With the goal of becoming the “Nike of Sleep,” one e-commerce sleep product retailer transformed from a pureplay online heritage to an omni-channel sales model which currently includes over 20 brick and mortar retail locations, with plans to open at least 200 more. More locations mean more leases, including property, equipment, and embedded leases. With the deadline of FASB ASC 842 fast approaching, this retailer knew that the increasing level of complexity meant they could no longer rely on spreadsheets to manager the proper administration and accounting for their leases.
Because of their start as an e-commerce provider with no physical retail locations, this retailer managed the few leases they had in spreadsheets. As this 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 their lease accounting and administration team to confidently track all aspects of their leases—nor could it ensure the necessary regulatory compliance.
In assessing the solutions available in the market, they knew they wanted a partner who had successfully helped companies convert to FASB ASC 842.
This sleep product retailer wanted a sophisticated lease accounting and administration system that could grow along with them—one with enterprise-class capabilities but packaged to fit its 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 transition to FASB ASC 842 and quickly came to realize that Tango was the right choice. The retailer 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 group up to comply with FASB ASC 842 provided assurances that they would easily meet the requirements of the new standards. The team also appreciated Tango’s approach to building long-term, high-touch partnerships with its customers.