New online training program will accelerate adoption of Enterprise Lease Accounting software in advance of ASC 842 and IFRS 16 deadlines
CHICAGO– June 20, 2018 – LeaseAccelerator, the pioneer in Enterprise Lease Accounting software, today announced a new online training curriculum that will accelerate adoption of and compliance with the new ASC 842 and IFRS 16 standards. The new experiential learning platform will help users in Leasing Centers of Excellence quickly climb the learning curve required to master the systems that enable the new lease accounting standards.
Some of the biggest obstacles to achieving long-term compliance with the new lease accounting standards revolve around learning, knowedge sharing and diffussion. Historically, there has been little reason for lessees to maintain skills in lease management and accounting. But to comply with the new standards, Fortune 1000 companies will now need to build centers of excellence staffed with teams of leasing experts. With a small talent pool to draw upon in the market, companies will need to build the expertise in-house through a combination of training and development programs.
“Enabling the user community to rapidly gain proficiency in the technical expertise and systems needed for ASC 842 and IFRS 16 compliance will be a make-or-break issue for compliance on day two and beyond” said Michael Keeler, CEO, LeaseAccelerator. “That is why we are investing several million dollars in an advanced learning management system and an experienced team of instructional design professionals to build out our curriculum. Our objective is not just to help our customers but to advance our learning programs to be state-of-the-art for our industry.”
LeaseAccelerator’s training platform leverages the latest experiential learning strategies and interactive media technologies. Animated personas guide the users step-by-step through the training modules. Short-form video tutorials both show and tell how to perform common tasks in the application. Following each demonstration, participants get hands-on experience with each LeaseAccelerator application – Sourcing, Management, and Accounting – through live simulations on the training platform. To reinforce key concepts, users are tested with multiple choice quizzes at regular intervals.
The online training curriculum provides beginner, intermediate and expert level instruction in:
- Lease Accounting – Booking, classification, modification, reassessment and end-of-term recordation of leases, as well as monthly close activities such as cutoff, reconciliation and general ledger export.
- Lease Management – Tracking of leases throughout the lifecycle, including updating rent, location and cost center, as well as mid-term and end-of-term buyouts, renewals and terminations.
The new learning platform will complement LeaseAccelerator’s other training services which include multi-day classroom-style programs and live, interactive web sessions. Power-users that complete the full curriculum will be able to earn CPE credits and LeaseAccelerator issued certifications in lease accounting and lease management. The several hundred trained professionals already working on implementations today across our 11 partners will be able to recertify annually, which helps our mutual customers to accelerate and derisk their implementations.
“In the next six months, tens of thousands of accountants around the world need to become experts in the new standards and the systems enabling them” said Mark Koppersmith, vice president of customer experience, LeaseAccelerator “Traditional training approaches are not going to scale fast enough. Achieving mass adoption in the short timeframe will require an experiential learning platform that enables users to quickly climb the learning curve. That is why we built it and initial feedback from customers and partners has been extremely positive – several have called it ‘a game changer’.”
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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