Crunchafi

PKF O'Connor Davies Increased Efficiency with Crunchafi

PKF O'Connor Davies, a longstanding accounting firm, adopted Crunchafi to efficiently and cost-effectively comply with the complex ASC 842 lease accounting standard, benefiting from its user-friendly interface, comprehensive guidance, security features, and consistent lease accounting practices across offices, ultimately enhancing client satisfaction and accuracy in lease disclosures.

About the Company

PKF O'Connor Davies is a premier accounting, tax, and advisory firm with a history dating back to 1891. Serving both domestic and international clients, the firm operates across an expansive network with over 1,500 employees. They are committed to delivering top-tier services and ensuring compliance with evolving accounting standards.

Recognizing the complexities of the new lease accounting standard (ASC 842), Donny Butler, a 12.5-year veteran at PKF O'Connor Davies, anticipated that manual processes would be inefficient and error-prone. This led them to seek a robust and user-friendly solution: LeaseCrunch.

Decision to Choose Crunchafi

PKF O'Connor Davies' decision to adopt Crunchafi was driven by several key factors:

  • User-Centric Design: User experience and ease of use were paramount. Navigating Crunchafi's intuitive interface was easy for employees at all levels.
  • Empowering Knowledge Base: The embedded wizards and comprehensive guidance within Crunchafi were invaluable for educating the team and clients about ASC 842.
  • Cost-Effective Solution: Crunchafi offered a competitive price point, allowing the firm to pass on savings to their clients.

Crunchafi's ability to handle the complexities of ASC 842, along with its SOC reports validating the platform's security, solidified our decision. Other alternatives either lacked these essential features or came at a higher cost. With Crunchafi we receive the functionality and compliance that we need while still remaining the most cost-effective solution.

PKF O'Connor Davies aimed to achieve three key outcomes with Crunchafi:

  • Ensure complete compliance with ASC 842.
  • Achieve consistency in lease accounting practices across all offices.
  • Maintain comprehensive and accurate lease disclosures.

Impact and Benefits

Clients have generally found Crunchafi user-friendly. What's particularly impressive is Crunchafi's continued commitment to product improvement based on customer feedback. It reflects directly on their commitment to supporting clients.

PKF O'Connor Davies saw a dramatic improvement in the quality of their lease accounting processes thanks to Crunchafi. Standardized workpapers ensured consistency across all offices, leading to more efficient and accurate audits. This directly translates to increased confidence in their financial disclosures, a critical factor for any accounting firm. Employees praised Crunchafi for simplifying the complexities of the new lease standard.

Crunchafi's responsive customer support has been invaluable in minimizing disruptions and keeping our operations running smoothly.

Return on Investment (ROI)

While the newness of the standard makes quantifying exact cost savings difficult, the qualitative benefits of Crunchafi are undeniable. It has been a critical factor in ensuring quality and consistency. Without this solution, the adoption process would have likely been chaotic and error-prone.

Future Outlook

PKF O'Connor Davies plans to continue using Crunchafi for their lease accounting needs. Donny Butler recommends Crunchafi over Excel and other platforms, highlighting its ease of use, cost efficiency, and helpful wizards that have been instrumental in educating both team members and clients about ASC 842.

This standard is probably never going away so I expect to utilize Crunchafi into the future to continue to help complying with the standard.

Conclusion

PKF O'Connor Davies' experience with Crunchafi highlights the platform's effectiveness in simplifying complex lease accounting processes. The firm's commitment to quality and compliance has been bolstered by the intuitive and cost-effective solution provided by Crunchafi, ensuring they remain a trusted advisor to their clients in an ever-evolving regulatory landscape.