Mission Produce Eliminates Manual Work for Month-End Close Activities

Mission Produce, a California-based global leader in the avocado industry with 3,900 employees worldwide, and partners across 25 countries in Mexico, South America, and South Africa, was frustrated with their current lease accounting solution. After experiencing issues with FX reporting, lack of period-closing and workflow, limitations with general ledger mapping, and certain modifications and calculations, they sought another solution that better fit their needs. In addition, maintaining IFRS and GAAP compliance was a priority.

Mission Produce selected LeaseAccelerator, most notably for the platform’s ability to manage FX reporting. With a centralized leasing process already in place, LeaseAccelerator was well prepared when inventorying leases during the seven-month implementation. While implementing all the data did have its challenges, the LeaseAccelerator engineering team was extremely helpful.

Mission Produce currently uses LeaseAccelerator for ledger exports and trial reports, managing their $90M lease portfolio in the system. They are comfortable with the system calculations and SOC1 reports, so offline manual calculations are no longer necessary. They have also eliminated manual work related to FX for month-end close activities.

Since 1983, Mission Produce has invested in people, state- of-the-art technology, and avocado-specific and ripening infrastructure to expertly serve customers, growers, and partners in over 25 countries. They own and operate four packing facilities in multiple global locations including California, Mexico, and Peru. Their global distribution network includes 12 distribution centers in North America, China, and Europe, which promote company expansion into new territories and categories.

LeaseAccelerator provides a global Lease Lifecycle Automation platform that improves free cash flow and ensures long-term compliance across equipment and real estate assets. Thousands of users rely on our Software as a Service (SaaS) platform to manage and automate 900,000 leases valued at $150 billion across 2 million assets in 142 countries. On average, customers save 7% on lease financing in our lease marketplace and 10% on lease costs through better end-of-term management.