Founder’s Message

I have been building accounting and analytical tools for most of my career. I have also led accounting and IT project teams to automate away tedious but complex problems. One of our teams even received a standing ovation from our user group!

But the primary focus in my career has been lease accounting. I have followed lease accounting rule changes from the very beginning when the FASB released their first proposals in 2010. I wrote comment letters to the FASB and was part of a lessor group that travelled to Norwalk, Connecticut to meet with the FASB board members.

What is interesting is that the FASB members welcomed our input and were genuinely curious about how their proposals would impact our businesses and our financial reporting as lessors. Ultimately our outreach impacted the final standards for lessors in a positive way. In the same way, many other groups participated in the process and influenced the final outcome for lessees.

As a result, we have new rules that are, for better or worse, a blend of compromises between many different stakeholders. Much of the rules are straight-forward and logical, but things can get complicated and seemingly illogical pretty quickly.

Through all of this, here is what I have learned:

1. The FASB loves academic principles

2. The big accounting firms thrive on complexity

3. Bookkeepers get no love

This is why I created Lease Ledger: a smart tool designed to automate and simplify accounting for leases. To show a little bit of love for those who have to get the bookkeeping done.

Once you try this tool, you will love it. If you don’t, call or text me and let me know why, I want to hear from you!