How Exotic Snacks structured its lease accounting under Local GAAP
As lease accounting under Local GAAP became increasingly complex, the Excel-based solution was no longer sufficient. Exotic Snacks therefore chose to implement Leasify as a dedicated software solution. Today, the process is structured in a way that is easy to manage and ensures accurate accounting.
About Exotic Snacks
Exotic Snacks is a Swedish company with a long-standing presence in the Swedish grocery market, specializing in the sale of nuts and almonds. In recent years, both the company and its parent company have experienced significant growth, particularly in revenue, and are now listed on Nasdaq First North.
Increased complexity in lease accounting
Around 2022, Exotic Snacks decided to review its existing procedures. At that time, lease accounting was largely based on Excel-driven solutions.
The company reports under Local GAAP, which was considered challenging from the beginning. Much of the work was manual, and the accounting relied on an Excel template developed by an auditor many years ago. When the company’s fleet vehicles also had to be recognized as financial leases under Local GAAP, the complexity increased further. Each vehicle had to be handled separately, which in practice meant maintaining a separate Excel model for each car – making the process both more time-consuming and more difficult to manage. As a result, the need for a dedicated software solution became clear.
The decision to implement Leasify
In their search for a solution, they began exploring the market and conducting their own research. Leasify was one of the first companies to appear – and the one that stood out. The impression was of a modern company with a clear focus and a fresh approach. An initial contact was made, and the dialogue quickly got underway. After a meeting and a system demonstration, the decision came naturally: this was the solution they chose to move forward with.
A way of working that is easy to manage
The onboarding process is described as smooth. As an initial step, Exotic Snacks requested assistance in uploading all lease agreements into the system, with the intention of subsequently taking over and managing it internally. Once everything was in place, the work transitioned into ongoing management – an approach that has worked well for them.
Through the newsletters sent by Leasify, they gain a clear overview of major updates, and in their day-to-day work, the handling is straightforward. As long as they keep track of which vehicles have been added and which machines have been purchased or sold, the process remains simple, and new assets are added as needed as a natural part of the workflow. In practice, this means that the original issue has been resolved.
In this context, access to advisory support has also been important. When needed, the company has been able to discuss questions and clarify matters that required further review, which has contributed to greater confidence in the process. The personal contact with Leasify is highlighted as an important part of the overall experience. AI can serve as support for simpler questions, but when dialogue and discussion are required, the opportunity to speak with a person behind the service is highly valued.
Their recommendation
Exotic Snacks recommends Leasify to other companies reporting under Local GAAP. Centralizing the lease management process in one system creates greater control and reduces vulnerability, they note.