HSB MälarDalarna streamlines Local GAAP leasing with Leasify
With manual spreadsheets, binders of paperwork, and time-consuming year-end processes, the need for a clearer and more reliable system became increasingly apparent. For the past two years, HSB MälarDalarna, part of the Swedish housing cooperative HSB, has used Leasify to manage Local GAAP lease accounting and contract administration. The result is stronger support for the financial close, significantly less manual work, and a more secure, comprehensive overview of all lease agreements.
About HSB MälarDalarna and its operations
HSB MälarDalarna is one of the regional associations within HSB, Sweden’s national housing cooperative. The organization operates across the regions of Västmanland, Dalarna, and Örebro County. As a cooperative, HSB MälarDalarna primarily provides property management services for tenant-owner associations, while also supporting other property owners. Its services include financial management, property maintenance, asset management services, and energy solutions.
In short, we support housing associations across a wide range of needs. Beyond that, we also own and manage rental properties and develop new housing cooperatives, says Joakim Isberg, CFO at HSB MälarDalarna.
– In short, we support housing associations with most of what they need. In addition, we also own and manage a portfolio of rental properties and are involved in developing new tenant-owner associations, says Joakim Isberg, Chief Financial and Accounting Officer at HSB MälarDalarna.
For the past two years, HSB MälarDalarna has used Leasify to streamline lease accounting and contract management.
How HSB MälarDalarna managed leases before Leasify
Joakim Isberg says that prior to Leasify, lease management was largely manual and highly time-intensive. Contracts were kept in physical binders, while lease accounting was handled through two separate models – one developed internally and another that offered limited usability. The setup made the process inefficient and difficult to oversee, prompting the need for a more structured system with less manual involvement.
When Mr. Isberg introduced Leasify at HSB MälarDalarna, the objective was to create a more efficient and structured way of working ahead of the year-end close. At the same time, there was a need to make contract management clearer and easier to oversee.
– We found Leasify easy to use and well suited for gaining control over our lease agreements, while also supporting our contract administration. Bringing these two capabilities together in a single system made the work both simpler and more efficient, Mr. Isberg explains.
He also points to the system’s simplicity as a decisive factor in choosing Leasify.
– One of the main reasons we chose Leasify was its ease of use. It delivers clear, automated calculations that can be applied directly in our accounting, and that simplicity ultimately made Leasify the right choice for us, says Mr. Isberg.
A smooth start with the right support
Mr. Isberg describes the onboarding experience as calm and well supported, particularly during the early stages when the bulk of the contracts were added to the system.
– We started by receiving support with importing the lease agreements used for our lease accounting. Given the large volume of contracts involved, having that assistance during the initial phase made the process both faster and more reliable, Mr. Isberg explains.
Once the foundation was in place, they began working with contract management at a later stage. Since then, that part has largely been handled internally, and Mr. Isberg highlights how easy Leasify is to work with:
– It’s easy to enter and manage contracts in Leasify. That made it feel comfortable to take ownership of this part internally, even as new agreements are added, Mr. Isberg adds.
Lease accounting and contract management improvements at HSB MälarDalarna
According to Mr. Isberg, Leasify has led to clear improvements in lease accounting.
– The quality of the supporting data for our financial close has improved significantly, which is a major step forward. In addition, we now spend far less time on the year-end work related to lease agreements, resulting in substantial time savings, says Mr. Isberg.
When it comes to contract management, Mr. Isberg emphasizes that the work has become more structured and easier to oversee. They now have a clearer overview, particularly when it comes to terminations and key dates.
– Having all contracts in the system ensures that nothing is overlooked, as we receive reminders when action is required. This creates both confidence and efficiency, Mr. Isberg explains.
Joakim Isberg: “I would absolutely recommend Leasify to others”
When asked whether he would recommend Leasify to others, Mr. Isberg responds:
– I would absolutely recommend Leasify to others, primarily because the system simplifies the year-end close and saves a significant amount of time, while also improving the quality of the underlying data – at least in our case.
Mr. Isberg concludes:
– Leasify has worked very well and has been a strong support in our work.