intensive Processes: Leases were abstracted by attorneys, which was costly, and spreadsheets couldn’t accommodate ASC 842’s complex requirements.
- Missed Opportunities: Without a centralized data repository, it was challenging to make informed, data-driven decisions when expanding or relocating.
Chosing Leasecake
The choice was clear when GOLFTEC realized Leasecake’s potential for handling both day-to-day operational needs and ASC 842 compliance. With Leasecake, GOLFTEC could:
- Consolidate Information: Leasecake’s platform serves as a single source of truth, where all lease data—from rent schedules to landlord communications—is in one place, accessible anytime.
- Simplify Compliance: For Adrian Fu, Senior Accountant, Leasecake made managing ASC 842 standards far more manageable, automating complex rent schedules and journal entries that would otherwise be daunting in spreadsheets.
- Enable Proactive Decision-Making: For Chad Covak, VP of Real Estate, Leasecake’s search functionality made it easy to pull up data on current rents, square footage, and other location metrics, offering a measuring stick for new market opportunities.
"Support from Leasecake has been phenomenal. It's like having another member of our team – sometimes they know our leases better than we do!"
Solution
With a growing number of corporate and franchise locations worldwide, GOLFTEC needed a reliable, centralized solution to simplify lease data access, manage ASC 842 compliance, and reduce dependence on external resources for lease abstraction. Leasecake has provided the following tools and features that have transformed GOLFTEC’s lease management process:
- Instant Access to Lease Data: For the VP of Real Estate, who spends over 60% of their time traveling to evaluate and negotiate new sites, Leasecake offers a game-changing solution. Whether relocating a location or scouting new markets, the VP can instantly retrieve comprehensive lease details—including rent, CAM charges, and square footage—right from their phone or laptop. This instant access provides a reliable reference point to compare new opportunities with existing locations and aids in informed decision-making during site visits.
- Automated Lease Abstraction: Previously, GOLFTEC relied on attorneys for lease abstraction, which was both time-consuming and costly. Leasecake’s abstraction services streamline this process by capturing key clauses, which frees up resources and minimizes legal costs. Leasecake’s abstraction services provide GOLFTEC with an efficient, accurate alternative, reducing reliance on legal teams and giving the company full control over its lease information.
- Effortless ASC 842 Compliance: Leasecake’s compliance tools are indispensable for the Senior Accountant, who oversees complex lease accounting requirements. Before Leasecake, tracking rent schedules and performing reconciliations in spreadsheets was both challenging and error-prone. Now, Leasecake enables automated rent schedules, journal entry exports, and reconciliations, allowing GOLFTEC to stay ASC 842-compliant without the need for complex manual tracking. This accuracy and ease of use have drastically simplified monthly financial close processes.
Results
Since implementing Leasecake, GOLFTEC has achieved significant operational improvements that directly support their growth and financial transparency:
- Time Savings and Efficiency: Leasecake’s export feature has allowed the Senior Accountant to seamlessly transfer lease data into their accounting software, reducing manual data entry time and freeing up resources. This time savings means that GOLFTEC’s accounting team can focus on more strategic tasks instead of routine data maintenance.
- Enhanced Operational Control: For the VP of Real Estate, Leasecake serves as a reliable single source of truth. Whether they are evaluating prospective sites or negotiating leases, the VP has immediate access to critical lease data and insights, eliminating the need to sift through spreadsheets or request information from colleagues. This level of operational control allows the real estate team to make data-driven decisions with confidence.
- Exceptional Customer Support: Leasecake’s Customer Success team has become an integral part of GOLFTEC’s operations. With the ability to reach out directly to Leasecake’s Customer Success Manager for abstraction support, GOLFTEC enjoys a service experience akin to having an in-house lease expert. The Customer Success team has consistently demonstrated speed and knowledge, ensuring that lease abstractions and other critical tasks are completed on time, empowering GOLFTEC to maintain seamless operations.
With Leasecake, GOLFTEC is well-positioned to continue its rapid expansion while maintaining control over its lease obligations. Chad and Adrian foresee lease management evolving toward greater automation, and they view Leasecake as an essential partner in this journey, helping them stay ahead of the curve and ready to scale efficiently.
Leasecake has been a transformative solution for GOLFTEC, providing a level of visibility and control that has empowered their growth strategy. As Chad says, “It’s a tool you didn’t know you needed until you implemented it. Once I saw how quickly and easily we could search for information, it was eye-opening.”
