LeaseAccelerator is the industry’s first software application developed specifically for Enterprise Lease Accounting. Fortune 500 companies lease much of the real estate and equipment they use to run their business. Real estate leases might be for factories, warehouses, call centers, research labs, retail stores, or corporate offices. Equipment might include office equipment (furniture, photocopiers), industrial equipment (forklifts, machinery), transportation equipment (trucks, planes), or IT equipment (laptops, servers).
We believe that leasing is one of the most poorly managed financial processes in Fortune 500 companies. The average Fortune 500 company has between $100M and $1B of leases, which represent between 1000 and 10,000 assets. No other process with such high dollar values has so little governance, process, and control. While corporate real estate leases have been increasingly centralized in recent years, few companies have assigned ownership to their IT, fleet, and equipment leases. At most companies it would take weeks, if not months, to simply get a listing of all the active leases around the world.
But this is all about to change. Recently, a new set of accounting standards have been introduced by the US (FASB) and International (IFRS) accounting boards specifically for leasing. With these new standards, leases move from an often overlooked footnote in a company’s annual report to front and center on the balance sheet. These new standards are going to require public companies to get their equipment leases in order because they will need more detail.
Click here to read IDC’s Market Spotlight on the new Enterprise Lease Accounting Software or scroll down to learn more about our company.
What We Do
Enterprise Lease Accounting Software
With the new lease accounting standards, leases are moving footnote buried in an annual report to a highly visible line on the balance sheet. LeaseAccelerator’s Global Lease Accounting Engine enables you create debits and credits at the asset level for all your real estate and equipment leases. It provides you with all the data needed to comply with both the new lease accounting standards (ASC 842 and IFRS 16) and the current standards (ASC 840 and IAS 17). Learn more.
Enterprise Lease Administration Software
Companies choose leasing instead of buying because it saves money and offers the ability to refresh technology faster, but most companies never realize those benefits because they don’t proactively manage their leases. Most companies pay 10-12% more on equipment leases than they should and 2-4% more on real estate leases. Using LeaseAccelerator you can track all your leases throughout their lifecycle and capture millions in potential savings. Learn more.
Enterprise Lease Sourcing Software
Most Procurement departments aggressively negotiate the purchasing price for equipment such as forklifts, trucks, and computers, but they fail to exercise the same rigor when it comes to securing financing for the equipment (i.e. the leasing terms). Using LeaseAccelerator you can put your leases out to bid in a competitive marketplace with over 500 different financial institutions. The result is a significant reduction in cost savings of 6-8%. Learn more.
How We Do It
The LeaseAccelerator application runs in the cloud using a Software-as-a-Service model.
The LeaseAccelerator application is developed in Java running with a Tomcat web server and an Oracle relational database. We run our application on the Amazon Web Services and Oracle Cloud platforms with redundant infrastructure in both Europe and North America. And every year we undergo an SOC 1 Type 2 and Soc 2 Type 2 audits to assess our internal controls and procedures.
In addition to a team of rock-star software engineers, we have also assembled a world-class team of leasing experts.
Our customer-facing teams are stacked with individuals who have worked in sales and operations at various banks, vendor captives, and independent lessors. We also have leasing professionals who have worked in the Procurement, Accounting, and IT teams of Fortune 500 companies. As a result, we can bring best practices and a “been there, done that” approach to even the most unusual leasing challenges. Learn more.
One of the key value propositions we offer to Procurement departments is our Global Lessor Network.
This business network brings Fortune 500 companies who want to lease equipment together with various leasing companies who provide the financing. Over 500 banks, vendor captives, and independent lessors from geographic regions ranging from the US and UK to China and India are on the network. As a result, we are able to help Fortune 500 companies find financing for a wide variety of lease types and geographic regions.
Designed for Lessees
There are dozens of sophisticated software applications available for the banks, vendor captives, and independent lessors that provide financing for leases. However, there are only a handful of applications like LeaseAccelerator for the lessees that actually use the equipment. Lessor software focuses on analyzing credit, pricing leases, and collecting payments.
LeaseAccelerator is designed specifically for lessees’ needs with features such as lease versus buy analysis, competitive bidding, end-of-term management, and lessee accounting.
All Asset Types
LeaseAccelerator is one of the only applications on the market designed to support both real estate and equipment leases. Most lease administration software was designed primarily for managing real estate, such as retail stores, office buildings, and manufacturing plants.
LeaseAccelerator is the only application built from the ground-up to manage all types of leased assets including the unique complexities of equipment, including competitive sourcing, partial buyouts/returns, and evergreen fees.
In the Cloud
Unlike most of our competitors which have a traditional “behind-the-firewall” software business model, LeaseAccelerator is built in the cloud using a Software-as-a-Service model. That means you don’t have to wait in-line for your IT team to free up resources to setup the application and data center infrastructure. We will set up everything up for you.
SaaS also frees you from time-consuming upgrade cycles. We keep the software up to date in the cloud, pushing out new releases as accounting rules change or new features become available.