Mayne Pharma is a specialty pharmaceutical company focused on commercializing branded and generic pharmaceuticals. Mayne Pharma also provides contract development and manufacturing services to clients worldwide.
As a listed company, Mayne Pharma transitioned to the new lease accounting standard on July 1, 2019, and subsequently went through its first reporting period, complying with the standard manually using Microsoft Excel.
With a lease portfolio of more than a hundred leases and finance teams located in Australia and the US, manual compliance to the new lease accounting standard in Excel became cumbersome and time-consuming.
After a demo of Cradle’s lease accounting software, Mayne Pharma utilized Cradle’s free trial to ensure the software would be an appropriate fit.
During the trial, it became apparent Cradle had all the features needed to comply with the new rigors of the lease accounting standard and manage its lease portfolio.
Cradle hit the mark with the required functionality needed for compliance at an affordable price. Not to mention their support teams, situated in North America and Australia, ensured Mayne Pharma’s queries were promptly dealt with.
Lease reporting is a breeze, thanks to Cradle!
- Ashlie Holt Manager Corporate Accounting
By using Cradle, Mayne Pharma has implemented significant financial reporting efficiencies with its lease accounting. With all calculations and financial reports automated, it removes a considerable burden for the finance team.
Not only that, it makes the audit of their lease accounting balances straightforward, with their auditors being able to access all their required information by simply logging into Cradle.
“Cradle has been very user-friendly and easy to work in. Your support team in Canada is always quick to answer any question. I’m very happy with the product.”
Finance Team Leader