To understand the runaway success of Milwaukee-based LeaseCrunch, you have to know a little bit about accounting.
Most businesses are required to follow Generally Accepted Accounting Principles. Commonly known as GAAP, these standards are put forth by the Financial Accounting Standards Board (FASB). Recently, the FASB changed the lease accounting standard, so all leases must now appear on company balance sheets. This change requires complicated calculations and will add countless hours to the workload of accounting departments across the nation.