Equipped for success
The right equipment lease management solution can provide benefits beyond compliance.
White paper written by PwC Australia in association with LeaseAcclerator
This PwC equipment leasing white paper explains the complex world of equipment leasing including the key organisational processes as well as systems challenges associated with managing assets (which range from aeroplanes, medical devices, and construction equipment to furniture, laptops, and printers).
Equipment lease management platforms can not only help you comply with the lease accounting standard, but also automate and digitise the lease management and accounting process leading to a reduction in costs and increasing operational efficiency.
To read the white paper.
Learn about the challenges to managing your equipment lease portfolio:
- Finding all the lease data scattered around the organisation
- Determining who is the owner of the asset
- Tracking equipment leases throughout the lifecycle
- Lack of consistent processes and controls governing equipment leasing
Learn how a solution can help manage equipment leases by providing:
- A centralised lease repository for all contracts
- An asset-level subledger to track variations to the assets on lease
- An interactive feedback loop between asset users and accounting
- Automated data quality validation
What Will External Auditors Focus on for Lease Accounting?
“[T]he new standard poses more than a technical accounting challenge: it poses technology and business process challenges based on the need for improved data collection, more-competent governance and expert analytics. More importantly, though, done right, this new accounting standard presents an opportunity for businesses with large equipment lease portfolios to get a better handle on their leasing activities and save some money in the process.
‘This new accounting standard presents an opportunity for businesses with large equipment lease portfolios to get a better handle on their leasing activities and save some money in the process.’
There is no one-size-fits-all solution for meeting the new standards and tackling the challenges of equipment leasing. For many, the most challenging aspect of the transition will lie in identifying and then deploying the right combination of technologies and processes to accommodate the new requirements. However, the benefits of getting it right extend beyond compliance requirements because an improved equipment-leasing process can drive value across the organisation due to improved financing arranagments and operational efficiencies.”