Paul Mueller Company closes books in hours and avoids new headcount with simple lease accounting
Paul Mueller Company can now comply with ASC 842 across a large international lease portfolio in under three days each month.
Because most of their leases are distributed overseas, Paul Mueller Company had lost sight of those leases while adopting ASC 842 domestically. When the company was finalizing their adoption of the new guidance, they realized they needed to evaluate the leases that sat in their foreign subsidiary and that they did have some that were affected by ASC 842. This oversight in considering the distributed lessor leases caused major delays in the audit and annual report process since they were dealing with large amounts of data and relative inexperience with the new guidance calculations. This late discovery also affected their overall accounting process. Their decentralized team needed a better way to gather and update lease and lease accounting information when considering the US GAAP adjustments needed for the foreign leases.
“We now have completed our 2020 audit and I am happy to report that EZLease streamlined that process for us significantly”
With EZLease, it takes Paul Mueller Company less than a day to close their lease accounting books with all the required journal entries, disclosures and cash flow reports. This saves them at least two days of work each month.
“Everything we needed, EZLease has done for us”