LeaseCrunch Eases Lease Accounting Changes
Milwaukee-based LeaseCrunch, launched in 2016, offers a scalable SaaS solution that helps accounting firms and their clients comply with the Financial Accounting Standards Board's updated lease accounting rules requiring all leases to be reported on balance sheets, thereby simplifying complex calculations and reducing workload.
To understand the success of Milwaukee-based LeaseCrunch, it's important to consider recent changes in accounting standards. Most businesses are required to follow Generally Accepted Accounting Principles (GAAP), which are set by the Financial Accounting Standards Board (FASB). Recently, the FASB updated the lease accounting standard, requiring all leases to appear on company balance sheets. This change introduces complex calculations and significantly increases the workload for accounting departments.
LeaseCrunch was created in response to this challenge. Launched in 2016, the SaaS (Software as a Service) company offers an intuitive, scalable solution that enables accounting firms to collaborate easily with their clients and comply with the new requirements.