Over 50 Oracle ERP accounts have selected LeaseAccelerator for IFRS 16 and ASC 842 compliance
LONDON– 15 January 2019 – LeaseAccelerator, the pioneer of the Enterprise Lease Accounting software category, announced today that over 50 Oracle-centric companies have selected its SaaS application to comply with the new IFRS 16 and ASC 842 standards. LeaseAccelerator offers a global lease accounting engine and dedicated subledger that can be easily integrated with Oracle’s ERP platforms, including Oracle E-Business Suite, PeopleSoft, JD Edwards and their new Fusion applications.
LeaseAccelerator’s Enterprise Lease Accounting solution for Oracle enables companies to not only comply by the deadlines, but to build a long-term, sustainable approach to lease accounting under the new standards. LeaseAccelerator was designed to enable companies to automate the record-to-report process for lease accounting. Automation not only reduces the number of incremental headcount required for lease accounting, but it reduces the time-to-close and lowers audit risk.
“Most lease accounting software providers are focused on offering the minimum viable product needed for compliance for day one,” said Mike Ramsey, vice president of global solutions for LeaseAccelerator. “But the bigger challenge is achieving long-term, sustainable compliance on day two and beyond. Companies need to think about how to automate time consuming processes such as tracking modifications to lease contracts, making end of term recordations, and ensuring completeness of the lease portfolio.”
LeaseAccelerator is a certified Oracle Gold Level Partner and member of the Oracle Partner Network. The Enterprise Lease Accounting application is built upon Oracle technologies including Java and Oracle Database and runs in the Oracle Cloud. LeaseAccelerator is sponsoring and presenting at the Oracle OpenWorld conference in London this week. Registered attendees can listen to Mike Ramsey present IFRS 16 Lease Accounting and the New Balance Sheet on 16 January from 9:45-10:20am at Forum 2 (Level 0). LeaseAccelerator will be exhibiting at Kiosk #1, Finance Zone 4 throughout the event.
LeaseAccelerator offersthe market-leading SaaS solution for Enterprise Lease Accounting, enabling compliance with the current and new FASB and IFRS standards. Using LeaseAccelerator’s proprietary Global Lease Accounting Engine, customers can apply the new standards to all categories of leases including real estate, fleet, IT and other equipment at an asset-level. On average, LeaseAccelerator’s Lease Sourcing and Management applications generate savings of 17 percent on equipment leasing costs with smarter procurement and end-of-term management. Learn more at http://www.leaseaccelerator.com/.
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