Have you started to prepare for the new FASB and IFRS lease accounting standards? Both equipment leases and real estate leases will soon be moving onto the balance sheet. While the official implementation date is 2019, the standard also requires up to three years of comparative historical reporting on leases. That means you need to get started now!
Our Lease Accounting Solution can reduce your time to comply with the new rules by 80%. Get off spreadsheets and onto an enterprise application specifically designed for tracking equipment leases. We’ll track debits and credits for all your equipment at a portfolio, schedule, and asset level. Our integration with SAP and Oracle makes it easy to export journal entries to your ERP.
Speed Up Quarterly and Annual Reporting
How many weeks does it take you to produce the lease accounting footnotes for your quarterly and annual reports? For many companies, this is a cumbersome process that stretches over several weeks. Spreadsheets from various geographic regions, product lines, and operating divisions must be rolled up and reconciled.
Our Lease Accounting Solution will help you get the data out of the spreadsheets and into an enterprise-wide database. The time to generate contractual obligations reports will go from weeks to minutes. With just a few mouse clicks, you can produce all the information needed for financial disclosures.
Avoid Material Weaknesses
Do you have the systems, processes, and controls in place to support the new lease accounting standards introduced by FASB and IASB? At most companies, the documentation supporting equipment leasing does not stand up to auditor scrutiny. With new lease accounting standards on the horizon, the challenges will grow by orders of magnitude.
Our Lease Accounting Solution can help you avoid the material weaknesses and financial restatements that can impact your market capitalization and your brand. We’ll track every lease from the inception of the RFP to the final termination notice. We’ll put an audit trail on every task so you know who did what and when. We’ll house every document from the master lease agreement to the original purchase order in our database. As a result, you can sleep well at night knowing that you have the documentation to defend any journal entry in your ledger.
Enterprise Lease Accounting Software Evaluation Guide
Learn How to Select a Lease Accounting and Administration Application for Real Estate and Equipment
Understand the Key Features:
- Global Lease Accounting Engine and Lease Accounting Subledger
- Compliance with ASC 842 and IFRS 16 Financial Disclosures
- Responsibility and Management Accounting
- Equipment Competitive Sourcing and End-of-Term Management
- Real Estate Lease Administration and Spend Analysis
The Guide also covers:
- Lease Data Abstraction Technology
- Cloud and Behind-the-Firewall Deployment Options
- Information Security
- General Ledger Integration and APIs