October 26, 2017 | Bart Waldeck
Making Lease Administration and Accounting Strategic: NRTA Recap
While a number of Tango employees – including me – have been to the NRTA National Conference more times than we can remember, for Tango, this was only our second year. At the time of the 2016 conference, we had just released our new lease administration solution and were excited to share the next generation of lease administration software with the attendees.
Fast forward a year, and I’m gratified that Tango’s solution has received a strong, positive reaction by retailers and restaurant companies. In fact, over 25 companies have selected Tango for Lease Administration and Accounting, including Tailored Brands, Whole Foods, Williams-Sonoma, Sonic, Panera Bread, Sheetz and Loblaw Corporation, to name a few.
With that momentum in the market, we were excited to head to the NRTA National Conference 2017. We started the conference by sponsoring NRTA’s amazing volunteer outing, working with St. Bernard Project to help rebuild three different houses that were affected by Hurricane Katrina (and I painted the exterior of a house for the first time since a college summer job). Despite the heat, everyone felt incredibly energized by the experience, and Tango committed to sponsoring the NRTA volunteer event at the 2018 NRTA Conference in Houston.
Over the next couple of days, we met with dozens of retailers and had many discussions that centered around the impending lease accounting changes in the form of ASC 842 and to IFRS 16. Many companies at the show have come to the realization that their current lease administration and accounting solution just won’t cut it when it comes to compliance with the new regulations, a trend we see in the broader market as well. As such, attendees were interested to hear about how Tango’s solution was built from the ground up to be compliant with the new FASB ASC 842 / IFRS 16 regulations, and that we went the extra step and were the first company to receive third-party verification for its lease accounting solution by a leading, independent accounting firm.
Another highlight of the conference for us was the standing-room only session led by Rick Zelinsky and Paul Thompson entitled The Increasing Role of Big Data in Strategic Portfolio Decisions, in which they explored how big data can help retailers make better decisions to optimize their existing portfolio, determine what leases to renew and identify where additional opportunities exist. The session was well received, as retailers are starting to realize the strategic role that lease data can make in key real estate strategy decision-making.
All in all, this year’s conference exceeded our expectations, and we’re happy to continue to support the NRTA in their efforts to provide education in the areas of lease administration, occupancy cost control, lease auditing, lease accounting, legal and portfolio management.
Interested in learning more about Tango's approach to lease administration?