Every CFO and controller strives to protect profit, avoid risk, and provide accurate financial statements. But delivering on all three is no small feat when you have the complexities that go along with managing dozens or even hundreds of locations.
Lease and location management for multi-location tenants is even more challenging in this era of decentralized organizations. Finance, real estate, and operations teams often work remotely with no access to physical leases and other critical documents — which is why enterprises look for technology to help bring order to the chaos.
However, it’s not just about the tools a company adopts. It’s also about how teams work together and use the tools. To illustrate the point, here are four quick examples of how companies use Leasecake to optimize performance.
The thought of missing a lease renewal option is a significant concern for anyone responsible for managing multiple locations, and it’s a concern that Jodi Cook knows all too well. Jodi is the CFO of SVI Corporate in Aiken, South Carolina, which operates 42 Palm Beach Tan locations across South Carolina, North Carolina, and Georgia.
SVI implemented Leasecake as a document storage and sharing solution, a contact management system, and an operations tool. But the automated reminders feature is what really gives the team peace of mind.
Jodi says Leasecake gives her the ability to prepare for upcoming renewals rather than being stuck in reactive mode. And that’s important because she doesn’t want to deal with the consequences of missing an important date.
“If we missed a lease renewal, we would be forced to find a new location, which would include a complete remodel and cost several hundred thousand dollars.”
Brian Dixon is the director of real estate for Team Oney, which operates Papa John’s, Starbucks, and Qdoba locations. Brian originally started using Leasecake to track all the dates and contact information related to the 100+ leases he manages.
Over time, however, he created user accounts for colleagues in the finance department to ensure everyone was on the same page. Now they have a single source of truth for location management across the organization.
“Leasecake has all the information we need for our accounting team, from key dates, rent amounts, and commencements to increases, renewal options, and expirations,” Brian said.
Allied Lube Group was close to signing on with a new lease administration solution for its Jiffy Lube locations when CFO Tony Kulick discovered Leasecake. He said the other software package he considered was over-featured for the companhy’s needs.
“With more than 100 Jiffy Lube units in our portfolio, we have a lot of moving parts in the company and are always looking for ways to improve efficiency,” Tony said.
“Leasecake makes sure we never miss a renewal notice and that we capture all the documents and time-sensitive tasks related to each location. Leasecake is a great organizational tool that our staff finds easy to use and keeps all of our pertinent lease information a few clicks away.”
We like to say Leasecake helps people sleep better at night, and no one articulated that feeling better than Tim Doktorski, the controller for Domino’s franchisee Team Wow.
“Before Leasecake, there was always some angst and fear that I would forget something,” Tim said. “Now, I look at my reminders, and I’m done. I can’t imagine doing business without it.”
Tim might have unwittingly helped us nail a new tagline.
Leasecake: Calming Angst and Fear Since 2018.
With an intuitive, easy-to-use system ensuring ASC 842 compliance for GAAP standards, Leasecake supports finance teams by optimizing business performance affordably and integrating with the most popular accounting platforms.
And THAT is why our software is the operating system for lease and location management.
If you’re managing multiple locations and looking for a way to simplify your operation and free up team members to focus on the core business, then try Leasecake for free and see how operators like you use it to save time and money.
"*" indicates required fields
