Regional Banking Institution Seamlessly Integrates Real Estate and Accounting Departments

As part of our lease administration service, the team at NLA recently onboarded a credit union with 50 locations to help facilitate the integration between their real estate and accounting teams. The client was trying to alleviate challenges as both groups worked independently to track lease provisions in Excel that are critical to their specific work functions. This process left the real estate team focusing on expiration dates and options, while the accounting team focused on rent schedules and escalations, resulting in challenges maintaining data as it quickly became dated and inaccurate.  

By utilizing NLA as their trusted lease administration partner, they were able to achieve an integrated system that provided each team precisely what they needed and ultimately gave them confidence in their data integrity.

For the real estate team, our monthly reporting and software solutions ensured they were well ahead of upcoming key dates. Our systems also brought information to the surface that proved valuable when dealing with landlords and negotiating lease extensions. 

For the accounting team, between our monthly reporting and team of audit experts validating CAM charges against lease language, our client was confident they made accurate payments each month. Our software solutions also helped the accounting team to navigate the complexities of ASC 842, the new lease accounting standard.

Skills

Posted on

February 25, 2021