Case Study: Olympic Steel achieves faster lease accounting and FASB compliance with MRI ProLease Direct

Major Manufacturing Company Speeds Up Lease Accounting & Fasb Compliance With Automation

Olympic Steel, a publicly held manufacturer with 31 locations, about 300 leases and $1.7B in revenue, faced a time-consuming, spreadsheet-driven lease accounting process and the added burden of FASB ASC 842 compliance. To automate disclosures, generate recurring journal entries, and reduce manual effort, Olympic Steel implemented MRI ProLease Direct in January 2019.

MRI ProLease Direct automated lease data entry, disclosure reporting and monthly journal entry generation, removing spreadsheets and making it easy to add new leases. The solution delivered 100% U.S. GAAP compliance and saved the company approximately $4,000 and 150 hours per year while significantly reducing manual work for the accounting team.

Olympic Steel

Kevin Eldridge

Corporate Accounting Manager