ASC 842 forced many companies to adjust the way they managed and accounted for leases. Learn how LeaseAccelerator helped this metal manufacturer smoothly automate their lease accounting processes.
- Implementation – The Company worked with LeaseAccelerator’s in-house implementation team to implement the application and customize it for the Company’s unique needs.
- Compliance – Achieving compliance with ASC 842 was more difficult for the Company than ASC 606 due to the large number of equipment leases and tricky embedded leases. They recognized they needed a system that could help them achieve and maintain compliance.
- Management – The Company had many decentralized plants with several ERPs that needed to report their leases and changes, but wanted to maintain control of the lease program in Accounting. LeaseAccelerator’s environments, features, and user controls made this possible.