Casper Sleep is more than a leading e-commerce mattress company. With the goal of becoming the “Nike of Sleep”, Casper has transformed from a pureplay online heritage to an omni-channel sales model which currently including more than 20 brick and mortar retail locations with plans to open at least 200. More locations mean more leases, including property, equipment and embedded leases. With the deadline of FASB ASC 842 looming, Casper knew that the increasing level of complexity meant they could no longer rely on spreadsheets to manage the proper administration and accounting for their leases.
Because of their start as an e-commerce provider with no physical retail locations, Casper managed the few leases they had in spreadsheets. As the private organization expanded its footprint and took on more leases, complying with the new FASB ASC 842 lease accounting standards became a critical issue. Ambitious growth plans meant that simplistic tools could no longer provide the streamlined management and organization necessary for the Casper lease accounting and administration team to confidently track all aspects of their leases. Nor could it ensure the necessary regulatory compliance.
Casper wanted a sophisticated lease accounting and administration system that could grow along with them, one with enterprise-class capabilities but packaged to fit Casper Sleep’s needs as a mid-market private company. In assessing the solutions available in the market, they knew they wanted a partner who had successfully helped companies convert to FASB ASC 842 and quickly came to realize that Tango was the right choice Casper was attracted to Tango’s leading-edge lease administration and lease accounting software because of its ease of use, intuitive interface, and ability to address their current needs and scale for their continued growth. The fact that Tango’s solution was built from the ground up to comply with FASB ASC 842 provided assurances that they would easily meet the requirements of the new standards. The Casper team also appreciated Tango’s approach to building long-term, high touch partnerships with its customers.
The FASB ASC 842 deadline for private companies is fast approaching, but there is still time to ensure compliance if you focus on the right things.
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