GBQ Uses LeaseCrunch to Save Clients Thousands

The construction industry presents unique lease accounting challenges. Many contractors, particularly those with large fleets of vehicles, were unprepared for the intricacies of the ASC 842 lease accounting standard. Before LeaseCrunch, leases were often an afterthought, especially operating leases, which were only a footnote in financial statements. This lack of focus led to inefficiencies and increased the risk of non-compliance.

GBQ’s construction clients vary widely in size and complexity, with revenues ranging from $5 million to over $1 billion. The number of leases they manage also varies significantly, sometimes with smaller contractors holding more leases than larger ones. This variation added to the complexity of implementing the new standard, making a scalable and efficient solution imperative.