Teen apparel chain improves leasing efforts
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A new accounting standard is pushing Tilly’s to get a better handle on its lease administration.
The new accounting standard, FASB ASC 842, requires non-governmental companies to include lease obligations on their balance sheets. To avoid a compliance burden, the teen apparel retailer will use software from Accruent to manage leases for its 222 stores.
“Compliance with FASB accounting standards is a must-have,” said Mike Henry, CFO, Tilly’s. “We needed a solution like Accruent’s to make our compliance efforts, and scrutiny of those efforts, more efficient.”
The solution, which is designed to help companies manage and control their physical assets, will give Tilly’s visibility into the status of their leases. Armed with robust reporting functionality that delivers insight into key date notifications, the software will streamline year-end reconciliations, giving the company greater control over their lease administration.
Accruent’s Professional Services will migrate historical data from all of Tillys’ store leases to the new solution.