Accurate Data Drives Accurate Lease
Our global client’s decentralized international operations and lack of internal business controls were making their adoption of the new lease accounting standard impossible.
Through a competitive bid / RFP process, Scribcor was engaged to abstract 2,300 of the client’s real estate leases, of which it was later discovered, over 80% had critical document exceptions. Moreover, language translation was necessary for approximately half of the documents from 26 different languages.
Scribcor mobilized a team to evaluate each lease document, identify and resolve the document exceptions, taking the exceptions from 80% to zero, and then abstract the pertinent lease data into the client’s lease administration system.
Scribcor was also awarded the lease abstraction engagement for the equipment lease portfolio of over 10,000 leased equipment assets.