Case Study: Olympic Steel achieves faster lease accounting and FASB ASC 842 compliance with MRI Software

Major manufacturing company speeds up lease accounting & fasb compliance with automation

Olympic Steel, a publicly traded manufacturer with 31 locations, 2,000 employees and roughly $1.7B in revenue, was managing more than 300 equipment, real estate and other leases manually in spreadsheets. The accounting team faced a time-consuming, error-prone process—made worse by the FASB ASC 842 lease-accounting requirements introduced in 2019—and needed a solution that could generate disclosures, produce monthly journal entries, and ensure U.S. GAAP compliance with minimal manual effort.

After implementing MRI Software’s lease accounting tools, Olympic Steel automated disclosure reporting, monthly journals and lease maintenance, eliminated spreadsheets, and simplified adding new leases. The automation delivered compliance certainty and freed the team to focus on growth, saving approximately $4,000 and about 150 hours per year.

Olympic Steel

Kevin Eldridge

Corporate Accounting Manager