CUSTOMER STORIES
How Smile Partners Organizes its Rapidly Growing Portfolio
Background
Smile Partners provides back-office resources and services to independent dental practices throughout the Midwest and the Southeast United States. Practices affiliated with Smile Partners have peace of mind knowing operations, purchasing, staffing, marketing, financials, and more are all covered.
Challenges
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.
Smile Partners USA (“Smile Partners”) is a leading provider of dentistry services in Michigan, Georgia, Illinois, Colorado, and Alabama.
The Smile Partners USA (“SPUSA”) is an affiliated community of like minded practices that, while independently different, share common visions and values built on unrivaled quality, reputation, longevity, and care. SPUSA, otherwise known as the “Smile Alliance Network,” or “SAN” to its networked partner practices, allows each supported practice to “plug into” a set of shared services and “pull” from a set of ideas and practices used by other standard bearers within the field of dentistry, all within a collegial environment.
Locations
Year Founded
Employees
Solution
Smile Partners chose Leasecake to streamline the management of their expanding lease portfolio while ensuring they were prepared for ASC 842 lease accounting compliance. With their growing number of locations, Smile Partners needed a solution that could handle the complexities of their leases and provide accurate, real-time data for accounting purposes.
“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.” Leasecake’s intuitive interface and robust reporting capabilities made it the ideal choice for Smile Partners to maintain compliance and efficiently manage their real estate assets.
“Reporting and exporting is simple with Leasecake. 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."
Gabe Jackson
Senior Accountant, Smile Partners
Results
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.
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.
“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.”
"Before, I created Excel formulas to give management the data they needed for making renewal decisions. Now, I log into Leasecake and have instant access to what they need."
Gabe Jackson
Senior Accountant, Smile Partners
