Tillys Selects Accruent for Lease Administration Software
Retailer gains increased visibility and robust reporting.
Austin, Texas, April, 27, 2017 – Accruent, the world’s leading provider of software and services that enable organizations to shape, drive, manage and control their physical assets, today announced that Tillys has selected Accruent for its lease administration software.
Tillys is a leading destination youth culture specialty retailer of casual apparel, footwear and accessories rooted in the active and outdoor West Coast lifestyle, and will use Accruent’s software to manage leases for its 222 stores.
One of the factors influencing Tillys’ decision to select Accruent is the new accounting standard, FASB ASC 842, which requires non-governmental companies and organizations to include lease obligations on their balance sheets. For lessees, the recognition of lease-related assets and liabilities, as well as changes to the timing of lease expense recognition, could have significant financial reporting and business implications.
“Compliance with FASB accounting standards is a must-have,” said Mike Henry, Chief Financial Officer, Tillys. “We needed a solution like Accruent’s to make our compliance efforts, and scrutiny of those efforts, more efficient.”
With Accruent’s software, Tillys gains capabilities which can have a significant impact, including increased visibility into the status of their leases and greater control over their lease administration with key date notifications, streamlined year-end reconciliations, and robust reporting. In addition, Accruent’s Professional Services will migrate historical data from Tillys’ 222 leases to the new solution.
“For retailers like Tillys, efficiency includes identifying key dates and the opportunity to renew or terminate a lease,” said John Borgerding, CEO, Accruent. “Beyond that, Tillys needed a solution that is doing more to ensure compliance with FASB 842.”