Simplifying Rent Accruals and Lease Compliance for 700 Warehouses
How MYND transformed manual rent accrual processes and decentralized lease data management for a leading 3PL warehousing network through automated lease accounting, landlord self-service capabilities, and IND AS 116 compliance automation.
A Leading Third-Party Logistics and Warehousing Network
Our client operates one of India's largest third-party logistics (3PL) and warehousing networks, managing over 700 storage facilities across multiple states. As a critical link in supply chains across industries—from e-commerce and FMCG to pharmaceuticals and manufacturing—the company handles millions of square feet of warehouse space leased from hundreds of landlords nationwide.
The rapid expansion of their facility footprint, driven by the e-commerce boom and increasing demand for organized warehousing, had outpaced their legacy finance systems. Rent accrual processes remained manual, lease data was scattered across regional teams, and compliance with IND AS 116 (the Indian equivalent of IFRS 16 for lease accounting) required extensive spreadsheet-based calculations prone to errors.
Industry Sector
Third-Party Logistics & Warehousing
Geographic Presence
Pan-India Operations
Facility Scale
700+ Warehouse Locations
Compliance Framework
IND AS 116 Lease Accounting
Complex Lease Operations Demanding Transformation
Managing lease accounting and rent accruals across 700+ warehouse facilities presented significant operational challenges. The client's rapid growth had exposed critical gaps in their finance processes that threatened compliance and operational efficiency.
Manual Rent Accrual Processing
Rent expense accruals processed manually for 700+ locations each month, consuming significant finance team bandwidth and creating bottlenecks during month-end closing cycles.
Spreadsheet-Based Compliance
Accounting standard calculations (IND AS 116) performed entirely in spreadsheets with high error risk, making audit readiness a constant concern and compliance reporting unreliable.
Manual Invoice Workflows
Invoice generation and approval workflows entirely manual, leading to delayed payments, strained landlord relationships, and difficulty tracking payment status across facilities.
Decentralized Lease Data
No centralized database for landlord information and lease terms. Critical data scattered across regional offices made lease renewals, escalations, and compliance tracking extremely difficult.
Limited Landlord Visibility
Landlords lacked visibility into payment status and documentation requirements, resulting in frequent queries to the finance team and administrative overhead that diverted resources from strategic work.
Extended Month-End Close
Month-end close process significantly extended due to manual data consolidation from multiple sources, delaying financial reporting and impacting management decision-making timelines.
Comprehensive Lease Accounting Transformation with MYNDLeaseX
MYND deployed its proprietary MYNDLeaseX platform—a purpose-built lease management and accounting solution—to address the client's complex multi-location lease operations. The implementation covered end-to-end lease lifecycle management with specific focus on rent accrual automation and IND AS 116 compliance.
Dynamic Calculation Engine
Deployed automated fixed rental calculations and rent accrual processing engine capable of handling 700+ facilities with varying lease terms, escalation clauses, and payment schedules—eliminating manual month-end calculations entirely.
IND AS 116 Lease Framework
Implemented comprehensive IND AS 116 lease accounting framework with monthly provisioning and automatic reversal capabilities, ensuring complete compliance with Indian accounting standards and audit-ready financial reporting.
Landlord Self-Service Portal
Configured dedicated Landlord Self-Service Portal with document upload center, query management system, and report access features—empowering landlords to track payments, submit invoices, and access documentation independently.
Landlord KYC Module
Established streamlined vendor onboarding workflows through the Landlord KYC module, digitizing the entire landlord registration process with automated document collection, verification, and approval workflows.
Centralized Data Management
Created unified centralized data management system for all lease information, consolidating previously scattered lease terms, landlord details, payment histories, and compliance documentation into a single source of truth.
Automated Invoice Workflows
Set up end-to-end automated workflows for invoice submission, validation, and approval—replacing manual processes with configurable digital workflows that ensure timely payments and complete audit trails.
Transformative Results Across Lease Operations
The MYNDLeaseX implementation delivered measurable improvements across all dimensions of the client's lease accounting and rent management operations, from month-end close efficiency to landlord satisfaction.
Eliminated Spreadsheet Dependency
Automated rent accrual engine and monthly provisioning capabilities removed manual calculations entirely, reducing month-end closing time by 65% and freeing the finance team from repetitive, error-prone spreadsheet work.
Centralized Lease Information
Consolidated all lease data—terms, landlord details, payment schedules, escalation clauses, and compliance documentation—into a single accessible platform, ending information silos across regional teams and enabling real-time visibility.
Reduced Administrative Burden
Self-service portal access enabled landlords to independently check payment status, submit invoices, and access documentation—reducing inbound queries by 70% and freeing the accounts team from administrative work to focus on strategic activities.
Accelerated Month-End Close
IND AS 116 actualization framework with built-in variance analysis and automated adjustment entries ensured 100% accuracy in compliance reporting, eliminating audit findings and providing confidence in financial statements.
Powered by MYNDLeaseX: Intelligent Lease Accounting Platform
MYNDLeaseX is MYND's proprietary lease management and accounting automation platform, purpose-built for organizations managing complex multi-location lease portfolios. The platform addresses the unique challenges of IND AS 116/IFRS 16 compliance while streamlining day-to-day lease operations.
As part of the MYNDX technology suite, LeaseX integrates seamlessly with MYNDAPX for accounts payable automation and existing ERP systems, providing a comprehensive finance automation ecosystem.
AI-Powered Calculations
Intelligent engine handles complex lease calculations including escalations, renewals, and modifications automatically.
ERP Integration Ready
Pre-built connectors for SAP, Oracle, Tally, and other major ERP systems ensure seamless data flow.
Real-Time Analytics
Comprehensive dashboards provide visibility into lease obligations, upcoming renewals, and compliance status.
