JRayl achieves compliance on a tight budget
JRayl Transport, an Ohio-based trucking and logistics company, was managing their 850 leases with multiple spreadsheets.
With 450 employees across Ohio, Texas, Indiana, and Virginia, JRayl was managing their 850 leases with multiple spreadsheets. They quickly realized that keeping up with current ASC 842 compliance requirements and unavoidable lease changes would be challenging without proper lease accounting software. With only three part-time resources, a limited budget and small window for implementation, they needed a solution that was fast, easy, and affordable.
“The ability to upload leases from a template made the implementation process very smooth. The monthly process goes like clockwork. With 850 leases, it would have been a daunting task to record proper lease accounting without the EZLease software."
After speaking with their accounting firm and researching many of the software options available, JRayl chose EZLease to provide a budget-friendly and easy solution. With the help of the EZLease team, JRayl was able to upload their leases from templates provided within the software and successfully produce monthly journal entries in compliance with ASC 842.
During the implementation, the company discovered that they had undervalued their copy machines, initially excluding them from their lease count, which would have created an audit risk. Centralizing their data in EZLease made it easier to avoid issues like this.
Now that JRayl has a solution in place, they can keep up with current compliance information, produce monthly journal entries and monitor future monthly lease payment schedules. They have reduced the amount of time needed for month-end closes and increased the accuracy of their lease reporting.