Visual Lease, the leading provider of lease accounting and management software, announced that Apex Tool Group, LLC (ATG), successfully implemented Visual Lease’s software to streamline its ASC 842 lease accounting compliance efforts. With leased assets located across the globe, ATG needed a robust lease accounting solution to simplify the consolidation of its worldwide leases and serve as a key repository to help with the management of its lease portfolio.
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“Like many other companies preparing for lease accounting compliance, gathering a complete and accurate inventory of our leases proved to be the most time-consuming and challenging part of the implementation process”
ATG is a leading world-wide manufacturer of professional hand and power tools, serving the industrial, vehicle service and assembly, aerospace, electronics, construction and DIY markets. ATG manages a diverse portfolio of real estate, vehicle, and equipment leases and needed a robust solution to capture relevant lease information and to ensure proper lease accounting and reporting. Given the nature of this portfolio and of the complexity and nuances of ASC 842, Apex realized that manual calculations would not be feasible, and a software solution would be required.
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“Like many other companies preparing for lease accounting compliance, gathering a complete and accurate inventory of our leases proved to be the most time-consuming and challenging part of the implementation process,” said Nick DeNichilo, Director of Financial Reporting and Technical Accounting at ATG. “We began compiling data about a year prior to our targeted implementation with Visual Lease. We knew it would be a daunting task to gather all our lease information, considering our vast entities located throughout the world, and robust number of leases – including multiple complex leaseback real estate agreements. Visual Lease’s expertise, intuitive user interface, reporting dashboard and configurable import templates were critical to ensuring we had captured all of the needed information.”
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