The startup offers a cloud-based lease accounting platform that automates financial reporting for lease agreements, ensuring compliance with accounting standards. Its features include lease management, document tracking, and accurate net present value calculations, streamlining the financial reporting process for businesses.
Funding
$3M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Complying with lease accounting standards such as IFRS 16, ASC 842, GASB 87, and GASB 96 is complex, time-consuming, and prone to manual errors, requiring significant effort from finance teams. Managing lease portfolios and generating accurate financial reports can be challenging, especially with evolving lease terms and modification accounting.
Solution
Cradle provides a cloud-based lease accounting platform that automates lease management and financial reporting, ensuring compliance with accounting standards. The platform streamlines lease accounting processes by automating complex present value calculations, modification accounting, and journal entries. It offers features for managing lease portfolios, tracking lease modifications, and generating financial reports, including balance sheets, income statements, and cash flow statements. Cradle's customizable lease management system allows businesses to tailor the platform to their specific portfolio requirements, while role-based user permissions ensure secure access to relevant information.
Target Audience
Cradle is designed for businesses of all sizes, including enterprises, mid-market companies, and small businesses, that need to comply with lease accounting standards and streamline their lease management processes.
Features
- Automated compliance with IFRS 16, ASC 842, GASB 87, and GASB 96
- Customizable lease management system to suit specific portfolio requirements
- Automated present value calculations, modification accounting, and journal entries
- Financial reporting capabilities, including balance sheets, income statements, cash flow statements, and disclosure reports
- Foreign exchange accounting to handle leases in foreign currencies
- Consolidated reporting for organizations with multiple subsidiaries
- Custom fields for capturing additional lease information
- Role-based user permissions for secure access control
- Integration with existing accounting systems through general ledger replication and data export
- Calculation methodology with choice of day count convention (Actual/365 Fixed or Actual/Actual ISDA)