Silver State Schools Credit Union
Silver State Schools Credit Union, founded in 1951, is a premier financial cooperative owned and operated by its members.
With the implementation of ASC 842—bringing all leases onto the balance sheet—Silver State Schools Credit Union knew from the outset that trying to comply with the standard manually would be an incredibly time-consuming task.
To spare its accounting team numerous hours, the decision became what lease accounting software to use. Silver State Schools Credit Union requirements were no different than most companies: the software must automate all compliance with ASC 842. With most options able to do this, the determining factors would be affordability and ease of use.
Silver State Schools Credit Union had demos with several solutions, with no standouts. All appeared to have the required compliance. However, it was proving difficult to find an easy-to-use, reasonably priced solution.
After having a demo and signing up online for a free 30-day trial, Cody Goulding, the Controller at Silver State Schools Credit Union, was able to ensure Cradle was the right choice at his own pace.
Cradle’s software has proven to be more than capable of handling all the lease requirements of Silver State Schools Credit Union’s lease portfolio. Onboarding the lease data was done quickly, including setting up the general ledger codes. Reporting was just as easy, as it mirrors a set of financial statements, and all the numbers are clearly tied back to the journal report. By using Cradle, compliance with ASC 842 was handled with a click of the mouse.
ASC 842 makes accounting for a lease a lot more complex, and we didn’t want to address that with complicated software. From the start, Cradle’s software stood out by being straightforward and capable of handling our lease accounting.