PRESS RELEASE:
LeaseAccelerator and Ernst & Young LLP (EY) Announce 2021 Global Lease Accounting Survey Results
Improving integration and operational efficiency can simplify audits and deliver ROI
RESTON, Va. – March 18, 2021 – LeaseAccelerator, the leader in Lease Lifecycle Automation software, announced today the results of the 2021 Global Lease Accounting Survey conducted with EY. While lease accounting standards for public companies have been around since 2019, the results show that there is still a significant opportunity to drive ROI from the investments that were made in adopting the standards. Public and private organizations who drive toward integration and the automation of their core lease accounting processes can see dramatic improvements in efficiency.
The survey exposed several challenges:
- Over half of respondents (51%) said they have more than 250 leases but still don’t have lease accounting integrated with their ERP systems, requiring manual work.
- 35% are still using spreadsheets to manage lease accounting.
- More than half (58%) said they don’t have a centralized Lease vs. Buy process.
- 42% said that they terminate less than 70% of their leases on time and overpay.