RESTON, VA – December 21, 2023 – LeaseAccelerator, the leader in enterprise lease lifecycle management software, announced today the results of the 2023 Global Lease Accounting Survey conducted in collaboration with Ernst & Young LLP (EY US). The key finding of the survey is the post-compliance push for return on investment (ROI). Now that most organizations have achieved compliance with lease accounting standards, they are looking for ways to improve their ROI — by implementing strategic initiatives, such as platform consolidation across real estate lease administration and lease accounting applications; leveraging analytics and artificial intelligence (AI) for improved decision-making; and utilizing leased asset data and analytics to achieve net-zero emissions goals.
The 2023 survey shows that many organizations are still held back in their goals for lease lifecycle automation by heavy reliance on spreadsheets and data silos across different stakeholders. Respondents reported ongoing challenges, including the accuracy of lease accounting, automation of the monthly close, timely lease capture and incompleteness of lease data. However, these challenges also present an opportunity for organizations to focus on ways to improve processes. Additional key findings from the survey include the following:
“We continue to see clients increasing their focus on taking out costs and getting more value from their lease accounting and administration software by automating manual processes. This report provides critical insights into best practices for improving ROI,” said Michael Keeler, LeaseAccelerator’s CEO.
LeaseAccelerator provides enterprise lease lifecycle automation software that ensures compliance, improves operational efficiency, accelerates emissions reductions, and frees up cash. Thousands of users rely on our secure Software-as-a-Service (SaaS) platform to manage and automate 900,000 real estate and equipment leases valued at $250 billion across 2 million assets in 142 countries.