Six Opportunities for Lease Accounting Cost Savings
Automate the Business Processes Needed to Comply with FASB ASC 842 and IFRS 16 with Lease Accounting Software
Save through Automation of:
- Abstraction of Data from Lease Schedules and Documents
- Lease Classification for Current and New Standards
- Quarterly and Annual Financial Disclosures
- Business Unit Internal Reporting and Reconciliation
Plus Soft Cost Savings from:
- Transition to the New Lease Accounting Standards
- Financial and Sarbanes Oxley Audit Support
- Hiring and Training Lease Accounting Experts
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Lease Accounting Cost Savings
With the implementation deadlines for new lease accounting standards approaching in the coming years, many controllers and accounting organizations are considering lease accounting software. At some companies, the business justification for investing in a specialized software application is straightforward. Developing the systems, processes, and controls to support major accounting changes is viewed simply as a cost of doing business. For other companies, however, a more detailed business case might be needed to support the investment.
Numerous cost savings opportunities can be realized by improving the sourcing and administration processes for equipment and real estate leases. Although these cost savings can be substantial, they require a broader, multi-year transformational effort across the enterprise. This begs the question, “Are there any savings to be achieved by automating processes within the four walls of the accounting organization?”
In this eBook, we explore six opportunities for accounting cost savings in areas such as classifying leases, generating disclosures, reconciling financials, and supporting audits.