Rea & Associates Recognizes the Value of Crunchafi
Rea & Associates, a top 100 CPA and advisory firm specializing in various industries, chose the cloud-based, user-friendly lease accounting software Crunchafi to help their clients efficiently and accurately implement the new lease standard, avoiding the errors and workload associated with spreadsheet use.
About the company
Rea & Associates, Inc. is a top 100 CPA and business advisory firm as well as an independent member firm of the BDO Alliance USA. Rea & Associates services companies of all sizes with a niche focus on manufacturing and distribution, construction, professional services and state and local government entities. Beyond audit, accounting and tax services, the firm also offers a range of business advisory services including cybersecurity and data protection, fraud consulting, HR consulting, retirement planning, valuation and transaction advisory services and more.
The Goal: Help Clients Implement New Lease Standard Simply & Effectively
Rea & Associates has many clients with limited financial reporting resources. They knew these clients would need assistance implementing the new lease standard. The firm recognized that if their clients used spreadsheets, it would create a significant amount of work and the possibility of errors for staff.
The Challenge & Search for a Solution
The team at Rea & Associates started exploring software options for lease accounting after seeing the demand from their clients. When Jim Suttie joined their team, he had already communicated with Crunchafi while at two of his previous companies and knew the solution would benefit his new firm.
...if a client were to use spreadsheets for lease accounting calculations it increases our work load and testing as spreadsheets are more susceptible to human error." Jim Suttie, Principal at Rea & Associates, Inc.
Rea & Associates Chooses Crunchafi
“The user-friendly aspect of the product attracted us immediately,” Jim said. “The cloud-based solution and the accessibility of the Crunchafi team makes them extremely easy to work with.”
Key factors in their decision included:
- Ease of Use: The software is easy to log into and to navigate.
- Tooltips and Wizards: The in-app tool tips and guidance helps users answer questions about nuances within the standard, making it easy to use even for non-lease accounting experts.
- Collaboration: Purpose-built for CPA firms, the ability to manage all clients in one place makes it allows the firm to serve clients better, faster and easier.
- Unrivaled Support: The software paired with the educational content, trainings and support help make implementation successful.
Given the complexity involved in capturing and controlling accurate data, calculating monthly journal entries, and creating the required footnote disclosure for financial statements, we strongly recommend seeking a software solution to track your lease portfolio."
The Impact
As Rea & Associate clients are starting to implement the new lease accounting standard, they have been pleased with the Crunchafi solution the firm is offering. In addition, they are happy to be compliant with the new standard for their calendar year-ends.
The CPA firm also recognizes the value Crunchafi has brought to its overall business offerings.
Related
Lease Accounting Software
Crunchafi is a lease accounting software designed for CPA firms that automates complex lease accounting tasks by enabling collaborative data entry via a dual-access dashboard, generating instant audit-ready reports including journal entries and amortization schedules, utilizing AI to extract lease details from contracts for faster accuracy, and providing expert support and annual SOC compliance reports to ensure streamlined, compliant, and efficient lease accounting processes.
About Crunchafi
Crunchafi, formed in 2024 from the merger of LeaseCrunch and Finagraph, provides intuitive software solutions that help over 750 CPA firms and 27,000 companies streamline complex lease accounting, automate real-time financial data collection and analysis, improve workflow efficiency, and strengthen client relationships, earning a 4.8-star rating on G2 and partnering with 10 alliances to support accounting and financial professionals worldwide.
Firm View - Add Client
The article provides a step-by-step guide for CPA Firm users to add a client in Crunchafi Lease Accounting, detailing how to input client name, select an unchangeable accounting standard, choose between full lease accounting or audit products, set the client billing method (either firm-billed or direct client billing), and configure client access permissions for firm users or groups.
Accounting Today names LeaseCrunch® as a top new product of 2019
Accounting Today named LeaseCrunch®, a lease accounting software developed by former CPA auditors and designed as an "audit in a box," as a top new product of 2019 for its customizable, user-friendly interface that simplifies compliance with new lease accounting standards, supports both CPA-led and client-managed bookkeeping, and includes features like audit guidance wizards, FASB and IFRS templates, and automated disclosures to efficiently handle complex lease portfolios.
Crunchafi | Lease Accounting & Data Extraction
Crunchafi offers intuitive SaaS solutions for CPAs that automate lease accounting and financial data extraction, providing dual-access, audit-ready reports, standardized Excel outputs, and compliance with major accounting standards to streamline workflows, increase firm capacity, and enhance client relationships through secure, customizable, and user-friendly software with comprehensive support.
Sample Lease Accounting Reports
The Sample Lease Accounting Reports provide various exportable report types—including Journal Entries, Amortization Schedules, Footnote Disclosures, and All Lease Data—across ASC 842 Lessee and Lessor, GASB 87 Lessee and Lessor, and GASB 96 standards, each export featuring three tabs (Data, Criteria, and Lease) to display selected data, filters, and lease details, with some reports offering functional currency translation options.