Case Study: Bassett Furniture Industries, Inc. achieves ASC 842 compliance and 50% greater efficiency with Visual Lease

How a public company manages hundreds of real estate leases and solves for ASC 842 using best-in-class lease accounting and administration software

Bassett Furniture Industries, Inc., a public furniture manufacturer and retailer with 100+ stores and a portfolio of 400+ leases (including more than 100 complex real estate leases), faced the need to replace Excel and achieve ASC 842 compliance. To automate ROU and liability calculations, generate journal entries and disclosures, and improve collaboration and auditability, Bassett selected Visual Lease’s lease accounting and administration software.

Visual Lease implemented its five-step rollout (analysis, configuration, conversion, validation, production) to centralize lease data in a single, auditable subledger, provide SOC 1 Type 2–backed calculations, and deliver dedicated support and journal entry feeds. The solution enabled Bassett Furniture to meet the FASB effective date, process COVID-related lease modifications across hundreds of leases in days, produce accurate month-end closes and 10Qs/10Ks, and achieve at least a 50% efficiency gain according to Bassett’s VP, Corporate Controller.

Bassett Furniture Industries, Inc.

Dru Ingram

Corporate Controller