Finance ops · Production

Virgin Voyages cuts lease accounting from hours to 20 minutes with Trullion AI

The problem

Virgin Voyages relied on Excel for lease accounting across a complex portfolio, where manual formulas caused errors and inconsistencies, tracking amendments was difficult, and preparing journal entries often took over five hours. The impending ASC 842 compliance requirement added urgency to find a better solution.

First attempt

Excel's lack of standardization made audit and review harder, and its manual, decentralized approach produced inconsistencies and missed updates across a diverse lease portfolio.

Workflow diagram · grounded in source

Lease contract upload

trigger

“The ability to upload a lease contract and let Trullion's AI extract the details is a game-changer”

AI key term extraction

ai_action

“The AI functionality really helps by identifying key terms and calculations, making it much easier to ensure accuracy”

Automated accounting entries

output

“shifted from manual calculations to a centralized platform with automated accounting entries”

Auditor direct system access

human_review

“providing auditors with direct access to the system, Virgin Voyages has eliminated the need to manually compile and share documents”

Reconciliation and reporting

output

“Monthly reconciliations that previously took hours are now completed in under 30 minutes. Trullion's powerful reporting tools also streamline the creation of journal entries and lease roll-forwards”

Reported outcome

Trullion's AI-powered platform transformed Virgin Voyages' lease accounting: tasks that once took hours now take just 20 minutes, monthly reconciliations are completed in under 30 minutes, and auditors gained confidence through transparent reporting aligned with the general ledger.

Reported metrics

Lease task processing time20 minutes

Monthly reconciliation timeunder 30 minutes

Previous journal entry preparation timeover five hours

Time savings (qualitative)significant time savings

Reported stack

TrullionExcel

Source

https://trullion.com/customer-stories/virgin-voyages-case-study/

Read source ↗

Frequently asked questions

What did this team achieve with this AI workflow?

Trullion's AI-powered platform transformed Virgin Voyages' lease accounting: tasks that once took hours now take just 20 minutes, monthly reconciliations are completed in under 30 minutes, and auditors gained confiden…

What tools did this team use?

Trullion, Excel.

What results were reported?

Lease task processing time: 20 minutes; Monthly reconciliation time: under 30 minutes; Previous journal entry preparation time: over five hours; Time savings (qualitative): significant time savings (source-reported, not independently verified).

What failed first in this deployment?