Mission Produce Lease Accounting Case Study

This case study details the experience of Mission Produce, a global leader in the avocado industry, as they transitioned to a new lease accounting solution. The company, which employs 3,900 individuals and operates across 25 countries, faced challenges with their previous solution, including issues with foreign exchange reporting, period-closing workflows, and general ledger mapping. Compliance with IFRS and GAAP was also a critical concern. Mission Produce selected LeaseAccelerator for its capabilities in managing FX reporting and for its centralized leasing process. The implementation, which took seven months, involved inventorying leases and presented challenges, but the engineering team provided significant support. As a result of using LeaseAccelerator, Mission Produce has streamlined their ledger exports and trial reports, effectively managing a lease portfolio valued at approximately $90 million. The company has eliminated manual calculations for month-end close activities, enhancing operational efficiency.