CitySwitch and OneVizion Partner to Dramatically Cut Costs and Ensure ASC 842 Compliance

Through a powerful partnership, CitySwitch and OneVizion revolutionize lease management—achieving major cost reductions and ASC 842 compliance.

In a significant step towards efficiency and compliance, CitySwitch has partnered with OneVizion to implement an advanced leasing and amortization solution fully aligned with ASC 842 standards. This collaboration not only resulted in substantial cost savings but also enhanced flexibility and accuracy in lease administration and accounting processes.

Understanding ASC 842 and Its Impact

ASC 842 is the updated lease accounting standard introduced by the Financial Accounting Standards Board (FASB), requiring companies to recognize lease assets and liabilities explicitly on their balance sheets. Adhering to these new requirements ensures greater transparency and accountability but often involves significant administrative complexity and costs.

A Tailored Solution for Significant Savings

OneVizion’s innovative ASC 842-compliant leasing solution, a key module within the Vizion Platform as a Service (PaaS), has enabled CitySwitch to slash their annual lease administration and accounting expenses by over 700%. The integrated amortization feature streamlines the tracking of leases and ensures compliance, allowing CitySwitch to efficiently handle financial reporting and long-term lease analysis.

Key Benefits of the Solution

The integration of the amortization capability into OneVizion’s platform equips CitySwitch with several distinct advantages:

  • Customizable Amortization Periods: Flexibility in setting amortization timelines, including adjustable start and end dates.

  • Automated Journal Entries: Enhanced accuracy and efficiency in financial reporting through automated entry processes.

  • Modular Platform Design: Easily integrated into existing Vizion PaaS environments, allowing seamless upgrades and customization.

Jeremy Stewart, Digital Transformation Leader at CitySwitch, emphasized the project’s impact, stating, “This project not only saved CitySwitch a substantial amount but also set a benchmark for future lease management solutions. The integration with the ASC 842 module within our existing Vizion instance ensures compliance and offers flexibility to our stakeholders based on their unique needs.”

Driving Industry Innovation

Dan Phillips, Chief Strategy Officer at OneVizion, shared his excitement about the successful collaboration: “We’re proud to partner with CitySwitch to deliver a tailor-made solution that not only meets ASC 842 requirements but also significantly reduces their ongoing costs.”

This partnership highlights how customized financial solutions can greatly enhance compliance, efficiency, and decision-making capabilities. Organizations seeking to optimize their leasing and amortization processes will find exceptional value and expertise in OneVizion’s Tower Platform as a Service model.

Discover How OneVizion Can Support Your Compliance Needs

Interested in learning more about OneVizion’s ASC 842 leasing solutions or scheduling a demo? Visit OneVizion.com/Demo or contact Jeff Bierman directly at Info@OneVizion.com.

About CitySwitch

CitySwitch, backed principally by CBRE Investment Management, is a leading provider of wireless infrastructure solutions, offering expedited deployment of towers, small cells, and colocation services throughout the United States. With strategic real estate and development partnerships, CitySwitch supports mobile network operators in rapidly expanding their networks to meet growing connectivity demands.

At OneVizion, we are excited to announce our partnership with Lumen Technologies, a collaboration that underscores our commitment to helping organizations streamline operations, scale effectively, and tackle complex challenges head-on.

Lumen has embarked on a bold initiative to transform its network infrastructure, consolidating legacy systems and workflows to support the growing demand for high-capacity, low-latency fiber connectivity. Our OneVizion platform is playing a pivotal role in this transformation by providing a unified, scalable solution that replaces multiple systems and spreadsheets with a single source of truth.