The new year is here.

And that means you have to be thinking about a FASB 842 implementation for your private company.

You have questions.

And after a whole year of hammering out implementation with public companies, we have answers.

In fact, we learned so much from the industry’s first year implementing the new accounting standards changes, we’ve been getting a slew of questions.

And we’re answering 11 of the most commons ones to help you own your FASB 842 implementation in 2019.

When you’re navigating a territory you’ve never been to, it’s nice to have a roadmap. That’s never been more true when it comes to navigating a FASB 842 implementation.

We’ve talked about the common mistakes, the hurdles public companies faced with implementation in 2018, and the most costly misconceptions you probably haven’t considered. We’ve even covered the questions you should be asking as you vet vendors.

But what we haven’t covered is just how to take the first step down the road to complete execution.

It’s a struggle everyone has and we know you’re going to face in 2019.

With that in mind, we put together this step-by-step process and roadmap you’ll need to follow to implement your FASB 842 project plan.

The timeline for FASB ASC 842 implementation is a whopping 3 - 6 months long.

That’s about 123 days.

For public companies with fiscal years ending in mid-2019 or private companies with fiscal years starting in January 2020, the time to start the implementation process is now.

Given the financial reporting demands of the new mandate, it’s clear you’ll need to find a software provider to help you through the changes sooner rather than later. And it’s important you find the right solution based on the unique complexity of your leases and your organization.

If you look online, all providers seem to say the same thing.

And while it’s somewhat comforting there’s no killer feature or massive gap, there is a major difference from vendor to vendor.

Not all suppliers’ experience, capabilities, and support are the same.

As we’ve come to learn, some suppliers present very well, but after contracts are signed, things are uncovered that weren’t disclosed in the sales process.

At AMTdirect, we’ve been handling lease administration and accounting for 20 years. It’s safe to say, we don’t have anything to hide. So we’re calling out some of the potential “buyer beware” scenarios in an attempt to help you make a wise choice.

Here are the 5 surprising implementation secrets providers aren’t telling you in the sales process.

The countdown is on.

FASB 842 compliance must be reflected in the balance sheets for public companies in less than 90 days - on January 1, 2018. And private companies - whom FASB has given a deceivingly longer 15 months to make these changes - can learn from the mistakes of those who’ve gone before.

That’s right… we’ve heard a lot of uh-ohs and bleeps from public companies as we’ve helped them implement FASB 842 over the past year.

The lessons they’ve learned are not pretty.

To save private companies from experiencing this same hot mess, we’ve whittled down these pains and problems into the 5 common mistakes almost everyone is making when it comes to FASB 824 implementation.

FASB 842 compliance is hard.

Picking a lease management system can be even harder.

We get it.

Most of the companies offering this software today present similar features in different user interfaces.

And since everyone is clamoring to get the lease standards implemented pronto, many companies - who have little-to-no experience with this industry - have jumped on the lease management software bandwagon.

And they’ll do and say anything to get as many new clients as they can.

In fact, we’ve heard so many cautionary tales from customers and prospects about the shady tactics of these irrefutable lease management systems, we put together a list of the top 3 lies we’ve heard them tell over and over again.

Use them to ask the right questions and choose the best lease management software for your business.

Change, it is a-coming.

We’re talking about the looming deadline for public companies to make FASB ASC 842 changes. And private companies aren’t off the hook… they have just one short year to roll out their implementation.

Either way, you’ll be challenged with complexity and encounter roadblocks and unforeseen challenges when it comes to the accounting standards changes.

Truth is, the new FASB 842 requirements will force you to manage lease and accounting data in a much different fashion.

As we’ve worked with our clients to complete implementation, we’ve come across 7 misconceptions that could prove costly, if not managed appropriately.